How to Find a Junior's Filings on SEDAR+

Introduction

News releases tell you what a company wants to say. Filings tell you what it is required to say, in a set format, on a set schedule. For Canadian public companies, almost all of those filings sit in one place: SEDAR+.

This guide explains what SEDAR+ is, the main document types a junior mining company files, how to search for them and where to start reading.

If it matters to the company's finances or projects, it should be in a filing. SEDAR+ is where to look.

What SEDAR+ Is

SEDAR+ is the electronic filing and search system run by the Canadian Securities Administrators (CSA), the umbrella group of provincial and territorial securities regulators. Reporting issuers file their continuous disclosure documents there, and anyone can search the public records.

It replaced the older SEDAR system in July 2023. According to the CSA, SEDAR+ holds filings made on or after January 1, 2015, certain frequently referenced filings with no time limit, and all prospectuses filed on SEDAR since 1997. Public records filed before SEDAR was retired are available through a separate historical archive linked from the site. SEDAR+ also lets users search cease trade orders and the CSA's list of disciplined people and companies.

The Main Documents

Financial statements. Under National Instrument 51-102, a venture issuer, which includes most TSXV and CSE companies, must file audited annual financial statements within 120 days of its financial year end, and an interim financial report within 60 days of the end of each interim period.

MD&A. Management's discussion and analysis must be filed with each set of financial statements. It explains the numbers in plain language: what the company spent, on what, how much cash is left, and what it plans next.

Semi-annual option. Since March 19, 2026, eligible venture issuers listed on the TSXV or CSE may choose to report semi-annually under a CSA pilot, Coordinated Blanket Order 51-933, which exempts them from filing first and third quarter interim reports. Conditions include revenue of no more than $10 million, at least a 12-month continuous disclosure record, all required filings up to date, and a news release on SEDAR+ announcing the change. If a junior's quarterly reports seem to have stopped, look for that news release.

Annual information form. Under NI 51-102, an AIF is required of reporting issuers that are not venture issuers. Many juniors therefore do not file one.

Material change reports. When a material change occurs, the issuer must immediately issue and file a news release and, within 10 days, file a material change report on Form 51-102F3.

Technical reports. Under NI 43-101, a mining company files a technical report to support certain disclosure, such as a first mineral resource estimate or the results of a preliminary economic assessment, pre-feasibility or feasibility study, generally within 45 days of the disclosure.

Information circulars. Sent to shareholders before a meeting, a circular describes what shareholders are voting on and, for an annual meeting, executive compensation.

News releases and offering documents. News releases, prospectuses and other offering documents are also filed.

Insider trading reports are not on SEDAR+. They are filed on SEDI, the System for Electronic Disclosure by Insiders. Under NI 55-104, a reporting insider generally must file within five days of a change in their holdings.

How to Search

1. Go to sedarplus.ca and open the search page.
2. Search for the company by name to find its issuer profile. Check that it is the right company, since similar names are common.
3. From the profile, view its filings and documents. The search offers basic and advanced criteria, and results can be sorted by any column, for example by date.
4. Open the document you need. Each filing can contain several documents, such as financial statements and a separate MD&A.

A few tips:

• Check the filing date and the period covered. An interim report filed in late August may cover a period that ended in June.
• Look for amended filings. Companies sometimes refile a document to correct it. Read the latest version and note what changed.
• Use the profile for warnings. Cease trade orders appear on the issuer's profile.

What to Read First

For a junior explorer, a practical order is:

1. The latest MD&A and financial statements. Cash, working capital, liabilities and spending. Look for any going concern note in the financial statements. Our cash runway calculator helps turn the numbers into months.
2. The share capital note. Shares outstanding, options and warrants. See reading a junior's capital structure and our guide to dilution.
3. Recent material change reports and news releases. Financings, property deals, management changes. Our guide to reading a junior mining news release explains what to look for.
4. The most recent technical report. The qualified person's description of the project, the data and its limits, and any resource estimate. See our guide to NI 43-101 resource estimates.
5. The latest information circular. Who runs the company, how they are paid and what shareholders have been asked to approve.

A note on reading the MD&A quickly. Start with the sections on liquidity and capital resources, which show cash, working capital and how the company expects to fund its plans. Then look for commitments, such as option payments on properties or spending required under a flow-through financing, and for related party transactions, which show payments to directors, officers or their companies. Finally, check for events after the reporting period, where a financing, property deal or management change completed after the balance sheet date will usually be described.

What to Check

• Filings on time. Compare filing dates with the deadlines above. A pattern of late filings is worth noting.
• Consistency. Do the news releases match the MD&A on spending, plans and cash?
• Dates. Every figure has a date. Use the most recent filing, and note anything that has happened since.
• Insider activity. Check SEDI alongside SEDAR+ for buying and selling by directors and officers.

Filings are the primary record. Read them before relying on summaries, including this one, and speak to your own adviser before making any investment decision.