Modernizing NI 43-101: CSA Propose Sweeping Reforms To Mining Disclosure Standards

On June 12, 2025, the Canadian Securities Administrators (CSA) released for public comment a proposed repeal and replacement of National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"), along with a revised Form 43-101F1 – Technical Report ("Form 43-101F1") and Companion Policy 43-101CP. The proposals represent the most significant overhaul of Canada's mining disclosure framework in over a decade.

If adopted, the new regime would modernize and broaden disclosure standards for mineral projects, enhance investor protection, and align more closely with global frameworks such as the CRIRSCO International Reporting Template and the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards. Comments on the proposed amendments are due by October 10, 2025.