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ARTICLE · 05 SEPTEMBER 2025

The CSA's Overhaul Of Mining Disclosure: Last Chance To Comment

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The Canadian Securities Administrators (CSA) have proposed the replacement of National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101), which has remained largely unchanged for over a decade.

CanadaGovernment, Public Sector
Krisztián Tóth
Krisztián Tóth
Frank Mariage
Frank Mariage
Samuel Li
Samuel Li
John S.M. Turner
John S.M. Turner
Sébastien Bellefleur
Sébastien Bellefleur
Martin Ferreira Pinho
Martin Ferreira Pinho
Jean-Philippe Côté
Jean-Philippe Côté
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The Canadian Securities Administrators (CSA) have proposed the replacement of National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101), which has remained largely unchanged for over a decade. This may soon change with the replacement of NI 43-101 planned by the CSA (the Proposal).

The Proposal would be fairly significant in certain respects, aiming to modernize and streamline disclosure requirements for mining issuers. It would recast mining issuers' disclosure obligations and could raise potential complications. At least, some adjustments in mining issuer practice relating to disclosure would be needed.

Given the consultations with industry already undertaken by the CSA, we expect the finalized changes would closely follow the Proposal. That said, the CSA will still be accepting comments until October 10, 2025. This may therefore be the industry's last opportunity to influence any potential changes to NI 43-101. Should mining issuers

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