On February 13, 2025, the Canadian Securities Administrators (CSA) have released “near final” drafts of the proposed amendments to National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), and the corresponding companion policies and form of technical report (collectively, the “Amendments’) to encourage further discussions among stakeholders. The goal of the Amendments is to update and enhance the current mineral disclosure requirements of CSA to provide investors with more relevant and improved disclosure, while continuing to foster fair and efficient capital markets for mining issuers. After a CSA Notice and Request for Comment is published on the proposed Amendments, the CSA will invite formal feedback and comments in writing. That timing has not been announced yet.

At a high level, the proposed Amendments focus on:

• remove or replace certain definitions that have become outdated;
• modernize and streamline certain requirements to reflect current industry practice;
• remove certain requirements that have become outdated;
• provide clarification and guidance on certain definitions and requirements; and
• make other minor drafting changes to clarify disclosure requirements.

The objective for these changes is to ensure that investors in the sector have sufficient protections in place in order to make informed investment decisions while, at the same time, relieving mining issuers from certain disclosure requirements that add limited value.

The proposed Amendments can be found by clicking here.

For more information, please reach out Momentum Law LLP at +1 (416) 594-0791 or email at info@momentumlaw.ca.