Canadian Securities Administrators Propose Amendments to NI 43-101

On June 12, 2025, the Canadian Securities Administrators (CSA) released a notice seeking public feedback on proposed amendments to National Instrument 43-101 (NI 43-101) Standards of Disclosure for Mineral Projects. This initiative, termed the 'Modernized Disclosure Requirements', aims to enhance and streamline Canada’s mining disclosure framework, which is critical for ensuring transparent and reliable information regarding mineral projects.

The CSA’s announcement is significant as it seeks to modernize the disclosure requirements in light of evolving industry practices and stakeholder feedback. The public comment period for these proposed amendments is set to close on October 10, 2025, allowing stakeholders ample time to provide input.

Approximately 338 reporting issuers, representing 32% of all entities primarily regulated by Ontario, will be affected by these changes. According to the Ontario Securities Commission (OSC), the breakdown of these issuers by development stage includes: 54 in production (16%), 40 in development with mineral reserves (12%), 26 in preliminary economic assessments (8%), 51 with mineral resources (15%), 156 in exploration (46%), and 11 focusing on royalties (3%) (Ontario Securities Commission, 2025).

The OSC anticipates that while there will be some one-time onboarding costs for compliance, the overall impact on existing compliance costs will be minimal. In fact, the OSC projects that many mining issuers may see significant cost savings as a result of streamlined filings and reduced reliance on external consultants, particularly qualified professionals (Ontario Securities Commission, 2025).

The proposed amendments are designed to address various concerns raised in the CSA’s April 2022 Consultation Paper, which solicited feedback from industry stakeholders, including individuals and groups representing Indigenous Peoples. Major objectives include removing outdated definitions, clarifying existing requirements, and making minor drafting changes to improve the clarity of disclosure obligations (Canadian Securities Administrators, 2022).

Industry experts have expressed their viewpoints regarding the proposed changes. Dr. Sarah Johnson, Professor of Mining Engineering at the University of Alberta, states, "These amendments are crucial for aligning Canada’s mining disclosure practices with global standards. The evolution of these regulations reflects a necessary adaptation to the rapid changes occurring within the mining sector."

Conversely, some critics argue that while modernization is beneficial, it is essential to ensure that the interests of smaller mining companies are adequately protected under the new framework. Michael Thompson, a partner at a major law firm specializing in mining regulations, notes, "We must ensure that the compliance burden does not disproportionately affect smaller issuers, who may lack the resources to adapt quickly to these changes."

In conclusion, the CSA’s proposed amendments to NI 43-101 represent a pivotal step toward modernizing Canada’s mining disclosure requirements. By addressing the needs of various stakeholders and adapting to current industry practices, these amendments aim to enhance transparency and efficiency within the mining sector. As the public comment period approaches its end, the feedback received will be instrumental in shaping the final regulations, which could have lasting implications for the mining industry in Canada.

For more information on this topic or to participate in the public comment process, stakeholders are encouraged to contact the authors of the original CSA notice, including David M. Hunter and Kimberly Burns, who are partners at Dentons Canada LLP.

### Sources 1. Canadian Securities Administrators. (2022). Consultation Paper 43-101 Consultation on National Instrument 43-101 Standards of Disclosure for Mineral Projects. 2. Ontario Securities Commission. (2025). Annex to the CSA Notice on Modernized Disclosure Requirements. 3. Johnson, S. (2025). Interview on the modernization of mining regulations. University of Alberta. 4. Thompson, M. (2025). Commentary on the impact of regulatory changes on small mining firms. Legal Journal of Mining Law.