02 December 2025

A significant update to the rules governing Canadian mineral project disclosure is one step closer to completion

The Canadian Securities Administrators (CSA) recently closed the comment period on their proposal to repeal and replace National Instrument 43-101 (NI 43-101), the standard established to ensure transparency in mining disclosures since 2001.

This overhaul is necessary because, after nearly 25 years, the existing rules and definitions have not kept pace with industry developments and global reporting standards.

Key proposed changes include:

• Simplifying Terminology: Consolidating terms like "property" and "project" into a single defined term – "mineral project."
• Uniform Disclosure: Removing definitions for "early-stage exploration property" and "advanced property" to ensure the same disclosure rules apply across all project stages.
• Updating the Qualified Person (QP): Modifying the requirements for a QP, including the removal of the formal education requirement and clarifying that the QP must approve all scientific and technical disclosure.
• Global Harmonization: Aligning definitions for mineral resources, reserves, and mining studies with international standards (CIM and CRIRSCO) to ensure all disclosures conform to CIM standards.
• Focusing on Relevance: Shifting the disclosure standard from "material" to "relevant" scientific and technical information (though industry groups have raised concerns about this term).
• Strengthening ESG Disclosures: Enhancing disclosure requirements related to Indigenous Peoples, communities, and environmental/permitting matters.

The CSA is now reviewing the extensive feedback received and drafting the final replacement instrument, companion policy, and form. Until the new structure takes effect, the current NI 43-101 remains in place.

To get all the details on this major development, you can read the original article on the CIM Magazine website.