Implications of proposed changes to Canada’s National Instrument 43-101 - ME Feature Article

During the 14 years since the last update to National Instrument 43-101 (NI 43-101), there have been many discussions between Canadian regulators and mining companies about mining disclosure deficiencies that arise from regulatory reviews. These discussions are not made public, and as a result, there has been some drift in how NI 43-101 is interpreted by the regulators, which in turn creates uncertainty for the mining companies trying to comply with the instrument. To reduce uncertainty in mining disclosure requirements, the Canadian Securities Administrators (CSA) has issued a notice to update the current NI 43-101 with a streamlined instrument and form. Changes and benefits are listed in the “CSA Notice and Request for Comment — Proposed Repeal and Replacement of National Instrument 43-101 Standards of Disclosure for Mineral Projects,” which is available on the Ontario, Quebec, Alberta and British Columbia Securities Commission websites. The public has been invited to comment, with the comment period ending on Oct. 10, 2025. The 43-101 Companion Policy (43-101 CP) provides an update to the views of the regulators on how the CSA staff interpret and apply certain provisions of the instrument. Collectively, some of the changes to NI 43-101, the form and 43-101 CP are likely to increase the financial and other burdens on the mining companies responsible for the disclosure, and the qualified persons (QPs) who create the disclosure. In other instances, there are missed opportunities to reduce the burden on mining companies and QPs without impacting the markets.