On June 12, the Canadian Securities Administrators published a proposed replacement of National Instrument 43-101 Standards of Disclosure for Mineral Projects and its related companion policy and form of technical report, along with a notice and request for comment and proposed consequential amendments to various instruments and forms (the Proposal). The Proposal is open for comment until October 10, 2025.

The Proposal is intended to update and enhance the CSA’s current mineral disclosure requirements to provide investors with more relevant and improved disclosure, while continuing to foster fair and efficient capital markets for mining issuers. The Proposal was originally issued informally before PDAC 2025 to allow industry participants an opportunity for discussion.

For a summary of the Proposal see our prior update here, and for the source documents see here.



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Steve Malas
Steve Malas
Senior Partner
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steve.malas@nortonrosefulbright.com
T: +1 514 847 4792
Pierre-Olivier Valiquette
Pierre-Olivier Valiquette
Senior Associate
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pierre-olivier.valiquette@nortonrosefulbright.com
T: +1 514 847 4872
Alison Babbitt
Alison Babbitt
Partner, Canadian Co-Head of Responsible Business and Sustainability
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alison.babbitt@nortonrosefulbright.com
T: +1 613 780 8665
Paul Fitzgerald
Paul Fitzgerald
Senior Partner
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paul.fitzgerald@nortonrosefulbright.com
T: +1 416 216 3941
Kristopher Miks
Kristopher Miks
Partner
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kristopher.miks@nortonrosefulbright.com
T: +1 604 641 4806
Thomas Moggan
Thomas Moggan
Senior Associate
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thomas.moggan@nortonrosefulbright.com
T: +1 604 641 4993

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Global | July 24, 2025

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