Proposed Amendments to National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101) (July 29, 2025)

On June 12, 2025, the Canadian Securities Administrators (CSA) published proposed amendments to NI 43-101, its Companion Policy (CP 43-101), and Form 43-101F1.

PDAC is concerned that the proposed amendments call into question the spirit of NI 43-101 and the potential impacts the proposed changes may have on the competitiveness of Canadian issuers.

In our view, the volume and scope of the proposed amendments are extensive, and rather than streamlining the instrument, they are likely to lead to materially higher compliance costs for public issuers without delivering a corresponding benefit to investor protection.

PDAC sent an open letter to CSA leadership highlighting key concerns in advance of a more detailed response during the public consultation.