Robinson-Superior Treaty, Fort William First Nation Territory, Thunder Bay, Ontario – The Anishnawbe Business Professional Association (ABPA) has submitted a formal objection to the Ontario Securities Commission (OSC) regarding proposed changes to Canada’s mining disclosure rules (National Instrument 43-101).
The Association warns that the new rules fail to address the greatest systemic risk to the Canadian minerals sector: unresolved Indigenous rights.
In its submission, the ABPA argues the proposed changes will allow mining companies to “red wash” serious project risks by focusing on superficial permits rather than deep-seated conflict with Indigenous nations.
The letter highlights the massive financial risks this creates for investors, using Northern Ontario’s Ring of Fire as a primary case study.
“There is no greater systemic risk to Canadian mining than unresolved Indigenous rights,” said Jason Rasevych, ABPA President. “The Regulator’s current proposal doesn’t just ignore this risk; it creates a framework to actively conceal it from investors. They are building a loophole that allows companies to check a box for ‘permits’ while facing court injunctions that could stop a project entirely.”
The ABPA’s letter specifically points to the disconnect in the Ring of Fire, where the provincial government touts “streamlined” approvals to cut red tape, yet Marten Falls First Nation filed a statement of claim seeking a permanent injunction against the project in August 2025.
“Under these proposed rules, a company could tell investors that permits are being streamlined while completely omitting that a permanent injunction is pending that renders those permits worthless,” added Rasevych. “That isn’t a disclosure gap; it is a mechanism for active deception.”
The ABPA is calling on the Canadian Securities Administrators (CSA) to withdraw the flawed proposal and implement genuine investor protections, including:
Mandatory Disclosure of Disputes: Requiring companies to disclose all known Indigenous disputes, legal challenges, or active opposition, rather than just listing successful agreements.
Independent Validation: Requiring Indigenous rights disclosures to be verified by independent experts, not just company management.
Early Risk Disclosure: Requiring disclosure of consultation risks at the very beginning of claim-staking, consistent with recent court rulings.
