26/12/2025
The Canadian Supreme Court (SSC) ruled that public companies must adopt a dynamic (vs periodic) approach to reporting material changes via timely disclosures to the public.
https://www.millerthomson.com/en/insights/mining/the-supreme-courts-lundin-mining-decision-redefines-the-meaning-of-material-change-for-public-companies/
This is to protect the investor during the period that the material change occurs until the next scheduled public reporting date.
It means that the SSC prescribed a special announcement if a material change occurs which affects the share price of the company. In our JSE terms: a special SENS announcement.
Please note that mine surveyors in charge of mine planning must flag these to their senior managers and boards. Examples are strikes, failures, stoppages, flooding etc.
The question is: “Would this change affect a possible investment decision?” If the answer is Yes, the material fact and the material change must be reported to the public.
The Supreme Court of Canada’s Lundin Mining decision broadens the definition of “material change” for reporting issuers, requiring faster and more proactive disclosure of operational events. Learn how the SCC’s two-step test reshapes securities disclosure obligations and increases scrutiny f...
