Katanga Mining Limited v Ontario Securities Commission, 2025 ONCMT 16

Capital Markets Tribunal

Citation: Katanga Mining Limited v Ontario Securities Commission, 2025 ONCMT 16

Date: 2025-11-20

File No. 2025-12

BETWEEN:

KATANGA MINING LIMITED (Applicant)

• and -

ONTARIO SECURITIES COMMISSION (Respondent)

REASONS AND DECISION

(Section 17 of the Securities Act, RSO 1990, c S.5)

Adjudicators: Jane Waechter (chair of the panel) Russell Juriansz Dale Ponder

Hearing: By videoconference, November 11, 2025

Appearances: Aaron Dantowitz Emma Seip For the Ontario Securities Commission

Amanda McLachlan Shaan Tolani Pavan Pasha For Katanga Mining Limited

TABLE OF CONTENTS

1. Overview
2. BACKGROUND
3. PRELIMINARY ISSUES 3.1 Confidentiality
4. ISSUES
5. ANALYSIS 5.1 Public Interest Test under s. 17 5.2 Disclosure for Private Civil Litigation Is Generally Not in the Public Interest 5.3 Application of Principles to This Case 5.4 Other Considerations
6. CONCLUSION

REASONS AND DECISION

1. Overview

1Katanga Mining Limited applies under section 17 of the [Securities Act][^