Ontario’s Capital Markets Tribunal has issued a scheduling order in Ontario Securities Commission v Emerita Resources Corp., File No. 2026-24, setting expert-report, document and affidavit deadlines through the spring of 2027 and a merits hearing beginning May 3, 2027. The order decides no part of the merits — it makes no findings and imposes no sanctions.
What the Tribunal announced
On November 9, 2026, the Capital Markets Tribunal issued a notice stating that it had issued an Order in Ontario Securities Commission v Emerita Resources Corp., File No. 2026-24.
The respondents named in the Order are Emerita Resources Corp., David Patrick Gower, Michael Lawrence Guy, Sergio Damian Lopez, Gregory Francis Duras, Hélio Botelho Diniz and Joaquin Merino-Marquez.
The Tribunal’s proceeding page lists an Application for Enforcement Proceeding and a Notice of Hearing in this matter, both dated April 9, 2026. The November 9 Order itself does not set out the allegations in the proceeding, and this article does not summarize them.
What the Order does
The Order, signed by adjudicator Geoffrey D. Creighton, was made following a hearing held by videoconference on November 5, 2026, after hearing the submissions of the parties. It sets the following timetable:
- By 4:30 p.m. on February 1, 2027, Emerita Resources Corp. and Joaquin Merino-Marquez shall serve their expert report on every other party; any other party may serve responding expert report(s) by 4:30 p.m. on March 29, 2027, and Emerita and Merino-Marquez may serve a reply expert report by 4:30 p.m. on April 19, 2027.
- By 4:30 p.m. on March 19, 2027, each party shall serve a book of documents containing the documents and other things it intends to produce or enter as evidence at the merits hearing; issues about the authenticity or admissibility of those documents, and a completed Hearing Participant Checklist to the Registrar, are due by 4:30 p.m. on March 24, 2027.
- A further case management hearing is scheduled for March 31, 2027, at 10:00 a.m., by videoconference, or as may be agreed to by the parties and set by the Registrar.
- By 4:30 p.m. on April 5, 2027, the Ontario Securities Commission shall serve and file any affidavit evidence it intends to rely upon at the merits hearing.
- The merits hearing shall commence on May 3, 2027, at 10:00 a.m., at the Capital Markets Tribunal, 20 Queen Street West, 17th Floor, Toronto, Ontario, and continue on May 5, 6, 7, 10, 11, 12, 13, 17, 18, 19, 20, 25, 26, 27 and 31, and June 1, 2, 3, 7, 9, 10, 14, 15, 16 and 17, 2027, commencing at 10:00 a.m. on each day, or as may be agreed to by the parties and set by the Registrar.
Status and what happens next
This is a scheduling and case-management order only. It is not a merits decision: the Tribunal made no findings in the Order, imposed no sanctions, and recorded no admissions. The proceeding remains pending, with the next steps being the expert-report and other deadlines set out above, a further case management hearing on March 31, 2027, and the merits hearing beginning May 3, 2027.
Source: Capital Markets Tribunal, “Notice: Ontario Securities Commission v Emerita Resources Corp, File No. 2026-24” — https://www.capitalmarketstribunal.ca/en/notices/notice-ontario-securities-commission-v-emerita-resources-corp-file-no-2026-24-2
Order: Capital Markets Tribunal, Order in Ontario Securities Commission v Emerita Resources Corp., File No. 2026-24, dated November 9, 2026 — https://www.capitalmarketstribunal.ca/en/proceedings/ontario-securities-commission-v-emerita-resources-corp/order-ontario-securities-commission-v-emerita-resources-corp-1
Announcement date: November 9, 2026
Jean-Francois Amyot is an independent journalist and author of The Art of War Remastered.
