15 May 2026
Oakville, ON | May 15, 2026 — Baffinland Iron Mines Corporation (“Baffinland” or the “Company”) announced today that it has commenced proceedings under the Companies’ Creditors Arrangement Act (the “CCAA”) pursuant to an initial order (the “Initial Order”) granted by the Ontario Superior Court of Justice (Commercial List) (the “Court”).
After careful consideration of all alternatives including discussions with lenders and stakeholders, Baffinland has sought creditor protection under the CCAA to obtain a stay of proceedings as it evaluates its strategic alternatives. The CCAA proceedings provide the Company the ability to appropriately evaluate strategic alternatives while maintaining control and stabilizing current operations. These alternatives may include a recapitalization or a potential sale of the Company. During the proceedings Baffinland will be continuing discussions with all stakeholders. The Company is in discussions with potential lenders to provide Debtor-In-Possession (“DIP”) financing.
Baffinland expects no disruptions to its operations at the Mary River Mine or Milne Port and intends to continue advancing the Steensby component of the Mary River Mine. The upcoming 2026 shipping season will commence as planned with all customer deliveries of iron ore expected to occur in the normal course. Agreements the Company has with the Qikiqtani Inuit Association will continue to be honoured.