5 June 2026
Oakville, ON | June 5, 2026 — Baffinland Iron Mines Corporation (“Baffinland” or the “Company”) announces, pursuant to an order granted today by the Ontario Superior Court of Justice (Commercial List) (the “Court”), an extension to the stay of proceedings in favour of the Company and certain of its affiliates until June 10, 2026 and a supplier charge of up to US$100M.
The supplier charge allows the Company to offer assurances and credit support to suppliers and vendors for orders of goods and services necessary to the daily operations at the Mary River Mine and Milne Port.
Baffinland had initially intended to seek Court approval of debtor-in-possession financing today, which would have provided liquidity to operate in the ordinary course. Baffinland has deferred seeking this approval until next Wednesday, as a result of competition between potential lenders seeking to provide the financing. Baffinland now expects that it will have access to committed liquidity following the next Court hearing on Wednesday.