30 June 2026
Oakville, ON | June 30, 2026 — Baffinland Iron Mines Corporation (“Baffinland” or the “Company”) announces that the debtor-in-possession financing (the “DIP Financing”) provided by His Majesty in Right of Canada, as represented by Export Development Canada (“EDC”) will remain in place following an agreement among the Company and its secured lenders and Court approval.
As announced on June 12, the DIP Financing demonstrates strong support from EDC and the Government of Canada for the Company and highlights the importance of Baffinland to all stakeholders, including the territory of Nunavut, the Qikiqtani Inuit Association, Inuit communities, employees, suppliers and contractors.
Baffinland continues to operate in the normal course at the Mary River Mine and Milne Port. Preparations for the 2026 sea-lift and shipping season are progressing as planned, including critical logistics, fuel purchases, supply deliveries and customer shipments. The Company continues to expect no disruptions to its operations or to planned iron ore deliveries during the upcoming shipping season.
The Company appreciates the support from employees, Inuit partners, government entities, lenders, customers, contractors, suppliers and all stakeholders.
As indicated in the Company’s press release dated May 15, 2026, regarding commencing proceedings under the Companies’ Creditors Arrangement Act (“CCAA”), the Company is currently operating under the protection of a stay of proceedings under the CCAA which provides the Company with the breathing room to evaluate strategic alternatives while maintaining control and stabilizing current operations under the supervision of the court and monitor. These alternatives may include a recapitalization or potential sale of the Company.