Baffinland Announces Commencement of Proceedings Under Companies’ Creditors Arrangement Act
Press Release
Oakville, ON | — 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.
Among other things, the Initial Order provides for a stay of proceedings in favour of the Company and certain of its affiliates for an initial period of 10 days, subject to extension thereafter as the Court deems appropriate. The Court has appointed FTI Consulting Canada Inc. as its Monitor to oversee the activities of the Company.
Baffinland is encouraged by the continued support of the Government of Canada, Government of Nunavut and other key stakeholders who understand its importance to Nunavut, Inuit communities, employees, contractors, suppliers and the Canadian economy.
Baffinland will provide further updates as appropriate.
For any questions or media requests, please contact:
Peter Akman
Head of Stakeholder Relations & Communications
Tel. +1 (289) 834 0744
Email: peter.akman@baffinland.com
Web: https://baffinland.com
ᐹᕙᓐᓛᓐᑯᑦ ᑐᓴᖅᑎᑦᑎᔪᑦ ᐱᒋᐊᕐᓂᐊᓕᕐᓂᖏᓐᓂᒃ ᑲᔪᓯᓂᐅᔪᒥᒃ ᐊᑐᖅᓗᑎᒃ ᑲᒻᐸᓂᐅᔪᑦ ᐊᑭᓕᒃᓴᖃᕐᕕᐅᔪᓄᑦ ᐋᖅᑭᒃᓯᓯᒪᕙᖕᓂᖏᓐᓄᑦ ᐱᖁᔭᒃᑯᑦ
ᐆᒃᕕᐅᓪ, ᐋᓐᑎᐅᕆᐆ, ᒪᐃ 15, 2026 − ᐹᕙᓐᓛᓐ ᓴᕕᒃᓴᓂᒃ ᐅᔭᕋᖕᓂᐊᖅᑏᑦ ᑯᐊᐳᕇᓴᓐ (“ᐹᕙᓐᓛᓐ” ᐅᕝᕙᓘᓐᓃᑦ “ᑲᒻᐸᓂ”) ᑐᓴᖅᑎᑦᑎᔪᑦ ᐅᓪᓗᒥ ᐱᒋᐊᕐᓂᐊᓕᕐᓂᖏᓐᓂᒃ ᑲᔪᓯᓂᐅᔪᒥᒃ ᐊᑐᕐᓗᑎᒃ ᑲᒻᐸᓂᐅᔪᑦ ᐊᑭᓕᒃᓴᖃᕐᕕᐅᔪᓄᑦ ᐋᖅᑭᒃᓯᓯᒪᕙᖕᓂᖏᓐᓄᑦ ᐱᖁᔭᖅ (ᑖᓐᓇ “CCAA”) ᒪᓕᒃᖢᒍ ᑎᓕᐅᕈᑎ (ᑖᓐᓇ “ᑎᓕᐅᕈᑎᕐᖓᖅ”) ᑐᓂᔭᐅᓯᒪᔪᖅ ᐋᓐᑎᕆᐆᒥ ᐃᖅᑲᖅᑐᐃᕝᕕᕐᔪᐊᒥ (ᓂᐅᕐᕈᑎᖃᖃᑦᑕᕐᓂᕐᒧᑦ ᑎᑎᕋᖅᓯᒪᔪᖅ) (ᑖᓐᓇ “ᐃᖅᑲᖅᑐᐃᕝᕕᒃ”).
ᐃᓱᒪᒃᓴᖅᓯᐅᕈᑕᐅᑦᑎᐊᓚᐅᖅᖢᑎᒃ ᐃᓘᓐᓇᑎᒃ ᐊᑐᖅᑕᐅᔪᓐᓇᖅᑐᓂᒃ ᐱᖃᓯᐅᑎᓪᓗᒋᑦ ᐅᖃᖃᑎᖃᖅᖢᑎᒃ ᐊᑐᖅᑐᐊᖅᑎᑦᑎᔨᓂᒃ ᐱᖃᖃᑕᐅᔪᓂᓪᓗ, ᐹᕙᓐᓛᓐᑯᑦ ᕿᓂᖅᓯᒪᔪᑦ ᐊᑭᓕᒃᓴᖃᕐᕕᐅᔪᓂᑦ ᓴᐳᔾᔭᐅᓯᒪᓂᕐᒧᑦ ᑖᒃᑯᓄᖓ ᑲᒻᐸᓂᐅᔪᑦ ᐊᑭᓕᒃᓴᖃᕐᕕᐅᔪᓄᑦ ᐋᖅᑭᒃᓯᓯᒪᕙᖕᓂᖏᓐᓄᑦ ᐱᖁᔭᒃᑯᑦ (CCAA) ᐱᔪᓐᓇᖅᖢᑎᒃ ᐃᑲᔪᖅᑐᖅᑕᐅᔾᔪᑎᒥᒃ ᕿᒥᕐᕈᑎᓪᓗᒋᑦ ᖃᓄᖅᑑᕈᑕᐅᓯᒪᔪᓂᒃ ᐊᑐᖅᑕᐅᖔᕈᓐᓇᖅᑐᓂᒃ. ᑖᓐᓇ ᑲᒻᐸᓂᐅᔪᑦ ᐊᑭᓕᒃᓴᖃᕐᕕᐅᔪᓄᑦ ᐋᖅᑭᒃᓯᓯᒪᕙᖕᓂᖏᓐᓄᑦ ᐱᖁᔭᒃᑯᑦ ᑲᔪᓯᓂᐅᔪᖅ ᑲᒻᐸᓂᒥᒃ ᐱᔪᓐᓇᖅᑎᑦᑎᓂᐊᖅᑐᑦ ᓈᒻᒪᒃᑐᒥᒃ ᕿᒥᕐᕈᓗᑎᒃ ᖃᓄᖅᑑᕈᑕᐅᓯᒪᔪᓂᒃ ᐊᑐᖅᑕᐅᖔᕈᓐᓇᖅᑐᒃ ᐋᖅᑭᐅᒪᑎᑦᑏᓐᓇᕐᓗᑎᒃ ᐊᐅᓚᑦᑎᓂᕐᒥᒃ ᐊᒻᒪ ᓱᕐᕌᖏᓪᓗᒋᑦ ᒫᓐᓇ ᐊᐅᓚᓂᐅᔪᑦ. ᑕᒪᒃᑯᐊ ᐊᑐᖅᑕᐅᖔᕈᓐᓇᖅᑐᑦ ᐱᖃᓯᐅᔾᔨᓯᒪᔪᑦ ᐊᑭᑐᔫᑎᓂᒃ ᐊᑐᖅᑎᑦᑎᒃᑲᓐᓂᕐᓂᕐᒥᒃ ᐅᕝᕙᓘᓐᓃᑦ ᓂᐅᕕᐊᒃᓴᕆᔭᐅᓗᓂ ᑲᒻᐸᓂᐅᔪᖅ. ᐱᕙᓪᓕᐊᑎᓪᓗᒋᑦ ᐹᕙᓐᓛᓐᑯᑦ ᐅᖃᖃᑎᖃᐃᓐᓇᖃᑦᑕᕐᓂᐊᖅᑐᑦ ᐱᖃᖃᑕᐅᔪᓗᒃᑖᓂᒃ. ᑲᒻᐸᓂᐅᔪᖅ ᐅᖃᖃᑎᖃᕐᓂᐊᖅᑐᑦ ᐊᑐᖅᑐᐊᖅᑎᑦᑎᔪᓐᓇᑐᐃᓐᓇᕆᐊᓕᖕᓂᒃ ᐊᑐᐃᓐᓇᐅᖁᓪᓗᒋᑦ ᐊᑭᓕᖅᓴᐃᑦ-ᐊᑭᓕᒃᓴᖃᕐᕕᐅᔪᒧᑦ (“DIP”) ᑮᓇᐅᔭᖃᖅᑎᑦᑎᔾᔪᑏᑦ ᐊᒃᑐᐊᓂᓖ ᐱᓕᕆᐊᖑᐃᓐᓇᕐᓂᖓᓄᑦ ᐊᑭᓕᖅᓴᐃᑦ-ᐊᑭᓕᒃᓴᖃᕐᕕᐅᔪᒧᑦ (DIP) ᑐᒃᓯᕋᕐᓂᕐᒧᑦ ᐱᓕᕆᔾᔪᓯᖅ.
ᐹᕙᓐᓛᓐᑯᑦ ᓂᕆᐅᒃᑐᑦ ᐊᒃᑐᖅᑕᐅᓂᖃᔾᔮᖏᓐᓂᖏᓐᓂᒃ ᐊᐅᓚᓂᖏᑦ ᓄᓘᔮᖕᓂ ᐅᔭᕋᖕᓂᐊᕐᕕᖕᒥ ᕿᙳᐊᓂᓘᓐᓃᑦ ᑐᓚᒃᑕᕐᕕᖕᒥ ᐊᒻᒪ ᑲᔪᓰᓐᓇᕆᐊᕐᓂᐊᖅᑐᑦ ᐃᒃᐱᑭᑦᑐᕐᔪᐊᓕᕆᓂᕐᒧᑦ ᓄᓘᔮᖕᓂ ᐅᔭᕋᖕᓂᐊᕐᕕᖕᒥ. ᐊᒡᒋᖅᑐᖅ 2026-ᒥ ᐅᒥᐊᕐᔪᐊᖃᕐᓇᖅ ᑲᔪᒦᓐᓇᕐᓂᐊᖅᑐᖅ ᐸᕐᓇᒃᑕᐅᓯᒪᔪᑐᑦ ᐃᓘᓐᓇᑎᒃ ᓂᐅᕕᖅᐸᒃᑐᑦ ᐸᔪᒃᑕᐅᓗᑎᒃ ᓴᕕᒃᓴᓂᒃ ᓂᕆᐅᒋᔭᐅᔪᑦ ᑕᐃᒪᐃᑐᐃᓐᓇᕐᓂᐊᕐᓂᖏᓐᓂᒃ. ᐊᖏᕈᑎᖏᑦ ᑲᒻᐸᓂᐅᔫᑉ ᑖᒃᑯᓄᖓ ᕿᑭᖅᑕᓂ ᐃᓄᐃᑦ ᑲᑐᔾᔨᖃᑎᒌᓄᑦ ᐃᒃᐱᒋᔭᐅᑦᑎᐊᖏᓐᓇᕐᓂᐊᖅᑐᑦ ᓱᓕ.
ᐊᓯᖏᓪᓗ, ᑎᓕᐅᕈᑎᕐᖓᖅ ᐊᑐᐃᓐᓇᐅᑎᑦᑎᔪᖅ ᐃᑲᔪᖅᑕᐅᓂᕐᒥᒃ ᐊᑲᐅᓈᕐᓗᓂ ᑲᒻᐸᓂᐅᔪᒧᑦ ᐊᒻ ᒪ ᐃᓚᖏᓐᓂᒃ ᐃᓚᒋᔭᐅᔪᓂᒃ ᐅᓪᓗᓄᑦ ᖁᓕᓄᑦ (10), ᐱᔾᔪᑕᐅᔪᖅ ᐅᖓᕙᕆᐊᖅᑕᐅᓗᓂ ᑭᖑᓂᐊᒍᑦ ᐃᖅᑲᖅᑐᐃᕝᕕᒃᑯᑦ ᓈᒻᒪᒐᓱᒋᔭᐅᔪᒥᒃ. ᐃᖅᑲᖅᑕᐃᕕᒃ ᑎᒃᑯᐊᖅᓯᓯᒪᔪᖅ ᐱᓕᕆᕝᕕᖕᓂᒃ FTI Consulting Canada Inc-ᑯᓐᓂᒃ ᓇᐅᑦᑎᖅᓱᖅᑎᐅᖁᓪᓗᒋᑦ ᑲᒻᐸᓂᐅᔫᑉ ᐱᓕᕆᐊᖏᓐᓂᒃ.
ᐹᕙᓐᓛᓐᑯᑦ ᑲᔪᖏᖅᓴᖅᑕᐅᓂᖃᖅᐳᑦ ᐃᑲᔪᖅᑐᖅᑕᐅᖏᓐᓇᕐᓂᖏᓐᓄᑦ ᒐᕙᒪᖏᓐᓂ ᑲᓇᑕᒥ, ᒐᕙᒪᖏᓐᓂ ᓄᓇᕗᒻᒥ ᐊᓯᖏᓐᓂᓗ ᐅᔾᔨᖅᓱᕋᓱᐊᖅᑎᐅᖃᑕᐅᔪᓂᒃ ᑐᑭᓯᐅᒪᔪᓂᒃ ᐱᒻᒪᕆᐅᓂᖓᓂᒃ ᓄᓇᕗᒻᒧᑦ, ᐃᓄᐃᑦ ᓄᓇᖏᓐᓄᑦ, ᐃᖅᑲᓇᐃᔭᖅᑎᓄᑦ, ᑳᓐᑐᓛᒃᑎᓄᑦ, ᓱᓇᒃᑯᑖᖃᖅᑎᑦᑎᔨᐅᔪᓄᑦ ᐊᒻᒪ ᑲᓇᑕᒥ ᑮᓇᐅᔭᓕᐅᕈᑕᐅᔪᓐᓇᖅᑐᓄᑦ.
ᐹᕙᓐᓛᓐᑯᑦ ᑐᓴᖅᑎᑦᑎᒃᑲᓐᓂᓛᖅᑐᑦ ᑐᓴᒐᒃᓴᖅᑕᖃᒃᑲᓐᓂᓕᖅᐸᑦ.
ᖃᓄᑐᐃᓐᓇᖅ ᐊᐱᖅᑯᑎᓄᑦ ᐅᕝᕙᓘᓐᓃᑦ ᐱᕙᓪᓕᐊᔪᓕᕆᔩᑦ ᐅᖃᖃᑎᖃᕈᒪᓂᖏᓐᓄᑦ, ᐊᑏ ᐅᖃᖃᑎᒋᒍᒃ:
ᐲᑕ ᐊᒃᒪᓐ
ᐊᖓᔪᖅᑳᖅ ᐱᖃᖃᑕᐅᔪᓂᒃ ᐱᓕᕆᖃᑎᖃᕐᓂᖅ ᑐᓴᐅᒪᔪᓕᕆᓂᕐᒧᓪᓗ
ᐅᖄᓚᐅᑦ: +1 (289) 834 0744
ᖃᕆᓴᐅᔭᒃᑯᑦ ᐃᕐᖐᓐᓈᖅᑕᐅᑎᒃᑯᑦ: peter.akman@baffinland.com
ᖃᕆᓴᐅᔭᒃᑯᑦ ᐃᑭᐊᖅᑭᕕᒃ: https://baffinland.com
IBF4
