Nunavut Iron Ore, Inc., Baffinland Iron Mines Corporation, 12334992 Canada Inc., Baffinland Iron Mines LP

Nunavut Iron Ore, Inc., Baffinland Iron Mines Corporation, 12334992 Canada Inc. and Baffinland Iron Mines LP commenced CCAA proceedings in Ontario on May 15, 2026. Audited statements for Baffinland Iron Mines Corporation and 123 Canada Inc. on a consolidated basis for the year ended December 31, 2025 show total assets of US$2,685.9 million, total liabilities of US$1,460.6 million, a net loss of $102.4 million, and current liabilities exceeding current assets by $761 million. A US$126.5 million term loan held by an Oaktree affiliate and Hartree ranks first; US$575 million of 8.750% Senior Secured Notes due 2026 and a US$75 million EDC term facility rank second, pari passu. Baffinland is in default under a cross-default from the Credit Facility. An Ad Hoc Committee holding approximately 70% of notes, with the first secured lenders, is stated to represent almost 90% of remaining secured creditors; EDC is the proposed third party DIP lender.