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.

For further information, stakeholders can consult the Monitor’s website at
https://cfcanada.fticonsulting.com/baffinland/.

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

Baffinland Iron Mines

Baffinland Iron Mines Corporation operates the Mary River high-grade iron ore mine on Baffin Island, Nunavut, Canada and is owned by funds managed by The Energy & Minerals Group and by a subsidiary of ArcelorMittal. Nunavut’s high-grade iron ore is among the richest iron ore deposits ever discovered and is designated as a critical mineral in Canada due to its importance in global supply chains.

The Mary River mine produces the highest-grade direct shipping iron ore in the world, in the form of lumps and fines. What sets this operation apart is its minimal environmental impact processing - the ore is simply crushed and screened on-site before being shipped directly to markets. This process eliminates the need for water-intensive concentration or upgrading, resulting in no tailings. Both our lumps and fines are highly sought after by steelmakers globally due to their tier 1 metallurgical properties and their significantly lower CO2 footprint compared to other direct shipping iron ores.

Baffinland operates under an Impact and Benefit Agreement with the Qikiqtani Inuit Association, and operating permits granted by territorial and federal regulators in Canada, ensuring that its activities support local employment, training, and economic development and comply with industry leading environmental impact management practices and community engagement.

ᐹᕙᓐᓛᓐᑯᑦ ᓇᓗᓇᐃᖅᓯᕗᑦ ᐊᑭᓕᒃᓴᓕᒃ ᐱᓯᒪᔪᓐᓇᕐᑎᑕᐅᔪᖅ ᑮᓇᐅᔭᖃᖅᑎᑕᐅᓂᒃᑯᑦ EDC−ᑯᓐᓂ

ᐅᐊᒃᕕᐅᓪ, ᐋᓐᑎᐅᕆᐅᒥ | ᔫᓂ 30, 2026 — ᐹᕙᓐᓛᓐ ᓴᕕᕋᔭᒃᓴᒥᒃ ᐅᔭᕋᒃᓯᐅᖅᑎᒃᑯᑦ ᑯᐊᐳᕇᓴᖓᑦ ("ᐹᕙᓐᓛᓐᑯᑦ" ᐅᕝᕙᓘᓐᓃᑦ "ᑲᒻᐸᓂᖓ") ᑐᓴᖅᑎᑦᓯᕗᑦ ᐃᒪᓐᓇ ᐊᑭᓕᒃᓴᓕᒃ−ᐱᓯᒪᔪᓐᓇᕐᑎᑕᐅᔪᖅ ᑮᓇᐅᔭᖃᖅᑎᑕᐅᓂᒃᑯᑦ ("DIP−ᒧᑦ ᑮᓇᐅᔭᖃᖅᑎᑕᐅᓗᑎᒃ") ᐱᔪᓐᓇᕐᑎᑕᐅᓪᓗᓂ ᑭᖕ ᑭᒡᒐᖅᑐᐃᔨᖓᓄᑦ ᑲᓇᑕᒥ, ᑭᒡᒐᖅᑐᖅᑕᐅᓂᖏᓐᓄᑦ ᓂᐅᕐᕈᑕᐊᕙᑦᑐᑦ ᑲᓇᑕᐅᑉ ᓯᓚᑕᓄᑦ ᐱᕙᓪᓕᐊᑎᑦᑎᔨᖏᓐᓄᑦ ᑲᓇᑕᒥ ("EDC") ᑕᐃᒪᐃᓕᖓᑎᑕᐅᑐᐃᓐᓇᓂᐊᕐᑐᓂ ᐊᖏᖃᑎᒌᒍᑕᐅᓚᐅᖅᑎᓪᓗᒍ ᑲᒻᐸᓂᖃᖅᑐᓄᑦ ᓂᖏᖅᓯᒪᓂᖏᓐᓄᑦ ᐊᑐᖅᑐᐊᖅᑎᑦᑎᓂᐊᕐᑐᓂᑦ ᐃᖅᑲᖅᑐᐃᕕᖕᒧᓪᓗ ᑕᒪᓐᓇ ᐊᖏᖅᑕᐅᓗᓂ.

ᑐᓴᖅᑎᑦᑎᔪᑕᐅᓚᐅᖅᑎᓪᓗᒍ ᔫᓂ 12−ᒥ, DIP−ᑯᑎᒍᑦ ᑮᓇᐅᔭᖃᖅᑎᑕᐅᓂᖓ ᑕᑯᒃᓴᐅᑎᑦᑎᕗᖅ ᐃᑲᔪᖅᓱᐃᑦᑎᐊᕐᓂᖏᓐᓂᒃ EDC-ᑯᑦ ᐊᒻᒪ ᑲᓇᑕᐅᑉ ᒐᕙᒪᒃᑯᖏᑦ ᑖᑦᓱᒥᖓ ᑲᒻᐸᓂᐅᔪᒥᑦ ᓇᓗᓇᐃᖅᓯᓪᓗᓂᓗ ᐱᒻᒪᕆᐅᓂᖓᓂᒃ ᓄᓘᔮᖕᓂ ᑲᒪᖃᑕᐅᔪᓕᒫᓄᑦ, ᐃᓚᒋᔭᐅᓪᓗᑎᒃ ᓄᓇᕘᑦ, ᕿᑭᖅᑕᓂ ᐃᓄᐃᑦ ᑲᑐᔾᔨᖃᑎᒌᖏᑦ, ᐃᓄᐃᑦ ᓄᓇᓕᖏᑦ, ᐃᖅᑲᓇᐃᔭᖅᑎᖏᑦ, ᐱᖁᑎᑖᕐᕕᐅᕙᒃᑐᑦ ᐊᒻᒪ  ᑳᓐᑐᓛᒃᑎᑦᑎᔨᑦ.

ᐹᕙᓐᓛᓐᑯᑦ ᓱᓕ ᐊᐅᓚᓂᖃᕐᓂᐊᖅᐳᖅ ᐊᑐᕐᑕᐅᒐᔪᑉᐸᑦᑐᖅ ᐊᑐᖅᑕᐅᓗᓂ ᓄᓘᔮᓂ ᕿᓐᖑᐊᓂᓗ. ᐱᕙᒌᔭᖅᐸᓪᓕᐊᔪᒍᑦ 2026−ᒥ ᐅᒥᐊᕐᔪᐊᒃᑯᑦ ᐅᓯᑲᖅᑕᕐᓇᒧᑦ ᐊᒻᒪ ᐅᒥᐊᕐᔪᐊᒃᑰᖅᑎᑦᑎᓂᐅᓛᖅᑐᒧᑦ ᑲᔪᓯᕙᓪᓕᐊᕗᑦ ᐸᕐᓇᒃᑕᐅᓯᒪᓂᖓᒍᑦ, ᐃᓚᒋᔭᐅᓪᓗᑎᒃ ᐱᕐᔪᐊᖑᓪᓗᑎᒃ ᐅᓯᔭᐅᔪᒃᓴᑦ, ᐅᖅᓱᐊᓗᖕᓂᒃ ᓂᐅᕕᕐᓂᖅ, ᐱᖁᑎᓂᒃ ᐊᒡᔭᖅᓯᓂᖅ ᐊᒻᒪ ᓂᐅᕕᖅᐸᒃᑐᑦ ᐊᐅᓪᓚᖅᑎᑕᐅᓂᖏᑦ. ᓂᕆᐅᒋᔭᖃᐃᓐᓇᖅᐳᒍᑦ ᐅᓚᕕᓴᖅᑕᐅᔾᔮᙱᓐᓂᖏᓐᓂᒃ ᐊᐅᓚᓂᕆᔭᑦᑎᓐᓄᑦ ᐱᕙᒌᔭᖅᑕᐅᓯᒪᔪᓄᓪᓘᓐᓃᑦ ᓴᕕᕋᔭᒃᓴᒧᑦ ᑎᑭᑎᑕᐅᕙᒃᑐᓄᑦ ᐅᒥᐊᕐᔪᐊᖃᕐᓇᐅᓛᖅᑐᒥ.

ᑲᒻᐸᓂᐅᔪᖅ ᖁᔭᓕᕗᖅ ᐃᑲᔪᖅᓱᖅᑕᐅᓂᖓᓂᑦ ᐃᖅᑲᓇᐃᔭᖅᑎᓄᑦ, ᐃᓄᖕᓂᑦ ᐱᓕᕆᖃᑎᒋᔭᐅᔪᓂᑦ, ᒐᕙᒪᒃᑯᓐᓂ ᑎᒥᐅᔪᓂᑦ, ᐊᑐᖅᑐᐊᖅᑎᑦᑎᔨᓂᑦ, ᓂᐅᕕᖅᐸᒃᑐᓂᑦ, ᑳᓐᑐᓛᖃᖅᑎᓂᑦ, ᐱᖁᑎᑖᖅᑎᑦᑎᔨᓂᑦ ᐱᖃᖃᑕᐅᔪᓕᒫᓂᒡᓗ.

ᓇᓗᓇᐃᖅᑕᐅᓚᐅᕐᑐᑦ ᐱᓪᓗᒋᑦ ᑲᒻᐸᓂᐅᑉ ᑐᓴᒐᒃᓴᓕᐊᕆᓚᐅᕐᑕᖓᓄᑦ ᐅᓪᓗᓕᖅᓯᒪᔪᖅ ᒪᐃ 15, 2026−ᒥ, ᐱᔾᔪᑎᒋᓪᓗᒍ ᐱᒋᐊᖅᑎᑕᐅᓂᕆᓚᐅᕐᑕᖓ ᐃᖅᑲᖅᑐᐃᕕᒃᑰᖅᑎᑕᐅᓂᖓ ᐊᑖᓂ ᑲᒻᐸᓂᒋᔭᐅᔪᑦ ᐊᑮᑐᖏᑦ ᐋᖅᑭᑦᑕᐅᓯᒪᔪᑦ ᐱᖁᔭᕐᔪᐊᖓᑕ ("CCAA") ᐊᑖᓂ, ᑖᓐᓇ ᑲᒻᐸᓂᐅᔪᖅ ᒫᓐᓇ ᐊᐅᓚᓂᖃᖅᑐᖅ ᓴᐳᔾᔭᐅᓪᓗᓂ ᓄᖅᑲᖓᑎᑕᐅᓚᐅᑲᑦᑎᑕᐅᓂᖓᒍᑦ ᐊᑖᓂ CCAA ᑕᒪᓐᓇᓗ ᐱᕕᖃᖅᑎᑦᑎᕗᖅ ᑖᒃᑯᐊ ᖃᐅᔨᓇᓱᐊᕈᓐᓇᕐᓯᖁᓪᓗᒋᑦ ᐊᑐᖅᑕᐅᖔᕈᓐᓇᖅᑐᓂᒃ ᐊᐅᓚᑕᖏᓐᓂᓪᓗ ᐋᖅᑭᐅᒪᑎᑦᓯᖁᓪᓗᒋᑦ ᒫᓐᓇ ᐊᐅᓚᓂᕆᔭᐅᔪᓂᑦ ᖃᐅᔨᓴᕐᑕᐅᑎᓪᓗᒋᑦ ᐃᖅᑲᖅᑐᐃᕕᖕᒧᑦ ᖃᐅᔨᒪᓇᓱᐊᕐᑕᐅᑎᓪᓗᒋᓪᓗ. ᑖᒃᑯᐊ ᐊᑐᖅᑕᐅᖔᕈᓐᓇᖅᑐᑦ ᐃᓚᖃᑐᐃᓐᓇᕆᐊᖃᖅᐳᑦ ᐱᖁᑎᒻᒪᕆᐅᔪᑦ ᖃᓄᐃᑕᐅᒋᐊᕐᓗᑎᒃ ᐅᒡᕙᓗ ᓂᐅᕐᕈᑕᐅᖔᕈᓐᓇᕐᒪᖔᕐᓘᓐᓃᑦ ᑕᓐᓇ ᑲᒻᐸᓂᐅᔪᖅ.

ᑐᑭᓯᒋᐊᒃᑲᓐᓂᕈᒪᔪᑦ, ᑲᒪᖃᑕᐅᔪᑦ ᖃᐅᔨᒋᐊᕈᓐᓇᖅᐳᑦ ᓇᐅᑦᑎᖅᓱᖅᑎᐅᑉ ᐃᑭᐊᖅᑭᕕᖓᓄᑦ ᐅᕗᖓ:
https://cfcanada.fticonsulting.com/baffinland/.

ᐹᕙᓐᓛᓐᑯᑦ ᑐᓴᖅᑎᑦᑎᒃᑲᓐᓂᓛᖅᑐᑦ ᓈᒻᒪᒃᓯᔭᕌᖓᑕ.

ᖃᓄᑐᐃᓐᓇᖅ ᐊᐱᖅᑯᑎᒃᓴᓖᑦ ᐅᕝᕙᓘᓐᓃ ᐱᕙᓪᓕᐊᔪᓂᑦ ᑐᒃᓯᕋᖅᑐᑦ, ᖃᐅᔨᒋᐊᕈᓐᓴᕐᑐᑦ ᐅᕗᖓ:

ᐲᑕ ᐊᒃᒪᓐ
ᐊᖓᔪᖅᑳᖅ  ᑲᒪᔨᐅᖃᑕᐅᔪᑦ ᐊᒻᒪ ᑐᓴᐅᒪᔪᓕᕆᔨᒃᑯᑦ
ᐅᖃᓘᑎᖓ: +1 (289) 834 0744
ᖃᕆᓴᐅᔭᒃᑯᑦ ᑐᕋᕈᑎᖓ: peter.akman@baffinland.com
ᐃᑭᐊᖅᑭᕕᒃᑯᑦ: https://baffinland.com

Baffinland Iron Mines

ᐹᕙᓐᓛᓐᑯᑦ ᓴᕕᕋᔭᒃᓴᒥᒃ ᐅᔭᕋᖕᓂᐊᕐᕕᖓ ᐊᐅᓚᑦᑎᕗᑦ ᓄᓘᔮᖕᓂ ᓴᕕᕋᔭᒃᓴᑦᑎᐊᕙᐅᓂᕐᐹᖑᖃᑕᐅᔪᒥᑦ ᕿᑭᖅᑖᓗᖕᒥ, ᓄᓇᕗᒻᒥ, ᑲᓇᑕᒥ ᓇᖕᒥᓂᕆᔭᐅᓪᓗᓂ ᑖᒃᑯᓄᖓ ᑮᓇᐅᔭᖃᖅᑎᑦᓯᔪᓄᑦ ᐊᐅᓚᑕᐅᓪᓗᑎᒃ ᐆᒻᒪᖅᑯᑎᓕᕆᔨᒃᑯᓐᓄᑦ ᐊᒻᒪᓗ ᐅᔭᕋᖕᓂᐊᒐᒃᓴᓕᕆᔨᒃᑯᓐᓄᑦ ᓇᖕᒥᓂᖃᖃᑕᐅᓪᓗᑎᒃ ArcelorMittal−ᑯᑦ. ᓄᓇᕘᑉ ᓴᕕᕋᔭᒃᓴᑦᑎᐊᕙᐅᓛᖁᑎᖓ ᐊᒥᒐᓐᖏᑦᑐᒻᒪᕆᐅᓪᓗᓂ ᓇᓂᔭᐅᓯᒪᕗᖅ ᓴᕕᕋᔭᒃᓴᑦᑎᐊᓛᖑᓪᓗᓂᓗ ᓇᓂᔭᐅᓚᐅᖅᓯᒪᔪᓕᒫᓂ ᓇᓗᓇᐃᖅᑕᐅᓯᒪᓪᓗᓂ ᑭᓐᖒᒪᔭᐅᓪᓚᕆᓐᓂᖓᓂᑦ ᐅᔭᕋᖕᓂᐊᒐᒃᓴᐅᔪᓂᑦ ᑲᓇᑕᒥ ᐱᒻᒪᕆᐊᓘᓂᖓᓄᑦ ᓄᓇᕐᔪᐊᓕᒫᒥ ᓂᐅᕐᕈᑎᑦᓴᓂᑦ ᓴᓇᕝᕕᐅᔪᓂ.

ᓄᓘᔮᖕᓂ ᐅᔭᕋᖕᓂᐊᕐᕕᒃ ᐊᑐᐃᓐᓇᕈᐃᕙᑉᐳᖅ ᐱᐅᓂᖅᐹᒥᒃ ᓴᕕᕋᔭᒃᓴᒥᒃ ᑐᕋᐃᓐᓇᕐᑐᒥᑦ ᐊᐅᓪᓚᕐᑎᑕᐅᔪᓐᓇᕐᑐᒥᑦ ᓄᓇᕐᔪᐊᓕᒫᒥ, ᐃᓗᐃᒃᑲᕐᓂᑦ ᓯᖃᓕᓯᒪᔪᓂᓪᓗ. ᑖᓐᓇ ᐊᐅᓚᓂᐅᔪᖅ ᐊᔾᔨᐅᙱᔾᔪᑎᒋᔭᖓ ᒥᑭᑦᑐᒥᒃ ᐊᕙᑎᒧᑦ ᐊᒃᑐᐃᔪᓐᓇᕐᓂᖓᓂᑦ ᐱᓕᕆᐊᖑᑎᓪᓗᒍ - ᓴᕕᕋᔭᒃᓴᖅ ᓯᖃᓕᔭᐅᔪᓐᓇᕐᐳᖅ ᖃᐅᔨᓴᖅᑕᐅᓪᓗᓂᓗ ᐃᓂᒋᔭᖓᓂ ᐊᐅᓪᓚᖅᑎᑕᐅᓚᐅᙱᓐᓂᖓᓂ ᓂᐅᕐᕈᑕᐅᓪᓗᓂ. ᑕᐃᒪᓐᓇ ᐱᓕᕆᓂᖅ ᐃᒪᖅᑐᕆᐊᑐᑎᑦᓯᓐᖏᓚᖅ ᐱᐅᓯᑎᑕᐅᒋᐊᑐᓐᖏᓐᓂᑯᖓᓄᑦ, ᐊᒥᐊᒃᑯᕐᓗᑯᖃᖅᑎᑦᓯᓇᓂᓘᓐᓃᑦ. ᐃᓗᐃᒃᑲᐃᑦ ᐊᒥᐊᒃᑯᕐᓗᑯᐃᑦ ᓯᖃᓪᓕᓯᒪᔪᓪᓗ ᑕᒪᕐᒥᒃ ᓴᕕᕋᔭᒃᓴᓕᐅᖅᑎᓄᑦ ᐱᔭᐅᔪᒪᕐᔪᐊᖅᐳᑦ ᓄᓇᕐᔪᐊᓕᒫᒥ ᖁᑦᑎᖕᓂᓕᒃ 1 ᓴᕕᕋᔭᒃᓴᑦᑎᐊᕙᐅᓂᖓᓐᓄᑦ ᐊᒻᒪ ᐳᔪᕐᓗᓕᐊᕐᓂᖓ ᐊᑦᑎᖕᓂᖅᓴᐅᓪᓗᓂ ᐊᓯᖏᓐᓂᑦ ᐊᐅᓪᓚᖅᑎᑦᑎᖃᑦᑕᕐᑐᓄᑦ ᓴᕕᕋᔭᒃᓴᓂᒃ.

ᐹᕕᓐᓛᓐᑯᑦ ᐊᐅᓚᓂᖃᖅᑐᑦ ᐊᑖᓂ ᐊᑦᑐᖅᑕᐅᓂᕐᒧᑦ ᐱᕚᓪᓕᕈᑎᑦᓴᓄᓪᓗ ᐊᖏᖃᑎᒌᒍᑎᒃᑯᑦ ᕿᑭᖅᑕᓂ ᐃᓄᐃᑦ ᑲᑐᔾᔨᖃᑎᒌᒃᑯᖏᑎᒍᑦ, ᐊᐅᓚᑦᓯᓂᕐᒧᓪᓗ ᐱᔪᓐᓇᐅᑏᑦ ᑐᓂᔭᐅᕙᑦᑐᑦ ᓄᓇᕗᑦ ᒐᕙᒪᑐᖃᒃᑯᓪᓗ ᒪᓕᒐᓕᕆᔨᖏᓐᓄᑦ ᑳᓇᑕᒥ, ᓇᓗᓇᐃᖅᓯᔾᔪᑕᐅᓪᓗᑎᒃ ᐱᓕᕆᐊᖏᑦ ᐃᑲᔪᖅᓯᒪᓂᖏᓐᓂᑦ ᓄᓇᓕᓐᓂᑦ ᐃᖅᑲᓇᐃᔮᖃᕐᑎᑦᓯᓂᒃᑯᑦ, ᐱᓕᒻᒪᑦᓴᐃᑎᑦᓯᓂᒃᑯᑦ, ᑮᓇᐅᔭᓕᐅᕋᓱᓐᓂᕐᒧᓪᓗ ᐱᕙᓪᓕᐊᑎᑦᓯᓂᕐᒥᑦ ᒪᓕᑦᑐᑎᓪᓗ ᓴᓇᕕᓐᓂᑦ ᐊᑐᕐᑕᐅᒋᐊᖃᖅᐸᑦᑐᓂᑦ ᓯᕗᒃᑲᖅᑕᖅᑐᑎᓪᓗ ᐊᕙᑎᒥᑦ ᐊᑦᑐᐃᓗᐊᑦᑕᐃᓕᒪᑎᑦᓯᓂᕐᒥᑦ ᐊᐅᓚᑦᑎᔾᔪᑎᖏᑦ ᒪᓕᑦᑐᑎᒃ ᐱᓕᕆᔾᔪᓯᖏᓐᓂᑦ ᓄᓇᓕᓐᓂᓪᓗ ᐃᓚᐅᑎᑦᓯᑦᓯᐊᕐᑐᑎᓪᓗ.