Baffinland Iron Mines Corporation, together with affiliated entities Nunavut Iron Ore, Inc. and 12334992 Canada Inc., commenced proceedings under the Companies' Creditors Arrangement Act on May 15, 2026, pursuant to an Initial Order granted by the Ontario Superior Court of Justice (Commercial List), with the stay of proceedings extended to operating limited partnership Baffinland Iron Mines LP. Baffinland operates the Mary River Mine in the Qikiqtani Region of Nunavut on Baffin Island, one of the world's highest-grade iron ore mines with historic average iron content exceeding 67 percent, and is Nunavut's largest private sector employer with approximately 1,200 employees, including approximately 300 Inuit employees. The Applicants sought CCAA protection to obtain a stay of proceedings while they evaluate strategic alternatives, including a refinancing, recapitalization, restructuring plan, investment or sale solicitation process. The secured debt stack totals approximately US$777 million, comprising a senior credit facility of US$126.5 million held by an entity associated with Oaktree Capital Management and Hartree Partners, a US$75 million term facility from Export Development Canada, and US$575 million of 8.75 percent senior secured notes maturing July 15, 2026, all subject to cross-defaults. The Applicants also face approximately US$87 million in past-due trade payables and an urgent need to procure approximately US$100 million of fuel and supplies during the July-to-October sealift window, on which Mine operations entirely depend. FTI Consulting Canada Inc. was appointed Monitor. The Court rejected an adjournment request by an ad hoc committee representing approximately 70 percent of the 2026 Noteholders, finding that the Applicants required immediate stability to address the urgent fuel and supply procurement requirements for the upcoming shipping season.