Overview Key strengths Key risks High reserve grades at Mary River mine earns price premium Limited operating diversity, with exclusive reliance on Mary River mine for cash flow generation Rail expansion will enhance capacity and should materially reduce unit costs Credit measures and liquidity highly sensitive to iron ore price fluctuations given the company?s single-commodity focus and small scale of production Rail expansion project contributes potential execution and funding risks. Baffinland Iron Mines Corp.?s proposed rail expansion project is a source of ratings uncertainty and could potentially affect S&P Global Ratings? view of the company?s credit profile. Public hearings on the project have been completed and a final federal ruling regarding whether Baffinland can proceed is expected as early as
