1. The qualifications of FTI to act as Monitor and an overview of the involvement of FTI and its affiliates with the Applicants to date;
2. The proposed conduct of the CCAA Proceedings;
3. The weekly cash flow forecast for the period of May 16, 2026, to May 29, 2026 (the "May 14 Forecast") of the Applicants and Baffinland Iron Mines LP ("BIM LP") (collectively, the "Debtors");
4. The Applicants' request for a stay of proceedings against the Applicants (including an extension of the stay of proceedings to BIM LP) for an initial 10- day period and the Proposed Monitor's recommendation thereon;
5. The Applicants' request for approval of a charge in the amount of $2 million (the "Administration Charge") for the initial Stay Period securing the fees and expenses of the Monitor and legal counsel to the Monitor (the "Monitor's Counsel"), legal counsel of the Applicants (the "Applicants' Counsel"), and the Proposed Monitor's recommendation thereon; and
6. The Applicants' request for approval of a charge in the amount of $14 million (the "D&O Charge") for the initial Stay Period securing the indemnification by the Debtors of its directors and officers, or against any member of the Operating Committee to the extent such member is or was directly or indirectly exercising the powers of the directors of any of the Debtors (collectively, the "D&O Parties") against obligations and liabilities that they may incur as directors or officers of the Applicants, or in the case of members of the Operating Committee, in their capacity as persons exercising the powers of directors, after the commencement of the CCAA Proceedings, except to the extent that, with respect to any individual, the obligation or liability was incurred as a result of the individual's gross negligence or wilful misconduct, and the Proposed Monitor's recommendation thereon.

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FTI Consulting
TD Waterhouse Tower
79 Wellington Street West
Suite 2010, P.O. Box 104
Toronto, Ontario M5K 1G8

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