The Production Increase Extension Proposal associated with the approved Mary River Iron Mine was assessed by the NIRB in 2019-2020. It was approved to proceed on June 18, 2020 subject to the terms and conditions of Project Certificate No. 005 Amendment 3. Baffinland Iron Mines Corporation (Baffinland) is a Canadian mining company operating the Mary River Mine Project (the Project). The Project is an open pit iron ore mine located in the Qikiqtani Region of Nunavut on northern Baffin Island, approximately 160 km south-southwest of the nearest community of Pond Inlet (Mittimatalik) and 1,000 km north-northwest of the territorial capital of Iqaluit. Baffinland received regulatory approval for the Project in 2012. The Approved Project authorizes Baffinland to mine up to 18 Million tonnes per year (mtpa) from Deposit No. 1. In 2014, Baffinland received approval for an amendment to the Project, called the Early Revenue Phase (ERP), which allows for the additional extraction, transport and shipment of 4.2 Mtpa along a tote road to Milne Port where the iron ore is then shipped to international markets. The Production Increase Proposal Renewal is requesting approval to continue to produce and transport up to 6 mtpa via truck along the Tote Road and 6 mtpa via ore carrier along the established shipping season (July to October) and route through the Northern Transportation Corridor to the end of 2022. Purpose and Need. Baffinland has demonstrated operational improvements and efficiencies since the Project became operational in 2015. Sustaining activity levels at the same 6 mtpa rate that applied between 2018 and 2021 will avoid the need to scale back operations, which would significantly impact the important employment and contracting opportunities provided by the Project, as well as the benefits that flow to Qikiqtani Inuit (managed on behalf of Qikiqtani Inuit by the Qikiqtani Inuit Association). The current amendment is an interim measure to maintain the status quo while Baffinland explores alternative long-term solutions to the challenges presented by operating a high-cost Arctic Project while being subject to highly variable global iron ore market prices. Project economics have continued to be a key driver in the development of the Mary River Project and reducing the production and transportation of iron ore to 4.2 Mtpa will guarantee seasonal closures and threaten the long term viability of the mine. The company has currently positioned itself during the first seven years of operation to increase the efficiency of the trucking operation and allow for the advancement of production limits under current operations.