Northfield Expands Northern Aviation Capacity With Cessna 208 Caravan Acquisition and Amends Aircraft Loan Agreement

Executive Summary

• Northfield Capital Corporation’s subsidiary, Spruce Goose Aviation Inc., acquired a 2016 Cessna 208 Caravan utility turboprop for US$2.06 million to expand its northern aviation fleet.
• The Company entered into a second amending agreement to increase its existing aircraft loan facility from US$5.795 million to US$8.045 million, securing US$2.25 million in additional financing to fund the purchase.
• The aircraft will be deployed primarily to support Juno Corp’s exploration programs in Ontario’s Ring of Fire, while also providing charter, cargo, and logistics services to northern communities and government agencies.

Key Details

• Aircraft Acquisition: 2016 Cessna 208 Caravan utility turboprop purchased from an arm’s length seller for US$2.06 million; transaction closed on February 20, 2026.
• Financing Structure: Second amending agreement dated June 5, 2026, increases the aggregate principal of the Aircraft Loan from US$5.795 million to US$8.045 million (an increase of US$2.25 million).
• Loan Terms: Five-year term with a variable floating interest rate equal to the Laurentian Bank of Canada’s posted rate plus 300 basis points, compounded monthly. Principal and interest are payable monthly based on a ten-year amortization schedule, with any remaining balance due at the end of the five-year term. Repayment is at Spruce Goose’s election.
• Security & Guarantees: Northfield and certain subsidiaries continue to guarantee the loan obligations; the lender (Echo Capital Fund I Inc.) has taken additional security against the newly acquired aircraft.
• Operational Deployment: Operated under True North Airways; primarily supports Juno Corp’s Ring of Fire exploration logistics, with secondary use for charter, cargo, and government/community services across Northern Ontario and remote Canadian regions.
• Aircraft Specifications: Single-engine turboprop powered by a Canadian-built Pratt & Whitney Canada PT6A engine; designed for payload flexibility, short/unimproved runway operations, and rapid reconfiguration between passenger and cargo roles.

Notable Quotes

• Robert D. Cudney, Founder, President and Chief Executive Officer: "This acquisition strengthens our ability to serve the Ring of Fire and the communities of Northern Ontario at a time when reliable air access is increasingly critical. The Caravan is a proven workhorse for remote operations, and financing it on a long-term, asset-backed basis lets us expand True North Airways' capacity while preserving balance-sheet flexibility across the portfolio."