Mr. Robert Cudney reports

NORTHFIELD EXPANDS NORTHERN AVIATION CAPACITY WITH CESSNA 208 CARAVAN ACQUISITION AND AMENDS AIRCRAFT LOAN AGREEMENT

Northfield Capital Corp.'s wholly owned subsidiary, Spruce Goose Aviation Inc., has acquired a 2016 Cessna 208 Caravan utility turboprop aircraft to expand the company's Northern aviation capacity, and the company and certain of its subsidiaries have entered into a second amending agreement to increase the company's existing aircraft loan facility to finance the acquisition.

Robert D. Cudney, founder, president and chief executive officer of Northfield, commented: "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.

Fleet expansion -- Cessna 208 Caravan

The acquisition, which closed on Feb. 20, 2026, adds a 2016 Cessna 208 Caravan aircraft to the company's aviation fleet. The aircraft was acquired from an arm's-length seller for a purchase price of $2.06-million (U.S.).

The Cessna 208 Caravan is a single-engine utility turboprop widely deployed for operations in remote and Northern regions, valued for its payload flexibility, its ability to operate from short and unimproved runways, and its capacity to be rapidly reconfigured between passenger and cargo roles. Powered by a Canadian-built Pratt & Whitney Canada PT6A turboprop engine, the aircraft is well suited to the mixed passenger, cargo and exploration logistics missions that characterize Northern operations.

Operated within the company's True North Airways aviation group, the aircraft is being deployed principally in support of the exploration programs of Juno Corp., Northfield's investee and the largest mineral claimholder in Ontario's Ring of Fire, as well as charter, cargo and logistics services for Northern communities and government agencies. The addition expands True North Airways' capacity to serve growing demand for reliable air access across Northern Ontario and other remote regions of Canada.

Second amendment to aircraft loan agreement

In connection with the acquisition of the aircraft, the company and certain of its subsidiaries have entered into a second amending agreement dated June 5, 2026 to increase the aggregate principal amount of the previously obtained aircraft loan (as defined below) from $5,795,000 (U.S.) to $8,045,000 (U.S.), an increase of $2.25-million (U.S.).

The second amending agreement amends the aircraft loan agreement dated March 14, 2025 (as amended by an amending agreement dated July 7, 2025, and as further amended by the second amending agreement) among the company, Echo Capital Fund I Inc. (the lender), an arm's-length private lender in the aviation sector and certain subsidiaries of the company, which provide for a loan to the company's wholly owned subsidiary, Spruce Goose.

The aircraft loan agreement has a term of five years and bears interest at a variable floating rate equal to the annual interest rate posted and announced from time to time by Laurentian Bank of Canada plus 300 basis points, calculated and compounded monthly in arrears. Interest and principal are payable monthly based on a 10-year amortization period, with any remaining balance due at the end of the five-year term. The aircraft loan may be repaid at the election of Spruce Goose. The company and certain of its subsidiaries continue to guarantee the obligations under the aircraft loan agreement, and the lender has taken additional security against the aircraft. The aircraft loan agreement contains other terms, covenants, representations and warranties customary for a transaction of this nature.

About Northfield Capital Corp.

Northfield is a publicly traded Canadian investment and operating company with deep roots in resources, mining, aviation and premium consumer brands. Founded in 1981 by Robert D. Cudney, the company combines over four decades of experience with forward-thinking strategies to unlock opportunities across its diversified portfolio. Northfield is dedicated to fostering growth and innovation in businesses that drive economic prosperity in Canada and abroad. The company's flagship investment, Juno Corp., is the largest mineral claimholder and the most active explorer in the Ring of Fire. True North Airways, the company's wholly owned aviation subsidiary, provides charter, cargo and exploration logistics services across Canada, and is expanding internationally through CNA Aviation Corp. in Central America.

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