News Release

Northfield Capital completes strategic aviation expansion with acquisition of second Pilatus PC-12; updates aircraft loan agreement

Northfield Capital Corporation, a proudly Canadian-owned investment company, is pleased to announce the completion of its aviation fleet expansion strategy through the acquisition of a second Pilatus PC-12 NG aircraft. The transaction was completed through Northfield's wholly-owned subsidiary, Spruce Goose Aviation Inc. and complements the earlier purchases of two high-performance helicopters. The transaction finalises the corporation's multi-aircraft buildout designed to support growth at its commercial operating subsidiary, True North Airways Inc. (TNA). The purchase was funded through an amendment to its aircraft loan agreement, increasing total available proceeds to US$5.795 million.

This aircraft marks True North's second PC-12 in its active fleet following the addition of two helicopters earlier this year, acquired to address rising demand for charter flight hours and mission-specific services throughout Canada, the U.S. and Central America. The aircraft is a modern, low-time, high-utility platform that enhances TNA's operational scale and geographic reach.

“This completes the staged rollout of our aviation growth strategy," said Robert D. Cudney, chief executive officer of Northfield. “With three helicopters, two Pilatus PC-12s, a Cessna Citation light jet and Gulfstream G100 mid-size jet now under management, we have assembled a fleet that is optimised for charter demand, infrastructure logistics, government contracts and exploration support across North and Central America. We now move from capital deployment to cash flow generation.”

Iain Hayden, CEO of True North Airways, added: “Adding a second PC-12 gives us meaningful lift to meet charter demand, with operational flexibility and reliability. This second PC-12 brings our fixed-wing charter capabilities to another level. Its short-field performance, payload capacity and operating economics make it the perfect aircraft to serve our growing client base across remote and urban markets. As demand continues to rise, we're proud to offer our clients the versatility and reliability they've come to expect from TNA. Combined with our helicopter assets, we can now offer a fully integrated aviation solution to our clients, whether they're in executive travel, energy, remote logistics or public service. The strategy is complete, and we're excited to fly.”

Northfield's aviation initiative was designed to scale True North Airways' commercial capacity in response to growing demand for:

- Executive and private charters

- Aerial firefighting and medical support

- Resource exploration and infrastructure logistics

- Government and community contracts

In March 2025, Spruce Goose acquired two helicopters, a 1999 Eurocopter AS350-B3 and a 1980 Bell 206B3 Jet Ranger, to anchor rotary-wing operations in Ontario and El Salvador. The July 2025 purchase of a 2014 Pilatus PC-12 NG adds long-range, fixed-wing capability and completes the planned fleet expansion.

The Eurocopter AS350-B3 Helicopter and the Pilatus PC-12 were financed under a single amended aviation loan facility totalling US$5.795 million, with assets fully secured and revenue-generating, and the Jet Ranger was financed with cash on hand.

The most recent acquisition, a 2014 Pilatus PC-12 NG, is a low-hour, executive-class turboprop offering exceptional range, payload and short-field performance. This is True North's second PC-12, providing scale and scheduling flexibility to meet increasing charter demand in Canada, the U.S. and the Caribbean. The aircraft supports executive charter, air ambulance, infrastructure access and remote cargo needs, all with exceptionally low operating costs and high dispatch reliability.

Key specifications of the Pilatus PC-12 NG include:

- Engine: Pratt & Whitney PT6A-67P

- Cruise speed: 260 knots (481 km/h)

- Range: 1,803 nm (3,340 km)

- Service ceiling: 30,000 ft

- Payload: approximately 2,236 lbs

- Cabin: executive six-seat layout

- Features: five-blade MT propeller, TAWS-A, Honeywell Primus Apex avionics, weather radar, large cargo door, upgraded NiCad batteries.

As part of the broader strategy, Northfield previously acquired the following helicopters through Spruce Goose: a 1999 Eurocopter AS350-B3 and 1980 Bell 206B-3 Jet Ranger, which will expand TNA's capabilities in firefighting, resource exploration, executive and cargo charters, and government contract services across Canada and El Salvador.

In March 2025, an AS350-B3 helicopter, renowned for its high-altitude performance, robust single-engine power and exceptional lifting capability, was acquired to enhance aerial operations. This versatile aircraft has since become an integral asset for demanding missions such as firefighting, air ambulance support, resource sector logistics, infrastructure and government services, as well as private and corporate charters. With its addition earlier this year, the range and effectiveness of aerial operations have notably expanded, supporting an even broader array of government and commercial contracts in Canada.

Key specifications of the AS350-B3 include:

- Engine: Turbomeca Arriel 2B1

- Cruise speed: 122 knots (226 km/h)

- Range: 340 nautical miles (630 km)

- Useful load: 2,557 lbs (1,160 kg)

- External load capacity: 3,500 lbs (1,587 kg)

- Seating capacity: Pilot plus five passengers

In addition to the AS350-B3, a Jet Ranger, a proven workhorse in the aviation industry, was also acquired. This helicopter will be deployed in El Salvador under TNA South S.A. de C.V., a wholly-owned subsidiary of TNA, where it will service resource development, cargo and logistics transportation, infrastructure projects, executive-tourism charters and high-end travel, all which align with the country's current pro-business stance. Its lightweight design and fuel efficiency make it ideal for cost-effective aerial operations, which Northfield forecasts will assist with long-term profitability for True North Airways.

Key specifications of the Jet Ranger include:

- Engine: Rolls-Royce 250-C20B

- Cruise Speed: 115 knots (213 km/h)

- Range: 374 nautical miles (693 km)

- Useful load: 1,400 lbs (635 kg)

- Seating capacity: Pilot plus four passengers

Northfield Corporation and certain of its subsidiaries entered into an amending agreement dated July 7, 2025, to increase the principal amount of the previously obtained aircraft loan, from US$5.195 million to US$5.795 million, in order to finance the purchase of a PC-12 NG aircraft. Northfield and certain of its subsidiaries will continue to guarantee the obligations under the aircraft loan agreement, as amended by the amending agreement, and Echo Capital Fund I Inc., an arm's length private lender in the aviation space, will also take security against the new aircraft being purchased with the remaining proceeds from the loan.

On March 14, 2025, Northfield along with certain of its subsidiaries entered into an aircraft loan agreement with Echo Capital Fund I Inc. to finance the purchase of certain aircraft by Spruce Goose. The original aircraft loan agreement provided for a loan to Spruce Goose of up to US$5.195 million with a term of five years, with interest thereon based on a variable floating rate equal to the annual interest rate posted and announced by Laurentian Bank of Canada plus 300 basis points calculated and compounded monthly in arrears for the relevant period of the aircraft loan. The aircraft loan agreement requires interest and principal to be paid monthly based on a 10-year amortisation period, with any remaining balance due at the end of the five-year term of the aircraft loan. The aircraft loan can be repaid at the election of Spruce Goose following the first year of the term of the aircraft loan agreement.

At the time of the aircraft loan, the proceeds were used by Northfield Corporation to purchase the AS350-B3.

Northfield Corporation and certain of its subsidiaries provided a guarantee in connection with the aircraft loan and Echo Capital Fund I Inc. also took security against certain aircrafts of Spruce Goose, including the AS350-B3 helicopter purchased with a portion of the proceeds from the aircraft loan. The aircraft loan agreement contains other customary terms, covenants and representations and warranties for a transaction of such nature.