North American Tungsten Corporation Ltd. (the “Petitioner” or the “Company”) filed an application before the Supreme Court of British Columbia (the “Court”) pursuant to the Companies’ Creditors Arrangement Act, R.S.C. 1985 c. C-36 as amended (the “CCAA”).

The Company was in the business of mine development and tungsten concentration production. Its key mining assets included one producing mine located in the Northwest Territories (“Cantung”)  and one development property located on the border of the Yukon and Northwest Territories (“Mactung”).

The Court made an order (the “Initial Order”) on June 9, 2015, granting the Petitioner the protections afforded by a stay of proceedings until July 9, 2015 while the Company pursues restructuring initiatives under the CCAA. The initial stay of proceedings has been extended until April 30, 2025.

The Initial Order appointed Alvarez & Marsal Canada Inc. as Monitor of the business and financial affairs of the Petitioner in the CCAA proceedings. On November 16, 2015, the Court granted an order enhancing the powers of the Monitor to provide for enhanced supervision and oversight to the Company’s care and maintenance operations.

On October 26, 2015, the Company discontinued production at Cantung and transitioned the mine to care and maintenance. On November 17, 2015, the Court granted an order approving the sale of the Mactung property to the Government of the Northwest Territories, which closed on December 10, 2015.

The Company has commenced closure planning and is carrying out risk reduction activities in preparation for eventual permanent closure of the Cantung mine site.