Article content

EARLY WARNING DISCLOSURE

Article content

Assuming the Concurrent Private Placement closes, E-L will acquire beneficial ownership of and control or direction over $12,500,000 principal amount of Debentures pursuant to the Concurrent Private Placement.

Article content

Prior to the acquisition, E-L and other joint actors, beneficially owned or controlled 29,340,740 Shares. These Shares represented approximately 72.33% of Algoma’s issued and outstanding Shares on an undiluted basis.

Article content

Assuming the Concurrent Private Placement closes, E-L and other joint actors will beneficially own or control $12,500,000 principal amount of Debentures, that could be convertible into 266,240 Shares, and 29,340,740 Shares for a total beneficial ownership of 29,606,980 Shares, representing approximately 72.51% of Algoma’s issued and outstanding Shares on a partially diluted basis, assuming conversion of E-L’s Debentures into Shares.

Article content

On an as adjusted basis taking into account a previous share split undertaken by Algoma and assuming the Concurrent Private Placement closes, this would result in E-L and other joint actors having beneficially acquired more than 2% of the currently outstanding Shares of Algoma on a partially diluted basis since E-L’s previously filed early warning report and therefore triggering the requirement to make this disclosure.

Article content

Article content

The Debentures were acquired by E-L for investment purposes. E-L and joint actors may acquire additional securities of Algoma or may sell securities of Algoma, in the future depending on market conditions, reformulation of plans and/or other relevant factors.

Article content

This news release is being issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which requires an early warning report to be filed under Algoma’s profile on SEDAR+ at www.sedarplus.ca containing additional information with respect to the foregoing matters. A copy of E-L’s early warning report will appear on Algoma’s issuer profile on SEDAR+ at www.sedarplus.ca.

Article content

ALGOMA CENTRAL CORPORATION

Article content

Algoma Central Corporation is a global provider of marine transportation, owning and operating dry and liquid bulk carriers that serve critical industries throughout the Great Lakes-St. Lawrence Region and internationally. Focused on delivering exceptional customer service, utilizing fuel efficient vessels, and advancing innovative technologies, Algoma drives productivity while contributing to economic growth, strengthening communities, and supporting its people. Algoma truly is Your Marine Carrier of Choice™. Learn more at www.algonet.com.

Article content

Article content

FORWARD-LOOKING STATEMENTS

Article content

Certain information included in this press release is forward-looking, within the meaning of applicable Canadian securities laws. Much of this information can be identified by looking for words such as “believe”, “expects”, “expected”, “will”, “intends”, “projects”, “anticipates”, “estimates”, “continues” or similar words. In particular, this press release includes forward- looking statements pertaining to the proposed timing of completion of the Public Offering and Concurrent Private Placement, the use of proceeds of the Public Offering and Concurrent Private Placement, and receipt of all necessary approvals, including the approval of the Toronto Stock Exchange. Algoma believes the expectations reflected in such forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward- looking statements should not be unduly relied upon.

Article content

Forward-looking statements are based on current information and expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to, risks associated with the ability  to  satisfy  regulatory  and  commercial  closing  conditions  of  the  Public Offering and Concurrent Private Placement,  the uncertainty associated with accessing capital markets and the risks related to Algoma’s business, including those identified in Algoma’s Annual Information Form for the fiscal year  ended  December  31,  2025 under the heading “Risks and Uncertainties to the Company”.  Reference should be made to this additional   information   prior   to   making   any   investment   decision.   Forward-looking statements contained in this press release are made as of the date hereof and are subject to change. Algoma assumes no obligation to revise or update forward looking statements to reflect new circumstances, except as required by law.

Article content

FOR FURTHER INFORMATION PLEASE CONTACT:

Article content

Gregg A. Ruhl

Article content

President and Chief Executive Officer
905-687-7890

Article content

Christopher A.L. Lazarz, CPA, CA

Article content

Chief Financial Officer
905-687-7940

Article content

Article content

Article content

Article content

Article content

Article content