Mr. Glenn Dudar reports

WESTSHORE TERMINALS ANNOUNCES $165 MILLION CREDIT FACILITY

Westshore Terminals Investment Corp.'s wholly owned subsidiary Westshore Terminals Limited Partnership, as borrower, the corporation, as obligor, and Westshore Terminals Ltd., Westshore's general partner, have entered into an agreement for a $165-million revolving credit facility with Royal Bank of Canada and Bank of Nova Scotia as lenders. RBC is acting as lead arranger, sole bookrunner and administrative agent for the credit facility.

The credit facility is available for general corporate purposes, including Westshore's commitments relating to the potash project. The credit facility constitutes an increase to Westshore's existing $40-million operating facility, which was undrawn as at Feb. 20, 2026, and was scheduled to mature on Aug. 31, 2026.

Key terms of the credit facility include the following:

• Facility amount: $165-million revolving operating loan available in Canadian and U.S. dollars, reducing to $100-million with effect from Dec. 31, 2028, and further reducing to $50-million with effect from Dec. 31, 2029; the credit facility includes a $15-million swing line facility; the credit facility is available by way of Canadian overnight repo rate average/secured overnight financing rate loans and Canadian prime/U.S. base rate loans; the swing line facility is available by way of Canadian prime/U.S. base rate loans and letters of credit;
• Term: extension of the existing term, such that the credit facility matures on Feb. 20, 2030 (four years from closing);
• Interest rate: for Canadian dollar borrowings, at Westshore's option: (a) term Canadian overnight repo rate average or daily compounded CORRA, in each case plus the applicable CORRA adjustment (0.29547 per cent for one-month terms and 0.32138 per cent for three-month terms) plus 1.25 per cent; or (b) prime rate plus 0.25 per cent; for U.S.-dollar borrowings, at Westshore's option: (a) term secured overnight financing rate plus the term SOFR adjustment (0.10 per cent per annum) plus 1.25 per cent; or (b) base rate plus 0.25 per cent; for letters of credit under the swing line facility, the amount of such letter of credit plus 0.25 per cent;
• Fee: the credit facility bears customary upfront, standby and agency fees for a facility of this nature;
• Repayment: interest only, with bullet repayment on maturity and required repayments in line with the credit facility limit stepdowns on Dec. 31, 2028, and Dec. 31, 2029 (as described above);
• Financial covenant: trailing 12-month earnings before interest, taxes, depreciation and amortization of the corporation shall not be less than $75-million and the aggregate distributions made by the corporation on its common shares in any consecutive prior four quarters may not exceed the trailing 12-month EBITDA of the corporation;
• Security: the credit facility is secured by an existing debenture, in the principal amount of $195-million, creating a fixed and specific charge on all of Westshore's assets, which debenture is pledged to RBC, as administrative agent; the credit facility is also guaranteed by the general partner and the corporation (the guarantors); the guarantors' obligation under their respective guarantees are secured by general security agreements in favour of RBC, as administrative agent, creating a fixed charge over each guarantor's present and after-acquired personal property and a floating charge over each guarantor's real property;
• Conditions precedent: advances under the credit facility are subject to the satisfaction of certain customary conditions precedent.

The summary of certain key terms of the credit facility above is qualified in its entirety by the full text of the fourth amended and restated credit agreement dated Feb. 20, 2026, among Westshore, the corporation, the general partner, RBC and BNS, a copy of which will be available on SEDAR+ under the corporation's issuer profile.

We seek Safe Harbor.