Mr. Haydn Martin reports

MAGELLAN AEROSPACE SIGNS AMENDMENT TO GE AEROSPACE REVENUE SHARING AGREEMENT

Magellan Aerospace Corp. has signed an amendment to a long-term revenue-sharing agreement with GE Aerospace to include the production of major components for the F414-GE-400K aircraft engine for the Korean KF-21 aircraft program.

In mid-2024, Hanwha Aerospace and Korea Aerospace Industries signed contracts with South Korea's national arms procurement agency to produce the first batch of indigenous KAI KF-21 4.5-generation fighter aircraft. A subsequent defence acquisition program administration contract with Hanwha Aerospace covered the delivery of 44 F414-GE-400K engines for the KF-21 aircraft program in 2025 and 2026.

Under the amended RSA, Magellan's facilities in Mississauga, Ont., and Winnipeg, Man., with expertise in manufacturing complex aeroengine assemblies, will deliver F414 engine frames to GE Aerospace in Lynn, Mass., over a seven-year period, as the sole source provider for the KF-21 aircraft, the U.S. Navy spares and the Gripen F414-39E engine programs. The agreement is the latest milestone in a strong, mutually beneficial relationship between the companies that dates back more than six decades.

"We are delighted to be continuing this relationship with GE Aerospace that has weathered many industry highs and lows over the past 60 years," said Haydn Martin, Magellan's vice-president, business development, marketing and contracts. "Our shared commitment to this long-term collaboration has fostered a strong foundation, enabling both companies to consistently achieve excellence and sustained performance."

About Magellan Aerospace Corp.

Magellan Aerospace is a global aerospace company that provides complex assemblies and system solutions to aircraft and engine manufacturers, and defence and space agencies worldwide. Magellan designs and manufactures aeroengine and aerostructure assemblies and components for aerospace markets, and advanced proprietary products for military and space markets, and provides engine and component repair and overhaul services worldwide. Magellan is a public company whose shares trade on the Toronto Stock Exchange, with operating units throughout North America, Europe and India.

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