Company Announcements

• The Grays Bay Road and Port Project will strengthen Canada's Arctic Sovereignty and enhance economic development.
• It is an integral part of Canada's ambitious plan to defend, build, and transform the North.

CALGARY, AB , March 23, 2026 /CNW/ -ATCO Ltd.(TSX: ACO.X)

ATCO Ltd. today announced that it will provide approximately $10 million of staged investment for 40 per cent ownership in West Kitikmeot Resources Corp. (WKR). Backed by significant Inuit ownership, WKR is the sole proponent developing the Grays Bay Road and Port Project (GBRP), a critical infrastructure project consisting of a greenfield deepwater port with access to the Northwest Passage shipping corridor, a 230-kilometre all-season road leading inland, and a 6,000-foot airstrip. GBRP is a multi-use, strategic asset that has recently been referred to the Canadian Federal Government's Major Projects Office. GBRP development is planned in multiple phases, with an expected in-service date of 2035 for the full project.

"Investing in essential housing, energy and defence infrastructure that enables economic growth and prosperity is central to ATCO's long-term strategy. This project broadens our port and logistics assets, connecting northern resources to global markets. Together, our investments are building a diversified portfolio positioned to support long-term development and deliver durable value. Alongside WKR and with Inuit and government stakeholders, we are proud to be a strategic partner in this visionary project, to make it a reality and cement the importance of Canada's northern territories in national security and identity." 

Katie Patrick, Chief Financial and Investment Officer, ATCO

"WKR is thrilled to welcome ATCO as a major investor in our company, joining our Kitikmeot Inuit shareholders. They bring deep experience in northern infrastructure, port operations, and defence. They are a champion for the region and share our vision of Inuit-led Northern security and prosperity." 

Brendan Bell, CEO, West Kitikmeot Resources Corp.

Once constructed, the Port of Grays Bay will sit halfway between the ports of Nome, Alaska, and Nuuk, Greenland, on the Northwest Passage. In conjunction with the proposed Arctic Economic and Security Corridor project, GBRP will ultimately connect southern Canada and Arctic deep-water with all-season road access – the first overland connection between Arctic Ocean deepwater and the North American highway system. GBRP will have the potential for dual-use military and civilian capabilities and to create new opportunities for sustainable northern development. With support from private sector companies and public stakeholders, it is expected to stimulate private investment in the Arctic.

ATCO is an established investor in ports infrastructure and operations, holding a 40 per cent interest in Neltume Ports. ATCO also has a long-standing history and expertise in remote northern developments and operations.

About West Kitikmeot Resources Corp.

West Kitikmeot Resources Corp. (WKR) is a private resource development company, with a mission to develop the Kitikmeot Region for the benefit of Kitikmeot Inuit. WKR is the developer of the Grays Bay Road and Port Project and holds mineral tenure along the Project route. WKR's largest shareholder is an affiliate of the Kitikmeot Inuit Association, the democratically elected representative of the Inuit of the Kitikmeot Region of Nunavut.

About ATCO

As a global enterprise, ATCO Ltd. and its subsidiary and affiliate companies have approximately 20,000 employees and assets of $28 billion. ATCO is committed to future prosperity by working to meet the world's essential energy, housing, security and transportation challenges. ATCO Structures designs, builds and delivers products to service the essential need for housing and shelter around the globe. ATCO Frontec provides operational support services to government, defence and commercial clients. ATCO Energy Systems delivers essential energy for an evolving world through its electricity and natural gas transmission and distribution, and international electricity operations. ATCO EnPower creates sustainable energy solutions in the areas of electricity generation, energy storage, industrial water and cleaner fuels. ATCO Australia develops, builds, owns and operates energy and infrastructure assets. ATCO Energy provides retail electricity and natural gas services, home maintenance services and professional home advice that bring exceptional comfort, peace of mind and freedom to homeowners and customers. ATCO also has investments in ports and transportation logistics, the processing and marketing of ash, retail food services and commercial real estate. More information can be found at www.ATCO.com.

Investor Inquiries:
Colin Jackson
Senior Vice President, Financial Operations 
Colin.Jackson@atco.com | 403 808 2636 

Media Inquiries:
Kurt Kadatz
Director, Corporate Communications
Contact Media Relations | 587 228 4571

Forward-Looking Information Advisory

Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", and similar expressions. In particular, forward-looking information in this news release includes references to: ATCO Ltd.'s (ATCO's) strategy; the development of the GBRP project and the benefits of such development; the project timeline through to project completion; specifications for the port, road and airstrip that are planned; the capabilities and potential of the project; funding sources for the project; and the expectation that the project will stimulate private investment in the Arctic.

While it is believed that the expectations reflected in the forward-looking information are reasonable based on the information available on the date such statements are being made, such statements are not guarantees of future performance and no assurance can be given that these expectations will prove to be correct. Forward-looking information should not be unduly relied upon. By its nature, such information involves a variety of assumptions, known and unknown risks and uncertainties, and other factors, which may cause actual results to differ materially from those anticipated in such forward-looking information. The forward-looking information reflects beliefs and assumptions with respect to, among other things, continuing collaboration with business partners; government funding; continued support for the project by the public and private sectors; the receipt in a timely manner of applicable licensing approvals; the ability to meet current project schedules; and other assumptions inherent in management's expectations in respect of the forward-looking information identified herein.

Actual results may differ materially from those anticipated in the forward-looking information as a result of, among other things: applicable laws, regulations and government policies; regulatory decisions; competitive factors; prevailing market and economic conditions; the availability and cost of labour, materials, services, and infrastructure; commodity price fluctuations; non-compliance, or breach of contract by contract counterparties; and other factors, many of which are beyond control. Readers are cautioned that the foregoing list is not exhaustive. For additional information about the principal risks that ATCO faces, see "Business Risks and Risk Management" in ATCO's Management's Discussion and Analysis for the year ended December 31, 2025.

Forward-looking information contained in this news release represents expectations as of the date hereof, which are subject to change after such date. ATCO disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.

SOURCE ATCO Ltd.