Mr. David Cataford reports

CHAMPION IRON PROVIDES AN UPDATE ON THE IMPACT OF FOREST FIRES IN QUEBEC

Champion Iron Ltd. is providing an update on the forest fires north of Sept-Iles, Que., impacting a railway the company utilizes to transport high-purity iron ore concentrate from its Bloom Lake mine to the port of Sept-Iles.

Forest fires emerged on May 28, 2023 (Montreal time), approximately 300 kilometres south of Bloom Lake, resulting in interruptions of the railway since May 30, 2023. There are no damages to Champion's facilities, and the company is not aware of any significant damages to the railway or third party infrastructure, and, accordingly, expects services to resume in the near term. While interruptions of the railway and the main access road may impact the supply chain required to maintain a complete operational capacity at Bloom Lake, the company benefits from significant on-site iron ore concentrate stockpiling capacity, mitigating the impact to its operations. Despite continuing operations at Bloom Lake, the company expects material delays in sales of its iron ore produced due to the service interruption of the railway.

Champion's chief executive officer, David Cataford, said: "We sincerely thank all our staff, third party infrastructure partners, all local authorities and those involved for their efforts in managing the ongoing situation. Such events highlight the importance of local stakeholder collaboration to mitigate impacts to local communities and the environment while safeguarding everyone's health and safety. Our thoughts are with the local residents, including our Innu partners, who declared a state of emergency resulting in the evacuation of thousands of residents in the Sept-Iles region and in other regions in the province of Quebec."

About Champion Iron Ltd.

Champion, through its wholly owned subsidiary, Quebec Iron Ore Inc., owns and operates the Bloom Lake mining complex, located on the south end of the Labrador trough, approximately 13 km north of Fermont, Que. Bloom Lake is an open-pit operation with two concentrators that primarily source energy from renewable hydroelectric power. The two concentrators have a combined nameplate capacity of 15 million tonnes per annum and produce a low-contaminant high-grade 66.2 per cent iron ore concentrate with a proven ability to produce a 67.5 per cent Fe direct reduction quality concentrate. In January, 2023, the company announced the positive findings of a feasibility study evaluating upgrading one-half of the Bloom Lake mine capacity to a direct reduction quality pellet feed iron ore and approved an initial budget to advance the project. Bloom Lake's high-grade and low-contaminant iron ore products have attracted a premium to the Platts IODEX 62% Fe iron ore benchmark. The Company ships iron ore concentrate from Bloom Lake by rail, to a ship loading port in Sept-Iles, Quebec, and has sold its iron ore concentrate to customers globally, including in China, Japan, the Middle East, Europe, South Korea, India and Canada. In addition to Bloom Lake, Champion owns a portfolio of exploration and development projects in the Labrador Trough, including the Kamistiatusset Project, located a few kilometres south-east of Bloom Lake, and the Consolidated Fire Lake North iron ore project, located approximately 40 km south of Bloom Lake.