Mr. David Cataford reports

CHAMPION IRON ANNOUNCES RESUMPTION OF RAILWAY SERVICES FOLLOWING INTERRUPTIONS DUE TO FOREST FIRES IN QUEBEC

Railway services from Champion Iron Ltd.'s Bloom Lake mine to the port of Sept-Iles have resumed. Following recent forest fires north of Sept-Iles, Que., on June 6, 2023, the company announced interruptions to the railway. As the forest fires recently subsided in the region, no significant damage was identified to the railway following inspections by its operator, resulting in a gradual reopening of services. On June 10, 2023, the company successfully completed its first rail shipment from Bloom Lake to the port of Sept-Iles since the interruptions to the railway.

Despite supply chain challenges impacting operations, Bloom Lake operated continuously throughout the railway interruptions and stockpiled iron ore concentrate at the Bloom Lake mining complex. Following the gradual ramp-up in capacity of the railway and limited additional availability of rolling stock to accommodate excess volumes beyond Bloom Lake's production capacity, the company expects material delays in sales of its stockpiled iron ore concentrate at Bloom Lake.

Champion's chief executive officer, David Cataford, said, "We sincerely thank all involved in mitigating the impact of forest fires for the local communities and the environment."

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 kilometres 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 Fe 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-per-cent Fe iron ore benchmark. The company ships iron ore concentrate from Bloom Lake by rail, to a ship loading port in Sept-Iles, Que., 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 southeast of Bloom Lake, and the Consolidated Fire Lake North iron ore project, located approximately 40 km south of Bloom Lake.

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