Mr. David Cataford reports

CHAMPION IRON APPOINTS JESSICA MCDONALD TO ITS BOARD OF DIRECTORS AND ANNOUNCES FY2023 ANNUAL GENERAL MEETING VOTING RESULTS

Champion Iron Ltd. has appointed Jessica McDonald to its board of directors at its annual general meeting of the company's shareholders, held in person on Wednesday, Aug. 30, 2023, at 5 p.m. Montreal time/Thursday, Aug. 31, 2023, at 7 a.m. Sydney time.

Ms. McDonald has been a corporate director since 2014 and has been certified by the Institute of Corporate Directors since 2017. She is currently a member of the board of directors of GFL Environmental Inc. and Foran Mining Corp. Ms. McDonald was also a director of Coeur Mining Inc. from 2018 to 2023, a director of Hydro One Ltd. from 2018 to 2022, and a director and chair of Trevali Mining Corp. between 2017 and 2020. From 2014 to 2017, Ms. McDonald was president and chief executive officer of the BC Hydro and Power Authority, a clean energy utility with over $5.5-billion in annual revenue and more than 5,000 employees. Ms. McDonald is a director of Sustainable Development Technology Canada. She acted as interim president and chief executive officer of Canada Post Corp. from April, 2018, to March, 2019, and was the chair of its board of directors between 2017 and 2020. Ms. McDonald served as the chair of Powertech Labs, one of the largest testing and research laboratories in North America, and a director of Powerex, an energy trading company. Ms. McDonald has extensive government experience, including serving as deputy minister to the Premier and head of the B.C. Public Service. Ms. McDonald holds a bachelor of arts degree in political science from the University of British Columbia, is a graduate of the Institute of Corporate Directors, and holds a certification in cybersecurity oversight from the National Association of Corporate Directors and Carnegie Mellon University.

"We are delighted to welcome Ms. McDonald to our board," said Michael O'Keeffe, Champion Iron's executive chairman. "Ms. McDonald's extensive leadership and directorship experience across a variety of industries, including mining, will be valuable to our team, and we look forward to benefiting from her expertise. I would also like to thank Andrew Love and Wayne Wouters, who both retired at the meeting, for their years of collaboration and guidance as valued members of our board. Their contributions over the years enabled us to build a robust foundation for our company, setting the stage for Champion to continue to deploy its vision to be a leader in the green steel supply chain."

Annual general meeting voting results

At the meeting, all resolutions (other than Resolution 1) were passed by the requisite majorities by a vote by poll as set out below. Resolution 1 was not carried and constitutes a first strike under Australian law.

At the meeting, the total number of ordinary shares of the company represented in person or by proxy was 403,757,006, representing approximately 78.07 per cent of the issued and outstanding ordinary shares of the company.

A live audio webcast was also available during the meeting, and the webcast recording will be accessible shortly through Champion Iron's website.

About Champion Iron Ltd.

Champion Iron, 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 year and produce low-contaminant high-grade 66.2-per-cent-iron iron ore concentrate with a proven ability to produce a 67.5-per-cent-iron direct reduction quality iron ore concentrate. In January, 2023, the company announced the positive findings of a study evaluating the upgrade of half of the Bloom Lake mine's 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-iron iron ore benchmark. The company ships iron ore concentrate from Bloom Lake by rail to a shiploading 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 Iron 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 kilometres south of Bloom Lake.

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