Mr. David Cataford reports

CHAMPION IRON FILES PREVIOUSLY ANNOUNCED UPDATED MINERAL RESOURCE AND RESERVE ESTIMATES FOR ITS BLOOM LAKE OPERATIONS

Champion Iron Ltd. has filed on SEDAR+, the Australian Securities Exchange and the company's website its technical report with respect to the mineral resource and reserve estimates, and the life-of-mine (LoM) plan for the Bloom Lake mining complex, prepared pursuant to National Instrument 43-101 -- Standards of Disclosure for Mineral Projects (NI 43-101) and Chapter 5 of ASX listing rules entitled "Mineral Resources and Mineral Reserves for the Bloom Lake Mine, Fermont, Quebec, Canada," prepared by BBA Inc., SRK Consulting (U.S.) Inc., Soutex and Quebec Iron Ore Inc., dated Sept. 28, 2023.

The mineral resource and reserve estimates for Bloom Lake contained in the 2023 technical report were previously reported by the company on August 22, 2023 (Montreal time)/Aug. 23, 2023 (Sydney time). The company is not aware of any new information or data that materially affects the information included in the release, and confirms that all material assumptions and technical parameters underpinning the estimates in the release and in the 2023 technical report continue to apply and have not materially changed.

As noted in the release, the optimized mine plan confirms the 18-year LoM, based on the mineral reserves. It also provides an opportunity to extend operations beyond the LoM plan, with a 40-per-cent increase to the measured and indicated resources, and a 360-per-cent increase to inferred resources. Other highlights detailed in the 2023 technical report include an average iron metallurgical recovery of 82.0 per cent, a plant feed grade of 28.6 per cent Fe and average yearly production of 15.2 million wet metric tonnes of 66.2 per cent Fe high-purity iron ore concentrate.

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 iron ore concentrate. In January, 2023, the company announced the positive findings of a study evaluating the upgrade of 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.

Qualified person

Vincent Blanchet, PEng, engineer at QIO, the operator of Bloom Lake, is a QP as defined by National Instrument 43-101, and has reviewed and approved, or has prepared, as applicable, the disclosure of the scientific and technical information contained in this press release. Mr. Blanchet's review and approval do not include statements as to the company's knowledge or awareness of new information or data or any material changes to the material assumptions and technical parameters underpinning the 2023 technical report. Mr. Blanchet is a member of the Ordre des ingenieurs du Quebec.

We seek Safe Harbor.