Mr. David Cataford reports

CHAMPION IRON COMPLETES US$230M TERM LOAN FINANCING, INCREASING LIQUIDITY FOR GROWTH OPPORTUNITIES TO DECARBONIZE STEELMAKING

Champion Iron Ltd.'s subsidiary, Quebec Iron Ore Inc. (QIO), has agreed with its syndicate of lenders led by Societe Generale (co-ordinating bank, mandated lead arranger and joint bookrunner) and Bank of Nova Scotia (Scotiabank) (mandated lead arranger and joint bookrunner) to extend the maturity of its existing $400-million (U.S.) revolving credit facility from May, 2026, to November, 2027, and additionally, on a new $230-million (U.S.) term loan facility maturing in November, 2028, with no principal repayment until mid-2026. The financing is expected to significantly increase the company's available liquidity to support organic growth and development opportunities in line with the company's vision to contribute to reducing steelmaking emissions.

Champion chief executive officer David Cataford said: "We thank our team of financial partners who share our vision to provide a solution for the green steel supply chain. The closing of the financing, in addition to our robust financial position and operational cash flows, enables our company to maintain its conservative capital management approach while increasing our flexibility to consider additional organic growth opportunities."

About Champion Iron Ltd.

Champion, through its wholly owned subsidiary Quebec Iron Ore, 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 low-contaminant high-grade 66.2-per-cent-iron 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 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 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.

We seek Safe Harbor.