Mr. Michael Marcotte reports

CHAMPION IRON PROVIDES AN UPDATE ON ITS ONGOING COLLECTIVE AGREEMENT NEGOTIATIONS

Champion Iron Ltd.'s unionized employees represented by the Syndicat des Metallos, representing approximately 63 per cent of the work force at the Bloom Lake mine, have voted against the company's proposed terms toward a new collective bargaining agreement (CBA) and voted in favour of a strike action mandate. The strike mandate enables Metallos to initiate at any time a strike if the continuing discussions do not conclude in a new CBA. While negotiations continued over the last few days, including a mediation process, the parties did not come to an agreement in principle for a new CBA. The company remains collaborative with Metallos to find common grounds for a new CBA. The strike mandate and continuing discussions do not impact operations at Bloom Lake at this time.

The company believes to have proposed fair and equitable terms for a new CBA. The company's offer carefully balances the needs of its employees to protect their individual buying power, considering inflationary pressures, and reflects industry competitive dynamics. Benefiting from significant liquidity and stockpiled iron ore concentrate, the company is well positioned to mitigate the impacts of a potential strike on its operations and financial position.

Champion's chief executive officer, David Cataford, said: "We are disappointed that we could not reach an agreement with the union following recent discussions and a mediation process. We always have the well-being of our employees at heart, whether unionized or not. As such, we aim to create the best possible work conditions to retain, attract and develop the best talent, while ensuring our company can navigate volatile economic environments. Our latest global offer submitted to the Metallos meets this objective in every aspect. We have shown a great deal of transparency with the Metallos since the beginning of negotiations, and we are confident that its members recognize our significant efforts in offering a healthy work environment and competitive terms towards a new CBA."

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 low-contaminant high-grade 66.2-per-cent Fe iron ore concentrate with a proven ability to produce a 67.5% Fe direct reduction quality iron ore concentrate. Benefiting from one of the highest purity resources globally, the Company is investing to upgrade half of the Bloom Lake mine capacity to a direct reduction quality pellet feed iron ore with up to 69% Fe. 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 Cluster II portfolio of properties, located within 60 km south of Bloom Lake.

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