Mr. David Cataford reports

CHAMPION IRON ANNOUNCES A NEW COLLECTIVE AGREEMENT WITH BLOOM LAKE UNIONIZED WORKERS

Champion Iron Ltd.'s unionized employees, represented by the Syndicat des Metallos, who comprise approximately 63 per cent of the work force at the company's Bloom Lake mine, have ratified a new five-year collective bargaining agreement with the company on Feb. 29, 2024, Montreal time.

Champion Iron's chief executive officer, David Cataford, said: "The CBA, which provides additional stability for our work force, the community and our company, ensures we maintain a strong and mutually beneficial partnership with our employees. The CBA balances the need to remain competitive by attracting the best talent while also ensuring our company can navigate uncertain economic environments. This significant milestone enables our company to continue to positively impact local communities as we deploy our vision to be a leader in the green steel supply chain."

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 ore concentrate with a proven ability to produce a 67.5-per-cent-iron 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 per cent Fe. Bloom Lake's high-grade and low-contaminant iron ore products have attracted a premium to the Platts IODEX 62-per-cent-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 Cluster II portfolio of properties, located within 60 kilometres south of Bloom Lake.

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