Mr. Michael Marcotte reports

CHAMPION IRON FILES PREVIOUSLY ANNOUNCED KAMI PROJECT STUDY

Champion Iron Ltd. has filed the technical report with respect to the Kamistiatusset project in western Labrador, Canada. The study, prepared pursuant to National Instrument 43-101 (Standards of Disclosure for Mineral Projects) and Chapter 5 of the Australian Securities Exchange listing rules entitled "Pre-Feasibility Study for the Kamistiatusset Iron Ore Property," was filed on SEDAR+, the ASX and the company's website. The study was prepared by BBA Inc., Soutex, GMining Services Inc., WSP Canada Inc., Systra Canada, AtkinsRealis Inc., Okane Consultants and CIMA+ and dated March 14, 2024.

The mineral resource and reserve estimates for the Kami project contained in the study were previously reported by the company on Jan. 30, 2024 (Montreal time)/Jan. 31, 2024 (Sydney time). The company is not aware of any new information or data that materially affect the information included in the release and confirms that all material and technical assumptions underpinning the estimates in the release and in the study continue to apply and have not materially changed.

As highlighted in the release, the study evaluated the construction of mining and processing facilities to produce direct reduction grade pellet feed iron ore from the mining properties of the Kami project. The study details a 25-year life of mine with average annual DR quality iron ore concentrate production of approximately 9,000 wet metric tonnes per annum at above 67.5 per cent iron. Completion of the study enables the company to evaluate the project in relation to its portfolio of other organic growth opportunities, while aiming to maintain a prudent balance sheet and avoid equity dilution. The company expects to continue optimizing the project, engage with stakeholders, evaluate opportunities to improve its economics, and advance permitting and work on strategic partnership opportunities prior to considering a final investment decision.

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 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 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 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.

Qualified person

Vincent Blanchet, PEng, engineer at Quebec Iron Ore, the company's subsidiary and operator of Bloom Lake, is a qualified person as defined by NI 43-101, has reviewed and approved, or has prepared, as applicable, the disclosure of the scientific and technical information contained in this document, and has confirmed that the relevant information is an accurate representation of the available data and studies for the relevant projects. 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 and technical assumptions underpinning the study. Mr. Blanchet is a member of the Ordre des ingenieurs du Quebec.

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