Mr. Michael Marcotte reports

CHAMPION IRON ANNOUNCES UPSIZE AND PRICING OF US$500 MILLION SENIOR NOTES DUE 2032

Champion Iron Ltd.'s wholly owned subsidiary, Champion Iron Canada Inc., priced its offering of $500-million (U.S.) aggregate principal amount of senior notes due 2032 at the issue price of 100.000 per cent. The offering was upsized from the previously announced $450-million (U.S.) aggregate principal amount of the notes. Settlement is expected to take place on or about July 2, 2025, subject to customary conditions precedent.

Interest on the notes will accrue from July 2, 2025, at a rate of 7.875 per cent per annum and will be payable semi-annually. The notes will be senior unsecured obligations of the issuer and will be guaranteed by the company and certain of its subsidiaries. The notes will not be quoted on Australian Securities Exchange or the Toronto Stock Exchange.

The company intends to use the net proceeds from the offering to repay the amounts outstanding under its senior credit facilities and for general corporate purposes.

The notes are being offered and sold in the United States only to persons reasonably believed to be qualified institutional buyers in accordance with Rule 144A under the U.S. Securities Act of 1933, as amended, and to non-U.S. persons outside the United States in compliance with Regulation S under the securities act. The notes are being offered and sold in certain Canadian jurisdictions on a private placement basis pursuant to certain prospectus exemptions. The notes are being offered and sold in Australia only to sophisticated or professional investors within the meaning of sections 708(8) and 708(11) of the Australian Corporations Act 2001 (Cth).

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 concentration plants that primarily source energy from renewable hydroelectric power, having a combined nameplate capacity of 15 million wet metric tonnes per year that produce lower-contaminant, high-grade, 66.2-per-cent-iron 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, Champion is investing to upgrade half of Bloom Lake's mine capacity to a direct-reduction-quality pellet feed iron ore with up to 69 per cent iron. Bloom Lake's high-grade and lower-contaminant iron ore products have attracted a premium to the Platts Iodex 62-per-cent-iron iron ore benchmark. Champion ships iron ore concentrate from Bloom Lake by rail to a ship-loading port in Sept-Iles, Que., and has delivered its iron ore concentrate globally, including in China, Japan, the Middle East, Europe, South Korea, India and Canada. In addition to Bloom Lake, Champion owns the Kamistiatusset mining properties, a project with an estimated annual production of nine million wet metric tonnes per year of direct-reduction-quality iron grading above 67.5 per cent iron, located near available infrastructure and only a few kilometres southeast of Bloom Lake. In December, 2024, Champion entered into a binding agreement with Nippon Steel Corp. and Sojitz Corp. to form a partnership to evaluate the potential development of the Kami project, including the completion of a definitive feasibility study. Champion also owns a portfolio of exploration and development projects in the Labrador trough, including the Cluster II portfolio of properties, located within 60 kilometres south of Bloom Lake.

We seek Safe Harbor.