Champion Iron Announces a Gradual Return of Its Workforce Following Preventive Measures IN Response to Nearby Forest Fire S
1
PRESS RELEASE
CHAMPION IRON ANNOUNCES A GRADUAL RETURN OF ITS WORKFORCE
FOLLOWING PREVENTIVE MEASURES IN RESPONSE TO NEARBY FOREST FIRE S
Montréal, July 15, 2024 (Sydney, July 16, 2024) - Champion Iron Limited (TSX: CIA) (ASX: CIA) (OTCQX: CIAFF) (“Champion” or the
“Company”) announces a gradual return of its workforce to its Bloom Lake mine (“ Bloom Lake”) following a preventive evacuation and
temporary shut down of operations on July 12, 2024 (Montréal time), in response to nearby forest fires.
With the forest fires subsiding and following the evacuation pre-alert being lifted for the town of Fermont, located near the Company’s
Bloom Lake mine, Champion initiated a progressive return of its workforce. While the forest fires remain active north of Bloom Lake,
recent events did not affect the Company’s and third parties’ infrastructure, which should enable a gradual ramp- up of production and
rail shipments from Bloom Lake to Sept-Îles. The timing and resumption of full operational activities remain subject to the availability of
railway services.
The Company continues to collaborate with local authorities and the railway operator to expedite a return to normal operation s, while
prioritizing the safety of its employees and the community. Champion salutes the work of its dedicated employees and partners, who
ensured the effective deployment of emergency measures in response to recent events.
The Company expects to provide additional information as the situation evolves.
About Champion Iron Limited
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 km north of Fermont, Québec. Bloom Lake is an open -pit operation with two
concentrators that primarily sour ce energy from renewable hydroelectric power. The two concentrators have a combined nameplate
capacity of 15 Mtpa and produce low contaminant high -grade 66.2% 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 -Îles, Québec, and has delivered its iron ore concentrate glo bally,
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.
Cautionary Note Regarding Forward -Looking Statements
This press release includes certain information and statements that may constitute "forward- looking information" under applicable
securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by
the use of words such as "plans" , "expects" , "is expected" , "budget" , "scheduled" , "estimates" , "continues" , "forecasts" , "projects" , "predicts" ,
"intends" , "anticipates" , "aims" , "targets" or "believes" , or variations of, or the negatives of, such words and phrases, or state that certain
2
actions, events or results "may" , "could" , "would" , "should" , "might" or "will" be taken, occur or be achieved. Inherent in forward-looking
statements are risks, uncertainties and other factors beyond the Company's ability to predict or control.
Specific Forward -Looking Statements
All statements other than statements of historical facts included in this press release that address future events, developments or
performance that Champion expects to occur are forward-looking statements. Forward-looking statements include, among other things,
the gradual return of the Company’s workforce to Bloom Lake, the Company’s expectations regarding the forest fires, their evaluation,
their magnitude and potential impact on the communities and Champion’s workforce, infrastructure and operations and mitigation
thereof, the response measures and their effectiveness, the related collaboration with the government and communities, the development
of the forest fires generally and the gradual ramp-up of production and rail shipment.
Risks
Although Champion believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such
forward-looking statements involve known and unknown risks, uncertainties and other factors, most of which are beyond the control of
the Company, which may cause the Company’s actual results, performance or achievements to differ materially from those expressed or
implied by such forward- looking statements. Factors that could cause the actual results to differ materially from those expressed in
forward-looking statements include, without limitation, the factors discussed in the section entitled “Risk Factors” of the Company’s
Annual Report, Annual Information Form and MD&A for the financial year ended March 31, 202 4, which are available on SEDAR+
at www.sedarplus.ca, the ASX at www.asx.com.au and the Company's website at www.championiron.com. There can be no assurance that
such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such
forward-looking information. Accordingly, readers should not place undue reliance on forward-looking information.
Additional Updates
All of Champion's forward-looking information contained in this press release is given as of the date hereof or such other date or dates
specified in the forward-looking statements and is based upon the opinions and estimates of Champion's m anagement and information
available to management as at the date hereof. Champion disclaims any intention or obligation to update or revise any of the forward-
looking information, whether as a result of new information, future events or otherwise, except as required by l aw. If the Company does
update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those
or other forward -looking statements. Champion cautions that the foregoing list of risks and uncer tainties is not exhaustive. Readers
should carefully consider the above factors as well as the uncertainties they represent and the risks they entail.
For further information , please contact:
Champion Iron Limited
Michael Marcotte, CFA
Senior Vice-President, Corporate Development and Capital Markets
514-316-4858, Ext. 1128
For additional information on Champion Iron Limited, please visit our website at: www.championiron.com.
This press release has been authorized for release to the market by the CEO of Champion Iron Limited, David Cataford.