Champion Iron Announces a New Collective Agreement with Bloom Lake Unionized Workers
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PRESS RELEASE
CHAMPION IRON ANNOUNCES A NEW COLLECTIVE AGREEMENT WITH BLOOM LAKE
UNIONIZED WORKERS
Montréal, February 29, 2024 (Sydney, March 1, 2024) - Champion Iron Limited (TSX: CIA) (ASX: CIA) (OTCQX: CIAFF) (“Champion” or the
“Company”) is pleased to announce that its unionized employees, represented by the Syndicat des Métallos (the “Métallos”), who comprise
approximately 63% of the workforce at the Company’s Bloom Lake mine (“Bloom Lake”), have ratified a new 5-year collective bargaining
agreement (the “CBA”) with the Company on February 29, 2024 (Montréal time).
Champion’s CEO, Mr. David Cataford said "The CBA, which provides additional stability for our workforce, 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 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 sold its iron ore concentrate to custo mers
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, loc ated 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
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
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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,
Management's expectations regarding the CBA and its expected impact on the Company, its workforce and the community, the Company’s
objectives and targets with respect to its workforce and the Company’s positioning in the green steel supply chain.
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 con trol 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 th ose expressed in
forward-looking statements include, without limitation: the factors discussed in the section entitled “Risk Factors” of the Company’s
2023 Annual Report, Annual Information Form and MD&A for the financial year ended March 31, 2023, which are available on SEDA R+ 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 Management and i nformation 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 law. 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.