Champion Iron Provides a Report ON Impact of Load -Out Facilities Interruption to Sales
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PRESS RELEASE
CHAMPION IRON PROVIDES A REPORT ON IMPACT OF LOAD -OUT FACILITIES
INTERRUPTION TO SALES
Montréal, December 10, 2024 (Sydney, December 11, 2024) - Champion Iron Limited (TSX: CIA) (ASX: CIA) (OTCQX: CIAFF) (“Champion” or
the “Company”) is providing a report to a recent unforeseen interruption of its train load-out facility at the Bloom Lake mine (“Bloom Lake”),
utilized to ship iron ore concentrate by railway to the port of Sept-Îles, Québec. On December 3, 2024, (Montréal time) a breakage occurred
to a machinery required to load iron ore concentrate to rail cars. The issues have been identified and actions were promptly taken to
effectuate necessary repairs; however, the situation persisted longer than expected and remains ongoing. The Company is confident to
complete repairs required to resume its normal shipping activities in the coming days. While sales of iron ore concentrate are temporarily
impacted, the Company’s operations remain unaffected with iron ore concentrate being stockpiled at Bloom Lake.
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
concentration plants that primarily source energy from renewable hydroelectric power, having a combined nameplate capacity of 15 Mtpa
and producing 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 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, 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
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.
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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 resumption of normal shipping activities and its timeline and the impact of the train load-out facilities at Bloom Lake on the Company’s
operations and sales.
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 failure of plant, equipment or processes to operate as anticipated, as well as those
factors discussed in the section entitled “Risk Factors” of the Company’s 2024 Annual Report, Annual Information Form and MD&A for the
financial year ended March 31, 2024, 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 Management 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 law. If the Co mpany 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 uncertainties 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.