Champion Iron Temporarly Shuts Down Operations as a Preventive Measure IN Response to Forest Fires IN the Region
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PRESS RELEASE
CHAMPION IRON TEMPORARLY SHUTS DOWN OPERATIONS AS A PREVENTIVE
MEASURE IN RESPONSE TO FOREST FIRES IN THE REGION
Montréal, July 13, 2024 (Sydney, July 14, 2024) - Champion Iron Limited (TSX: CIA) (ASX: CIA) (OTCQX: CIAFF) (“Champion” or the
“Company”) is temporarily shutting down operational activities at its Bloom Lake mine in response to forest fires north of its operations.
In the evening of July 12, 2024 (Montréal time), the community of Labrador City, located approximately 20 kilometres from Bloom Lake,
was ordered to evacuate. With the forest fires now only a few kilometres from Bloom Lake and to prioritize the safety of its employees ,
the Company initiated its emergency response protocol and is gradually evacuating its workforce.
Champion is collaborating with local and regional authorities and mobilized teams, including its fire brigade, to mitigate the impact of
the forest fires on its infrastructure and initiated preventive measures to protect higher risk facilities.
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 source energy from renewable hydroelectric power. The two concentrators have a combined nameplat e
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 i nvesting 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 deli vered 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,
Management'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, and the development of the forest fires generally.
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 f actors 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.