Champion Iron Welcomes the Addition of High -Purity Iron ORE to Canada ’S Critical Mineral S List
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PRESS RELEASE
CHAMPION IRON WELCOMES THE ADDITION OF HIGH -PURITY IRON ORE TO
CANADA ’S CRITICAL MINERAL S LIST
Montréal, June 10, 2024 (Sydney, June 11, 2024) - Champion Iron Limited (TSX: CIA) (ASX: CIA) (OTCQX: CIAFF) (“Champion” or the
“Company”) welcomes the addition of high-purity iron ore to Canada’s Critical Minerals List (the “List”). The List considers minerals based
on specific criteria , including their requirements for a national transition to a sustainable low -carbon economy and their strategic
sourcing for international allies. The update presented today by the Honourable Jonathan Wilkinson, Minister of Energy and Natural
Resources, recognizes Canada’s leadership role in the global green steel supply chain.
Champion's CEO, Mr. David Cataford, said, “We applaud the Government of Canada for joining the g overnments of Québec and
Newfoundland and Labrador in identifying high-purity iron ore in their respective critical minerals list. Such a recognition highlights our
Company’s rare solution to decarbonize the steel industry, which represents nearly 10% of global carbon emissions. The Labrador Trough
hosts one of the largest resources of high -purity iron globally, creating an exceptional opportunity for Canada to become a global
sustainable leader in the green steel supply chain. Leveraging our skilled workforce, access to hydroelectric power , supporting
communities and governments, we continue to work on several growth projects, including our direct reduction pellet feed project and the
potential to advance the Kami project with a strategic partner.”
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,
the decarbonization of the steel industry, the opportunity for Canada to become a global sustainable leader in the green steel supply chain
and growth projects, including the direct reduction pellet feed project and the potential to advance the Kami project with a strategic
partner.
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, 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.