CHAMPION IRON ANNOUNCES A GRADUAL RETURN OF ITS WORKFORCE FOLLOWING PREVENTIVE MEASURES IN RESPONSE TO NEARBY FOREST FIRES

MONTRÉAL, July 15, 2024 /CNW/ - (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 operations, 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 source 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 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.

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, 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 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 uncertainties is not exhaustive. Readers should carefully consider the above factors as well as the uncertainties they represent and the risks they entail.

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.

SOURCE Champion Iron Limited

For further information, please contact: Champion Iron Limited, Michael Marcotte, CFA, Senior Vice-President, Corporate Development and Capital Markets, 514-316-4858, Ext. 1128, [email protected]