Slide 1: First Quarter of the 2025 Fiscal Year
FIRST QUARTER OF THE 2025¢F =f WEB GAS) «FARE SOLUTION TO DECARBONIZE STEELMAKING C HAM Pl 0 N | RO N LX
Slide 2: Disclaimer
DISCLAIMER c on foan IRON 24 Thispresentaton(the “Presentation”/eontainsinfarmation about Champion ronLimited("Champion’er the ‘Company").current as at the date hereof or asatsuch earlier date as may be specified herein. This Presentationdoes not constitute or farmpartof, andshauidnat beconstruedas,
Slide 3: Conference Call Participants
CHAMPION IRON 24 TSX: CIA | ASX: CIA | OTCQX: CIAFF CONFERENCE CALL PARTICIPANTS DAVID CATAFORD MICHAEL O‘KEEFFE ALEXANDRE BELLEAU DONALD TREMBLAY MICHAEL MARCOTTE ce-Pre. , Chief Executive Officer Executive Chairman Chief ‘ating Officer Chief Financial Officer
Slide 4: FY2025 First Quarter Highlights
FY2025 FIRST QUARTER HIGHLIGHTS CHAMPION IRON 2a @ o i 3,876,500 WMT $76.9/DMT $467.1M $294.7M CONCENTRATE PRODUCED TOTAL CASH COST? REVENUES CASH & CASH EQUIVALENTS! 3,442,800 DMT $91.6/DMT $181.2M $543.7M CONCENTRATE SOLD ALL-IN SUSTAINING COST! EBITDA SHORT-TERM AND LONG-TERM DEBT? 79.3% $81.4M O
Slide 5: Community, Governance and Sustainability
COMMUNITY, GOVERNANCE AND SUSTAINABILITY CHAMPION IRON 2a > Selected by the Government of Québec to be the first mining organization to commit to the "Podium Mines" program, promoting the competitiveness of local and regional suppliers + Ongoing local community engagement and support, including: = S
Slide 6: Operational & Financial Results
OPERATIONAL & FINANCIAL RESULTS CHAMPION IRON 24 TSX: CIA | ASX: CIA | OTCOX: CIAFF
Slide 7: Solidifying Operations and Record Sales
SOLIDIFYING OPERATIONS AND RECORD SALES CHAMPION IRON 24 TSX: CIA | ASX: CIA | OTCQX: CIAFF > Quarterly production of 3.9M wmt, an increase of 18% from the previous quarter, benefiting from work programs completed to solidify operations and no major scheduled semi-annual shutdowns in the period > Ac
Slide 8: Impact of Forest Fires
CHAMPION IRON 24 TSX: CIA | ASX: CIA | OTCQX: CIAFF IMPACT OF FOREST FIRES > Inresponse to forest fires north of the Bloom Lake mine and to prioritize the safety of its workforce, the Company announced on July 13, 2024, the evacuation of its workforce and a preventive temporary shutdown of operation
Slide 9: Operations Overview
OPERATIONS OVERVIEW CHAMPION IRON 24 TSX: CIA | ASX: CIA | OTCQX: CIAFF > Note: Ail information pre: Increase in tonnes mined and hauled of 10% quarter-on-quarter, benefiting from a higher utilization and availability of mining equipment, and reduced trucking cycle time associated with the addition
Slide 10: Industry Overview
INDUSTRY OVERVIEW CHAMPION IRON 2a > The P65 iron ore index decreased by 7.2% from the previous quarter, pressured by weak Chinese steel demand, the resurgence of Ukrainian exports and elevated exports from Brazil and Australia, partially offsetting dynamics including the introduction of additional
Slide 11: Provisional Price Adjustment
PROVISIONAL PRICE ADJUSTMENT CHAMPION IRON 2s > Realized an average price of US$124.2/t during the quarter for the 1.8M tonnes subject to provisional pricing at the end of Q4/FY24 > Q1/FY25 positive provisional pricing adjustment of US$20.8M represents a positive impact of US$6.0/dmt on the average
Slide 12: Average Realized Selling Price
AVERAGE REALIZED SELLING PRICE CHAMPION IRON 2a TSX: CIA | ASX: CIA | OTCQX: CIAFF > Q1/FY25 average gross realized price! of US$125.3/t, in line with the P65 index average of US$126.1/t during the period > Average gross realized price negatively impacted by the 1.8 Mt in transit as at June 30, 2024
Slide 13: Improving Operating Cost Metrics
CHAMPION IRON 24 TSX: CIA | ASX: CIA | OTCQX: CIAFF IMPROVING OPERATING COST METRICS > Mining and processing costs! of $47.9/dmt produced, an improvement of 17% quarter-on-quarter, benefiting from better plants performance, which positively impacted the fixed production costs, as well as lower maint
Slide 14: Financial Highlights
FINANCIAL HIGHLIGHTS CHAMPION IRON 24 TSX: CIA | ASX: CIA | OTCQX: CIAFF Quarterly revenues of $467.1M, EBITDA! of $181.2M and EPS of $0.16 Financial results positively impacted quarter-on-quarter by higher volumes of iron ore concentrate sold and higher net realized price Vv > Higher sustaining exp
Slide 15: Cash Change Details
CASH CHANGE DETAILS CHAMPION IRON 24 TSX: CIA | ASX: CIA | OTCQX: CIAFF > Cash? of $294.7M declined quarter-on-quarter with the timing of customer payments, progress Feed (DRPF) project and tax payments primarily related to the previous financial year CASH CHANGE FROM MARCH 31, 2024 TO JUNE 30, 2024
Slide 16: Robust Balance Sheet and Liquidity Position
ROBUST BALANCE SHEET AND LIQUIDITY POSITION CHAMPION IRON 2s BALANCE SHEET LIQUIDITY POSITION e)| $294.7M Cash and cash equivalents® Cash° net of debt of $18.4M = $267.4M Working capital? (including working capital) =a $543.7M Short-term & Long-term debt? as $600.9M Available & undrawn loans4 4 > To
Slide 17: Growth Projects
é “| > out PROJEC CHAMPION IRON 24 TSX: CIA | ASX: CIA | OTCOX: CIAFF
Slide 18: Green Steel Supply Chain Solutions
GREEN STEEL SUPPLY CHAIN SOLUTIONS CHAMPION IRON 2a DE-RISKING A VAST PROJECT PORTFOLIO REQUIRED FOR THE GREEN STEEL SUPPLY CHAIN PRODUCTS OPTIMIZATION MINING VOLUME INCREASE KAMI STUDY COMPLETED 39 MTPA PROJECT Evaluating strategic partnerships and opportunities to improve economics UPGRADE BLOOM L
Slide 19: DRPF Project Update
CHAMPION IRON 24 TSX: CIA | ASX: CIA | OTCQX: CIAFF DRPF PROJECT UPDATE > DRPF project, upgrading half of Bloom Lake’s nameplate capacity from 66.2% ORPF PROJECT ‘GQ CAPEX! Fe up to 69% Fe, remains on schedule and on budget, with commissioning expected in H2/2025 > Quarterly and cumulative investmen
Slide 20: Increasing Green Steel Demand
INCREASING GREEN STEEL DEMAND CHAMPION IRON 2a GREEN STEEL OFFTAKE ANNOUNCEMENTS SINCE JUNE 2022 > Increasing number of green steel agreements globally Auto supplier TT in 2024, including 112 agreements announced since Automaker 2022, with deliveries expected as early as 2026 Steel processor (I fey
Slide 21: A Critical Mineral for Our Future
A CRITICAL MINERAL FOR OUR FUTURE CHAMPION IRON 2a Joining recent announcements by Québec and Newfoundland and Labrador, Canada’s federal government added high- purity iron ore on their critical minerals list Q@o Canada identifies critical minerals as: . > Essential to the development of green steel
Slide 22: Thank You to Our Staff
THANK YOU TO OUR STAFF CHAMPION IRON 2a UPHOLDING VALUES FOR A SUSTAINABLE FUTURE ra TRANSPARENCY RESPECT INGENUITY PRIDE ¥ 22
Slide 23: Thank You!
THANK YOU! CHAMPION IRON 24 aes FE fact us for more information: * lb Michael Marcotte, Senior Vice-President - Corporate Development and Capital Markets . a oO -com 514-316-4858 — es | a gia bs fa ‘ > —— .