Slide 1: Investor Presentation September 2021
INVESTOR PRESENTATION SEPTEMBER 2021 PREMIUM PRODUCT, TIER 1 JURISDICTION, HIGH QUALITY INFRASTRUCTURE CHAMPION IRON AX
Slide 2: Disclaimer
DISCLAIMER CHAMPION IRON 2 TSX: CIA | ASX: CIA | OTCQX: CIAFF ‘This presentation (the "Presentation”) contains information about Champion Iron Limited (the “Company*), current as at the date hereof or as at such earlier date as may be specified herein. This Presentation does not constitute or form p
Slide 3: Corporate Overview
CORPORATE OVERVIEW CHAMPION IRON 2a LARGEST PUBLICLY LISTED PURE-PLAY HIGH-GRADE IRON ORE PRODUCER GLOBALLY STRATEGIC LOCATION > Top Tier Jurisdiction > Established production in region since the 50‘s > 24 largest hub of high-grade exports globally > Access to infrastructure, including renewable hyd
Slide 4: Health & Safety, COVID-19 Measures
HEALTH & SAFETY, COVID-19 MEASURES CHAMPION IRON 23 TSX: CIA | ASX: CIA | OTCQX: CIAFF CONTINUOUS MONITORING AND IMPROVEMENT OF HEALTH AND SAFETY PROTOCOLS > Overall improvement of health and safety QUEBEC IRON ORE + CONTRACTORS statistics year over year FISCAL PERIODS 2019 2020 2021 Total Recordabl
Slide 5: Focus on Sustainability
CHAMPION IRON 24 TSX: CIA | ASX: CIA | OTCQX: CIAFF FOCUS ON SUSTAINABILITY NO OCCURRENCE OF MAJOR ENVIRONMENTAL ISSUES SINCE RECOMMISSIONING THE BLOOM LAKE MINE IN FEBRUARY 2018 Recognizing the importance of establishing strong governance for the { { y \ Environmental Social and Governance (“ESG")
Slide 6: A Global Solution for the Transitioning Steel Industry
A GLOBAL SOLUTION FOR THE CHAMPION IRON 24 TRANSITIONING STEEL INDUSTRY TSX: CIA | ASX: CIA | OTCOX : CIAFF
Slide 7: Need for a Solution
CHAMPION IRON 24 TSX: CIA | ASX: CIA | OTCQX: CIAFF NEED FOR A SOLUTION THE STEEL INDUSTRY IS ONE OF THE LARGEST SOURCES OF CO2 EMISSIONS GLOBALLY > While the iron ore industry represents 0.2% of global emissions, the steel industry has increased its share of global emissions fram 5% to 8% in the la
Slide 8: Major Steel Producers Decarbonization Targets
⎪ ⎪ ° ▪ ▪ ▪ MAJOR STEEL PRODUCERS DECARBONIZATION TARGETS 30% Net-Zero 30% Net-Zero 20% Net-Zero 30-40% Net-Zero 35% Working Towards Net-Zero 30% Net-Zero 20% 50% Net-Zero 30% 35% Net-Zero 30-40% Net-Zero 30% Net-Zero
Slide 9: Contributing to Reduce Emissions
CONTRIBUTING TO REDUCE EMISSIONS CHAMPION IRON 2a BLOOM LAKE PRODUCES ONE OF THE HIGHEST QUALITY IRON ORE PRODUCTS GLOBALLY WHICH CONTRIBUTES TO REDUCING EMISSIONS IN THE STEEL MAKING PROCESS > The Company commercially produces a 66.2% Fe iron ore concentrate and a >67.5% Fe Direct Reduction (DR) qu
Slide 10: Emission Reductions
CHAMPION IRON 2 TSX: CIA | ASX: CIA | OTCQX: CIAFF EMISSION REDUCTIONS IN ADDITION TO ITS LEADING POSITION AS A LOW EMISSION PRODUCER, CHAMPION’S PRODUCTS SIGNIFICANTLY REDUCE GLOBAL EMISSIONS BF/BOF EAF a > Atthe Phase Il expected nameplate capacity of > At the Phase Il expected nameplate capacity
Slide 11: Low Emission Footprint
LOW EMISSION FOOTPRINT CHAMPION IRON 2a THE LABRADOR TROUGH, INCLUDING CHAMPION’S BLOOM LAKE MINE, HOLDS A LEADING POSITION ON EMISSION INTENSITY COMPARED TO OTHER HIGH-GRADE IRON ORE PRODUCING HUBS > Champion’‘s leading position advantaged by its high-grade product, access to renewable hydropower a
Slide 12: Active Project Pipeline
⎪ ⎪ Active Project 10 Pipeline Project 1 2 4 Both Active/ Pipeline 5 Est. Spare Port # Project / Renewable Distance to Capacity Marketable Portfolio Energy Port (Km) (Mtpa)6 Reserves NA1 (Bn MT) 3 MetalloInvest 1 (Russia) 800+ Rest of 1 2 Canada4 429 Est. 3 S11D 975 Reserves + Resources Champion (Bn
Slide 13: Bloom Lake History and Recent Results
BLOOM LAKE HISTORY CHAMPION IRON 2 AND RECENT RESULTS TSX: CIA | ASX: CIA | OTCOX : CIAFF
Slide 14: Timeline & Cumulative Total Investment
⎪ ⎪ TIMELINE & CUMULATIVE TOTAL INVESTMENT ◼ ◼ ◼ ◼ ◼ ◼ ◼ ◼ ◼ ◼ ◼ ◼ ◼ ◼ ◼ — ◼ — — ◼ — — ◼ — — ◼ —
Slide 15: Bloom Lake Today
BLOOM LAKE TODAY CHAMPION IRON 2s STABLE OPERATIONAL RESULTS FOLLOWING SIGNIFICANT INVESTMENTS MADE SINCE THE RESTART OF BLOOM LAKE IN 2018 > Achieved highest annual production on record > Structural changes implemented resulting on significant cost reduction BLOOM LAKE PRODUCTION HISTORY TOTAL CASH
Slide 16: Operational Highlights
OPERATIONAL HIGHLIGHTS CHAMPION IRON 2a TSX: CIA | ASX: CIA | OTCQX: CIAFF ORE RECOVERY (%) & TONNES > Consistent operational results since 2018 commissioning MILLED (M WMT) (excluding COVID-19 temporary ramp-down) > Set annual Bloom Lake production record of 8.0M wmt in FY2021 8 20 E and reported r
Slide 17: Financial Results
FINANCIAL RESULTS CHAMPION IRON 24 TSX: CIA | ASX: CIA | OTCQX: CIAFF $819.5M EBITDA FY2021 $470.7M Adjusted net income HIGHLIGHTS $623.5M Net cash flow from operations > Reported several financial quarterly record results in Q1/FY2022 > Bloom Lake not encumbered by streams or royalties FINANCIAL RE
Slide 18: Premium Pricing
PREMIUM PRICING CHAMPION IRON 24 TSX: CIA | ASX: CIA | OTCQX: CIAFF PREMIUM REALIZED PRICE (FY2021) > FY2021 gross realized price, including provisional price adjustments, of US$147.8/t, which is above the P65 high grade index average of US$143.7/t > Q1/FY2022 gross average realized sale price of US
Slide 19: Strong Financial Position
STRONG FINANCIAL POSITION CHAMPION IRON 24 TSX: CIA | ASX: CIA | OTCQX: CIAFF Liquidity Summary AS AT JUNE 30, 2021 Cash & S-T Investments $423.3M { Restricted cash* $43.4M Working capital $126.8M a Long-Term Debt* $253.1M III { Available & undrawn loans* $410.6M penne ays 1 Netcash* s. H improvemen
Slide 20: Capital Market Highlights
CAPITAL MARKET HIGHLIGHTS CHAMPION IRON 2s MARKET CAPITALIZATION: $2.3B* : , Family office Management & Directors*, 10.6% VOLUME TRADED BY MARKET & retail, (MILLION SHARES) 50.4% 200 ° Wynnchurch 150 Capital, 8.3% 100 44% 93% . Investissement 80 58% 47% Québec, 8.6% Qe/FY21 Q3/FY21 Q4/FY21 Q1/FY22 w
Slide 21: Product Development and Growth Initiatives
PRODUCT DEVELOPMENT CHAMPION IRON 24 AND GROWTH INITIATIVES TSX: CIA | ASX; CIA | OTCQX : CIAFF
Slide 22: Growth Opportunities
GROWTH OPPORTUNITIES CHAMPION IRON 2s PROJECT PIPELINE ts rF Ss gm OPERATING UNDER CONSTRUCTION STUDY STAGE DEVELOPMENT CONSOLIDATED FIRE LAKE BLOOM LAKE BLOOM LAKE KAMI PROJECT MOIRE LAKE PHASE | PHASE II 7.8 MTPA* QUINTO LAC LAMELEE 7.4 MTPA 15 MTPA* FIRE LAKE NORTH HARVEY TUTTLE 9.3 MTPA* O'KEEFE
Slide 23: Labrador Trough - A World-Class Opportunity
LABRADOR TROUGH - A WORLD-CLASS OPPORTUNITY CHAMPION IRON 2s Value Proposition Summary sa.teoenit > Access to railway Haney tutes > Newly built deep-water port Facsleen 3s > Access to skilled labour ve i > Low-cost electricity @ $0.045/KWh Jeanine Cake > Bloom Lake: = Expected Phase Il nameplate cap
Slide 24: Bloom Lake Phase II Projects
BLOOM LAKE PHASE II PROJECTS CHAMPION IRON 2a TSX: CIA | ASX: CIA | OTCQX: CIAFF PROJECT ADVANCING AS PLANNED WITH STRONG ECONOMICS ON CONSERVATIVE ASSUMPTIONS > Expected to double capacity from 7.4 Mtpa to 15 Mtpa CAPEX PRE-PRODUCTION > 20-year mine life {C$M) {US$M) |General 28.2 21.4 > Takes adva
Slide 25: Phase II - Advanced Project
PHASE II - ADVANCED PROJECT CHAMPION IRON 2 TSX: CIA | ASX: CIA | OTCQX: CIAFF APPROVED AND FULLY FINANCED PROJECT SCHEDULED FOR COMPLETION BY MID-2022* > Cumulative work programs of $263.6M as of June 30, 2021* INDUSTRY CAPITAL INTENSITY (US$/T OF CAPACITY) $250 $200 $150 $100 * [| $e | Greenfield
Slide 26: Bloom Lake Area Opportunities
BLOOM LAKE AREA OPPORTUNITIES CHAMPION IRON 2s ADDITIONAL OPPORTUNITIES IN IMMEDIATE VICINITY OF THE BLOOM LAKE MINE Montagne du Chef Pit > Significant historical drilling highlights iron ore outside of current reserves at Bloom Lake* Bloom Weseel > Several magnetic anomalies outside of Bloom Lake c
Slide 27: Kami Project
KAMI PROJECT CHAMPION IRON 29 TSX: CIA | ASX: CIA | OTCQX: CIAFF ON APRIL 1, 2021, CHAMPION COMPLETED THE ACQUISITION OF THE KAM! PROJECT, A HIGH- GRADE IRON ORE PROJECT NEAR AVAILABLE INFRASTRUCTURE, STRATEGICALLY LOCATED ONLY A FEW KILOMETRES SOUTH EAST OF BLOOM LAKE > Work has been initiated to r
Slide 28: Positioning for the Future
POSITIONING FOR THE FUTURE CHAMPION IRON 2s GLOBAL SCALE OPPORTUNITY FOR HIGH-GRADE IRON ORE DEVELOPMENT > Directly south and within 60 kilometres of the Bloom Lake mine, Champion controls a hub of 5 iron rich properties, including Consolidated Fire Lake North, Lac Lamélée, Quinto claims, Harvey Tut
Slide 29: Steel Industry Going Green
STEEL INDUSTRY GOING GREEN CHAMPION IRON 24 TSX: CIA | ASX: CIA | OTCQX: CIAFF DR PELLET FEED IS IN RISING DEMAND TO DECARBONIZE STEEL PRODUCTION Current Offering: High Grade Concentrate Moving Towards: Direct Reduction ("DR") Grade Concentrate > A 66.2% Fe concentrate that trades at a premium relat
Slide 30: Continuous Product Improvement
CONTINUOUS PRODUCT IMPROVEMENT CHAMPION IRON 2s INITIATED A RESEARCH & DEVELOPMENT PROGRAM TO SUPPORT THE STEELMAKING TRANSITION FROM BF TO DR-EAF TRADITIONAL PELLETS 4 > Ongoing laboratory testing and development of Cold Pelletizing Technologies, following a financing contribution with a European b
Slide 31: Advanced Technologies
ADVANCED TECHNOLOGIES CHAMPION IRON 2s IMPLEMENTING ADVANCED SOLUTIONS TO MAXIMIZE EFFICIENCIES > Announced a collaborative relationship with Caterpillar and Toromont Cat to develop, test and implement a suite of advanced technologies on Cat equipment at Bloom Lake using proprietary artificial intel
Slide 32: Sales, Market and Product Positioning
SALES, MARKET AND CHAMPION IRON 23 PRODUCT POSITIONING TSX: CIA | ASX: CIA | OTCQX : CIAFF
Slide 33: Premium Industry Position
PREMIUM INDUSTRY POSITION CHAMPION IRON 24 TSX: CIA | ASX: CIA | OTCQX: CIAFF PROVEN COST STRUCTURE... > Benefiting from premium pricing, Champion currently ranks as a cost leader within the industry (62% Fe equivalent) > Product quality premium offsets freight differential when compared to Australi
Slide 34: Diversified Customer Base
DIVERSIFIED CUSTOMER BASE CHAMPION IRON 29 TSX: CIA | ASX: CIA | OTCQX: CIAFF > Procured 3 new customers in 2021 fiscal year and engaged 26 different customers since commissioning of Bloom Lake in February 2018 > Diversified global sales mix unaffected despite the impact of the COVID-19 pandemic on
Slide 35: Growing Industry Lack of Investments
GROWING INDUSTRY LACK OF INVESTMENTS CHAMPION IRON 2a STEEL OUTPUT IS RISING FASTER THAN IRON ORE SUPPLY IN MAJOR HUBS > Lack of development capital over the last 5-years, resulting in limited iron ore export growth from major hubs GLOBAL IRON ORE INDUSTRY AUSTRALIA + BRAZIL DEVELOPMENT CAPITAL (US$
Slide 36: Industry Decline in Quality
CHAMPION IRON 24 TSX: CIA | ASX: CIA | OTCQX: CIAFF INDUSTRY DECLINE IN QUALITY > Industry average grade has gradually declined over the last three decades SINTER FEED AVERAGE SINTER FEED AVERAGE 9 while contaminants have increased 63.9% FE % GANGUE % > Rising contaminant issues in major 62.9% iron
Slide 37: Additional Material
ADDITIONAL MATERIAL CHAMPION IRON 24 TSX: CIA | ASX: CIA | OTCQX : CIAFF
Slide 38: Environmentally Focused
ENVIRONMENTALLY FOCUSED CHAMPION IRON 2s > No occurrence of a major environmental issue to date > Implemented new initiatives that resulted in over 12 million litres (ML/yr) of fuel reduction, representing 33,000 t/yr of greenhouse gas reduction > 95% of all water consumption sourced from reused and
Slide 39: Experienced Team
EXPERIENCED TEAM CHAMPION IRON 24 TSX: CIA | ASX: CIA | OTCQX: CIAFF MANAGEMENT TEAM Michael O'Keeffe Executive Chairman David Cataford CEO and Director Natacha Garoute CFO Alexandre Belleau coo Steve Boucratie Senior Vice-President, General Counsel and Corporate Secretary Michael Marcotte, Senior V
Slide 40: Board Members
CHAMPION IRON 24 B OAR D M E M B E R S TSX: CIA | ASX: CIA | OTCQX: CIAFF NON EXECUTIVE DIRECTORS Andrew J. Love, B.Comm, MAICD Lead Director Michelle Cormier Director Jyothish George Director Louise Grondin Director Gary Lawler, BA, LLB, LLM Director Wayne Wouters (The Honourable), PC Director Mr.
Slide 41: Asset Snapshot
⎪ ⎪ 1 Mining 2 Crushing 3 Concentrating 4 Rail 5 Port Co Asset Snapshot Typical blast and shovel Crushed in near-pit Upgrading the ~30% Fe Transported by rail from Agreement with mining operations crusher and conveyed to 66% Fe loading station at Bloom Government of Quebec Trucked to near-pit crushe
Slide 42: Tailings Management
TAILINGS MANAGEMENT CHAMPION IRON 24 TSX: CIA | ASX: CIA | OTCQX: CIAFF CHAMPION’S TAILINGS MANAGEMENT IS ADOPTING A CONSERVATIVE APPROACH > > > Fine and coarse tailings separation representing 12% & 88%, respectively 10:1 slope for upstream dam construction vs. industry standard of 6:1 Fines manage
Slide 43: Phase II - Feasibility Study
CHAMPION IRON 29 TSX: CIA | ASX: CIA | OTCQX: CIAFF PHASE II - FEASIBILITY STUDY COMBINED PHASE | & II (JUNE 2019) SUMMARY OF ECONOMIC PARAMETERS AND FEASIBILITY RESULTS — PHASE | & II (COMBINED) Reserve (Mt) 807.0 Processed Tonnage (Mtpa) 41.6 Average Stripping Ratio (waste:ore) 0.88 . Average Fe F
Slide 44: Bloom Lake Reserves & Resources
BLOOM LAKE RESERVES & RESOURCES CHAMPION IRON 2 TSX: CIA | ASX: CIA | OTCQX: CIAFF PHASE II —- FEASIBILITY STUDY Mineral Resource Estimate for Bloom Lake Tonnage (dry) (M Category dmt) Fe (%) CaO (%) Sat (%) MgO (%) Al,0(%) Measured 379.1 30.2 14 4.4 14 0.3 Indicated $14.4 28.7 2.5 77 2.3 0.4 Total
Slide 45: Company Projects Mineral Resources & Reserves
COMPANY PROJECTS MINERAL RESOURCES & RESERVES CHAMPION IRON 2 TSX: CIA | ASX: CIA | OTCQX: CIAFF PROPERTY CHAMPION IRON LIMITED - MINERAL RES GROUP MEASURED Mt Fe% ON DRY METR INDICATED Mt Fe% MEAS + IND Mt Fe% INFERRED Mt Fe% SOURCE Bioam Lake Phase ll proven and probable reserves are based on the
Slide 46: Bloom Lake Phase II
BLOOM LAKE PHASE II CHAMPION IRON 24 TSX: CIA | ASX: CIA | OTCQX: CIAFF POSITIONING AS A GLOBAL LEADER BY PRODUCTION AND RESERVES > Focus on creating value per share > With most high-grade iron ore production coming from Brazil and globally integrated steel makers, Champion is one of the only indepe
Slide 47: Bloom Lake Mine Site
CHAMPION IRON 24 TSX: CIA | ASX: CIA | OTCQX: CIAFF BLOOM LAKE MINE SITE THE MINE SITE CONSISTS OF THREE PITS, A TAILINGS COMPLEX AND PROCESSING FACILITY, A VIRTUAL SITE VISIT IS AVAILABLE AT WWW.CHAMPIONIRON.COM
Slide 48: World Class Port Infrastructure with Access to Deep Water Berth
CHAMPION IRON 24 TSX: CIA | ASX: CIA | OTCQX: CIAFF WORLD CLASS PORT INFRASTRUCTURE WITH ACCESS TO DEEP WATER BERTH MULTI-USER PORT 48
Slide 49: Champion Iron Structural Improvements
CHAMPION IRON 2 TSX: CIA | ASX: CIA | OTCQX: CIAFF STRUCTURAL IMPROVEMENTS INVESTMENTS CONTRIBUTING TO COST REDUCTIONS SINCE THE RECOMISSIONING IN 2018 New multi-user berth New 3.5km overland conveyor Ep FE laity New tailings pumping system 49
Slide 50: Appendix: Notes on Historical Estimates
APPENDIX CHAMPION IRON 2s NOTES ON HISTORICAL ESTIMATES USED IN THE PRESENTATION 1. The historical Kami Project resource estimates are based on the National Instrument 43-101 technical report entitled "Feasibility Study of the Rose Deposit and Resource Estimate for the Mills Lake Deposit of the Kami
Slide 51: Thank You
THANK YOU! SAN Senior Vice- President: Poeste Development and Capital Markets mmarcotte(@championiron. com head tuatl inal il 514-32624858