Slide 1: Roadshow Presentation
PREMIUM PRODUCT, TIER 1 JURISDICTION, CHAMPI ON IRON LAX HIGH QUALITY INFRASTRUCTURE
Slide 2: Disclaimer
DISCLAIMER CHAMPION IRON 2 This presentation contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words “expect”. anticipate”. ‘continue "estimate", "may", "project", "should", "believe", "plans", “intends”, “forecast” an
Slide 3: Corporate Overview
CORPORATE OVERVIEW BLOOM LAKE ~ ~ Platts TSI IODEX 65% Fe Index; Total Cash cost based on
Slide 4: Structural Shift in Iron Ore
STRUCTURAL SHIFT IN IRON ORE ✓ Champion sells based on Platts 65% Fe premium benchmark > > > > Source: Platts, Bloomberg; P62: Platts TSI IODEX 62% Fe CFR China; P65: Platts IO Fines 65% Fe CFR China
Slide 5: Canada - 2nd Largest Export Region in High Grade
CANADA - 2ND LARGEST EXPORT REGION IN HIGH GRADE > > SWEDEN – 16,1 CANADA RUSSIA > 52 18,1 UKRAINE 17 INDIA 2,5 BRAZIL 385,4 AUSTRALIA 31,7 SOUTH AFRICA 14
Slide 6: Competing on Cost Curve
COMPETING ON COST CURVE > > > > > P62: Platts TSI IODEX 62% Fe CFR China
Slide 7: Corporate Snapshot
CORPORATE SNAPSHOT MARKET STATISTICS (C$M) SHAREHOLDERS (CIA-TSX; CIA-ASX) INSIDERS UNDISCLOSED 10.9% 18.6% INSTITUTIONAL 11.3% RETAIL 10.4% WYNNCHURCH CORPORATE CAPITAL 1.4% 14.3% FAMILY OFFICES RESSOURCES 23.7% QUEBEC 9.3%
Slide 8: History of Bloom Lake vs Iron Ore Price (C$/t)
HISTORY OF BLOOM LAKE VS IRON ORE PRICE (C$/T) Cliffs Acquires Bloom Lake CLM for C$4.9B Recommissioned Cliffs Seeks Creditor QIO Releases Released Phase II Protection Feasibility Study Feasibility Study QIO Acquires Bloom Lake *P62: Platts TSI IODEX 62% Fe CFR China; P65: Platts IO Fines 65% Fe CFR
Slide 9: Labrador Trough = World-Class Opportunity
LABRADOR TROUGH = WORLD-CLASS OPPORTUNITY > > > > > > >
Slide 10: Bloom Lake Today
BLOOM LAKE TODAY > Achieved highest annual production on record BLOOM LAKE PRODUCTION HISTORY (MILLION WMT/YEAR) 6.99 ee | 6. *FY2020 ends March 31, 2020 YTD ao nN © wo -O1 wo nh uw Production (Million WMT) nu FY2020 YTD* a CHAMPION IRON 24 > Structural changes implemented > Achieved lowest cash cos
Slide 11: Diversified Customer Base
DIVERSIFIED CUSTOMER BASE Product sold to 21 different customers since 1st shipment EUROPE – 5% KOREA – 4% > MIDDLE EAST – 16% CHINA – 49% > JAPAN – 24% > INDIA – 2% * Customer mix based on total volumes sold since first shipment in April 2018
Slide 12: Operational Results
OPERATIONAL RESULTS CHAMPION IRON 24 6.00 SETTING HISTORICAL 2.00 2 RECORDS AT BLOOM LAKE z = é 4.00 150 8 8 3 Set new quarterly production 8 100 & record in Bloom Lake’s history 2 200 4 a é. s (Q2/FY20) 2 oso § Achieved target recovery rate & of 83% 0.00 0.00 Proven ability to exceed Q4/FY19 Q1/FY2
Slide 13: Financial Results
FINANCIAL RESULTS CHAMPION IRON 24 > Generated C$262.9M in cash flow from operations in last 4 quarters > Proven ability to produce at total cash cost below C$50/t (<US$38/t) > Strong cash operating margin of C$43.4/tonne YTD > Not incumbered by stream or royalties YEAR TO DATE (9-MONTHS ENDING DEC
Slide 14: Premium Pricing
PREMIUM PRICING CHAMPION IRON 24 REALIZED PRICING (FY20 YEAR TO $120 $13.70 $110.60 $107.10 $100 $96.90 _ 580 -$25.60 $4.10 5 $60 ~ $40 $20 $0 Premium over P62 Freights & Other Sales Price FOB Net Reelized Price (sg) (uss) (uss) (CAS) Index P62 Gross Realized Price Provisional sales Adj (US$) FX Con
Slide 15: Strong Financial Position
STRONG FINANCIAL POSITION CHAMPION IRON 24 ffi C$187.6M Cash & S-T Investments CN NS Strong financial partners aS C$28.7M Working Capital SsocleTE . Scotiabank. 1D) GENERALE <> C$237.7M Long-Term Debt (Face Value)* Caisse de dépdt et placement ©) + @ ge 4 du Québec BANK OF CHINA Meyivessssnen" O Des
Slide 16: Bloom Lake Phase I (7.4 Mtpa)
BLOOM LAKE PHASE I (7.4 MTPA) > > > > > →
Slide 17: Bloom Lake Phase II Robust Economics
BLOOM LAKE PHASE II ROBUST ECONOMICS ~
Slide 18: Phase II - Capital Spending
PHASE II — CAPITAL SPENDING CAPEX PRE-PRODUCTION CHAMPION IRON 24 LOW CAPITAL REQUIREMENT DUE TO PRIOR INVESTMENT OF -US$ (C$M) (US$M) General 28.2 214 ine - Phase II 37.6 28.5 (Crusher and stockpile 24.3 18.4 (Concentrator 165.0 125.0 [Tailings and water management 50.2 38.0 Services 30.5 23.1 Rail
Slide 19: Rapid Timeline to Production
RAPID TIMELINE TO PRODUCTION
Slide 20: Bloom Lake Phase II Positioning as a Global Leader
BLOOM LAKE PHASE II POSITIONING AS A GLOBAL LEADER > >
Slide 21: Regional Opportunities Phase III
REGIONAL OPPORTUNITIES PHASE III > > >
Slide 22: FY2020 Health & Safety
FY2020 HEALTH & SAFETY QUEBEC IRON ORE + CONTRACTORS FINANCIAL YEAR 2020 BENCHMARK 2019* Q1 Q2 Q3 Q4 YTD Lost Time Injury Frequency Rate 4,28 4,85 4,37 - 4,5 3,38 (LTIFR) Disability Injury Severity Rate 6,85 33,99 26,62 - 25,94 9 (DISR)
Slide 23: Environmentally Focused
ENVIRONMENTALLY FOCUSED ↓ ↓ ↓ New Old
Slide 24: Strong Leverage to Commodity Price
STRONG LEVERAGE TO COMMODITY PRICE > >
Slide 25: Experienced Team
EXPERIENCED TEAM > > > > > > > > > > > > > > > > > > > >
Slide 26: Track-Record of Success
TRACK-RECORD OF SUCCESS $20 $15 ~ $10 ~ $5 – Sep-04 May-06 Jan-08 Oct-09 Jun-11 > > > > ~ ~ > > > > > > > > ~ > > ~ > ~
Slide 27: Appendix
Slide 28: Tailings Management
TAILINGS MANAGEMENT > > > > > Centerline/Downstream Upstream
Slide 29: Iron Ore Value Chain
IRON ORE VALUE CHAIN SLINTER PELLETS >
Slide 30: Infrastructure and Logistics
INFRASTRUCTURE AND LOGISTICS > > > > > > > > > > > > > > > > > >
Slide 31: Bloom Lake Updated Recovery Flowsheet
BLOOM LAKE UPDATED RECOVERY FLOWSHEET > > > > >
Slide 32: Updated Feasibility Economics
UPDATED FEASIBILITY ECONOMICS COMBINED PHASE I & II (JUNE 2019)
Slide 33: Bloom Lake Reserves & Resources
BLOOM LAKE RESERVES & RESOURCES
Slide 34: Valuable and Sought-After Product
VALUABLE AND SOUGHT-AFTER PRODUCT > > > > > ~ ✓ ✓ ✓
Slide 35: Bloom Lake Mine Complex
BLOOM LAKE CHAMPION IRON 2 MINE COMPLEX
Slide 36: Multi-User Port
MULTI-USER PORT CHAMPION IRON 2 36
Slide 37: Structural Improvements 2018 Recommissioning
STRUCTURAL IMPROVEMENTS 2018 RECOMMISSIONING
Slide 38: Thank You!
THANK YOU! Contact us for more information. DAVID CATAFORD, MICHAEL MARCOTTE, CEO VP INVESTOR RELATIONS dcataford@championrionmines.com mmarcotte@championironmines.com 1100 René-Lévesque Blvd. West, Suite 610 Montreal QC H3B 4N4 Lx Tel.: +1 514 316 4858 M P Fax.: +1 514 819 8100 CHA | 0 N CHAMPIONIR