Slide 1: Third Quarter of the 2026 Financial Year
THIRD QUARTER OF THE 2026 FINANCIAL YEAR TSX: CIA ⎪ ASX: CIA ⎪ OTCQX: CIAFF WEBCAST PRESENTATION – JANUARY 29, 2026 (MONTRÉAL) A SOLUTION TO DECARBONIZE STEELMAKING
Slide 2: Disclaimer
DISCLAIMER TSX: CIA ⎪ ASX: CIA ⎪ OTCQX: CIAFF This presentation (the "Presentation") contains informationabout ChampionIron Limited ("Champion"or 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 part of,
Slide 3: Conference Call Participants
CONFERENCE CALL PARTICIPANTS TSX: CIA ⎪ ASX: CIA ⎪ OTCQX: CIAFF DAVID CATAFORD ALEXANDRE BELLEAU MICHAEL MARCOTTE Chief Executive Officer Chief Operating Officer Senior Vice-President Corporate Development and Capital Markets 3
Slide 4: FY2026 Third Quarter Highlights
FY2026 THIRD QUARTER HIGHLIGHTS TSX: CIA ⎪ ASX: CIA ⎪ OTCQX: CIAFF 3,661,400 WMT $73.9/DMT SOLD $472.3M $305.6M CONCENTRATE PRODUCED TOTAL CASH COST1 REVENUES CASH, RESTRICTED CASH & CASH EQUIVALENTS2 3,895,300 DMT $89.7/DMT SOLD $152.4M CONCENTRATE SOLD 1 $299.5M ALL-IN SUSTAINING COST EBITDA1 3 WO
Slide 5: Community, Governance and Sustainability
COMMUNITY, GOVERNANCE AND SUSTAINABILITY TSX: CIA ⎪ ASX: CIA ⎪ OTCQX: CIAFF → Invited to present to the House of Commons Standing Committee on Natural Resources to discuss the rising demand for high-purity iron ore → Opened new offices in Québec City and Labrador West to attract and develop essentia
Slide 6: Operational & Financial Results
OPERATIONAL & FINANCIAL RESULTS TSX: CIA ⎪ ASX: CIA ⎪ OTCQX: CIAFF
Slide 7: Q3/FY26 Iron Ore Stockpiles and Railway Interruption Impact
Q3/FY26 IRON ORE STOCKPILES AND RAILWAY INTERRUPTION IMPACT TSX: CIA ⎪ ASX: CIA ⎪ OTCQX: CIAFF → Iron ore concentrate stockpiled at Bloom Lake decreased by 1.1M wmt quarter-over-quarter to 0.6Mwmt, despite an interruption caused by a third-party train derailment on December 28, 2025. Rail services g
Slide 8: Operations Overview
OPERATIONS OVERVIEW TSX: CIA ⎪ ASX: CIA ⎪ OTCQX: CIAFF → Quarterly iron ore concentrate production of3.7Mwmt (3.5Mdmt) IRON ORE CONCENTRATE ORE MINED AND HAULED and record sales of 3.9Mdmt, respectively PRODUCED (M WMT) (M WMT) 4 12 → Robust operational performances led by elevated mined ore and 10
Slide 9: Industry Overview
INDUSTRY OVERVIEW TSX: CIA ⎪ ASX: CIA ⎪ OTCQX: CIAFF → The P65 iron ore index averaged US$118.8/t during the period, an increase of 1.2% quarter- over-quarter despite robust iron ore exports from major producing hubs, supported by China’s resilient economy and seasonal restocking → The P65 premium o
Slide 10: P65 Index
PROVISIONAL PRICE ADJUSTMENT TSX: CIA ⎪ ASX: CIA ⎪ OTCQX: CIAFF → Realized an average price of US$115.1/t during the quarter for the 2.5M tonnes subject to provisional pricing at the end of Q2/FY26 → US$3.3M positive provisional pricing adjustment for Q3/FY26represents a positive impact of US$0.8/dm
Slide 11: Average Realized Selling Price
AVERAGE REALIZED SELLING PRICE TSX: CIA ⎪ ASX: CIA ⎪ OTCQX: CIAFF → Q3/FY26 average gross realized price1 of US$116.8/t, lower than the P65 index average of US$118.8/t during the period → Average gross realized price negatively impacted by sales contracts using backward-looking iron ore index pricin
Slide 12: Operating Cost Metrics
OPERATING COST METRICS TSX: CIA ⎪ ASX: CIA ⎪ OTCQX: CIAFF → Mining and processing costs1 totalled $47.3/dmt produced, a decrease of 5.0% year-over-year, mainly driven by lower subcontractors costs primarily associated with equipment maintenance → Land transportation and port handling costs1 totalled
Slide 13: Financial Highlights
FINANCIAL HIGHLIGHTS TSX: CIA ⎪ ASX: CIA ⎪ OTCQX: CIAFF → Quarterly revenues of $472.3M, EBITDA1 of $152.4M, net income of $65.0M and EPS of $0.12 REVENUE → Revenues were positively impacted year-over-year by several factors, including an increase $600 ($M) in iron ore concentrate sales volumes and
Slide 14: Cash Change Details
CASH CHANGE DETAILS TSX: CIA ⎪ ASX: CIA ⎪ OTCQX: CIAFF → Cash1 of $245.1M, excluding restricted cash of $60.5M2 → Cash decreased $80.4M quarter-over-quarter, resulting from a semi-annual dividend paid in the period, the ongoing investments to advance the DRPFand other projects, the timing of payment
Slide 15: Balance Sheet and Liquidity Position
BALANCE SHEET AND LIQUIDITY POSITION TSX: CIA ⎪ ASX: CIA ⎪ OTCQX: CIAFF BALANCE SHEET LIQUIDITY POSITION $245.1M Cash and cash equivalents Debt net of cash $ 360.2M 1 $60.5M Cash in Kami Iron Mine Partnership (including working capital and restricted cash1) $299.5M Working capital2 $965.3M Short-ter
Slide 16: Growth & Development
TSX: CIA ⎪ ASX: CIA ⎪ OTCQX: CIAFF GROWTH & DEVELOPMENT TSX: CIA ⎪ ASX: CIA ⎪ OTCQX: CIAFF
Slide 17: DRPF Project Update
DRPF PROJECT UPDATE TSX: CIA ⎪ ASX: CIA ⎪ OTCQX: CIAFF → DRPF project, upgrading half of Bloom Lake’s nameplate capacity from 66.2% Fe up to DRPF PROJECT INVESTMENTS COMPARED TOTAL EXPECTED CAPEX 1 69% Fe is progressing as scheduled → Project entered initial commissioning with first shipments of dir
Slide 18: Transaction Summary: Champion to Acquire Rana Gruber
TRANSACTION SUMMARY: CHAMPION TO ACQUIRE RANA GRUBER TSX: CIA ⎪ ASX: CIA ⎪ OTCQX: CIAFF → On December 22, Champion entered into a transaction agreement with Rana Gruber ASA PROPOSED ("Rana Gruber") on the terms of a recommended Estimated Proposed Transaction 2 TRANSACTION voluntary cash tender offer
Slide 19: Strategic Rationale to Acquire Rana Gruber
STRATEGIC RATIONALE TO ACQUIRE RANA GRUBER TSX: CIA ⎪ ASX: CIA ⎪ OTCQX: CIAFF Proven asset with Robust cost capabilities to structure, including produce high-purity access to reliable iron ore infrastructure Aligned vision Significant to service the resources beyond green steel the currently supply
Slide 20: Proven Assets and Opportunities of High-Purity Iron Ore
PROVEN ASSETS AND OPPORTUNITIES OF HIGH-PURITY IRON ORE TSX: CIA ⎪ ASX: CIA ⎪ OTCQX: CIAFF BLOOM LAKE MINE RANA GRUBER MINE KAMI PROJECT QUÉBEC EXPERTISE NORDIC EXPERTISE 9M TPA3 PROJECT OVER 67.5% FE FEASIBLITY STUDY ONGOING IN PARTNERSHIP ~15M TPA1 PRODUCTION WITH NIPPON STEEL AND SOJITZ 66.2% FE
Slide 21: Upholding Our Values for a Sustainable Future
THANK YOU TO OUR STAFF TSX: CIA ⎪ ASX: CIA ⎪ OTCQX: CIAFF UPHOLDING OUR VALUES FOR A SUSTAINABLE FUTURE TRANSPARENCY RESPECT INGENUITY PRIDE 21
Slide 22: Thank You
THANK YOU! TSX: CIA ⎪ ASX: CIA ⎪ OTCQX: CIAFF Contact us for more information: Michael Marcotte, Senior Vice-President – Corporate Development and Capital Markets info@championiron.com +1 514-316-4858