Champion Iron Ltd. · ASX:CIA
Champion Iron — Investor Presentation (February 2026)
31 slides from Champion Iron's investor presentation, February 2026
Slide 1: Investor Presentation February 2026
INVESTOR PRESENTATION FEBRUARY 2026 A SOLUTION TO DECARBONIZE STEELMAKING
Slide 2: Disclaimer
DISCLAIMER TSX: CIA ⎪ ASX: CIA ⎪ OTCQX: CIAFF This presentation (the "Presentation") contains information about Champion Iron Limited ("Champion" or the "Company") and Rana Gruber ASA ("Rana Gruber"), current as at the date hereof or as at such earlier date as may be specified herein. This Presentat
Slide 3: Corporate Overview
CORPORATE OVERVIEW TSX: CIA ⎪ ASX: CIA ⎪ OTCQX: CIAFF High-purity iron ore enabling green steelmaking → 8.8% management ownership and 8.2% ownership by the government of Québec1 → Enterprise value of approximately C$3.9B2 with EBITDA of C$512M3 over the last 12-months4 BLOOM LAKE KAMI PROJECT RANA G
Slide 4: Iron Quality Segmentation Is Accelerating
IRON QUALITY SEGMENTATION IS ACCELERATING TSX: CIA ⎪ ASX: CIA ⎪ OTCQX: CIAFF GLOBAL EUROPE MENA > Direct Reduced Iron (DRI) > European governments > DRI capacity2 set to double in production grew at a 7.2% provided over €14B to support the Gulf Cooperation Council CAGR since 2020, compared 17 DRI/EA
Slide 5: Few Miners Are Capable of Producing High-Grade Iron Ore
FEW MINERS ARE CAPABLE OF PRODUCING HIGH-GRADE IRON ORE TSX: CIA ⎪ ASX: CIA ⎪ OTCQX: CIAFF SUMMARY OF PRODUCING IRON ORE ASSETS QUALITY BY IRON AND GANGUE CONTENTS (2024 DATA) Primarily Australia Primarily Brazil, Canada, Ukraine and Russia 12% Gangue Content (% Silica + % Alumina) 10% 3 Current Blo
Slide 6: Contaminants Are a Growing Industry Concern
CONTAMINANTS ARE A GROWING INDUSTRY CONCERN TSX: CIA ⎪ ASX: CIA ⎪ OTCQX: CIAFF While the steel industry requires increasingly higher purity iron ore to decarbonize, quality has declined for Australia’s major iron ore producers AUSTRALIA’S MAJOR IRON ORE PRODUCERS ASSETS QUALITY BY IRON AND GANGUE CO
Slide 7: Champion Iron Launches Cash Tender Offer to Acquire Rana Gruber
CHAMPION IRON LAUNCHES CASH TENDER OFFER TO ACQUIRE RANA GRUBER
Slide 8: 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 Transaction2 TRANSACTION voluntary cash tender offer
Slide 9: 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 Significant Aligned vision resources beyond to service the the currently green steel defined
Slide 10: Rana Gruber Operations Overview
RANA GRUBER OPERATIONS OVERVIEW TSX: CIA ⎪ ASX: CIA ⎪ OTCQX: CIAFF Significant resources and efficient production positions Rana Gruber as sustainable high-grade iron ore supplier Located in Mo i Rana, Norway, with ~370 employees1 Producing two iron ore concentrates: hematite (~90% of volume) and sp
Slide 11: Strengthened Presence in a Growing High-Grade Market
STRENGHTENED PRESENCE IN A GROWING HIGH-GRADE MARKET TSX: CIA ⎪ ASX: CIA ⎪ OTCQX: CIAFF Champion and Rana Gruber are favourably positioned with short sailing distance to central Europe and North Africa Proximity to the European steel industry, positioning DIRECT REDUCED IRON (DRI) PROJECTS ON THE RI
Slide 12: Demonstrated Environmental, Social and Governance Performance
DEMONSTRATED ENVIRONMENTAL, SOCIAL AND GOVERNANCE PERFORMANCE TSX: CIA ⎪ ASX: CIA ⎪ OTCQX: CIAFF Rana Gruber benefits from one of the lowest carbon intensity in the global industry LOW-CARBON INTENSITY ACCESS TO RENEWABLE ENERGY TOWARDS SUSTAINABLE MINING Among the lowest carbon emissions Energy con
Slide 13: Historical Financials
HISTORICAL FINANCIALS TSX: CIA ⎪ ASX: CIA ⎪ OTCQX: CIAFF Rana Gruber expects to improve cash flows and margins with recent investments to upgrade its iron ore hematite products1 PRODUCT GRADES (%FE) → Recently achieved 65% Fe hematite quality with the ongoing 71% iron ore concentrate upgrade project
Slide 14: Funding Structure
FUNDING STRUCTURE TSX: CIA ⎪ ASX: CIA ⎪ OTCQX: CIAFF Planned funding structure expected to result in financial leverage to be maintained near existing levels at closing1 ESTIMATED PROPOSED TRANSACTION2 US$289M2 SOURCES OF FUNDS As at December 31, 2025, Champion had C$245.1 million in cash & cash equ
Slide 15: Enhanced Combined Financial Position
ENHANCED COMBINED FINANCIAL POSITION TSX: CIA ⎪ ASX: CIA ⎪ OTCQX: CIAFF Proposed Transaction to create a larger and more diversified company focused on servicing the green steel supply chain Rana Financing Champion Combined4 Gruber impact Primary exchange ASX/TSX OSE ASX/TSX CIA Market Capitalizatio
Slide 16: Champion Iron Recent Results
TSX: CIA ⎪ ASX: CIA ⎪ OTCQX : CIAFF CHAMPION IRON TSX: CIA ⎪ ASX: CIA ⎪ OTCQX : CIAFF RECENT RESULTS 16
Slide 17: Strong Results While Solidifying Operations
STRONG RESULTS WHILE SOLIDIFYING OPERATIONS TSX: CIA ⎪ ASX: CIA ⎪ OTCQX: CIAFF BLOOM LAKE PRODUCTION HISTORY → Proven ability to complete and operate sizeable iron ore (MILLION WMT/YEAR) projects responsibility → Q3/FY26 LTM: Iron ore concentrate production 13.9M wmt, 15.0 14.2 13.8 13.9 representin
Slide 18: Record Sales and Diversified Customers
RECORD SALES AND DIVERSIFIED CUSTOMERS TSX: CIA ⎪ ASX: CIA ⎪ OTCQX: CIAFF > Diversified customer mix supported by long-term relationships FY26 YTD1 SHIPMENTS globally Other Asia MENA > Q3/FY26 LTM: Iron ore concentrate sales of 15.1M dmt, Europe 3% 2% 6% benefiting from destocking of iron ore concen
Slide 19: Optimizing Cost Structure
OPTIMIZING COST STRUCTURE TSX: CIA ⎪ ASX: CIA ⎪ OTCQX: CIAFF TOTAL CASH COST1 Approx. 40% (C$/DMT) Phase II reduction $120 ramp up → FY25: Total cash cost1 of $78.3/dmt → FY26 YTD Results: Total cash cost1 of $77.3/dmt $77.3 1 $80 → Q3/FY26: Total cash cost1 of $73.9/dmt → The Company expects its ca
Slide 20: Rising Industry Costs Supporting Iron Ore Prices
RISING INDUSTRY COSTS SUPPORTING IRON ORE PRICES TSX: CIA ⎪ ASX: CIA ⎪ OTCQX: CIAFF Iron ore prices rebounded near costs of the 90th percentile of global producers HISTORICAL IRON ORE 62% FE PRICE VS → Despite robust iron ore production from INDUSTRY ADJUSTED COST CURVE CFR CHINA (US$/T) major produ
Slide 21: Robust Financial Results and Balance Sheet
ROBUST FINANCIAL RESULTS AND BALANCE SHEET TSX: CIA ⎪ ASX: CIA ⎪ OTCQX: CIAFF Robust financial results and liquidity, positioning the company to diligently evaluate growth opportunities while continuing its capital return strategy BALANCE SHEET AS AT DECEMBER 31, 2025 ADJUSTED EPS (C$)6 $1.50 $245.1
Slide 22: Multi-Year Investments Self Funded
MULTI-YEAR INVESTMENTS SELF FUNDED TSX: CIA ⎪ ASX: CIA ⎪ OTCQX: CIAFF Significant investments at Bloom Lake primarily funded through cash flows from operations → 2017-2018: Investments to optimize Phase I, resulted in higher CASH SOURCES AND USES SINCE FY2017 (C$M)1 production volumes and lower cost
Slide 23: Product Development and Growth Initiatives
TSX: CIA ⎪ ASX: CIA ⎪ OTCQX : CIAFF PRODUCT DEVELOPMENT TSX: CIA ⎪ ASX: CIA ⎪ OTCQX : CIAFF AND GROWTH INITIATIVES 23
Slide 24: 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 1,2 69% Fe is progressing as scheduled → Project entered initial commissioning with first shipments of d
Slide 25: Kami Project Highlights
KAMI PROJECT HIGHLIGHTS TSX: CIA ⎪ ASX: CIA ⎪ OTCQX: CIAFF → On September 29, 2025, Champion announced the initial closing of a transaction contemplated by the previously announced framework agreement with Nippon Steel Corporation (“Nippon Steel”) and Sojitz Corporation (“Sojitz”, collectively with
Slide 26: Kami Project Highlights and Pre-Feasibility Study
KAMI PROJECT HIGHLIGHTS TSX: CIA ⎪ ASX: CIA ⎪ OTCQX: CIAFF KAMI PROJECT > Sizeable high-purity iron resource > Located a few kilometers southeast of Bloom Lake KAMI > Potential to access hydroelectric power and utilize the same rail and port as Bloom Lake BLOOM LAKE PROJECT MOIRÉ LAKE PRE-FEASIBLITY
Slide 27: Cluster II Opportunity
CLUSTER II OPPORTUNITY TSX: CIA ⎪ ASX: CIA ⎪ OTCQX: CIAFF De-risking one of the world’s largest high-purity iron ore resource opportunities CLUSTER II → Within 60 km of Bloom Lake, O’Keefe-Purdy Champion controls the Cluster II portfolio of properties → Cluster II is one of the largest Harvey Tuttle
Slide 28: 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 28
Slide 29: Thank You!
THANK YOU! TSX: CIA ⎪ ASX: CIA ⎪ OTCQX : CIAFF Contact us for more information Michael Marcotte, CFA Senior Vice-President – Corporate Development and Capital Markets info@championiron.com +1 514-316-4858
Slide 30: A Proven Solution to Decarbonize Steelmaking
A PROVEN SOLUTION TO DECARBONIZE STEELMAKING TSX: CIA ⎪ ASX: CIA ⎪ OTCQX: CIAFF METHOD INPUTS PROCESS CHAMPION’S IMPACT BF-BOF Lower grades Sintering or 66.2% *Bloom Lake’s iron Blast Furnace Fe ore concentrate Basic Oxygen Furnace ~2.2t CO2e/t Iron ore concentrate* BF BOF enables emissions Pelletiz
Slide 31: Appendix: Non-IFRS and Other Financial Measures
APPENDIX: NON-IFRS AND OTHER FINANCIAL MEASURES TSX: CIA ⎪ ASX: CIA ⎪ OTCQX: CIAFF Rana Gruber's non-IFRS financial measure : EBITDA and EBITDA Margin Champion's non-IFRS financial measure : Last twelve months EBITDA (in NOK thousands, except when stated 2025 (in thousands of C$, except when 2020 20
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