Slide 1: Champion Iron Launches Cash Tender Offer to Acquire Rana Gruber
CHAMPION IRON LAUNCHES CASH TENDER OFFER TO ACQUIRE RANA GRUBER WEBCAST 1 DECEMBER 21, 2025– 5:00 PM (MONTRÉAL) / DECEMBER 22, 2025 – 9:00 AM (SYDNEY) WEBCAST 2 DECEMBER 22, 2025– 9:30 AM (MONTRÉAL) / DECEMBER 23, 2025 – 1:30 AM (SYDNEY) 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")and Rana Gruber ASA ("Rana Gruber"), current as at the date hereof or as at such earlier date as may be specified herein. This Presentation
Slide 3: Conference Call Participants & Opening Remarks
CONFERENCE CALL PARTICIPANTS & OPENING REMARKS TSX: CIA ⎪ ASX: CIA ⎪ OTCQX: CIAFF MICHAEL O’KEEFFE DAVID CATAFORD ALEXANDRE BELLEAU MICHAEL MARCOTTE GUNNAR MOE Executive Chairman Chief Executive Officer Chief Operating Officer Senior Vice-President Chief Executive Officer Corporate Development and C
Slide 4: Transaction Summary: Champion to Acquire Rana Gruber
TRANSACTION SUMMARY: CHAMPION TO ACQUIRE RANA GRUBER TSX: CIA ⎪ ASX: CIA ⎪ OTCQX: CIAFF PROPOSED → Champion Iron Limited (“Champion”) entered into a transaction agreement with Rana Gruber ASA (“Rana Gruber”) on the terms of a recommended voluntary cash tender offer (the “Offer”) to acquire all issue
Slide 5: Proposed Acquisition Advances Champion's Positioning
PROPOSED ACQUISITION ADVANCES CHAMPION’S POSITIONING TSX: CIA ⎪ ASX: CIA ⎪ OTCQX: CIAFF Strong alignment between Champion and Rana Gruber and creates opportunities to increase the combined global presence in hig - 1 grade iron ore, diversify geographically, grow the pro-forma cash flow base and expe
Slide 6: 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 Moi Rana, Norway, with~370 employees1 Producing two iron ore concentrates: hematite (~90% of 2 volume) and sp
Slide 7: 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 R
Slide 8: 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 9: Historical Financials
HISTORICAL FINANCIALS TSX: CIA ⎪ ASX: CIA ⎪ OTCQX: CIAFF 1 Rana Gruber expects to improve cash flows and margins with recent investments to upgrade its iron ore hematite products PRODUCT GRADES (%FE) → Recently achieved 65% Fe hematite quality with the ongoing 71% iron ore concentrate upgrade projec
Slide 10: Funding Structure
FUNDING STRUCTURE TSX: CIA ⎪ ASX: CIA ⎪ OTCQX: CIAFF 1 Planned funding structure expected to result in financial leverage to be maintained near existing levels at closing ESTIMATED PROPOSED TRANSACTION2 US$289M2 SOURCES OF FUNDS As at September 30, 2025, Champion had C$325.5 million in cash & cash e
Slide 11: Enhanced Combined Financial Position
ENHANCED COMBINED FINANCIAL POSITION TSX: CIA ⎪ ASX: CIA ⎪ OTCQX: CIAFF Proposed Transaction to create a larger and more diversified company focused on servicing the green steel supply chain Rana Financing Champion Combined4 Gruber impact Primary exchange ASX/TSX OSE ASX/TSX CIA Market Capitalizatio
Slide 12: Green Steel Supply Chain Solutions
GREEN STEEL SUPPLY CHAIN SOLUTIONS TSX: CIA ⎪ ASX: CIA ⎪ OTCQX: CIAFF 1 Proposed Transaction would combine proven assets, enabling Champion to continue evaluating growth opportunities BLOOM LAKE MINE RANA GRUBER MINE KAMI PROJECT ~15M TPA2 PRODUCTION ~1.8M TPA PRODUCTION 9M TPA4 PROJECT OVER 67.5% F
Slide 13: Balanced Approach to Create a Positive Impact for Stakeholders
1 BALANCED APPROACH TO CREATE A POSITIVE IMPACT FOR STAKEHOLDERS TSX: CIA ⎪ ASX: CIA ⎪ OTCQX: CIAFF Maintain a diligent approach to growth through a larger portfolio of high-grade iron ore opportunities Potential to optimize shareholder returns being evaluated Continued commitment to create a positi
Slide 14: Thank You!
THANK YOU! TSX: CIA ⎪ ASX: CIA ⎪ OTCQX : CIAFF Contact us for more information Michael Marcotte, CFA Senior Vice -President – Corporate Development and Capital Markets info@championiron.com 514-316-4858
Slide 15: Appendix: Non-IFRS and Other Financial Measures
APPENDIX: NON-IFRS AND OTHER FINANCIAL MEASURES TSX: CIA ⎪ ASX: CIA ⎪ OTCQX: CIAFF Rana Gruber's non-IFRS financial measure : EBITDA and EBITDA Margin Champion's non-IFRS financial measure : Last twelve months EBITDA (in NOK thousands, except when stated 2025 (in thousands of C$, except when 2020 20