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Champion Iron announces the Departure of its Chief Financial Officer

Press Release

MONTRÉAL, April 11, 2022 – Champion Iron Limited (TSX: CIA) (ASX: CIA) (OTCQX: CIAFF) (“Champion” or the “Company”) announces that its Chief Financial Officer (“CFO”), Natacha Garoute, will be departing the Company following the 2022 fiscal year end results. The Company is actively engaged in a search for her successor. In the event of an interim period prior to the nomination of a new CFO, the Company’s executive team and finance department will have direct oversight of the CFO responsibilities.

Champion’s CEO, Mr. David Cataford, said: “As an integral member of our executive team since 2018, Natacha participated in the achievement of several milestones for our Company over the recent years, including our Phase II expansion project which remains on track for completion as previously disclosed. A global search is being undertaken for a new CFO. On behalf of the Board of Directors and management, I would like to thank Natacha for her contributions over the years. We wish her great success in her future endeavours.”

About Champion Iron Limited

Champion Iron Limited, through its subsidiary Quebec Iron Ore Inc., owns and operates the Bloom Lake Mining Complex, located on the south end of the Labrador Trough, approximately 13 km north of Fermont, Québec. Bloom Lake is an open-pit operation with a concentrator that primarily sources energy from renewable hydroelectric power. The Bloom Lake Phase I plant has a nameplate capacity of 7.4 Mtpa and produces a low contaminant high-grade 66.2% Fe iron ore concentrate and proved its ability to produce a 67.5% Fe direct reduction quality concentrate, which has attracted a premium to the Platts IODEX 62% Fe iron ore benchmark. The Company ships iron ore concentrate from Bloom Lake by rail, to a ship loading port in Sept-Îles, Québec, and sells its iron ore concentrate to customers globally, including in China, Japan, the Middle East, Europe, South Korea, India and Canada. In addition to the ongoing construction to complete the Bloom Lake Phase II project, Champion owns a portfolio of exploration and development projects in the Labrador Trough, including the Kamistiatusset Project located a few kilometres south-east of Bloom Lake, and the Consolidated Fire Lake North iron ore project, located approximately 40 km south of Bloom Lake.

For further information: For further information, please contact: Michael Marcotte, CFA, Senior Vice-President, Corporate Development and Capital Markets, 514-316-4858, Ext. 128, [email protected]; For additional information on Champion Iron Limited, please visit our website at: www.championiron.com.

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