Champion Iron Ltd.: Satisfaction of Minimum Shareholder Acceptance Condition of Recommended Voluntary Cash Offer for Rana Gruber
Press Release
MONTRÉAL, March 11, 2026 – / SYDNEY, March 12, 2026 – Champion Iron Limited (TSX: CIA) (ASX: CIA) (OTCQX: CIAFF) (“Champion” or the “Company”) is pleased to provide an update regarding its previously announced conditional recommended voluntary cash offer to acquire all issued and outstanding shares of Rana Gruber at a price of NOK 79 per share (the “Offer”). Champion has received acceptances from shareholders of Rana Gruber ASA (“Rana Gruber”) representing approximately 90.07% of its issued and outstanding share capital and voting rights, subject to customary verifications of acceptances received. Accordingly, and subject to said customary verifications, the “Minimum Acceptance” closing condition has been satisfied, whereas the Offer was accepted to such extent that Champion, subject to and upon completion of the Offer, becomes the owner of shares representing more than 90% of the shares and voting rights in Rana Gruber. Completion of the Offer remains subject to other closing conditions continuing to be satisfied until settlement of the Offer or being waived by the Company in its sole discretion.
Following completion of the Offer and the Company having become the owner of more than 90% of the total issued shares and voting rights in Rana Gruber, Champion intends to carry out a compulsory acquisition of the remaining shares of Rana Gruber in accordance with Norwegian laws.
For further details regarding this announcement, readers are referred to the minimum acceptance condition satisfied announcement in respect of the transaction contemplated under the Offer (the “Transaction”) previously released in Norway on the date hereof in accordance with applicable Norwegian securities laws and which can be found under Rana Gruber’s profile on Euronext Oslo Børs’ electronic information system at https://newsweb.oslobors.no/message/668039 (the “Announcement”). The Announcement is the formal announcement regarding the Offer and the Transaction and this press release should be read in conjunction with, and is subject to, the full text of the Announcement.
About Champion Iron Limited
Champion, through its wholly-owned subsidiary Quebec Iron Ore Inc., owns and operates the Bloom Lake Mining Complex located on the south end of the Labrador Trough, approximately 13 kilometres north of Fermont, Québec. Bloom Lake is an open-pit operation with two concentration plants that primarily source energy from renewable hydroelectric power, having a combined nameplate capacity of 15M wet metric tonnes per year that produce lower contaminant high-grade 66.2% Fe iron ore concentrate with a proven ability to produce a 67.5% Fe direct reduction quality iron ore concentrate. Benefiting from one of the highest purity resources globally, Champion is investing to upgrade half of the Bloom Lake’s mine capacity to a direct reduction quality pellet feed iron ore with up to 69% Fe. Bloom Lake’s high-grade and lower contaminant iron ore products have attracted a premium to the P62 index. Champion ships iron ore concentrate from Bloom Lake by rail, to a ship loading port in Sept-Îles, Québec, and has delivered its iron ore concentrate globally, including in China, Japan, the Middle East, Europe, South Korea, India and Canada. In addition to Bloom Lake, Champion holds a 51% equity interest in Kami Iron Mine Partnership, an entity also owned by Nippon Steel Corporation and Sojitz Corporation, which owns the Kami Project. The Kami Project is located near available infrastructure, only 21 kilometres southeast of Bloom Lake. Champion also owns a portfolio of exploration and development projects in the Labrador Trough, including the Cluster II portfolio of properties, located within 60 kilometres south of Bloom Lake. The Company’s shares are listed on the Toronto Stock Exchange (TSX: CIA) and the Australian Securities Exchange (ASX: CIA).
For further information: For further information, please contact: Champion Iron Limited, Michael Marcotte, CFA, Senior Vice-President, Corporate Development and Capital Markets, +1-514-316-4858, Ext. 1128, info@championiron.com
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