On July 12, 2021, the Company completed the acquisition of the Lac Lamêlée property and a 1.5% net smelter royalty interest on the Company’s Moiré Lake property and the Company’s Fermont property portfolio, including the O’Keefe-Purdy, Harvey-Tuttle, and Consolidated Fire Lake North properties.

The Lac Lamêlée property adds an additional 74.7 Mt of historical indicated resources and 229.3 Mt of historical inferred resources, with the project located adjacent to the Company’s existing development properties south of Bloom Lake. The historical Lac Lamêlée resource estimates are based on the NI 43-101 technical report entitled “NI 43-10 Technical Report and Mineral Resource Estimate on the Lac Lamêlée South Resources Quebec – Canada” by Met-Chem, a division of DRA Americas Inc. dated July 28, 2017 and having an effective date of January 26, 2017. The historical mineral resources mentioned are strictly historical in nature, are non-compliant with NI 43-101 and the JORC Code (2012 edition) and should therefore not be relied upon. A qualified person or competent person has not done sufficient work to upgrade or classify the historical estimates as current “mineral resources”, “mineral reserves” or “ore reserves”, as such terms are defined in NI 43-101 and the JORC Code (2012 edition), and it is uncertain whether, following evaluation and/or further exploration work, the historical estimates will be able to be reported as mineral resources, mineral reserves or ore reserves in accordance with NI 43-101 or the JORC Code (2012 edition). Champion is not treating the historical estimates as current mineral resources, mineral reserves or ore reserves. These reserves and resources are not material mining projects and are for properties adjacent to or near the Company’s existing mining tenements and therefore the reports on these mineralizations have not been prepared in accordance with the JORC Code (2012 edition) and the ASX Listing Rules.

Concurrently with the transaction, the Company also staked 11 additional claims directly adjacent to the Lac Lamêlée property.

Appendix on historical estimated used on our website

* The historical mineral resources are historical estimates and should not be relied upon. A qualified person or competent person has not done sufficient work to upgrade or classify the historical estimates as current mineral resources, mineral reserves or ore reserves and Champion Iron Limited is not treating the historical estimates as current mineral resources, mineral reserves or ore reserves. See Appendix note 3 for Lac Lamêlée / Lamêlée South, Appendix note 4 for Consolidated Fire Lake, Appendix note 5 for Quinto Claims and Appendix note 6 for Harvey Tuttle. Certain resources mentioned are foreign estimates from an Australian perspective. See Appendix for additional details.