#1LLOYD THEATHE INVESTORS PRESENTATION FEBRUARY 2024 A RARE SOLUTION TO DECARBONIZE STEELMAKING CHAMPION IRON#2DISCLAIMER CHAMPION IRON ☑ TSX: CIA | ASX: CIA | OTCQX : CIAFF This presentation (the "Presentation") contains information about Champion Iron Limited ("Champion" or the "Company"), current as at the date hereof or as at such earlier date as may be specified herein. This Presentation does not constitute or form part of, and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of Champion or any of its subsidiaries or any other person in any jurisdiction or an inducement to enter into investment activity and does not constitute marketing material in connection with any such securities, and there is no current offering or soliciting for the sale of securities in any jurisdiction. This Presentation and the information contained herein is for information purposes only, may not be reproduced or distributed to others, at any time, in whole or in part, for any purpose, and may not be used for any other purpose, without the prior written consent of Champion, and all recipients agree that they will use this Presentation solely for information purposes. Acceptance of this Presentation by any person constitutes an agreement to be bound by the terms of this disclaimer. NO ADVICE In making any future investment decision, you must rely on your own examination of Champion, including the merits and risks involved. This Presentation should not be construed as financial, legal, tax, accounting, investment or other advice or a recommendation with respect to any potential future investment. You should consult your own advisors as needed to make a future investment decision and determine whether it is legally permitted to make an investment under applicable legal requirements, including securities or similar laws or regulations. FORWARD-LOOKING STATEMENTS This Presentation contains certain information and statements which constitute "forward-looking information" within the meaning of applicable securities laws (collectively referred to herein as "forward-looking statements"). Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates", "aims" "targets" or "believes", or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. Inherent in forward-looking statements are risks, uncertainties and other factors beyond the Company's ability to predict or control. SPECIFIC FORWARD-LOOKING STATEMENTS All statements in this Presentation, other than statements of historical facts, that address future events, developments or performance that Champion expects to occur are forward-looking statements. These statements may include, but are not limited to, management's expectations regarding: the project to upgrade the Bloom Lake iron ore concentrate to a higher grade with lower contaminants to commercially produce a Direct Reduction ("DR") quality pellet feed iron ore, expected project layout, production metrics, timeline, pricing premium, capital expenditure, budget and financing; the study evaluating the re-commissioning of the Pointe-Noire Iron Ore Pelletizing Facility to produce DR grade pellets and its anticipated completion timeline; the cold pelletizing technology and related initiatives; the Kami Project's study, its purpose, including evaluating the potential to produce a DR grade product, expected project timeline, economics, capital expenditure, budget and financing, production and financial metrics, technical parameters, project layout, flowsheet, permitting and approvals, available and planned infrastructure, expected environmental footprint, efficiencies and economic and other benefits and related engagement with stakeholders and strategic partners; Bloom Lake's updated reserves and resources, life of mine, nameplate capacity and related opportunities and benefits; Champion's positioning to service the industry's transition to Electric Arc Furnaces ("EAFS") and focus on DR quality products; the shift in steel industry production methods and expected rising demand for higher-grade iron ore products and related market deficit and higher premiums, including using. reduction technologies and the Company's related potential and transition of its product offering (including producing high quality DRPF products); green steel, emission reduction and other Environmental, Social and Governance related initiatives, objectives, targets and expectations and the Company's positioning in connection therewith; shipping and sales of accumulated concentrate inventories and related ramping up of rail services and railway operator's increased capacity; cash cost per tonne and the matters which impact it; the Company's liquidity position; the Company's capital return strategy; "Cluster II" opportunities; and the Company's growth and opportunities generally. DEEMED FORWARD-LOOKING STATEMENTS Statements relating to "reserves" or "resources" are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the reserves and resources described exist in the quantities predicted or estimated and that the reserves can be profitably mined in the future. Actual reserves and resources may be greater or less than the estimates provided herein. RISKS Although Champion believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such forward-looking statements involve known and unknown risks, uncertainties and other factors, most of which are beyond the control of the Company, which may cause the Company's actual results, performance or achievements to differ materially from those expressed in or implied by such forward-looking statements. Factors that could cause the actual results to differ materially from those expressed in or implied by forward-looking statements include, without limitation: the results of feasibility and other studies; changes in the assumptions used to prepare feasibility and other studies; project delays; continued availability of capital and financing and general economic, market or business conditions; fluctuations in foreign currency exchange rates; general economic, competitive, political and social uncertainties; market disruptions, including pandemics or significant health hazards, severe weather conditions, natural disasters, terrorist activities, financial crises, political crises, wars and other military conflicts (including the ongoing military conflict between Russia and Ukraine), or other major events, or the prospect of these events; future prices of iron ore; increased public concern about the environmental impact of the Company's products or their perceived safety; decreased social acceptance and increased social action to reduce the use of fossil fuels, which may negatively impact consumer perception; cyber events or attacks (including ransomware, state sponsored and other cyberattacks); failure of plant, equipment or processes to operate as anticipated; delays in obtaining governmental approvals, necessary permitting or in the completion of development or construction activities; the impact of COVID-19 on the global economy, the iron ore market and Champion's operations, including the effectiveness of Champion's efforts to respond to the COVID- 19 pandemic, the pace of economic recovery when the COVID-19 pandemic subsides and the heightened impact it has on many of the risks described herein and in other reports Champion files with the Canadian Securities Administrators (the "CSA") and the Australian Securities and Investments Commission (the "ASIC"); as well as those factors discussed in the section entitled "Risk Factors" of the Company's 2023 Annual Information Form, the risks and uncertainties discussed in the Company's management's discussion and analysis for the financial year ended March 31, 2023 and the risks discussed in other reports Champion files with the CSA and the ASIC, all of which are available on SEDAR+ at www.sedarplus.ca, the ASX at www.asx.com.au and the Company's website at www.championiron.com. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. ADDITIONAL UPDATES The forward-looking statements in this Presentation are based on assumptions management believes to be reasonable and speak only as of the date of this Presentation or as of the date or dates specified in such statements. Champion undertakes no obligation to update publicly or otherwise revise any forward-looking statements contained herein, whether as a result of new information or future events or otherwise, except as may be required by law. If the Company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. Champion cautions that the foregoing list of risks and uncertainties is not exhaustive. Investors and others should carefully consider the above factors as well as the uncertainties they represent and the risks they entail. NON-IFRS AND OTHER FINANCIAL MEASURES Certain financial measures used by the Company to analyze and evaluate its results are non-IFRS financial measures or ratios and supplementary financial measures. Each of these indicators is not a standardized financial measure under the IFRS and might not be comparable to similar financial measures used by other issuers. These indicators are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The non-IFRS and other financial measures included in this Presentation are total cash cost and adjusted earnings per share ("EPS"). When applicable, a quantitative reconciliation to the most directly comparable IFRS measures is provided in note 21 - Non-IFRS and Other Financial Measures of the Company's Management's Discussion and Analysis for the three-month and nine-month periods ended December 31, 2023 available on SEDAR+ at www.sedarplus.ca, the ASX at www.asx.com.au and the Company's website at www.championiron.com. On August 22, 2023, Champion announced the updated mineral resource and reserve estimates for Bloom Lake reported in the technical report prepared pursuant to National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and Chapter 5 of the ASX Listing Rules entitled "Mineral Resources and Mineral Reserves for the Bloom Lake Mine, Fermont, Québec, Canada" by BBA Inc., SRK Consulting (U.S.), Inc., Soutex and Quebec Iron Ore Inc. dated September 28, 2023 and filed on October 3, 2023 (the "2023 Technical Report"). Champion is not aware of any new information or data that materially affects the information included in the 2023 Technical Report and confirms that all material assumptions and technical parameters underpinning the estimates in the 2023 Technical Report continue to apply and have not materially changed. The 2023 Technical Report is available on SEDAR+ at www.sedarplus.ca. On January 30, 2024, Champion announced the results of the Kami Project study (the "Kami Project Study"). Champion is not aware of any new information or data that materially affects the information included in the Kami Project Study and confirms that all material assumptions and technical parameters underpinning the estimates in the Kami Project Study continue to apply and have not materially changed. The Kami Project Study will be filed on SEDAR+ at www.sedarplus.ca within 45 days of January 30, 2024. Mr. Vincent Blanchet, P. Eng., Engineer at Quebec Iron Ore Inc., the Company's subsidiary and operator of Bloom Lake, is a "qualified person" as defined by NI 43-101 and has reviewed and approved, or has prepared, as applicable, the disclosure of the scientific and technical information contained in this Presentation and has confirmed that the relevant information is an accurate representation of the available data and studies for the relevant projects. Mr. Blanchet's review and approval does not include statements as to the Company's knowledge or awareness of new information or data or any material changes to the material assumptions and technical parameters underpinning the 2023 Technical Report or the Kami Project Study. Mr. Blanchet is a member of the Ordre des ingénieurs du Québec and licenced with PEGNL (professional engineer & geoscientists Newfoundland and Labrador). NO LIABILITY Certain information contained in this Presentation has been obtained from published sources prepared by third parties and has not been independently verified, and no representation or warranty, express or implied, is made with respect to, and no undue reliance shall be placed on, the information or opinions contained herein or in any verbal or written communication made in connection with this Presentation. Reference to P62: Platts TSI IODEX 62% Fe CFR China; P65: Platts IO Fines 65% Fe CFR China. This Presentation has been authorized for release to the market by the CEO of Champion, David Cataford. All amounts are in Canadian dollars unless otherwise stated. Specific forward-looking statements are included in slides 1, 3 to 6, 8 to 10, 12, 14, 16, 17, 19, 21 to 27 and 29. 2#3CORPORATE OVERVIEW CHAMPION IRON ☑ TSX: CIA | ASX: CIA | OTCQX: CIAFF LARGEST PUBLICLY LISTED PURE-PLAY HIGH-GRADE IRON ORE PRODUCER GLOBALLY CO → 2nd largest hub of high-grade exports globally → 9.0% management ownership¹ → Cumulative investments at Bloom Lake >US$4.5B BLOOM LAKE → Committed to GHG reduction of 40% by 2030 and carbon neutrality by 2050 Source: Champion Iron Limited Note: Management ownership including board of directors as of February 7, 2024 3#4A GLOBAL SOLUTION FOR THE TRANSITIONING STEEL INDUSTRY CHAMPION IRON ▲ TSX: CIA | ASX: CIA | OTCQX: CIAFF#5HIGH PURITY IRON ORE A SOLUTION FOR GREEN STEEL → THE STEEL INDUSTRY WILL NEED TO ADAPT TO LIMIT EMISSIONS CHAMPION IRON TSX: CIA | ASX: CIA | OTCQX: CIAFF → The steel industry produces more than 7.2% of global CO2 emissions¹ Agriculture, forestry and soil management 18% Waste 3% Steel (7.2%) Industrial energy consumptio Chemicals (2%) Cement (3%) Industry 5% Power Source: Left pie chart: Our World In Data (2020), numbers may not add up due to rounding 73% Energy consumption in buildings (18%) Transportation (16%) Road transportation (13%) Mining Freight 1% 2% Reduction and Smelting 85% Agglomeration 12% 5#6STEEL IS CRITICAL TO ENABLE DECARBONIZATION CHAMPION IRON TSX: CIA | ASX: CIA | OTCQX: CIAFF → Under the Accelerated Energy Transition (AET) of 1.5°˚C, over 3.5 billion additional tonnes of steel will be required by 2050, representing over 50% of the total material used across infrastructure and related applications GLOBAL VOLUME OF MATERIAL REQUIRED TO REACH AET 1.5 ACROSS SELECT ENERGY TRANSITION APPLICATIONS¹ (% VOLUME CONTRIBUTION) 100 80 60 40 40 20 0 費 Wind Solar Nuclear Transmission & Distribution Steel Other Minerals/Metals Energy Storage (EV, ESS, Other) EV (Structural) Total Canada will need an additional 113Mt of steel by 2050 to reach net zero targets Sources: Champion Iron Limited, Wood Mackenzie Note: 1. Only includes other minerals/metals associated with this study. Structural EV = automotive frames/bodies. Volume estimates are subject to change based on intensity and technology assumptions which will change over time. 6 Co#7GOVERNMENTS SUPPORTING THE GREEN STEEL TRANSITION COP28 UAE CHAMPION IRON TSX: CIA | ASX: CIA | OTCQX: CIAFF LOCAL SUPPORT Québec & Labrador and Newfoundland listed high-purity iron ore on their critical minerals lists, joining other minerals such as copper, nickel and cobalt GLOBAL ALIGNMENT TO INCREASE DEMAND FOR GREEN STEEL → At COP28, several countries including Canada, Germany, UK and US, pledged to procure green steel for public infrastructure construction, which is responsible for 25% of global construction revenue → Europe's Carbon Border Adjustment Mechanism (CBAM), which initiated its first. phase in 2023, aims to address carbon leakage for raw materials, including steel → USA, Canada, Australia and Latin America announced public consultations and measures to introduce a mechanism similar to CBAM Sources: United Nations Industrial Development Organization, World Trade Organization, US Congress, S&P Global, Platts, Hydro-Québec, Government of Newfoundland and Labrador, Wood Mackenzie, European Parliament, KPMG, www.Canada.ca 7#8CHAMPION'S POSITIVE IMPACT METHOD BF-BOF Blast Furnace Basic Oxygen Furnace -2.2t CO₂e/t emissions DRI-EAF Direct Reduced Iron Electric Arc Furnace 0.3-1.0t¹ CO₂e/t emissions CO INPUTS 500 PROCESS CHAMPION IRON TSX: CIA | ASX: CIA | OTCQX: CIAFF CHAMPION'S IMPACT Lower grades Sintering or 66.2% 100000000 *Bloom Lake's iron Fe ore concentrate BF Iron ore concentrate* BF BOF Pelletizing enables emissions reduction by -10% in BF-BOF2 Coke 昼 DR 69% DR Feed Fe Pelletizing DR shaft EAF ད་ H2 Gas, Hydrogen Scrap, Pig Iron DR Pellet Feed (DRPF) enables the DRI-EAF route to reduce emissions by 2-7x compared to BF-BOF1 Source: data by Minespans by McKinsey, Wood Mackenzie Notes: Direct Reduced Iron (DRI) is an intermediate form of processed iron (Direct Reduced pellets) used in green steelmaking, specifically in Electric Arc Furnaces (EAFS). Elevated silica & alumina levels increase slag formation in EAFs, which is difficult to remove 11 -0.3 t using hydrogen and -1.0 t using natural gas | 2 Based on data from Wood Mackenzie; Champion's iron ore concentrate induces significant slag reduction and energy efficiency in the blast furnace 8#9HIGH PURITY IRON IS CRITICAL FOR THE ENERGY TRANSITION 2,500 1.5°C pathway crude steel production by technology mix (Million tonnes annually and market share) 25% 2,000 5% 19% 24% 1,500 -0% 41% 48% 1,000 3% 71% 18% 500 20% 0 0% 2022 30 35 40 Scrap-EAF SAF-BOF 1 BF-BOF DRI-EAF 10% 18% 45 2050 BF-BOF CCUS² CHAMPION IRON TSX: CIA | ASX: CIA | OTCQX : CIAFF → To decarbonize the steel industry, a material transition away from BF-BOF, utilizing coal, to EAF is to occur by 2050 → Due to limited availability of scrap steel, traditionally used in EAFS, high-quality DRI will be required to complement and supplement the industry's supply chain to achieve the emission reduction targets in line with the 1.5°C pathway → DRI-EAF steelmaking is expected to increase in market share from 5% to 25% by 2050 → With several DRI-EAF projects under construction, global DR quality iron ore demand is expected to be at a deficit of more than 100 Mtpa by 20313 High purity iron ore is to be required across all steelmaking methods to reduce emissions Sources: Champion Iron Limited, Minespans data Notes: 1 Submerged Arc Furnaces | 2 Carbon capture, utilization and storage 13 McKinsey & Company (The Resilience of Steel: Navigating the Crossroads) 9#10MATERIAL DEMAND INCREASE FOR HIGH PURITY IRON Cumulative historical production¹ O 2,300 Mt Demand for Direct Reduction (DR) pellets by 2050, required in DRI-EAF steelmaking, is expected to be 6X the cumulative historical production CHAMPION IRON TSX: CIA | ASX: CIA | OTCQX: CIAFF Forecast (2023-2050) 14,400 Mt The steel industry's transition to DRI-EAF steelmaking will require an additional 348 Mtpa of high purity iron by 20502, equivalent to an additional -40 average scale mines Sources: Champion Iron Limited, Minespans data, Midrex World Direct Reduction Statistics, 2021 Notes: 1 Cumulative historical production estimated from 1970-now; estimated DR pellet demand prior to 1970 of 1 Mtpa | 2 High purity iron defined as Fe> 65% and combined alumina and silica < 5.5% 10#11Gangue Content (Silica + Alumina) 69% FE DRPF: PRIME PRODUCT IN A NICHE MARKET 12% 10% 8% 6% 4% Volumes primarily from Australia SUMMARY OF IRON CONTENT AND GANGUE CONTENT Volumes primarily from Brazil, Canada, Ukraine and Russia CHAMPION IRON TSX: CIA | ASX: CIA | OTCQX: CIAFF 66.2% Fe DRPF Project 69% Fe BF QUALITY TRANSITION MATERIAL DR QUALITY 2% 0% 56% 58% 60% 62% Iron Content (% Fe) 64% 66% 68% 70% Concentrate Fines Lump Pellets Bloom Lake 66.2% Fe Bloom Lake 69% Fe DRPF Sources: Champion Iron Limited, Wood Mackenzie 2022 data 11#12SIGNIFICANT IMPACT TOWARDS REDUCING EMISSIONS CHAMPION IRON TSX: CIA | ASX: CIA | OTCQX: CIAFF Champion's concentrate reduces emissions in BF/BOF steelmaking Proven ability to produce DR grade pellet feed enables Champion to engage with DRI/EAF steel makers Compared to Low Grade Iron Ore Compared to BF/BOF Process 15 Mtpa 66.2% BF/BOF Fe process 15 Mtpa¹ DRPF Project 69% Fe DRI/EAF process 1.9M tonnes CO₂ eq/year² 9.7M tonnes CO2 eq/year² CO 420,000 cars/year 2,150,000 cars/year TESLA -1.3M cars produced/year COMPARABLE SCALE -2M cars registered by NYC residents Sources: Champion Iron Limited, Wood Mackenzie data; Tesla's 2022 car production; Cars registered by NYC residents as per www.nyc.gov and www.streetsblog.org; Tesla' Inc.'s car production in 2020 as per backlinko.com | Notes: 1 Phase II expected nameplate capacity of 15 Mtpa | 2 Assumes 4,600 Kg of CO2 eq per vehicle/year (Source: US Environmental Protection Agency and Natural Resources Canada). BF/BOF reduction assumes a ratio of 1.5t of iron ore concentrate per tonne of steel produced and a reduction emission of 9.6% for Champion's 66.4% Fe (as per FY21 results) compared to 58% Fe (Based on Wood Mackenzie estimate of 8% reduction for P65 vs. P58). DRI/EAF steel making route assumes 1.47 tonne of pellet feed concentrate per tonne of steel produced. 12#13PROVIDING A GLOBAL SCALE SOLUTION CHAMPION IRON TSX: CIA | ASX: CIA | OTCQX: CIAFF CHAMPION CONTROLS ONE OF THE LARGEST RESERVES AND RESOURCES CAPABLE OF PRODUCING HIGH- GRADE IRON ORE, INCLUDING POTENTIAL ACCESS TO RENEWABLE POWER AND AVAILABLE INFRASTRUCTURE Canada Active Project Pipeline Project Both Active/ Pipeline Kazahsta 5 Est. Marketable Reserves Turkmer (Bn MT) Est. Reserves + Resources Scale (Bn MT) Om Scale Ba United Kingdo 10 Belaru Ukraine France United States # Project / Portfolio Renewable Distance to Energy Port (Km) Spare Port Capacity (Mtpa)6 ΝΑΙ North Atlantic Ocean Spain Italy Greece Tunisia Morocco Iraq Iran 975 Metallolnvest 1 800+ (Russia) Rest of Mexico 2 429 Canada4 3 S11D Champion 4 463 Iron 7 5 Simandou2,5 690 NA 6 Iron Bridge 148 7 Central Eyre³ 135 Tan 8 Minas Rio 525 Angola 9 Samarco 60 Bolivia 10 LKAB (Sweden) 500 11 CSN (Brazil) 440 South Atlantic Namibia South Africa 12 Sino Iron 29 Libya Egypt Mauritania Niger Chad 5 Cameroon Ethiopia Infrastructure availability Papua New Guinea ---Australia Sources: Wood Mackenzie, Corporate Reports, PFS Studies, Public Information (can include estimates). Notes: Billion Metric tonne reserves; Resources are estimated on a Measured, Indicated, and Inferred Basis. Global snapshot is not exhaustive |1 Port capacity estimate could not be reasonably identified 12 Port not yet constructed |³ Port not yet constructed | 4 Rest of Canada data is not exhaustive (Mont Wright, Carol Lake, Fire Lake, Baffinland) 15 Simandou includes Blocks 1-416 Spare port capacity estimated; Green-40+, Yellow-20-39, Red-0-1917 Champion Iron reported distance from Bloom Lake to Pointe Noire. 13#14LOW IMPACT LOCALLY & SCALEABLE POSITIVE IMPACT GLOBALLY CHAMPION IRON → Canadian high-purity iron ore is produced with one of the lowest carbon intensities globally TSX: CIA | ASX: CIA | OTCQX: CIAFF → A complete transition of Bloom Lake's 15 Mtpa nameplate capacity to DRPF quality iron ore could reduce nearly 9.7Mt of CO2 eq/year in the steelmaking process, representing over 100 times the emissions generated by our Company Kg of CO2 emitted per tonne of iron ore produced (scope 32) 120 110 100 90 80 品 70 60 50 40 Emission intensity per tonne of iron ore produced 30 Brazil 20 Canada 10 ☐ China Sweden Russia Ukraine 0 50 100 250 150 200 300 350 400 Marketable Iron Ore Concentrate & Pellet Production (Million tonnes) 450 500 550 600 650 Sources: Champion Iron Limited, Wood Mackenzie 2020 data → Benefiting from hydropower generation capacity, Champion has an industry leading position in emission intensity per tonne of high-purity iron ore produced of 9.8 Kg of CO2/t → 29.3% Reduction in emissions intensity per tonne of iron ore concentrate produced compared to the 2014 reference year under previous ownership¹ Notes: 1 Scope 1 emission reduction based on calendar year 2022 results 12 Scope 3 stops at Third Party Port and Transport Fees Downstream but excludes BOF supply/Iron ore supply; 14#15CHAMPION IRON RECENT RESULTS Balise Mowa F CHAMPION IRON ▲ TSX: CIA | ASX: CIA | OTCQX:CIAFF#16SETTING NEW PRODUCTION RECORDS AT BLOOM LAKE → Increased operational stability, resulting in record quarterly iron ore concentrate production of 4.0M wmt in Q3/FY24, surpassing Bloom Lake's expanded nameplate capacity of 15 Mtpa (equivalent to an average quarterly nameplate capacity of 3.75 Mt) 8.0 6.0 4.0 2.0 Note: 1. FY2019 reflects Bloom Lake's commissioning year 0.0 CHAMPION IRON ☑ TSX: CIA | ASX: CIA | OTCQX: CIAFF BLOOM LAKE PRODUCTION HISTORY (MILLION WMT/YEAR) 15.0 11.2 7.9 8.0 7.9 Previous owners 7.0 2010 2011 2012 2013 2014 2015 2016 2017 FY2019 1 FY2020 FY2021 FY2022 FY2023 → Slower than anticipated ramp-up in railway services resulted in the inability to haul all the iron ore concentrate produced in recent periods with 2.4M wmt stockpiled as of December 31, 2023 → The Company is engaging with the rail operator to ramp-up services and access its contracted shipping capacity to ensure it can haul Bloom Lake's increased production in future periods and gradually ship iron ore concentrate currently stockpiled at Bloom Lake 16 Expected nameplate Including phase II#17OPTIMIZING COST STRUCTURE $120 1 TOTAL CASH COST (C$/DMT) +32% Industrial Product Price Index (IPPI) increase in Canada since 20143 $80 $40 CHAMPION IRON ☑ TSX: CIA | ASX: CIA | OTCQX: CIAFF Phase II ramp up Approx. 40% reduction → Q3 FY2024 results: Continued to optimize operating costs metrics, with a total cash cost¹ of $73.0/t (US$53.6/t) $ 81.3¹ $73.7* $ 73.0¹ $0 2 2014 2015 2016 2017 FY19 FY20 FY21 FY22 FY23 Q1/FY24 Q2/FY24 Q3/FY24 PREVIOUS OWNERS CHAMPION IRON → The Company expects its cash cost per tonne to benefit from several factors in the near-term, including: - Reduced utilization of contractors as the Company fills vacant positions Increase in infrastructure reliability with a continued focus on optimizing operations. Sources: Champion Iron Limited, cost curve provided by Wood Mackenzie for Q4/CY23 Notes: 1 Non-IFRS financial measure, ratio or other financial measure. Refer to the disclaimer at page 212 FY2019 reflects Bloom Lake's commissioning year 13 Sourced from Statistics Canada, Industrial product price index (IPPI) in January 2014 at 94.0, and December 2023 at 123.7 17#18COMPETITIVE COST STRUCTURE C$/DMT CHAMPION IRON TSX: CIA | ASX: CIA | OTCQX: CIAFF VALUE-IN-USE (VIU) ADJUSTED IRON ORE COST CURVE (CFR, 62% FE FINES EQUIVALENT)1 $150 $100 INDUSTRY Approximately 55% industry VIU adjusted cost increase in the last 3 years² CHAMPION IRON Since 2018, Champion's VIU-adjusted cost position proved to compete with the industry leading iron ore producers Q3/2023 Q3/2020 $75 $50 $25 - $0 250 500 750 1000 1250 1500 MILLION WET METRIC TONNES Competitive cost profile, adjusted for VIU, compared to global iron ore producers despite recent transitional costs required for Bloom Lake's ramp-up expanded capacity and current high-grade quality premium at historical low level Notes: 1. Cost curve by Wood Mackenzie for calendar period Q3/2023, converted to CAD at Q3/2023 average USD/CAD rate of 1.315 according to Bloomberg | 2. 50th percentile cost as of 03/2023, compared to Q3/2020 of US$30/dmt. Data provided by Wood Mackenzie. 18#19ROBUST FINANCIAL RESULTS AND BALANCE SHEET CHAMPION IRON ☑ TSX: CIA | ASX: CIA | OTCQX: CIAFF → Robust financial results and liquidity, positioning the Company to diligently consider growth opportunities while continuing its capital return strategy ADJUSTED EPS (C$)¹ $ 0.58 $0.00 6 FY19 FY20 FY21 FY22 FY23 LTM EBITDA (C$M)¹ BALANCE SHEET AS AT DECEMBER 31, 2023 $1.50 $387.4M Cash and cash equivalents $1.00 $228.OM Working capital 1,2 $0.50 $549.5M Short-term & Long-term debt 3 Cash net of debt of $65.9M 4 $550.3M Available & undrawn loans $1,000 I IN Five semi-annual dividends of $0.10 per share declared to date $500 The Company expects its liquidity position to gradually benefit from the sales of the 2.4M wmt of iron ore concentrate stockpiled at Bloom Lake $ 663.2 $0 6 FY19° FY20 FY21 FY22 FY23 Notes: 1 Non-IFRS financial measure, ratio or other financial measure. Refer to the disclaimer at the page 2 of this presentation 12 Receivables: $181.2M; Prepaid expenses and advances: $47.4M; Inventories: $284.1M; accounts payable and other: ($244.3M); Income tax payable: ($40.4M) | 3 Short-term and long-term debt face value includes US$230M term loan, US$85.2M from Caterpillar Financial Services, $75M from FTQ and $57.6M from Investissement Québec | 4 Including working capital | 5 Undrawn loans included US$400M revolving facility and US$16M from Caterpillar Financial Services | 6 FY2019 reflects Bloom Lake's commissioning year LTM 19#20PRODUCT DEVELOPMENT AND GROWTH INITIATIVES CHAMPION IRON TSX: CIA | ASX: CIA | OTCQX: CIAFF#21GREEN STEEL SUPPLY CHAIN SOLUTIONS CHAMPION IRON ☑ TSX: CIA | ASX: CIA | OTCQX: CIAFF DE-RISKING A VAST PROJECT PORTFOLIO REQUIRED FOR THE GREEN STEEL SUPPLY CHAIN PRODUCTS OPTIMIZATION MINING VOLUME INCREASE UPGRADE BLOOM LAKE Concentrator(s) to Direct Reduction Pellet Feed (DRPF) quality iron ore POINTE-NOIRE PELLET PLANT Study to rebuild and produce DR grade pellets BLOOM LAKE → BEYOND 15 MTPA Significant mineral resources creating opportunities beyond LoM KAMI 9 MTPA PROJECT Recently completed Study COLD PELLETIZING Invested and collaborating with Binding Solutions Limited ("BSL") CLUSTER II Sizeable opportunity comparable in scale to Simandou Block 3 & 4¹ Note: ¹ End of 2017 M+I resources, Rio Tinto Notice to ASX "Changes to Simandou Ore Reserves and Mineral Resources", March 2018; See Champion's November 2022 investor presentation at www.championiron.com for additional disclosure 21#22DRPF PROJECT UPDATE CHAMPION IRON ☑ TSX: CIA | ASX: CIA | OTCQX: CIAFF Project underway to upgrade the Phase II plant, from 66.2% to 69% Fe, to produce 7.5 Mtpa of DRPF quality iron ore, expected to attract significant additional pricing premium PROJECT MILESTONES → In connection with the positive findings of the DRPF Project study released in January 2023, the Company advanced work programs to protect the Project schedule and provided a final investment decision in January 2024 → Project advancing as planned, including a cumulative investment of $59.9M as of December 31, 2023, with commissioning expected in calendar H2/2025, subject to key construction milestones to be completed in mid-2024 → Project milestones to date include: Initiated procurement activities for long lead items Received allocation of hydroelectric power Advanced detailed engineering Capex Net Present Value ("NPV") Internal Rate of Return ("IRR") 66.2% Fe C$ $470.7M Pre-tax NPV of $1230.1M 8% After-tax NPV 8% of $738.2M Pre-tax IRR of 30.1% After-tax IRR of 24.0% 69% Fe US$ $351.3M Pre-tax NPV 8% of $918.0M After-tax NPV 8% of $550.9M 22 22#23KAMI PROJECT → ACCESS TO INFRASTRUCTURE -68 CHAMPION IRON ☑ TSX: CIA | ASX: CIA | OTCQX: CIAFF Ungava Bay Quebec Hudson Bay Schefferville 4 Labrador City -67.75" -67.5° Index map Sept-Iles Saguenay PILL Labrador Sea 400 km -67.25" LABRADOR QUEBECS 023B14 023B13 FERMONT -66.75" Champion Railway WABUSH 023B15 -66.5° KAMI PROJECT BLOOM LAKE MOIRÉ LAKE 023B12 Mont Wright Mine 023B11 023B10 CLUSTER II 0 10 023B05 20 023B06 023B07 Legend Champion Iron Limited ArcelorMittal Canada Inc Other claims. Road Railway AAA Electric Line City Open Pit 2 KAMI PROJECT Sizeable high-purity iron resource, significantly de-risked by the Project's previous owners → Strategically located near available infrastructure only a few kilometers southeast of Bloom Lake in the province of Newfoundland and Labrador → Expected access to hydroelectric power → Mining friendly jurisdiction with a long. history of supporting iron ore operations Benefits from permitting work completed by the previous owner kilometers -67.25 -66.75 23#24KAMI PROJECT → STUDY HIGHLIGHTS Kami Project study evaluated the production of 9.0M wmt per year of DR grade pellet feed iron ore at above 67.5% Fe Project is estimated to require a 48-month construction period and have a life of mine of 25-years Project flowsheet to rely on proven technologies Potential to access the same rail and port infrastructure as Bloom Lake CHAMPION RON Project expected to hold an industry leading position for emission intensity per tonne of high purity iron ore concentrate produced See disclosure page for statement regarding the Kami Project Study ELI Overburden Crusher Mine Pit CHAMPION IRON ☑ TSX: CIA | ASX: CIA | OTCQX: CIAFF Garage Waste Camp Access Road and Rail Loadout Tailings Management Facility 24#25KAMI STUDY HIGHLIGHTS → ECONOMIC RESULTS → Positive findings of the study, resulting in after tax economics of: Base case NPV of $541M and IRR of 9.8% 3-year trailing prices NPV of $2,195M and IRR of 14.8% → Completion of the study enables the Company to work on strategic partnership opportunities prior to considering a final investment decision CHAMPION IRON ☑ TSX: CIA | ASX: CIA | OTCQX: CIAFF PROJECT ECONOMICS BASE SCENARIO 3-YEAR TRAILING PRICE SCENARIO3 C$ US$ P65 Index price assumption¹ 156.0/t 120.0/t C$ US$ 197.9/t 152.2/t PRE-TAX NPV8% ($M) 1,482M 1,140M 4,034M 3,103M IRR (%) 12.1% 18.0% AFTER-TAX NPV8% ($M) 541M 416M 2,195M 1,688M IRR (%) 9.8% 14.8% CAPEX AND OPEX Initial Capex (M) C1 Total Cash Cost per dmt² C$ US$ 3,864 2,972 76.1 58.5 Total All-in Sustaining Costs per dmt (AISC)² 89.5 68.9 Source: Champion Iron Limited I Notes: 1 Project economics derived from (i) P65 index and lii) an additional premium for DR grade quality iron ore 12 Non-IFRS financial measure, ratio or other financial measure. Refer to the disclaimer at the page 2 of this presentation |2 Including CSR and miscellaneous 13 Based on calendar year 2021 to 2023 | See disclosure page for statement regarding the Kami Project Study 25#26KAMI PROJECT CHAMPION IRON ☑ TSX: CIA | ASX: CIA | OTCQX: CIAFF → Kami Project's expected capital intensity of US$331/wmt of production capacity is competitive with recently completed high-grade concentrate greenfield projects' capital intensity average of US$328/wmt¹ → Recently completed project's capital intensity implies a replacement value for Bloom Lake of nearly US$5B, equivalent to C$12.3/share, without consideration for other assets in the Company's portfolio² 800 HIGH-PURITY FE GREENFIELD COMPLETED PROJECTS CAPEX INTENSITY (2014-2022) (US$/wmt) Capex Intensity (US$/wmt) 600 400 200 0 0 Kami Project to produce DR quality pellet feed iron ore 25 Capacity (Mt) 50 High-grade iron ore projects, critical for the green steel transition, require significant capital investments Sources: 1 Wood Mackenzie data and public company filings; Capital intensity per tonne presented in wet metric tonnes, based on the last trailing five-year average production of projects, excluding direct shipping ore (DSO) projects and Bloom Lake Phase I and Phase II, and based on expected nameplate capacity for projects in commissioning 1 2 Based on 15M wmt per year, C$/US$ exchange rate of 1.34 and fully diluted shares of 537.8M as at February 1, 2024 26#27OUR PEOPLE ARE OUR MOST VALUABLE ASSET CHAMPION IRON ☑ TSX: CIA | ASX: CIA | OTCQX : CIAFF CREATING A POSITIVE IMPACT FOR LOCAL COMMUNITIES WITH OUR EXPERTISE, ROBUST CULTURE AND VALUES H PRIDE INGENUITY RESPECT TRANSPARENCY × UPHOLDING OUR VALUES FOR A SUSTAINABLE FUTURE 27#28THANK YOU! CHAMPION IRON TSX: CIA | ASX: CIA | OTCQX: CIAFF Contact us for more information Michael Marcotte, CFA -Senior Vice-President - Corporate Development and Capital Markets [email protected] 514-316-4858#29APPENDIX: BLOOM LAKE → OPPORTUNITIES BEYOND LOM Released the details of the updated mineral resources and reserves for Bloom Lake on August 22, 2023, including: → Confirmed 18 years life of Mine ("LoM"), based on the mineral reserves, including an average annual production of 15.2M wmt of high purity iron ore concentrate at 66.2% Fe → Expanded opportunity beyond the LoM plan, including an increase to the measured and indicated ("M&I") resources by 40% and an increase to the inferred resources by 360% → Mineral resources and reserves based on a long-term P65 iron ore price of US$110.24/t and US$99.0/t, respectively, compared to the 3 and 5 year average P65 iron ore price of US$148.6/t and US$128.5/t, repectively¹ CHAMPION IRON ☑ TSX: CIA | ASX: CIA | OTCQX: CIAFF TECHNICAL REPORT HIGHLIGHTS Average recovered concentrate (M wmt/year) Life of mine (years) Average LoM operating cost / Total cash cost² (dmt) 15.2 18 years Mining Parameters C$64.6/t Average Stripping Ratio (waste:ore) 0.96 Average Fe Processing Recovery (%) 82.0% Iron Ore Price Parameters LoM average iron price at 66.2% Fe CFR China (based on P65 Index of US$99.0/t) US$100.9/t LoM average ocean freight cost Average Exchange Rate (CAD/USD) US$24.5/t 1.27 UPDATED MINERAL RESOURCES AND RESERVES Mineral Resource Estimate for Bloom Lake (15% Fe Cut-Off Grade, Undiluted) Category Tonnage (M dmt) MgO Fe (%) Cao (%) Al2O3(% Sat (%) (%) ) Measured Indicated Total M+I Inferred 186.7 30.4 1.3 5.5 1.3 0.3 1,065.5 28.4 1.3 6.1 1.2 0.5 1,252.2 28.7 1.3 6.0 1.2 0.5 246.3 26.6 1.4 6.4 1.2 0.5 Mineral Reserve Estimate for Bloom Lake (15% Fe Cut-Off Grade, Diluted) Category Proven Probable Total P&P Diluted Ore Tonnage MgO Fe (%) Cao (%) Sat (%) Al2O3(% (%) ) (M dmt) 183.7 30.0 1.3 5.6 1.3 0.3 532.5 28.1 2.1 9.2 2.0 0.5 716.2 28.6 1.9 8.3 1.8 0.4 Notes: See disclosure page for statement regarding the 2023 Technical Report 11 3 and 5-years average P65 iron ore prices based on calendar years 2018 to 20221 2 LOM operating costs divided by tonnage sold in dmt 29