Champion Iron Project Overview and Cost Structure

CHAMPION'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

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