Champion Iron Project Overview and Cost Structure

Gangue 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

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