Champion Iron Project Overview and Cost Structure
APPENDIX: 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
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