Champion Iron Project Overview and Cost Structure
KAMI 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
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