Champion Iron Subsidiary Prices $500 Million Debt Offering

Champion Iron Limited, has announced that its wholly owned subsidiary, Champion Iron Canada Inc., priced its offering of the $500 million aggregate principal amount of senior notes due 2032 at the issue price of 100%.

The offering was upsized from the previously announced $450 million aggregate principal amount of the Notes. Settlement is expected to take place on or about 2 July 2025, subject to customary conditions precedent.

Interest on the Notes will accrue from 2 July 2025 at a rate of 7.875% per annum and will be payable semi-annually. The Notes will be senior unsecured obligations of the Issuer and will be guaranteed by the Company and certain of its subsidiaries. The Notes will not be quoted on Australian Securities Exchange (ASX) or the Toronto Stock Exchange (TSX).

The company intends to use the net proceeds from the offering to repay the amounts outstanding under its senior credit facilities and for general corporate purposes.

The Notes are being offered and sold in the US only to persons reasonably believed to be qualified institutional buyers in accordance with Rule 144A under the US Securities Act of 1933, and to non-US persons outside the US in compliance with Regulation S under the Securities Act.

The Notes are being offered and sold in certain Canadian jurisdictions on a private placement basis pursuant to certain prospectus exemptions. The Notes are being offered and sold in Australia only to sophisticated or professional investors within the meaning of sections 708(8) and 708(11) of the Australian Corporations Act 2001.

The offer and sale of the Notes have not been and will not be registered under the Securities Act, or the securities laws of any state or other jurisdiction, and the Notes may not be offered or sold in the United States or to U.S. persons absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. This news release is for informational purposes only and shall not constitute an offer to sell or a solicitation of an offer to buy the Notes, nor shall there be any offer, solicitation or sale of the Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Champion Iron

Champion Iron, through its wholly-owned subsidiary Quebec Iron Ore Inc., owns and operates the Bloom Lake Mining Complex located on the south end of the Labrador Trough, approximately 13 km north of Fermont, Québec.

Bloom Lake is an open-pit operation with two concentration plants that primarily source energy from renewable hydroelectric power, having a combined nameplate capacity of 15M Wet Metric Tonnes (WMT) per year that produce lower contaminant high-grade 66.2% iron ore concentrate with a proven ability to produce a 67.5% direct reduction quality iron ore concentrate.

Champion ships iron ore concentrate from Bloom Lake by rail, to a ship loading port in Sept-Îles, Québec, and has delivered its iron ore concentrate globally, including in China, Japan, the Middle East, Europe, South Korea, India and Canada.