Bloom Lake Mining Complex

Wholly-owned open-pit iron ore complex operated through subsidiary Quebec Iron Ore Inc. (QIO) on the south end of the Labrador Trough, approximately 13 km north of Fermont, Quebec. Two concentration plants with a combined nameplate capacity of 15 Mwmt/yr produce low-contaminant high-grade 66.2% Fe iron ore concentrate, with proven ability to deliver 67.5% Fe direct reduction quality material. Originally commissioned in 2010 by previous owners; acquired by Champion in 2016 and restarted in 2018. Phase II expansion was completed in 2022, doubling nameplate capacity. The DRPF (direct reduction quality pellet feed) project will upgrade the second concentration plant to produce approximately 7.5 Mwmt/yr of up to 69% Fe DRPF product; commissioning is scheduled to begin December 2025, with total estimated capex of $470.7M and cumulative spend of $339.5M as at March 31, 2025. Powered by renewable hydroelectricity; concentrate shipped via rail to the Port of Sept-Iles for global delivery (China, Japan, Middle East, Europe, South Korea, India, Canada). Bloom Lake has benefited from over US$4.5 billion in cumulative investments.