Kamistiatusset (Kami) Project

Development-stage iron ore project located in the Labrador Trough geological belt in southwestern Newfoundland and Labrador, 21 km southeast of Bloom Lake, southwest of Wabush and Labrador City and east of Fermont, near existing infrastructure. Acquired by Champion in April 2021 from previous owners that had completed several studies. The Kami Project Study (NI 43-101, March 14, 2024) outlines a 25-year LOM producing approximately 9.0 Mwmt/yr of direct reduction (DR) quality iron ore concentrate grading above 67.5% Fe; capex estimated at $3,864M with after-tax NPV of $541M and IRR of 9.8% (conservative pricing) or NPV of $2,195M and IRR of 14.8% (3-yr P65 average pricing). On December 18, 2024 Champion entered into a binding agreement with Nippon Steel and Sojitz to form a partnership for joint ownership and development of Kami: Nippon (30%) + Sojitz (19%) will initially contribute $245M for a 49% equity interest; Champion retains 51% and operatorship. Up to $490M is expected to be contributed by Partners before Champion needs to fund pro-rata. Definitive feasibility study targeted for end of calendar 2026. Construction estimated at 48 months following FID. High-purity iron ore has been designated a critical mineral by the governments of NL, Quebec and Canada.