Penguin Lake (Cluster III)

Exploration-stage iron ore property near the closed Lac Jeannine Mine, in a series of claims known as Cluster III. The claims were optioned to Cartier Silver Corporation (formerly Cartier Iron Corporation); Champion Iron Limited holds 45% of the property. The main asset is the Penguin Lake deposit. Cluster III also includes a series of small deposits near Round Lake, north-west of Penguin Lake. Resource estimate based on a February 3, 2014 technical report with effective date May 1, 2013. Estimate is disclosed as historical, non-compliant with NI 43-101 or the JORC Code, and should not be relied upon. Total historical inferred resource is 535 Mt (239 Mt attributable to Champion based on 45% interest) at 33.1% Fe.