Mr. Alexandre Buissieres reports

CHAMPION IRON ANNOUNCES ITS FY2027 SECOND QUARTER PRELIMINARY RESULTS AND NOTICE OF FINAL RESULTS, CONFERENCE CALL AND WEBCAST DETAILS

Champion Iron Ltd. has released its preliminary production, sales volume and realized prices for the second quarter ended Sept. 30, 2026 (Q2 (second quarter) FY (fiscal year) 2027) of the financial year ending March 31, 2027. These results are preliminary, unaudited and based on management's current estimates, have not been reviewed by the company's auditor, and remain subject to the completion of the company's quarterly financial close and review procedures. Final results may differ from those set out below.

Q2 FY 2027 preliminary operational and unaudited financial results:

• Iron ore concentrate produced of 3.9 million wet metric tonnes;
• Iron ore concentrate sold of 4.5 million dry metric tonnes;
• Net average realized selling price (1) of $89.9 per dry metric tonne and revenues of $403.9-million.

Q2 FY 2027 results conference call and webcast details

The company will host a conference call and webcast with its senior management on Oct. 29, 2026, at 9 a.m. Montreal time (Oct. 30, 2026, at 12 a.m. Sydney time), to review the company's operational and financial results for Q2 (second quarter) FY 2027.

Champion's financial statements and management's discussion and analysis for Q2 FY 2027 will be released before the conference call and webcast and will be available in the financial and regulatory reports section of the company's website, under the company's profile on the Australian Securities Exchange and on SEDAR+. If the final results differ materially from the preliminary results reported in this news release, the company will promptly inform the market in accordance with its continuous disclosure obligations.

An audio webcast of the conference call will be accessible for a period of 90 days through Champion's website.

Access to the conference call

Dial-in for local and overseas:  1-416-945-7677

Dial-in for North America:1-888-699-1199  

Dial-in Australia:  61-2-8017-1385

Webcast:  company website

Replay overseas:  1-289-819-1450

Replay North America:  1-888-660-6345

Replay passcode:  56477 followed by the pound key

Replay expiration:  Thursday, Nov. 5, 2026, at 11:59 p.m. Montreal time (Friday, Nov. 6, 2026, at 3:59 p.m. Sydney time)

About Champion Iron Ltd.

Champion is a high-purity iron ore producer with operations in Canada and Norway. Through Quebec Iron Ore Inc., Champion owns and operates the Bloom Lake mining complex located on the south end of the Labrador Trough, approximately 13 kilometres north of Fermont, Que. 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 15 million wmt (wet metric tonnes) per year that produce low-contaminant high-purity 66.2-per-cent-iron iron ore concentrate with a proven ability to produce a 67.5 per cent Fe direct reduction quality iron ore concentrate. The iron ore concentrate from Bloom Lake is transported by rail, to a shiploading port in Sept-Iles, Que. Benefiting from one of the highest-purity resources globally, Champion is investing to be able to upgrade up to half of the Bloom Lake's mine capacity to a direct reduction quality pellet feed iron ore with up to 69 per cent Fe. Bloom Lake's high-purity and lower-contaminant iron ore products have attracted a premium to the P61 index (formerly, the P62 index).

Champion also owns and operates Rana Gruber AS, a Norwegian iron ore producer based in Mo i Rana, Nordland. With continuous production dating back to the 1960s, Rana Gruber produces approximately 1.8 million dmt (dry metric tonnes) per year of hematite and magnetite iron ore concentrates.

Champion has delivered iron ore concentrates to global markets, including China, Japan, the Middle East, Europe, South Korea, India and Canada. In addition to its producing mines, Champion holds a 51-per-cent interest in the Kami Iron Mine Partnership, jointly owned with Nippon Steel Corp. and Sojitz Corp., through which the Kami project is held. Located approximately 21 kilometres southeast of Bloom Lake, the Kami project benefits from access to existing infrastructure. Champion also holds a portfolio of exploration and development projects in the Labrador Trough, including the Cluster II properties, situated within 60 kilometres south of Bloom Lake.

(1) Net average realized selling price is a non-IFRS (international financial reporting standards) financial measure calculated as revenues divided by iron ore concentrate sold in dry metric tonnes. This measure is not a standardized financial measure under IFRS and may not be comparable with similar financial measures used by other issuers. It should not be considered in isolation or as a substitute for analysis of the company's financial information reported under IFRS. This measure is intended to help investors evaluate the company's performance.

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