Mr. Michael Marcotte reports

CHAMPION IRON COMPLETES THE ACQUISITION OF RANA GRUBER

Payment instructions have been effectuated for the payment and completion of Champion Iron Ltd.'s previously disclosed voluntary cash tender offer to acquire all of the issued and outstanding shares of Rana Gruber ASA, a leading Norwegian producer of high-purity iron ore, at a price of 79 Norwegian kroner per share in cash. Acceptances of the offer were received from a total of 34,297,377 shares held by Rana Gruber's shareholders, representing 92.48 per cent of the issued and outstanding share capital and voting rights of Rana Gruber.

Champion's chief executive officer, David Cataford, said: "The closing of this transaction marks a defining milestone for Champion. Combining our businesses strengthens our leadership as a sustainable supplier of high-purity iron ore produced with a low-carbon footprint, while preserving the culture, expertise and pride that define both companies. Rana Gruber's proximity to European customers complements Bloom Lake's high-purity products and its direct reduction pellet feed project, currently in the commissioning phase. We look forward to working closely with Rana Gruber's team to unlock value for our stakeholders and continue to positively impact our host communities."

Rana Gruber's chief executive officer, Gunnar Moe, added: "Today marks the beginning of a new chapter for Rana Gruber. For more than 60 years, we have built a strong operational track record and earned a trusted position as a leading supplier of high-purity iron ore to the European steel industry. This transaction brings together complementary assets and a shared vision to strengthen our leadership position in the iron ore market. Champion's strong alignment with our strategy, values and commitment to sustainability provides a solid foundation to support our long-term ambitions. We are confident that our collaboration with the Champion team will enhance our ability to create value for our employees, customers and the Mo i Rana community."

Following completion of the offer, Champion intends to carry out a compulsory acquisition of the remaining shares of Rana Gruber in accordance with applicable Norwegian securities laws, and to take steps to delist Rana Gruber's shares from Euronext Oslo Bors. Champion will now turn its focus to collaborating with the Rana Gruber team to maximize the opportunities created with the transaction while minimizing the potential impact for the Rana Gruber employees and Mo i Rana community.

Transaction strategic benefits, including:

• Long life-of-mine asset in a stable jurisdiction with access to renewable power;
• Proven iron ore producer with continuous production dating back to the 1960s, with over 1.8 million tonnes of high-purity iron ore produced in 2025, including a project to upgrade production to 65-per-cent-iron iron ore concentrate;
• History of generating robust cash flow margins and net profits, supported by competitive all-in sustaining costs and proximity to customers;
• Expansion of Champion's product portfolio, including different blends of high-purity hematite iron ore concentrate and magnetite specialty product used in the chemical industry which attract premiums to the Platts Iodex 65-per-cent-iron CFR China index;
• Creation of a larger and more diversified high-purity iron ore producer with opportunities to collaborate on sales strategy, including an established customer focus in Europe, further diversifying the company's sales mix;
• Expected near-term accretive impact per ordinary share of Champion's revenue, earnings before interest, taxes, depreciation and amortization, and cash flows from operating activities;
• Financial leverage ratios maintained near preannouncement existing levels through the financing structure;
• Aligned vision to service the green steel supply chain with Rana Gruber's recent upgrade to 65-per-cent-iron iron ore concentrate and potential opportunity for additional grade improvements; and
• Receipt of a strategic investment by Caisse de depot et placement du Quebec, underscoring its continued commitment to the company, while enabling the expansion and diversification of its asset base both within Quebec and across international markets.

Transaction financing

The purchase price for the transaction, in an aggregate of approximately $300-million (U.S.), and the related fees and expenses were financed from a combination of cash on hand, the net proceeds of Champion's $100-million (U.S.) equity private placement with the Caisse and a new secured term loan facility in the amount of $150-million (U.S.) established pursuant to the company's syndicated credit facility. In connection with the transaction, the company and certain of its subsidiaries thereto refinanced, effective on April 1, 2026, the company's syndicated credit facility to, among other things, extend its maturity to four years, establish the term loan facility and make certain other modifications to the $400-million (U.S.) senior secured revolving credit facility established pursuant to the credit facility, including to take into account the transaction. The term loan was solely underwritten and led by Bank of Nova Scotia and later syndicated with co-lead arranger Societe Generale. The term loan included participation from Royal Bank of Canada, TD Securities, Export Development Canada, National Bank of Canada and Desjardins Group, which all act as mandated lead arrangers and joint bookrunners on the syndicated revolving facility, in addition to participation from several other leading Canadian and international groups.

Clarksons Securities AS is acting as financial adviser for Champion while Advokatfirmaet BAHR AS, Stikeman Elliott LLP, Ashurst LLP and McCarthy Tetrault LLP are acting as legal advisers to Champion.

About Champion Iron Ltd.

Champion, 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 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 wet metric tonnes per year that produce lower-contaminant high-purity 66.2-per-cent-iron iron ore concentrate with a proven ability to produce a 67.5-per-cent-iron direct reduction quality iron ore concentrate. Benefiting from one of the highest-purity resources globally, Champion is investing to upgrade half of the Bloom Lake's mine capacity to a direct reduction quality pellet feed iron ore with up to 69 per cent iron. Bloom Lake's high-purity and lower-contaminant iron ore products have attracted a premium to the P62 index. Champion ships iron ore concentrate from Bloom Lake by rail, to a shiploading port in Sept-Iles, Que., and has delivered its iron ore concentrate globally, including in China, Japan, the Middle East, Europe, South Korea, India and Canada. In addition to Bloom Lake, Champion holds a 51-per-cent equity interest in Kami Iron Mine Partnership, an entity also owned by Nippon Steel Corp. and Sojitz Corp., which owns the Kami project. The Kami project is located near available infrastructure, only 21 kilometres southeast of Bloom Lake. Champion also owns a portfolio of exploration and development projects in the Labrador Trough, including the Cluster II portfolio of properties, located within 60 kilometres south of Bloom Lake.

About Rana Gruber Rana AS

Gruber is a Norwegian high-purity iron ore producer based in Mo i Rana, Nordland, with the owned properties benefiting from a heritage tracing back over 200 years of mining expertise. Rana Gruber was established in 1964 and listed on the Oslo Stock Exchange in 2021. Rana Gruber's current mining operations draw from an underground operation and nearby open pits, and benefits from an extensive resource base to potentially maintain current production levels for decades. The mining area is connected by a common carrier railway approximately 35 kilometres from its coastal processing plant, which has direct access to its dedicated port facility. Rana Gruber extracts and processes natural mineral resources to produce different types of iron ore concentrate. Accordingly, the company produces two different hematite iron ore concentrates, including a recent project upgrade to 65-per-cent-iron quality, intended primarily for steel production with customers focused in Europe. Additionally, Rana Gruber produces a magnetite iron ore concentrate, a high-purity iron oxide product that finds use in sectors outside of traditional metallurgy, such as water purification and industrial chemical applications focused in Europe, and has attracted a premium to the P65 index through time. With its access to renewable power, the company benefits from one of the lowest carbon emissions per tonne of iron ore concentrate in the global industry.

Qualified person

Vincent Blanchet, PEng, engineer at Quebec Iron Ore Inc., is a qualified person as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects), has reviewed and approved, or has prepared, as applicable, the disclosure of the scientific and technical information contained in this press release, and has confirmed that the relevant information is an accurate representation of the available data and studies for the relevant projects. Mr. Blanchet is a member of the Ordre des ingenieurs du Quebec.

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