Champion Iron Limited announced updated mineral resource and reserve estimates (the Mineral Resource and Reserve Estimate), along with accompanying life-of-mine (LoM) plan, prepared pursuant to National Instrument 43-101 - Standards of Disclosure for Mineral Projects (NI 43-101) for the Bloom Lake Mining Complex ("Bloom Lake"), located near the town of Fermont, in north-eastern Quebec. Highlights: Optimized mine plan, confirming the 18 years' LoM based on the mineral reserves; Expanded opportunity beyond the LoM plan, including an increase to the measured and indicated (M&I) resources by 40% and an increase to the inferred resources by 360%;LoM average iron metallurgical recovery of 82.0% and plant feed grade of 28.6% Fe; Average LoM yearly production of 15.2 million wet metric tonnes of high purity iron ore concentrate at 66.2% Fe. Since the previously issued NI 43-101 Technical Report entitled "Bloom Lake Mine Feasibility Study Phase 2, Fermont, Québec, Canada" with an effective date of June 20, 2019 (the "2019 Technical Report"), additional work programs were completed by the Company, including diamond drilling and advanced modelling to optimize mining and processing of the deposit.

Additionally, a revised assessment of iron ore prices resulted in higher prices assumption compared to the 2019 Technical Report, which, together with the additional work programs, resulted in an increase of 40% in the estimated M&I mineral resources for Bloom Lake. While the LoM plan and the pit designs have been optimized, the change in mineral reserves is not material. SRK Consulting (U.S) Inc. (SRK) was retained to audit the mineral resources model for Bloom Lake completed by the Company.

Since the 2019 Technical Report, the Company drilled an additional 106 core boreholes (18,465 metres), representing an increase of 13% in core boreholes drilled metres. The infill drilling completed at Bloom Lake resulted in the successful conversion of inferred resources to indicated resources. Furthermore, the infill drilling demonstrated continuity of iron mineralization, enabling for grade continuity to be established and estimated.

This, combined with the revised IODEX 65% Fe CFR China Index ("P65") price assumption, resulted in a significantly larger estimated resource pit shell compared to the 2019 Technical Report model. Offsetting this increase in mineral resources includes the depletion of resources based on topographic differences between January 1, 2020, and the forecasted April 1, 2023, accounting for a reduction of the mineral resources by 67 million tonnes. Mineral Reserves: The mineral reserves for Bloom Lake are estimated at 716 million tonnes at an average grade of 28.6% Fe.

The mineral reserve estimate was prepared by the Company and the resource block model was prepared by the Company and audited by SRK. The mineral reserve estimate stated herein is consistent with the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition Standards on mineral resources and reserves (CIM Definition Standards). As such, the mineral reserves are based on M&I mineral resources and do not include any inferred mineral resources, which are classified as waste within the mine design.

While the pits were optimized, their scope and size are very similar to those previously published in the 2019 Technical Report. The pits redesign was based on Pseudoflow shells with an updated cost model and a more conservative iron ore price of USD 99/dmt for P65, compared to the resource shells. Direct Reduction Pellet Feed Project: On January 26, 2023, the Company announced the positive results of a study evaluating the processing and infrastructure required to modify the Bloom Lake Phase II plant to improve its product from a 66.2% Fe iron ore concentrate to a Direct Reduction Pellet Feed quality iron ore at 69% Fe (the "DRPF Project").

The DRPF Project was not considered in the 2023 Technical Report as the project is pending final investment decision. As such, the mine plan, cost model and sales described herein are based entirely on Bloom Lake's current infrastructure and iron ore concentrate quality of 66.2% Fe. The DRPF Project could impact the mineral resources and mineral reserves for Bloom Lake.

Pending a final investment decision and the advancement of the DRPF Project, its impact on the profitability of uneconomic ore should be assessed. As a result, the ultimate pit size, cut-off grades and material routing could be modified.