Name of the Project
Direct reduction pellet feed (DRPF) project.

Location
Near the town of Fermont, in north-east Quebec, Canada.

Project Owner/s
Champion Iron.

Project Description
The project will upgrade the Bloom Lake Phase II plant to produce an estimated 7.5-million tonnes a year of DRPF-quality iron-ore at 69% iron, with combined silica and alumina content below 1.2%.

The project has an estimated 20-year life.

Potential Job Creation
The construction phase of the project is expected to create about 150 jobs over two years and an additional 70 permanent jobs once
completed.

Net Present Value/Internal Rate of Return
The pretax net present value, at an 8% discount rate, is estimated at C$1.23-billion, with an internal rate of return of 30.1%.

Capital Expenditure
$470.7-million.

Planned Start/End Date
The project is expected to be completed in the second half of 2025, which is subject to completing key construction milestones in mid-2024.

Latest Developments
None stated.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Champion Iron, tel +1514316 4858 or email info@championironmines.com.