SATISFACTION OF MINIMUM SHAREHOLDER ACCEPTANCE CONDITION OF RECOMMENDED VOLUNTARY CASH OFFER FOR RANA GRUBER

The most recent news (March 11, 2026) confirms that Champion Iron has satisfied the minimum shareholder acceptance condition for its voluntary cash offer to acquire Rana Gruber ASA. Approximately 90.07% of Rana Gruber shareholders have accepted the offer of NOK 79 per share. This threshold is critical as it allows Champion to initiate a compulsory acquisition (squeeze-out) of the remaining shares under Norwegian law, ensuring 100% ownership. This follows the February 4, 2026, completion of a US$100 million private placement with La Caisse to fund the deal.

This is a Material - Positive development. It marks the successful execution of the company’s first major international acquisition, transforming Champion from a single-site operator at Bloom Lake into a multi-asset producer. - Strategic Diversification: Adds a proven, high-purity operation in Norway with proximity to European steel mills (3 days sailing time). - Financial Accretion: Rana Gruber is already profitable (trailing profit of NOK 333M) and provides immediate cash flow to offset the tail end of the Bloom Lake CapEx cycle. - Synergies: The acquisition aligns with Champion’s "Green Steel" strategy, as Rana Gruber is also moving toward Direct Reduction (DR) grade production. - Execution Risk Reduction: Reaching the 90% threshold removes the risk of being stuck with a minority interest and allows for full operational integration.

Champion Iron is a high-purity iron ore producer. Its flagship project is the Bloom Lake Mining Complex in Quebec, Canada, which has a nameplate capacity of 15M tpa. The company is currently commissioning the DRPF project to upgrade 7.5M tpa of its capacity to 69% Fe DR-quality ore. With the acquisition of Rana Gruber, the company adds a second production hub in Norway (approx. 2M tpa).