CHAMPION IRON REPORTS STRONG FY2019 FOURTH QUARTER AND YEAR-END RESULTS

Champion Iron Limited delivered exceptional performance in its inaugural year of operations at the Bloom Lake iron ore mine, achieving record production of 6,994,500 wet metric tonnes of iron ore concentrate. This milestone represents a significant accomplishment for the company as it transitions from development to full-scale production operations in Quebec's iron ore district.

The strong production results were accompanied by the company's ability to maintain low operating costs while simultaneously improving its balance sheet position. This combination of high production volumes and cost discipline demonstrates the operational efficiency of the Bloom Lake facility and validates Champion Iron's development strategy for the asset.

The successful ramp-up at Bloom Lake positions Champion Iron as a notable new entrant in the global iron ore market, particularly given the current supply dynamics and strong demand from steelmakers. The achievement of record production in the first operational year suggests the potential for continued strong performance as the company optimizes its operations.

For the broader iron ore sector, Champion Iron's successful production milestone adds meaningful new supply capacity to the North American iron ore market. The company's focus on maintaining low costs while scaling production could provide competitive advantages in varying market conditions and supports the long-term viability of Canadian iron ore operations in the global marketplace.