Champion Iron Limited announced that its unionized employees represented by the Syndicat des Métallos (the "Métallos"), representing approximately 63% of the workforce at the Bloom Lake mine ("Bloom Lake"), voted against the Company's proposed terms towards a new collective bargaining agreement ("CBA") and voted in favor of a strike action mandate (the "Strike Mandate"). The Strike Mandate enables the Métallos to initiate at any time a strike if the ongoing discussions do not conclude in a new CBA. While negotiations continued over the last few days, including a mediation process, the parties did not come to an agreement in principle for a new CBA.

 The Company remains collaborative with the Métallos to find common grounds for a new CBA. The Strike Mandate and ongoing discussions do not impact operations at Bloom Lake at this time. The Company believes to have proposed fair and equitable terms for a new CBA.

The Company's offer carefully balances the needs of its employees to protect their individual buying power, considering inflationary pressures, and reflects industry competitive dynamics. Benefiting from significant liquidity and stockpiled iron ore concentrate, the Company is well positioned to mitigate the impacts of a potential strike on its operations and financial position.