Montréal, May 24, 2018 – Quebec Iron Ore Inc. (“QIO”), a Champion Iron Limited (ASX:CIA) (TSX:CIA) (“Champion” or the “Company”) subsidiary, is pleased to announce that with the completion of the loading of the MV Hubertus Oldendorff at the Port of Sept-Îles, QIO has produced and shipped its first one million tonnes of high-grade 66% iron concentrate from its Bloom Lake Iron Ore Mine (“Bloom Lake”), located near Fermont, Quebec.

The achievement of this significant milestone occurred ahead of schedule and highlights the successful ramp-up of Bloom Lake since the Company announced the mine’s restart in November 2017 and commenced operations at the plant on February 16, 2018. QIO anticipates that the mine will reach its annual full capacity of 7.4 mtpa by the end of June.

The delivery and sale of the Bloom Lake iron ore concentrate to end-users in Asia, Europe and the Middle East via QIO’s off-take partners is being completed at a time where significant premiums are being paid for high quality 66% Fe concentrate versus the 62% Fe benchmark. This is a positive start for a mine that is forecast to generate more than CAD15.1 billion in revenue over the next 20 years, underlining Bloom Lake’s potential to be one of the region’s leading long-life iron ore mines and a major contributor to both the Quebec and Canadian economies.

“We are delighted to have reached this milestone. The Company’s ability to deliver a high-quality iron ore product fully in line with specifications is a testament to the hard work of QIO’s employees and all of our stakeholders. We look forward to continuing to supply global iron ore markets for many years to come”, stated Executive Chairman and CEO of QIO and Champion, Michael O’Keeffe.

About Quebec Iron Ore Inc.

Founded in 2016 by the mining development company Champion Iron Limited, Quebec Iron Ore Inc. is a 100% Quebec-based entity managed by experts from Quebec. The company was mandated to direct the relaunch of the Bloom Lake Mine, a Champion Iron flagship project in Fermont, in northern Quebec.

About Champion Iron Limited

Champion is an iron mining, development and exploration company, focused on developing its significant iron resources in the south end of the Labrador Trough in the province of Québec. Following the acquisition of its flagship asset, the Bloom Lake iron ore property, the Company implemented upgrades to the mine and processing infrastructure and has partnered in projects associated with improving access to global iron markets, including rail and port infrastructure initiatives with government and other key industry and community stakeholders. Champion’s management team includes professionals with mine development and operations expertise, who also have vast experience from geotechnical work to green field development, brown field management including logistics development and financing of all stages in the mining industry.

For further information please contact:

Michael O’Keeffe, Executive Chairman and CEO at Tel. +1 514-316-4858
David Cataford, COO at Tel. +1 514-316-4858
For additional information on Champion Iron Limited, please visit our website at
www.championiron.com

Forward-Looking information
This news release includes certain information that may constitute “forward-looking information” under applicable Canadian securities legislation. All statements, other than statements of historical facts, included in this news release that address the expected restart date of Bloom Lake as well as future activities, events, developments or financial performance constitute forward- looking information. The use of any of the words “will”, “expect”, “anticipate”, “intend”, “believe”, “plan”, “potential”, “outlook”, “forecast”, “estimate” and similar expressions are intended to identify forward-looking information. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information, including the risks identified in Champion’s final short form prospectus relating to a completed equity Offering, annual information form, management’s discussion and analysis and other securities regulatory filings made by Champion on SEDAR (including under the heading “Risk Factors” therein). There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward- looking information. Accordingly, readers should not place undue reliance on forward-looking information. All of Champion’s forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of Champion’s management and information available to management as at the date hereof. Champion disclaims any intention or obligation to update or revise any of its forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.