Montréal, Québec, Canada: Champion Iron Limited (ASX: CIA, TSX: CIA) (“Champion” or the “Company”) is pleased to report that it has appointed the Honourable Wayne Wouters, PC, to its Board of Directors, effective immediately.

Mr. Wouters had a highly accomplished career in public service, including a five year tenure as the Clerk of the Privy Council of Canada, from 2009 to 2014, where he served as Deputy Minister to the Prime Minister, Secretary to the Cabinet and Head of the Public Service. Prior to his tenure as Clerk, Mr. Wouters was Secretary of the Treasury Board of Canada, responsible for all government management and expenditure oversight which included more than 100 departments and agencies, with over 450,000 employees and an annual budget exceeding $250 billion. Mr. Wouters also served in deputy ministerial and other senior positions in the Canadian public service and was inducted as a member of the Privy Council in 2014.

“We are delighted to welcome Wayne Wouters to our Board,” said Michael O’Keeffe, Chairman and Chief Executive Officer of Champion. “Wayne’s distinguished career and extensive experience in government relations, large-scale financial negotations and proven strategic leadership will be valuable to our team and we are excited at the opportunity to work with him.”

Mr. Wouters has also received numerous honorariums and awards, including Honorary Doctorate of Laws degrees from the University of Saskatchewan and University of Manitoba, the Queen’s Diamond Jubilee Medal, the André Mailhot Award for lifetime achievement (United Way Canada’s highest distinction) and the Commonwealth Association for Public Administration Management Gordon Draper Award for lifelong contributions to the advancement of public administration management. Mr. Wouters is a Strategic and Policy Advisor to McCarthy Tétrault LLP and serves as a Director and member of the Audit and Risk Management Committee of the Board of Directors of Blackberry Limited.

November 1 2016

For further information please contact:

Michael O’Keeffe, Executive Chairman and CEO at Tel. +1 514-316-4858

About Champion

Champion has been working on the development of iron ore deposits in the Labrador Trough for more than 10 years through acquisition of tenements, geological evaluation and development of a Feasibility study (Fire Lake North deposit). The management team has a vast experience from geotechnical work to green field development, brown field management including logistics development and financing of all stages in the mining industry.

Prior to the acquisition of Bloom Lake, the main focus of Champion’s activities, holding over 3 billion tons of high quality iron ore resources, were concentrated on the effort to achieve an economical long term access from mine to ship. The Government of Québec has granted CAD $20 million for the feasibility study of a new rail linking Fire Lake / Bloom Lake area to the port of Sept-Îles. This study is being managed by Champion.

Following the acquisition of Bloom Lake the Company’s main focus is to implement upgrades to the mine and processing infrastructure it now owns whilst advancing projects associated with improving access to global markets. This includes progressing rail and port infrastructure initiatives with government and other key industry and community stakeholders.

For additional information on Champion Iron Limited, please visit our website at www.championiron.com.

This news release includes certain information that may constitute “forward-looking information” under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about planned operations at the Company’s projects, including its joint venture projects. 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 annual information forms, management discussion and analysis and other securities regulatory filings 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.

This press release has been prepared by Champion Iron Limited and no regulatory authority has approved or disapproved the information contained herein.