Champion Iron (CIA) AGM 2024 summary

Opening remarks and agenda

• Meeting held in Montreal and Sydney, confirming quorum and introducing directors, management, and Ernst & Young auditors.

• Voting on all resolutions conducted by ballot, with Computershare as scrutineers.

• Agenda included formal business, Q&A, and a corporate overview of FY2024 and Q1 FY2025.

• Focus on decarbonization solutions for steelmaking and review of financial and directors' reports.

Financial performance review

• FY2024 set records: 14.2M wmt concentrate produced, 11.6M dmt sold, $1,524.3M revenues, $552.5M EBITDA, $234.2M net income, and $0.45 EPS.

• Q1/FY25 EBITDA was $181.2M and EPS $0.16, both higher than Q4/FY24.

• Cash position at $400.1M, with $1.1B in liquidity and $542.0M undrawn loans.

• Total cash cost was $75.9/dmt and all-in sustaining cost $90.9/dmt; cost per ton increased slightly due to logistics and labor.

• Over $100M paid in dividends and significant investments in plant upgrades and sustaining CapEx.

Board and executive committee updates

• Jessica McDonald and Ronnie Beevor appointed to the board during the year.

• Eight directors elected under separate resolutions; all except one offered for re-election.