Champion Iron (CIA) AGM 2026 summary

Opening remarks and agenda

• Meeting held on August 26, 2026 (Montréal) and August 27, 2026 (Sydney), confirming quorum, introducing board and management, and including directors attending in person and via phone from multiple locations.

• Auditors from Ernst & Young present to address audit-related questions; meeting formalities and voting procedures explained, with all voting conducted by ballot.

• Agenda included review of financial statements, remuneration report, director elections, and potential spill resolution, with a focus on decarbonization solutions for steelmaking.

Financial performance review

• Produced 14.17M WMT and sold 15.03M DMT of concentrate, reducing site stockpiles and achieving $1.77B in revenues and $168.7M net income.

• Ore recovery reached 79.5%, with total cash cost at $78.5/DMT and all-in sustaining cost at $94.9/DMT.

• Cash and restricted cash stood at $352.9M, with $971.1M in debt and $515.6M in available loans as of March 31, 2026; as of June 30, 2026, cash, equivalents, working capital, and available loans totaled $0.9B.

• Liquidity expected to benefit from sales of iron ore concentrate inventories held by QIO and Rana Gruber.

• No major environmental issues reported since Bloom Lake's recommissioning in 2018.

Board and executive committee updates

• Seven directors stood for reelection and were elected under separate resolutions: Michael O'Keeffe, Louise Grondin, David Cataford, Jyothish George, Gary Lawler, Ronnie Beevor, and Michelle Cormier.

• Board recommended voting in favor of director appointments, with each director abstaining from recommending on their own resolution.