1. Building the Next Major Iron Ore
Mine in the Labrador Trough
Corporate Presentation
December 2011
FSE: P02

2. FORWARD-LOOKING STATEMENTS
Certain information contained herein regarding Champion Minerals Inc., including
management’s assessment of future plans and operations, may constitute forward-looking
statements under applicable securities law and necessarily involve risks, including but not
limited to risks associated with mining exploration, operating costs, production costs, volatility
of share prices, currency fluctuations, imprecision of resource and reserve estimates,
environmental risks and ability to access sufficient capital from internal and external sources.
As a consequence, actual results may differ materially from those anticipated in any forward
looking statements. Plans, intentions or expectations disclosed in any forward-looking
statements or information should not be read as guarantees of future results or events, and will
not necessarily be accurate indications of whether or when or by which such results or events
will be achieved.
Except as required by law, Champion Minerals Inc., expressly disclaims any intention and
undertakes no obligation to update any forward looking statements or information as conditions
change.
The historical mineral resources mentioned are strictly historical in nature and are non-
compliant to National Instrument 43-101 mineral resources and mineral reserves standards,
and should therefore not be relied upon. A qualified person has not done sufficient work to
upgrade or classify the historical mineral resources as current National Instrument NI-43-101
compliant.
2

3. About Champion Minerals
Advanced iron ore exploration and development projects located in
Canada’s principal iron ore district, the Labrador Trough
Fermont Projects
 The flagship project is Fire Lake North, which is currently in the
development stage
 Over 2.2 billion tonnes of NI 43-101 compliant
iron ore resources
 Champion Minerals holds an 82.5% direct interest, 3% NSR (C$3
million to buyback 1% of NSR)*
Attikamagen Property
 Champion Minerals holds a
100% interest
 Century Iron Mines Corp. has
option to earn up to a 60% interest
in the property by spending
C$13 million by May 2014**
* Fancamp Exploration Ltd. holds remaining 17.5% interest; CHM can earn
3
an additional 2.5% interest upon completing a bankable feasibility study.
** Announced investment by WISCO of 25% ($60M) and Minmetals of 5%
($12M)

4. Canada’s Next Iron Ore Mine
Fire Lake North (FLN) Development Project
 PEA indicates ability to produce 8.7 million tonnes of concentrate per
annum for the first 25 years of a 40-year mine life  the first five years will
average approximately 10 million tonnes of concentrate per annum
 Net Present Value of $4 billion at a discounted cash flow rate of 8% with
an Internal Rate of Return of 41.5% and a payback period of 2.3 years
 Updated FLN Mineral Resource Estimate in October 2011 for a total of 1.06
billion tonnes
− Measured and Indicated Resources of 400.1 million tonnes grading
30.6% total iron
− Inferred Resources of 661.2 million tonnes grading 27.7% total iron
Established Iron Ore District
 Canada’s premier iron ore district  Currently produces 44 mtpy of iron ore
concentrate, which is expected to grow to 200 mtpy of iron ore concentrate over
the next 10 years
 Established rail, power and port infrastructure
- Commitment by Quebec’s Plan Nord to invest $80 billion over the next 25
years in northern Quebec infrastructure projects
- Competitive power rates (~ $0.04 - $0.045 negotiated price)
- Initiative for world-class port facilities underway
Proven Team
 Strengthened the advisory board and the board of directors to include former
Consolidated Thompson Iron Mines management and officers
4

5. Capital Structure
Share Data and Cash Position as of November 30, 2011.
Shares Outstanding 88.0 million
Warrants 6.9 million @ C$1.50
(450,000 @ C$1.15 expiring 04/2012
2.7 million @ C$1.50 expiring 04/2012
2.9 million @ C$1.50 expiring 10/2012, of which 75%
are owned by insiders and advisors.)
Options 11.0 million @ C$1.00
Fully Diluted Shares Outstanding 106.1 million
Market Capitalization C$114.4 million
(based on $1.30 share price)
Cash Position C$19.5 million
Fully Diluted Cash Position C$41.0 million
Debt (Purchase of 17.5% Fermont Interest from C$0.5 million
Sheridan Platinum Group)
Management Ownership ~ 8%
Analyst Coverage Canaccord Genuity
Fraser Mackenzie
Haywood Securities
Jennings Capital
Macquarie Capital Markets
Paradigm Capital
RBC Capital Markets
Salman Partners 5

6. Experienced Management Team
Over 200 years of combined exploration and mine operations experience
Board of Directors Management Team
Tom Larsen Tom Larsen
Chairman President and CEO
Alexander Horvath, P.Eng. Alexander Horvath, P.Eng.
Director Executive Vice President, Exploration
Jean Depatie Martin Bourgoin, P. Geo.
Director Executive Vice President, Operations
Ashwath Mehra Jeff Hussey, P.Geo.
Director Executive Vice President, Development
Donald A. Sheldon, LLB., P.Eng. Bruce Mitton, P.Geo.
Director Vice President, Exploration
Paul Ankcorn Jean-Luc Chouinard, P.Eng.
Director Director of Projects
Francis Sauve Miles Nagamatsu, CA
Director Chief Financial Officer
Joseph S. C. Chan Jorge Estepa
Director Vice President, Secretary-Treasurer
Advisory Board: Richard Quesnel, Mick McMullen and Doug Bache
Project Finance Advisor: Marc Duchesne
6

7. Global Steel Production Shows
Continued Demand for Iron Ore
1,600,000
1,400,000
China’s CAGR* is 9.88% over
the last 30 years vs. 2.30% for
1,200,000
total global steel production
over the same period.
1,000,000
China
800,000 Japan
Rest of the
600,000 World
400,000
200,000
-
1980 1985 1990 1995 2000 2005 2010
Source: World Steel Association website
* Compound annual growth rate
7

8. Why Champion Minerals?
Favourable Operating Champion Minerals’
Environment Competitive Advantage
• Established iron ore • Portfolio of 17 iron
mining district  the ore properties
Labrador Trough (brownfields to
• Favourable tax development)
environment • Development-stage
(40% tax rebate on Fire Lake North
exploration Project contains
expenditures) coarse grained
• Access to low-cost specular hematite 
power and close to easy to liberate
rail and port − Close to surface
infrastructure − Deleterious
• Government elements are
investment in below industry
northern Quebec  specifications
$80 billion over the • Team of experienced
next 25 years project developers
and mine builders
8

9. Rail Infrastructure
Quebec North Shore & Labrador
Railway (“QNS&L”)
High  QNS&L links to Sept-Iles and Pointe Noire
Voltage
Power
 Bloom Lake and QNS&L railways are
Lines considered common carriers
Cluster 1  Common carriers allocate capacity on a
Cluster 2 first-come, first-serve basis
 Fire Lake North connection to Bloom Lake
Cluster 3 rail will require 94 km of new rail – includes
loop and sidings (November 2011 Preliminary
Economic Assessment Update)
Cartier
QNS&L  Alternative transportation/haulage options
Private
Rail are under consideration eg. Fractional
Common ownership of a made in Quebec rail
Rail
Carrier solution through private-public partnership
(PPP) being examined
Three Ports/ Cartier Railway: Linked to Port-Cartier
Stockpile
Locations  Privately owned by ArcelorMittal
St Lawrence Seaway  Adjacent to west of Fire Lake North
9

10. Multi-User Port Infrastructure
Expanding to Meet Demand
Port of Sept-Iles
 RTZ-IOC shipping facility
Pointe Noire
 Cliffs Natural Resources shipping
facilities Sept-Iles
 New multi-user port to be expanded
in two phases: phase one
expansion of 40-50 Mtpy and phase Pointe Noire
two expansion of 100 Mtpy
Port-Cartier
 ArcelorMittal shipping facility
 $2.1B expansion is underway and
will include concentrator expansion
with port and rail infrastructure
upgrades China Max ship capacity 300kt
 Located 62 km west of Sept-Iles
Courtesy of the Port de Sept Isles
10
10

12. Moire Lake Project
Exploration Upside
• Recent drill results included 503
Arcelor Mittal Property Boundary
metres grading 31% total iron
(LM11-12 news release date)
• Potential to significantly increase
historical resources estimated at
101 million tonnes grading 31%
iron
• Hematite and magnetite
outcrops at surface
• Completing a 10,400 metre 500
program meters
• Mineral resource estimate due
Q4 2011
12

13. Oil Can Project
Exploration Upside
 First three drill holes of 8,000 metres planned program intersected magnetite-
hematite iron formation from 191 metres to 402 metres in length
 Drill hole OC11-02 intersected 401.5 metres grading 30.7% Total Iron including
a 213.5 metres interval grading 33.1% Total Iron
TABLE 1 – SELECTED* COMPOSITE ASSAY RESULTS (HOLES OC11-01 to OC11-03)
HOLE-ID HOLE LENGTH AZIMUTH DIP FROM TO INTERVAL** GRADE***
metres degrees degrees metres metres metres Total Fe%
OC11-01 396 260 -45 185.42 376.31 190.89 30.6
OC11-02 594 310 -45 188.53 590.03 401.50 30.7
including 246.86 460.40 213.54 33.1
OC11-03 372 250 -45 40.58 264.60 224.02 28.1
including 76.58 216.58 140.00 30.0
* Selected Composite Assay Resultsare stated only for results recently received. The Selected Composites are not necessarily representative of the average grade
or thickness of the mineral zones or potential resource.
** Intervals are down-hole lengths and not true widths of the mineral zones.
*** Grades are calculated from Total Fe% sample assays completed by ALS Chemex Laboratories using the “High Grade/Ores Method” and XRF analysis.
13

14. Oil Can Project
Exploration Upside
 Four drill holes completed on the South Zone at Oil Can were drilled on
sections spaced approximately 400 metres (m) apart, along the estimated
1,300 m strike length of a crescent-shaped magnetic anomaly
 Nearing completion of 2011 drill program at Oil Can with two drill rigs drilling
the final holes
TABLE 2 - SELECTED* COMPOSITE ASSAY RESULTS (HOLES OC11-04 to OC11-08)
HOLE-ID HOLE LENGTH AZIMUTH DIP FROM TO INTERVAL** GRADE***
metres degrees degrees metres metres metres Total Fe%
South Zone
OC11-05 545.00 020 -45 241.56 545.00 303.44 34.7
including 407.24 538.00 130.76 36.5
OC11-07 370.67 250 -45 83.82 281.00 197.18 26.8
including 83.82 229.36 145.54 28.1
OC11-08 616.00 180 -50 67.00 612.73 545.73 33.7
Including 67.00 509.34 442.34 36.4
North Zone
OC11-04 543.00 360 -45 Assay results pending
OC11-06 520.00 290 -45 Assay results pending
Selected Composite Assay Results are stated only for results recently received. The Selected Composites are not necessarily representative of the average grade
or thickness of the mineral zones or potential resource.
** Intervals are down-hole lengths and not true widths of the mineral zones.
*** Grades are calculated from Total Fe% sample assays completed by ALS Chemex Laboratories using the “High Grade/Ores Method” and XRF analysis.
14

15. Fermont Project Resource Base
Current NI 43-101 Compliant Resources
Over 2.2 billion tonnes of
NI 43-101 compliant iron ore resources
1000 947
900 Measured
800 and
Indicated
700 661 (M&I)
600
500
400
400
300
215
200
100
0
Project Bellechasse Fire Lake North Harvey Tuttle
Location Quebec, Canada Quebec, Canada Quebec, Canada
Grade 28.7% 30.6% (M&I) 23.2%
27.7% (Inferred)
Mineralization Magnetite Specular Hematite Magnetite
Historical 91 Mt @ 30.0% Iron 41 Mt @ 31.0% iron n/a
Resources
* 15 % cut-off grade
15

16. Development
Activities
Fire Lake North Project

17. Fire Lake North Project
Growth through Development
 PEA indicates ability to produce 8.7 million tonnes of concentrate per
annum for the first 25 years of a 40-year mine life  the first five years
will average almost 10 million tonnes of concentrate per annum
− Net Present Value of $4 billion at a discounted cash flow rate of 8%
with an Internal Rate of Return of 41.5% and a capital payback
period of 2.3 years.
 Recent mineral resource update
announced (October 6, 2011)
− Measured and Indicated Resources
of 400.1 million tonnes grading
30.6% total iron
− Inferred Resources of 661.2 million
tonnes grading 27.7% total iron
 Metallurgy indicates coarse-grained
ore with liberation grind size similar to
RTZ/IOC and ArcelorMittal operations
17

18. Fire Lake North - Metallurgy
 High grade and coarse grained deposits with higher grade zones (See Below Left)
 Gravity separation is the typical beneficiation technique in the Fermont
mining camp; magnetic separation is not included in the current mill design
 Deposits of quartz specularite iron ore are typical of the Fermont area
− Coarser grind (-850 microns / -20 mesh) (0.85mm) means that this product will
be sold as sinter feed that comprises 80% of the global iron ore market.
− The low deleterious element levels should command a premium price.
Above: High Grade - Coarse Specular Above: Typical Quartz-Specular
Hematite Hematite-Magnetite Mineralization 18

19. Fire Lake North Development Project
 The new interpretation versus the initial PEA block model and open-pit outline
Hornblende
Iron Fm.
Lean Iron Fm.
Marble
Basement
November 2010
PEA
Open Pit Outline 100 m
November 2010 PEA
New geological interpretation Sub-Vertical Zones were
from 2011 drilling for PEA update interpolated
Looking North
East Pit area: Section 2600 N
19

20. Fire Lake North Development Project
November 2011 Preliminary Economic Assessment Update – Highlights
Key Results Pre-Tax Basis
Internal Rate of Return (IRR) (8% Discount Rate) 41.5%
Undiscounted Cash Flow US$10.9B
Net Present Value @ 5% Discounted Cash Flow US$5.6B
Net Present Value @ 8% Discounted Cash Flow US$4.0B
Based upon the following Discounted Cash Flow
Net Present Value @ 10% assumptions: US$3.2B
Payback Period (8% Discount Rate) 2.3 Years
 Capital Costs: US$1,368 million (includes rail and port infrastructure)
 Operating Costs: US$51.01 per tonne (average 25 years);
US$39.46 per tonne (average years 1 to 5)
 Price assumptions: US$115 per tonne of concentrate at 65% Fe
 Mine-Life: 40 years (average of 8.7 million tonnes/year for the first 25 years)
 Exchange rate: $1.00 USD to $1.00 CDN
 Total Resources(1): 400 million tonnes grading 30.6% Fe (NI43-101 Measured and Indicated Resources)
661 million tonnes grading 27.7% Fe (NI43-101 Inferred Resources)
 In Pit Resources 921.8 million tonnes grading 28.8% Fe at an 8% cut-off grade
20

21. Fire Lake North Project
Preliminary Economic Assessment Study
OPERATING EXPENDITURES (US$/TONNE OF CONCENTRATE)
COST PARAMETERS AVERAGE 25 YEARS AVERAGE YEARS 1 TO 5
Mining 22.56 12.13
Concentrating, crushing and processing 4.52 3.97
Site infrastructure, sales and general administration 4.40 3.39
Environmental tailings and management 0.29 0.26
Rail transport 15.52 16.14
Port facilities 3.72 3.57
Total 51.01 39.46
Equipment Lease Cost (not included in above total) 1.67 5.17
CAPITAL EXPENDITURES (US$ MILLIONS)
COST CENTRES $ MILLIONS
Pre-stripping of open pit areas 97.5
Concentrator and site infrastructure including loadout facilities 682.3
Railway (62km distance and 94km total including turnaround loop and sidings) 228.8
Port Facilities: Railcar unloading, stacker/reclaimer, conveyors 96.8
Environmental and Tailings Management 27.9
Other Pre Production Costs 34.0
Sub-total 1,167
Contingency 201
Total 1,368 21

22. Fire Lake North Timeline
Development to Production Project Schedule
2011 2012 2013 2014 2015
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Diamond Drilling
Scoping Study
Feasibility Study
Environmental / Social Studies
Community Consultation
Permitting
Construction
Production
22

23. Exploration Activities and
Development Milestones
Updated PEA on Fire Lake North Completed
Initial NI 43-101 Mineral Resource
Q1 2012
Estimate for Moire Lake
Drilling at O’Keefe Purdy Project
Completed
(hematite target)
Drilling at Oil Can Project (adjacent to
Ongoing
Fire Lake North)
Metallurgical testing at Fire Lake North,
Bellechasse, Harvey Tuttle, Moire Lake, Ongoing
O’Keefe Purdy and Oil Can Lake projects
Feasibility study on Fire Lake North Q2/Q3 2012
23

24. Why Invest in
Champion Minerals?
Quebec Government investment of $80 billion over
25 years (“Plan Nord”)
Fire Lake North is at development project 
positive economics
17 highly prospective iron ore properties in Canada’s
established iron ore mining district
Experienced management team of project developers
and mine builders
Good cash position  fully funded into 2012
Favourable tax environment
Access to low-cost power and close to rail and port
24

25. Thank You
25
25

26. APPENDIX:
Exploration
Activities
2011 Exploration Program

27. 2011 Exploration Program
Focused on resource definition and expansion at Fire Lake North
2011 Exploration Drilling 2011-2012
Project 2011 Joint Venture Budget ($)
Program (metres) Development Plan
Fire Lake North 21,000 PEA +1,500 F/S MRE, PEA/FS 13,200,000
Moire Lake 9,300 MRE, PEA 5,500,000
Bellechasse 900 MRE 550,000
Harvey-Tuttle Deferred to 2012 -- --
O’Keefe -Purdy 5,900 MRE 3,500,000
Oil Can Lake 8,000 MRE, PEA 4,700,000
Midway 1,100 -- 650,000
Hope Lake Deferred to 2012 -- --
Claire Lake Deferred to 2012 -- --
47,700 28,100,000
 Drilling from the 2011 drilling programs will be used to conduct Mineral
Resource Estimates (MRE), to update the Preliminary Economic
Assessments (PEA) on Fire Lake North and to define the scope for a
Feasibility Study (FS)
27

28. Advanced Exploration
Bellechasse Project Harvey Tuttle Project
 NI 43-101 Inferred Resource Estimate:
 NI 43-101 Inferred Resource Estimate: 215Mt
717Mt @ 25% iron; magnetite rich
@ 29% Iron; Magnetite Rich iron formation
 Intersected multiple significant iron
 Historical Resources increased from 91Mt formation intervals in 2010 drill program
remaining upside potential.
 Total of 13,165m of drilling completed
 Less than 50% of the kilometric scale
magnetic anomalies have been tested
 Metallurgical tests underway
 Located 25 km NW of Fire Lake North
 Within conveying distance from Fire Lake
North planned concentrator (20-30km)
28

29. O’Keefe Purdy Project
Exploration Upside
• Historical Resources of 51 Mt @ 37% Iron
• Potential to double resources minimally with deposits listed above and
obvious untested iron formation strike length
• 2011 exploration program (3 drill rigs)
29

30. Labrador Trough Annual Production
Iron Ore Production Upside
Company Current Annual Projected
Production Annual Forecast
IOC/RTZ 17 mtpy 26 mtpy1
ArcelorMittal 13 mtpy 24 mtpy2
Cliffs Natural Resources 12 mtpy 28 mtpy
(Wuhan)
Labrador Iron Mines 2 mtpy 5 mtpy
Adrianna Resources (Wuhan) 0 50 mtpy
New Millennium (Tata) 0 27 mtpy
Century Iron Mines (Wuhan) 0 ~20 mtpy
Champion Minerals 0 ~18 mtpy
Alderon Iron Ore Corp. 0 ~8 mtpy
Total current and forecasted 44 ~ 200 mtpy
production
1. Possibility of expanding production up to 50 mtpy
2. Possibility of expanding production to 50 mtpy
30