1. Building the Next Major Iron Ore
Mine in the Labrador Trough
Corporate Presentation
January, 2012
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.
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3. About Champion Minerals
Advanced iron ore exploration and development projects located in
Canada’s principal iron ore district, the Labrador Trough
Fermont Projects (710 km2)
 Over 17 projects in the Fermont Quebec mining camp
 The flagship Fire Lake North Project is currently in feasibility stage
 Over 2.2 Billion tonnes of NI 43-101 compliant iron ore resources
hosted in 3 projects in close proximity to one another
 Champion Minerals holds an 82.5% direct interest, 3% NSR (C$3
million to buyback 1% of NSR)*
 Fermont neighours are ArcelorMittal and Cliffs Resources
Attikamagen (310 km2)
 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 an
additional 2.5% interest upon completing a bankable feasibility study.
** Announced investment by WISCO of 25% ($60M) and Minmetals of 5% ($12M)
3

4. Quebec’s Next Major Iron Ore Mine
Fire Lake North (FLN) Development Project
 Nov. 21 2011 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
 FLN Mineral Resource Estimate (Oct. 2011): 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 produces 44 mtpy of iron ore concentrate in the southern end of the
Labrador Trough  this is expected to grow to 200 mtpy over the next 10 years if
all proposed development projects are realized.
 Established rail, power and port infrastructure
- Quebec’s Plan Nord: $80 billion investment over the next 25 years in
northern Quebec for various projects including infrastructure projects
- Competitive power rates: ~ $0.04 - $0.045; price to be negotiated in 2012
- Initiative for world-class port facilities underway
Proven Team
 Strengthened advisory board and board of directors includes former Consolidated
Thompson Iron Mines management and officers
4

5. Capital Structure
Share Data and Cash Position as of December 31, 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 12.5 million @ C$1.04
Fully Diluted Shares Outstanding 107.6 million
Market Capitalization C$114.4 million
(based on $1.30 share price)
Cash Position C$16.5 million
Fully Diluted Cash Position C$41.0 million
Management Ownership ~ 8%
Analyst Coverage Canaccord Genuity
Fraser Mackenzie
Haywood Securities
Jennings Capital
Macquarie Capital Markets
Paradigm Capital
RBC Capital Markets
Salman Partners
Stifel Nicolaus
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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, P.Geo. 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
Richard Quesnel: Senior Technical Advisor and Head of the Advisory Board
Advisory Board: Richard Quesnel, Mick McMullen, and Doug Bache
Project Finance Advisor: Marc Duchesne 6

7. Why invest in Champion Minerals?
Favourable Operating Champion Minerals’
Environment Competitive Advantage
• Established iron ore • Fermont: 17 iron ore
mining district  the (710 km2) brownfield
Labrador Trough projects
• Favourable tax • Feasibility Stage Fire
environment Lake North Surface
(40% tax rebate on Deposits contain
exploration expenditures) coarse grained
• Access to low-cost power specular hematite 
and close to rail and port  Easier to liberate
infrastructure  Deleterious elements
• Quebec`s Plan Nord  are below industry
$80 billion over the next specifications limits
25 years
• Experienced team of
• Quebec is known to be a project developers and
world class area to mine builders
develop mines
• Upside Potential for
• Unprecedented Iron Ore Growth
Price Range and Forecast
• Several De-Risking
• Skilled Labor Work Force Initiatives Underway
7

8. Attikamagen
Rail Infrastructure
Quebec North Shore & Labrador
Railway (“QNS&L”)
High
Voltage  QNS&L links to Sept-Iles and Pointe Noire
Power
Lines  Bloom Lake and QNS&L railways are
Cluster 1 considered common carriers
Cluster 2  Common carriers allocate capacity on a
first-come, first-serve basis
Cluster 3 Fermont  Fire Lake North PEA Base Case connection
to Bloom Lake railway requires 94 km of rail
– includes turnaround loop and sidings
Cartier
QNS&L  Participation in a private multi user rail
Private
Rail solution as an alternative transportation /
Common haulage option is also under study
Rail
Carrier
Cartier Railway: Linked to Port-Cartier
 Privately owned by ArcelorMittal
Three Ports/
Stockpile  Adjacent to the west of Fire Lake North Proj.
Locations
St Lawrence Seaway
8

9. Multi-User Port Infrastructure
Expanding to Meet Demand
Port of Sept-Iles
 RTZ-IOC shipping facility
Pointe Noire
 50Mtpy Multi User Port Project to be
announced; Phase 2 Planning…. Sept-Iles
 Cliffs Natural Resources shipping
facility
Pointe Noire
 New multi-user port to be expanded
in two phases: phase one expansion
of 40-50 Mtpy and phase two
expansion of 100 Mtpy
Port-Cartier
 ArcelorMittal shipping facility
 $2.1B expansion is underway and China Max ship capacity 300kt
will include concentrator expansion
with port and rail infrastructure
upgrades
 Located 62 km west of Sept-Iles
Courtesy of the Port de Sept Isles
9
9

10. Development: Fire Lake North Project
Oil Can Project 6 km
from FLN Concentrator

12. 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 liberation
grind size similar to RTZ/IOC
and ArcelorMittal operations nearby
 Feasibility Study underway; Several
project studies initiated in 2011
See www.championminerals.com for reports maps and assays 12

13. Fire Lake North - Metallurgy
 Deposits are coarser grained; at -24 to -28 mesh the SiO2 content is low (3-4%) ;
SPI tests indicate a relatively soft ore; 2nd Phase of tests underway
 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
− Coarse liberation grind size (600-850 microns / 20 to 28 mesh) ; product will
be sold as sinter fines ; 80% of the global iron ore market seeks this product
− Low deleterious elemental levels will help to secure market share
High Grade - Coarse Specular Hematite Typical Quartz-Specular
Hematite-Magnetite Mineralization 13

14. Fire Lake North Development Project
14

15. Fire Lake North Development Project
15

16. 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
16

17. 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 17

18. Fire Lake North Project Schedule
Development, Construction, and Production
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
18

19. 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.
19

20. 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
 2011 drill program completed at Oil Can ; Mineral Resource Estimate Q1 2012
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.
20

21. Moire Lake Project
Exploration Upside
• 2011: 10,400m drill program completed
Arcelor Mittal Property Boundary
• Mineral Resource Estimate Q1 2012
• Drill results include: 503 metres
grading 31% total iron (LM11-12)
• Potential to significantly increase
Historical Resource: 101 million tonnes
grading 31% iron
• Kilometric Synform with
Hematite and Magnetite
outcrops at surface
500
• Adjacent to the East of meters
ArcelorMittal Mont Wright Mine
• 10 km from QNS&L Railway
21

22. 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
22

23. Milestones
Fire Lake North Definition Drilling Ongoing
Updated PEA on Fire Lake North Completed
Initial NI 43-101 Mineral Resource
Q1 2012
Estimate for Moire Lake Project
O’Keefe Purdy Drill Results Remaining Q1 2012
Initial NI 43-101 Mineral Resource
Estimate for Oil Can Project Q1 2012
(adjacent to Fire Lake North Project)
Metallurgical results at Fire Lake North,
Q1-Q2 2012
Moire Lake, and Oil Can Projects
Fire Lake North Feasibility Study Q3 2012
Fire Lake North Construction Start Q4 2013
Fire Lake North Production 2015
23

24. Why Invest in
Champion Minerals?
Fire Lake North NPV: $4 Billion @ 8% DCF & adjacent Oil Can
17 Brownfield Projects (710 km2) near 5 operating mines
Experienced Management Team: Developers & Mine Builders
Good cash position  Favourable tax environment
Quebec`s Plan Nord: $80 billion over 25 years
Access to low-cost power and close to rail and port
Multi User Port is planned ; Trans-Shipping is an option
Several Railway options are under study
Iron Price Range and Forecasts is Unprecedented
Upside Potential of Adjacent Fermont Projects & Attikamagen
Several De-Risking Initiatives Underway for Fire Lake North
Project
24

25. Exploration Projects
Fire Lake North
Exploration Camp
Coarse Grained
Specular Hematite

26. O’Keefe Purdy Project
Exploration Upside
2 km
o November 30, 2011 Press Release; O’Keefe NW Occurrence:
Drill hole OP11-06 intersected 124 metres of specular hematite-rich iron
formation grading 34.1% Total Iron; including 109 m grading 37% FeT.
o Drill Hole OP11-08, located 200m away intersected 155.6 m grading
29.7% FeT including an 87.4 m interval grading 37.1% FeT.
26

27. 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
 Historical Resources increased from 91Mt  Intersected multiple significant iron formation
remaining upside potential. intervals in 2010 drill program
 Adjacent to Hwy 389; 10km from Fire Lake North  Total of 13,165m of drilling completed
 Synform Geometry is good for Open Pit  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)
27

28. 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
Adriana 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
28

29. 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
600,000 Rest of the
World
400,000
200,000
-
1980 1985 1990 1995 2000 2005 2010
Source: World Steel Association website
* Compound annual growth rate
29

30. Thank You
30
30

31. Iron Ore Types
Coarse Grained Specular Hematite
Direct Shipping Ore
Coarse Grained Specular Hematite Magnetite Rich Taconite 31

32. Fermont Iron
Ore District
(“FIOD”)
32