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Building the Next
Major Iron Ore Mine
in the Labrador Trough
Corporate Presentation
October 2013

| championironmines.com

FSE: P02

OTCQX: CPMNF
FORWARD-LOOKING STATEMENTS
Certain information contained herein regarding Champion Iron Mines Ltd., including
management’s assessment of future plans & operations, may constitute forward-looking
statements under applicable securities law & 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 & reserve estimates, environmental risks
& ability to access sufficient capital from internal & 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, & 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 Iron Mines Ltd., expressly disclaims any intention &
undertakes no obligation to update any forward looking statements or information as conditions
change.
The historical mineral resources mentioned are strictly historical in nature & are non-compliant
to National Instrument 43-101 mineral resources & mineral reserves standards, & 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
About Champion Iron Mines
Advanced iron ore exploration & development projects located in
Canada’s principal iron ore district, the Labrador Trough
Fermont Holdings (755 km2)
 121 projects in the Fermont Iron Ore District
 Flagship Consolidated Fire Lake North (“CFLN”) Project
Prefeasibility Study (“PFS”) announced Feb. 7, 2013
 5.1 billion tonnes of NI 43-101 compliant Mineral Resource
Estimates of iron ore



910 million tonnes of Measured + Indicated Resources
4,185 million tonnes of Inferred Mineral Resources

 100% direct interest; option to buy back 0.5% of the NSR
for C$1.5 million, resulting in a 2.5% NSR overall)

Attikamagen Project (310 km2)
 1.7 billion tonnes @ 31.3% FeT & a plan for a 2 Mtpa2 DSO project
 Champion retains a 2% NSR in the Attikamagen Project that is owned through
a joint venture between Century Iron Mines and Wuhan3
1. Champion signed a definitive option agreement with Cartier Iron to earn a 65% interest in 7 of its projects (Cluster 3)
2. As reported by Champion Iron’s JV Partner on Mar. 25, 2013 press release
3. As reported in Champion Iron’s October 3, 2013 press release

3
Québec’s Next
Major Iron Ore Mine
CFLN Prefeasibility Study




Feb. 7, 2013 PFS indicated an average production rate of 9.3 Mtpa of
iron concentrate for the 20 year mine life
 First 5 year average: 9.8 Mtpa
Net Present Value of $3.3B at a discounted cash flow rate of 8% with
an Internal Rate of Return of 30.9% & a payback period of 3.4 years

Established Fermont Iron Ore District




Multi-User
Railway
Proposal

Canada produces 47 Mtpa of iron ore concentrate & this is expected to
increase to a total of 200 Mtpa over the next 10 years if all proposed
development projects are realized
Established rail, power & port infrastructure
- Competitive power rates are available
- Port of Sept-Îles is building a world-class 50 Mtpa multi-user wharf
project for the iron ore industry which is on schedule & on budget

4
Capital Structure
Share Data & Cash Position as of September 2013.
Total Shares – Outstanding
Warrants

Options
Total Shares – Fully Diluted

137,400,000
Issued
2,222,222 at $1.50 in Yr 3 (expire Oct. 7, 2013)
7,000,000 at $3.00 (expire May 17, 2015) - Fancamp
15,000,000 at $0.25 (expire July 17, 2015) – Baotou

Outstanding
2,222,222
7,000,000
15,000,000
24,222,222

8.69 M @ C$1.00 (avg. exercise price)
170,312,222

Outstanding Share Market
Capitalization
(based on $0.25 share price)

C$34M

Cash & Receivables

C$15M

Management / Insiders Ownership

~ 26.7%

Analyst Coverage

5
Independent Board Oversight
Over 200 years of combined exploration & mine operations experience
Management Team

Board of Directors
Tom Larsen
CHAIRMAN
Donald A. Sheldon, LLB., B.Eng.
DIRECTOR
Alexander Horvath, B.Eng.
DIRECTOR
William Harding, MBA, ICD.D
DIRECTOR
Francis Sauvé
DIRECTOR
Harry Burgess, P.Eng.
DIRECTOR
Paul Ankcorn
DIRECTOR

Tom Larsen
PRESIDENT & CEO
Miles Nagamatsu
CHIEF FINANCIAL OFFICER
Beat Frei
DIRECTOR OF PROJECT FINANCE
Alexander Horvath, P.Eng.
EXECUTIVE VICE PRESIDENT, EXPLORATION & PROJECT DEVELOPMENT
Martin Bourgoin, P.Geo.
EXECUTIVE VICE PRESIDENT, OPERATIONS
Jean-Luc Chouinard, P.Eng., M.Sc.
VICE PRESIDENT, PROJECT DEVELOPMENT
Jeff Hussey, P.Geo.
VICE PRESIDENT, CORPORATE COMMUNICATIONS
Bruce Mitton, P.Geo.
VICE PRESIDENT, EXPLORATION
Jorge Estepa
VICE PRESIDENT, SECRETARY & TREASURER
Katrina “Kay” Chua
DIRECTOR OF INVESTOR RELATIONS

Committee

Committee Members

AUDIT

Paul Ankcorn (COMMITTEE CHAIRMAN); Francis Sauvé; Harry Burgess

COMP & NOMINATION

Alexander Horvath (COMMITTEE CHAIRMAN); Francis Sauvé; Paul Ankcorn

SPECIAL COMMITTEE

William Harding (COMMITTEE CHAIRMAN); Francis Sauvé, Donald Sheldon

ENVIRONMENT, HEALTH & SAFETY

Donald Sheldon (COMMITTEE CHAIRMAN); Tom Larsen

CORPORATE ADVISORS

Doug Bache; Jérome Cliche

6
Why invest in Champion Iron Mines?
CHM RETAINS 2% NSR

Favourable Operating
Environment

Champion Iron Mines
Competitive Advantage

 Established iron ore mining district:
The southern Labrador Trough

 Fermont Holdings: 12 iron ore
brownfield projects (755 km2)

 Favourable tax environment
(40% tax rebate on exploration
expenditures)

 CFLN Prefeasibility Study of coarse
grained specular hematite surficial
deposits

 Access to low-cost power & close to
rail & port infrastructure

 Québec is a very stable jurisdiction to
develop & operate mines
 The forecast for Iron ore prices over
the mid to long term remain positive
 Skilled labor work force in Québec
 Environmental: Iron ore beneficiation
includes crushing & grinding to
liberate the iron; followed by gravity
& magnetic separation of iron ore
from gangue minerals rather than the
use of reagents

 Easier to liberate
 Deleterious elements in
concentrate are well below
industry specifications limits
 Team with experience in mine start-ups
including construction and
commissioning
 Upside potential for short, mid, & long
term growth is high with 5.1 billion
tonnes of iron ore resources
 Several de-risking initiatives underway
including a multi-user rail solution,
Environmental & Social Impact Study
that is near completion & permit
applications underway
 Closest to the St. Lawrence Seaway &
electrical power infrastructure

7
Global Mineral Resources
NI 43-101 Compliant Mineral Resource Estimates
Consolidated Fire Lake North Mineral Resource Estimates @ 15% FeT cut-off

Deposit
FLN - West*
FLN - East*
FLN - Don Lake
Bellechasse
Oil Can - Oxide
Oil Can - Mixed
Total
*Total Resource under Prefeasibility Study
Total Resource Tonnes (millions)

Measured
tonnes
(millions)
24
3
0

Grade
FeT%
35.4
34.2
21.4

Indicated
tonnes
(millions)
405
262
52

Grade
FeT%
32.6
29.6
26.5

-

-

-

-

27
1,215

35.0

719

31.0

Inferred
tonnes
(millions)
329
192
188
215
972
924
2,821

Grade
FeT%
30.9
28.7
25.3
28.7
33.2
24.1
28.8

3,567

Other Fermont Holdings Mineral Resource Estimates @ 15% FeT cut-off
Harvey-Tuttle
Moire Lake
Other Fermont Projects Total Resources Tonnes
(millions)
Total Fermont Holdings Mineral Resources Tonnes
(millions)

164
27

35.0

30.5

947
417

883

30.9

4,185

23.2
29.4
27.6

5,095

3.567 billion tonnes, out of the 5.1 billion tonnes of global resources, are within the confines of the
CFLN Project; the resource base has the potential to produce up to 35-40 Mtpa of iron concentrate;
that could support an independent rail solution, if necessary. Oil Can has the potential for 16-20 Mtpa.
8
Existing Rail Infrastructure
REGIONAL LOCATION MAP &
INFRASTRUCTURE

Québec North Shore & Labrador Railway
(“QNS&L”):


CFLN PEA Base Case connection to Bloom
Lake railway required 62 km of rail + 32 km of
loops and sidings including 14 km for the CFA1
railway for a total of 94 km of rail



Champion proposed southern multi-user railway
option is 310 km long (see red railway path)



QNS&L links to Sept-Îles & Pointe Noire



Bloom Lake & QNS&L railways are considered
common carriers



Common carriers allocate capacity on a firstcome, first-serve basis

Cartier Railway:




Privately owned by ArcelorMittal


Chemin de Fer Arnaud

Transports ore from ArcelorMittal’s Fire Lake
Mine northward to Mt. Wright concentrator



1

Links Mont Wright to Port-Cartier (Max 30Mtpa)

Within CFLN Project boundary
9
World Class Port of Sept-Îles Infrastructure
Expanding to Meet Demand
Pointe Noire Multi User Wharf
 Completion Mar. 31, 2014; 18 months prior
to “CFLN" startup
 Phase 1: 50 Mtpa for $220M Federal
Government announced $55M funding or
25% of project
 Phase 2: Planning for 100 Mtpa
Port of Sept-Iles
Pointe Noire

Port of Sept-Îles
 RTZ-IOC shipping facility

Port-Cartier

Port of Sept-Iles

Pointe Noire

 ArcelorMittal shipping facility
 $2.1B expansion is underway & will include
concentrator expansion with port & rail
infrastructure upgrades

China Max ship capacity 300kt

 Located 62 km west of Sept-Îles

Courtesy of the Port de Sept Îles

10
11
Site Layout of Consolidated Fire Lake North Project

12
CFLN East & West Deposit Development
February 2013 Prefeasibility Study– Highlights
Feb. 2013 PFS
Pre-Tax Basis

Key Results
Internal Rate of Return (IRR) (8% Discount Rate) 1

30.9%

Undiscounted Cash Flow

$9.0B

Net Present Value @ 5% Discounted Cash Flow

$4.7B

Net Present Value @ 8% Discounted Cash Flow

$3.3B

Net Present Value @ 10% Discounted Cash Flow

$2.6B

Payback Period (8% Discount Rate)

3.4 Years

Pre-production Capital Expenditures:
Direct Operating Costs2

US$1,394.4M (Fire Lake North & Pointe Noire)
US$34.58 per tonne (average 20 years);
US$27.99 per tonne (average years 1 to 5)

Iron Ore Spot Price Assumptions3

US$115 per tonne of concentrate at 62% Fe (years 1 -5)
US$110 per tonne of concentrate at 62% Fe (years 6-20)

Mine-Life

19.6 years

Exchange Rate

$1.00 USD to $1.00 CDN

Overall Stripping Ratio

2.74:1 for the current 20 year mine-life
1.56:1 (years 1-3 of production); 2.02:1 (years 1-5 of operation)

Mineral Resource Estimate (MRE)
East & West Pits

Measured & Indicated Resources 693.5 Mt grading 31.5% FeT (NI43-101)
Inferred Resources 521.6 Mt grading 30.1% FeT @ 15% FeT cut-off (NI43-101)

Proven & Probable Reserves
464.6 million tonnes grading 32.4% Fe at a 15% cut-off grade;
1. This includes railway capital repayment and interest
2. Direct operating costs excludes railway capital repayment & interest
3. Iron ore spot price assumption does not take into account that Champion will be producing a 66% FeTconcentrate and can command a $5 premium
per tonne of extra percentage above 62% FeT.

13
Consolidated Fire Lake North Project
Prefeasibility Study
OPERATING EXPENDITURES (US$/TONNE OF CONCENTRATE)
COST PARAMETERS

AVERAGE 20 YEARS

AVERAGE YEARS 1 to 5

Mining

18.89

12.76

Concentrating, crushing & processing

4.38

3.89

Site infrastructure, sales & general administration

4.05

3.66

Environmental tailings & management

0.13

0.12

Rail transport including lease for rolling stock

4.80

5.42

Port facilities

2.34

2.14

34.58

27.99

Railway capital repayment ($1,133.6M)

6.22

7.40

Railway interest payment ($592.6M)

3.25

7.29

44.05

42.68

Total Direct Operating Cost

Total Operating Cost
PRE-PRODUCTION CAPITAL EXPENDITURES (US$ MILLIONS)
Fire Lake North & Pointe Noire
Total Capital
in
$ MILLIONS

Direct Costs

COST AREA

Indirect Costs

Railway

Mining

133.7

Concentrator & FLN Site Infrastructure

687.7

Pointe Noire

158.2

Owner’s Cost

53.2

Engineering, Procurement, Construction & Mgmt. (EPCM)

106.5

Project Indirect Costs

140.5

Contingency

Total Capital in
$ MILLIONS

COST AREA

114.6
Sub-total

1,394.4

Grand Total (100% of the project)

Railway

200.0

Rolling Stock Leasing

13.4

Sub-total
1,607.9

213.4

14
Consolidated Fire Lake North
Project Schedule
2011
2012
2013
2014
2015
2016
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
CFLN Definition Drilling
Scoping Study
Updated PEA
Metallurgical Results - CFLN, Moire
Lake, Oil Can
Pre-Feasibility Study
Environmental and Social Impact
Assessment (ongoing)
Community Consultation
Oil Can Definition Drilling Planned
Feasibility Study
Permitting
Construction
Production
Legend:
Critical point: Project Schedule will be revised and updated once the feasibility study of the railway solution is confirmed

Completed milestones
Consolidated Fire Lake North Project
Growth Through Development


Prefeasibility Study results released Feb. 7, 2013



Feasibility Study with 20 Mtpa production rate
scope underway



West Pit
Area
East Pit
Area

West (3500m) & East (2400m) Pits are both
synformal fold closures that are open at depth



Don Lake
Area

Mineral Resource Estimate (MRE) announced on
Jan. 9, 2013 (COG 15% FeT):
Measured & Indicated Resources
693.5 M tonnes grading 31.5% total iron (FeT)
Inferred Resources
521.6 M tonnes grading 30.1% total iron (FeT)



Several de-risking initiatives are underway
See www.championironmines.com for reports maps & assays

16
Consolidated Fire Lake North Metallurgy
Press Release, August 1, 2012
 High quality sinter concentrate with very low deleterious elemental content
 Weight recovery @ 40%

 Liberates at 850 micron (-20 mesh) & produces a 65-66% iron concentrate
 Assuming a concentrate with 66% Fe ; No magnetic separation circuit required
 Alumina is 0.52% versus industry standard of 2%
 Silica content is < 5%
 Al2O3 : SiO2 ratio of 0.14 versus the upper industry specification limit of 1
 This very low alumina to silica ratio is an ideal blending product for steel mills

High Grade, Coarse Specular Hematite

Quartz Specular Hematite

17
Consolidated Fire Lake North Project
Economic Projections based on PFS Metrics
Assumptions: 1Projections of an expansion plan at CFLN for a second concentrator production line
are listed in the table below. This projection of an 18-20 Mtpa production rate of iron concentrate is
not NI 43-101 compliant but rather an estimation of mid term potential:
IRR = 34.7%

NPV (M$)

Payback (yrs)

0%

$18,441 M

3.9

5%

$9,400 M

4.1

8%

$6,465 M

4.32

10%

$5,081 M

4.4

Discount Rate

2Payback

period at an 8% discounted rate is estimated from the production start of the 1st
concentrator production line, the payback for the 2nd production line is 1.9 years after it starts based
on the additional CAPEX for the 2nd line of US$587M including indirect (mine and concentrator)
costs, railway capital repayment and interest.

Feasibility Study Objectives:
• Reduce CFLN sustaining capital in the economic model.
• Continue metallurgical test work with the objective of eliminating the second AG mill ($100 million sustaining capital) in year.
• Continue negotiations with Hydro-Québec to find ways to reduce the $217.5 million participation in sustaining capital for the
construction of a new 315 kV power line.
• Review iron ore deposits at both CFLN & Oil Can to increase Measured & Indicated Resources and reduce the overall strip ratio.
• Potential to integrate a Multi User rail solution
18
Fire Lake North Development Project

19
Fire Lake North Development Project

20
Oil Can Project
Initial Mineral Resource Estimate
 Potential for low strip ratio < 1–1.5
 972 Mt of iron oxide grading 33.2% at a
15% iron cut-off

 924 Mt of mixed iron oxide-silicate
mineralization
 This deposit is open at depth
 Orientation metallurgical tests indicate
a relatively coarse liberation grind size
 Commercial grade magnetite sinter feed
concentrate can be produced
 2011 drill program returned long
magnetite-hematite
iron
formation
intersections up to 545 metres in length
 Inferred Resources drilled on 400 metre
sections
To view a larger more detailed version of this map please visit:
http://www.championironmines.com/vns-site/page-oil_can.html

21
Moiré Lake Project
Initial Mineral Resource Estimate: March 29, 2012
Mineral Resource Estimate:
Arcelor Mittal Property Boundary

Indicated Resources:
164 M tonnes grading 30.5% FeT
Inferred Resources:
417 M tonnes grading 29.4% FeT
 DDH LM11-12: 503 M @ 31% FeT

A’

 Kilometric synform with hematite &
magnetite outcrops at surface
 Adjacent to ArcelorMittal Mont-Wright mine

A
500
meters

22
Moiré Lake Project
Infrastructure: Adjacent to Bloom Lake Railway (8km), road, & power

442 Mt @ 30.1% FeT;
Zone B: 285 Mt @ 30.1% FeT

500
meters

23
Oil Can Project
Exploration Upside

South & East Zones
Section 9800N (Facing North)
South Zone
OC11-05

OC11-07

East Zone

OC11-08

OC11-02

OC11-19

OC11-01

Ovb

IF
OC11-07

OC11-019

IF

197.2m @ 26.8%
incl. 145.5 @
28.1%

163.1m @
30.5%
OC11-01

190.9m @
30.6%

OC11-05

303.4m @ 34.7%
incl. 130.8m @
36.5%

OC11-02

401.5m @ 30.7%
incl. 213.5 @
33.1%
OC11-08
545.7m @ 33.7%
incl. 442.3 @
36.4%
200 metres

24
Oil Can Project
Exploration Upside

Central Zone
(Facing Northwest)

OC11-14
OC11-16 OC11-03
OC11-10

Ovb

OC11-014

191.7m @
28.2%
OC11-016

311.4m @ 27.6%
incl. 269.0m @
29.2%

OC11-03

224.0m @ 28.1%
incl. 176.0m @
29.0%

IF

OC11-10

472.2m @ 28.0%
incl. 119.6m @
35.2%

200 metres

25
Oil Can Project TO UPDATE
Exploration Upside

North Zone
Section 5800E (Facing East)
OC11-12

OC11-13

OC11-15

OC11-04

Ovb
OC11-09

OC11-012

221.2m @ 25.0%
incl. 128.9m @
28.7%

IF
OC11-15

OC11-09

292.5m @ 25.8%
incl. 113.8m @
30.4%

OC11-04

328.9m @ 31.5%
Incl. 111.1m @
32.9%

141.5m @ 29.2%
Incl. 179.5m @
OC11-13
32.8%
414.1m @ 25.1%
incl. 139.0m @
29.5%

200 metres

26
Why Invest in
Champion Iron Mines?
CHM
retains
2% NSR



Robust Economics: (CFLN NPV, US$3.3B @ 8%
DCF (PFS Feb. 2013); IRR 30.9%; 3.4 year
payback period

 12 Projects (755 km2) near 5 operating mines;
 5.1 billion tonnes of NI 43-101 compliant
resource




Multi user
Railway
Proposal

Oil Can Deposit:
Initial Resource Estimate 1,896 Mt @ 28.7%

High-Quality CFLN concentrate @ 66%Fe, with low
impurity levels



Experienced team: Exploration, development,
construction, commissioning & operations
management



Financed through to feasibility; Favourable tax
regime; Political support; & known operating
environment

27
Fire Lake North Exploration Camp

Coarse Specular Hematite in Drill Core

Coarse Grained Specular Hematite

28
Thank You
www.championironmines.com
FSE: P02; OTCQX: CPMNF

20 Adelaide Street East, Suite 301, Toronto, ON M5C 2T6

| 416 866 2200

29
Global Steel Production Shows
Continued Demand for Iron Ore
China’s CAGR* is 9.885 over the
last 30 years vs. 2.30% for total
global steel production over the
same period.

1800

IRON ORE IN MILLION TONNES (Mt)

1600

-304

1400

1200
1000

-163.2
-186.6

78.9

-307

-193
-229 -215
-265

-296 -294

-220
80.6 139.3

65.8

Supply
Demand includes China’s domestic
requirements based on its CAGR
Other Countries Production (min.
62% FeT)
South Africa Production (min.
62% FeT)
India Production (min. 62% FeT)
Canada Production (min. 62%
FeT)
Brazil Production (min. 62% FeT)

800
600
400

Australia Production (min. 62%
FeT)
Total Iron Ore Supply (including
<62% FeT)
Total Iron Ore Demand

200
0

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014e 2015e 2016e 2017e

*CAGR: Compound Annual Growth Rate
*e: Estimates

YEAR

Sources: World Steel in Figures 2013, website: www.worldsteel.org; Menzie, Soto-Viruet, Bermudez-Lugo, Mobbs, Perez, Taib, Wacaster, and Staff, Review of Selected Global Mineral Industries in 2011
and an Outlook to 2017, website: http://pubs.usgs.org.gov/of/2013/1091; 2004-2010 USGS Minerals Yearbook [Iron Ore]; Supply –demand balance – Entering the Displacement Cycle, Macquarie
Commodities Research, Paris: EU Iron Ore Conference (October 2013).

30
Labrador Trough Annual Production
Iron Ore Production Upside
Current Annual
Production

Future
Annual Forecast

IOC/RTZ

17 Mtpa

23 Mtpa

ArcelorMittal

16 Mtpa

24 Mtpa

Cliffs Natural Resources (Wisco)

12 Mtpa

20 Mtpa

Labrador Iron Mines

2 Mtpa1

5 Mtpa1

0

50 Mtpa2

Company

Adriana Resources (Wisco)
New Millennium (Tata)

0

4 Mtpa1
24 Mtpa2
2 Mtpa1

Century Iron Mines (Wisco)

0

Champion Iron Mines Limited

0

~20 Mtpa

Alderon Iron Ore Corp. (Hebei)

0

~16 Mtpa

Total Current & Forecasted Production

47

~208 Mtpa

1.
2.

Direct shipping ore
Taconite fine grained iron ore

20 Mtpa2

31
Fermont Iron Ore District
(“FIOD”)
Historically the Fermont & Labrador
mining camps produced 33 Mtpa.
RTZ/IOC = 17 Mtpa; increased now to 24
ArcelorMittal = 13 Mtpa; increased now to 24
Wabush = 3-4 Mtpa
Price
“ Marginal Era”:
For 30-40 years pre-2003
the price per tonne of concentrate
was $15- $30/tonne for 62% Fe,
costs per tonne were similar.

Current 3 year moving average is
$115/tonne (62% Fe)
Current Spot Price Average
~$130-135/tonne (Sept. 2013)
(62% Fe)
32
O’Keefe Purdy Project
Exploration Upside

33
Advanced Exploration
Bellechasse Deposit

Harvey Tuttle Project



Deposit located within CFLN





NI 43-101 Resource Estimate: Inferred Resources

estimate; 215 Mt @ 29% Fe; potential for more



Magnetite rich iron formation



Adjacent to Hwy 389



Synform geometry is favorable for open pit mining

NI 43-101 Inferred Resource Estimate:
717 Mt @ 25% Fe; magnetite rich iron formation
Intersected multiple significant iron formation
intervals in 2010 drill program



Total of 13,165 m of drilling completed



Less than 50% of the kilometric scale magnetic
anomalies have been tested



25 km W-NW of CFLN



Within conveying distance from CFLN planned
concentrator (20-30 km)

34

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Oct. 2013 Champion Corporate Presentation - English

  • 1. Building the Next Major Iron Ore Mine in the Labrador Trough Corporate Presentation October 2013 | championironmines.com FSE: P02 OTCQX: CPMNF
  • 2. FORWARD-LOOKING STATEMENTS Certain information contained herein regarding Champion Iron Mines Ltd., including management’s assessment of future plans & operations, may constitute forward-looking statements under applicable securities law & 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 & reserve estimates, environmental risks & ability to access sufficient capital from internal & 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, & 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 Iron Mines Ltd., expressly disclaims any intention & undertakes no obligation to update any forward looking statements or information as conditions change. The historical mineral resources mentioned are strictly historical in nature & are non-compliant to National Instrument 43-101 mineral resources & mineral reserves standards, & 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 Iron Mines Advanced iron ore exploration & development projects located in Canada’s principal iron ore district, the Labrador Trough Fermont Holdings (755 km2)  121 projects in the Fermont Iron Ore District  Flagship Consolidated Fire Lake North (“CFLN”) Project Prefeasibility Study (“PFS”) announced Feb. 7, 2013  5.1 billion tonnes of NI 43-101 compliant Mineral Resource Estimates of iron ore   910 million tonnes of Measured + Indicated Resources 4,185 million tonnes of Inferred Mineral Resources  100% direct interest; option to buy back 0.5% of the NSR for C$1.5 million, resulting in a 2.5% NSR overall) Attikamagen Project (310 km2)  1.7 billion tonnes @ 31.3% FeT & a plan for a 2 Mtpa2 DSO project  Champion retains a 2% NSR in the Attikamagen Project that is owned through a joint venture between Century Iron Mines and Wuhan3 1. Champion signed a definitive option agreement with Cartier Iron to earn a 65% interest in 7 of its projects (Cluster 3) 2. As reported by Champion Iron’s JV Partner on Mar. 25, 2013 press release 3. As reported in Champion Iron’s October 3, 2013 press release 3
  • 4. Québec’s Next Major Iron Ore Mine CFLN Prefeasibility Study   Feb. 7, 2013 PFS indicated an average production rate of 9.3 Mtpa of iron concentrate for the 20 year mine life  First 5 year average: 9.8 Mtpa Net Present Value of $3.3B at a discounted cash flow rate of 8% with an Internal Rate of Return of 30.9% & a payback period of 3.4 years Established Fermont Iron Ore District   Multi-User Railway Proposal Canada produces 47 Mtpa of iron ore concentrate & this is expected to increase to a total of 200 Mtpa over the next 10 years if all proposed development projects are realized Established rail, power & port infrastructure - Competitive power rates are available - Port of Sept-Îles is building a world-class 50 Mtpa multi-user wharf project for the iron ore industry which is on schedule & on budget 4
  • 5. Capital Structure Share Data & Cash Position as of September 2013. Total Shares – Outstanding Warrants Options Total Shares – Fully Diluted 137,400,000 Issued 2,222,222 at $1.50 in Yr 3 (expire Oct. 7, 2013) 7,000,000 at $3.00 (expire May 17, 2015) - Fancamp 15,000,000 at $0.25 (expire July 17, 2015) – Baotou Outstanding 2,222,222 7,000,000 15,000,000 24,222,222 8.69 M @ C$1.00 (avg. exercise price) 170,312,222 Outstanding Share Market Capitalization (based on $0.25 share price) C$34M Cash & Receivables C$15M Management / Insiders Ownership ~ 26.7% Analyst Coverage 5
  • 6. Independent Board Oversight Over 200 years of combined exploration & mine operations experience Management Team Board of Directors Tom Larsen CHAIRMAN Donald A. Sheldon, LLB., B.Eng. DIRECTOR Alexander Horvath, B.Eng. DIRECTOR William Harding, MBA, ICD.D DIRECTOR Francis Sauvé DIRECTOR Harry Burgess, P.Eng. DIRECTOR Paul Ankcorn DIRECTOR Tom Larsen PRESIDENT & CEO Miles Nagamatsu CHIEF FINANCIAL OFFICER Beat Frei DIRECTOR OF PROJECT FINANCE Alexander Horvath, P.Eng. EXECUTIVE VICE PRESIDENT, EXPLORATION & PROJECT DEVELOPMENT Martin Bourgoin, P.Geo. EXECUTIVE VICE PRESIDENT, OPERATIONS Jean-Luc Chouinard, P.Eng., M.Sc. VICE PRESIDENT, PROJECT DEVELOPMENT Jeff Hussey, P.Geo. VICE PRESIDENT, CORPORATE COMMUNICATIONS Bruce Mitton, P.Geo. VICE PRESIDENT, EXPLORATION Jorge Estepa VICE PRESIDENT, SECRETARY & TREASURER Katrina “Kay” Chua DIRECTOR OF INVESTOR RELATIONS Committee Committee Members AUDIT Paul Ankcorn (COMMITTEE CHAIRMAN); Francis Sauvé; Harry Burgess COMP & NOMINATION Alexander Horvath (COMMITTEE CHAIRMAN); Francis Sauvé; Paul Ankcorn SPECIAL COMMITTEE William Harding (COMMITTEE CHAIRMAN); Francis Sauvé, Donald Sheldon ENVIRONMENT, HEALTH & SAFETY Donald Sheldon (COMMITTEE CHAIRMAN); Tom Larsen CORPORATE ADVISORS Doug Bache; Jérome Cliche 6
  • 7. Why invest in Champion Iron Mines? CHM RETAINS 2% NSR Favourable Operating Environment Champion Iron Mines Competitive Advantage  Established iron ore mining district: The southern Labrador Trough  Fermont Holdings: 12 iron ore brownfield projects (755 km2)  Favourable tax environment (40% tax rebate on exploration expenditures)  CFLN Prefeasibility Study of coarse grained specular hematite surficial deposits  Access to low-cost power & close to rail & port infrastructure  Québec is a very stable jurisdiction to develop & operate mines  The forecast for Iron ore prices over the mid to long term remain positive  Skilled labor work force in Québec  Environmental: Iron ore beneficiation includes crushing & grinding to liberate the iron; followed by gravity & magnetic separation of iron ore from gangue minerals rather than the use of reagents  Easier to liberate  Deleterious elements in concentrate are well below industry specifications limits  Team with experience in mine start-ups including construction and commissioning  Upside potential for short, mid, & long term growth is high with 5.1 billion tonnes of iron ore resources  Several de-risking initiatives underway including a multi-user rail solution, Environmental & Social Impact Study that is near completion & permit applications underway  Closest to the St. Lawrence Seaway & electrical power infrastructure 7
  • 8. Global Mineral Resources NI 43-101 Compliant Mineral Resource Estimates Consolidated Fire Lake North Mineral Resource Estimates @ 15% FeT cut-off Deposit FLN - West* FLN - East* FLN - Don Lake Bellechasse Oil Can - Oxide Oil Can - Mixed Total *Total Resource under Prefeasibility Study Total Resource Tonnes (millions) Measured tonnes (millions) 24 3 0 Grade FeT% 35.4 34.2 21.4 Indicated tonnes (millions) 405 262 52 Grade FeT% 32.6 29.6 26.5 - - - - 27 1,215 35.0 719 31.0 Inferred tonnes (millions) 329 192 188 215 972 924 2,821 Grade FeT% 30.9 28.7 25.3 28.7 33.2 24.1 28.8 3,567 Other Fermont Holdings Mineral Resource Estimates @ 15% FeT cut-off Harvey-Tuttle Moire Lake Other Fermont Projects Total Resources Tonnes (millions) Total Fermont Holdings Mineral Resources Tonnes (millions) 164 27 35.0 30.5 947 417 883 30.9 4,185 23.2 29.4 27.6 5,095 3.567 billion tonnes, out of the 5.1 billion tonnes of global resources, are within the confines of the CFLN Project; the resource base has the potential to produce up to 35-40 Mtpa of iron concentrate; that could support an independent rail solution, if necessary. Oil Can has the potential for 16-20 Mtpa. 8
  • 9. Existing Rail Infrastructure REGIONAL LOCATION MAP & INFRASTRUCTURE Québec North Shore & Labrador Railway (“QNS&L”):  CFLN PEA Base Case connection to Bloom Lake railway required 62 km of rail + 32 km of loops and sidings including 14 km for the CFA1 railway for a total of 94 km of rail  Champion proposed southern multi-user railway option is 310 km long (see red railway path)  QNS&L links to Sept-Îles & Pointe Noire  Bloom Lake & QNS&L railways are considered common carriers  Common carriers allocate capacity on a firstcome, first-serve basis Cartier Railway:   Privately owned by ArcelorMittal  Chemin de Fer Arnaud Transports ore from ArcelorMittal’s Fire Lake Mine northward to Mt. Wright concentrator  1 Links Mont Wright to Port-Cartier (Max 30Mtpa) Within CFLN Project boundary 9
  • 10. World Class Port of Sept-Îles Infrastructure Expanding to Meet Demand Pointe Noire Multi User Wharf  Completion Mar. 31, 2014; 18 months prior to “CFLN" startup  Phase 1: 50 Mtpa for $220M Federal Government announced $55M funding or 25% of project  Phase 2: Planning for 100 Mtpa Port of Sept-Iles Pointe Noire Port of Sept-Îles  RTZ-IOC shipping facility Port-Cartier Port of Sept-Iles Pointe Noire  ArcelorMittal shipping facility  $2.1B expansion is underway & will include concentrator expansion with port & rail infrastructure upgrades China Max ship capacity 300kt  Located 62 km west of Sept-Îles Courtesy of the Port de Sept Îles 10
  • 11. 11
  • 12. Site Layout of Consolidated Fire Lake North Project 12
  • 13. CFLN East & West Deposit Development February 2013 Prefeasibility Study– Highlights Feb. 2013 PFS Pre-Tax Basis Key Results Internal Rate of Return (IRR) (8% Discount Rate) 1 30.9% Undiscounted Cash Flow $9.0B Net Present Value @ 5% Discounted Cash Flow $4.7B Net Present Value @ 8% Discounted Cash Flow $3.3B Net Present Value @ 10% Discounted Cash Flow $2.6B Payback Period (8% Discount Rate) 3.4 Years Pre-production Capital Expenditures: Direct Operating Costs2 US$1,394.4M (Fire Lake North & Pointe Noire) US$34.58 per tonne (average 20 years); US$27.99 per tonne (average years 1 to 5) Iron Ore Spot Price Assumptions3 US$115 per tonne of concentrate at 62% Fe (years 1 -5) US$110 per tonne of concentrate at 62% Fe (years 6-20) Mine-Life 19.6 years Exchange Rate $1.00 USD to $1.00 CDN Overall Stripping Ratio 2.74:1 for the current 20 year mine-life 1.56:1 (years 1-3 of production); 2.02:1 (years 1-5 of operation) Mineral Resource Estimate (MRE) East & West Pits Measured & Indicated Resources 693.5 Mt grading 31.5% FeT (NI43-101) Inferred Resources 521.6 Mt grading 30.1% FeT @ 15% FeT cut-off (NI43-101) Proven & Probable Reserves 464.6 million tonnes grading 32.4% Fe at a 15% cut-off grade; 1. This includes railway capital repayment and interest 2. Direct operating costs excludes railway capital repayment & interest 3. Iron ore spot price assumption does not take into account that Champion will be producing a 66% FeTconcentrate and can command a $5 premium per tonne of extra percentage above 62% FeT. 13
  • 14. Consolidated Fire Lake North Project Prefeasibility Study OPERATING EXPENDITURES (US$/TONNE OF CONCENTRATE) COST PARAMETERS AVERAGE 20 YEARS AVERAGE YEARS 1 to 5 Mining 18.89 12.76 Concentrating, crushing & processing 4.38 3.89 Site infrastructure, sales & general administration 4.05 3.66 Environmental tailings & management 0.13 0.12 Rail transport including lease for rolling stock 4.80 5.42 Port facilities 2.34 2.14 34.58 27.99 Railway capital repayment ($1,133.6M) 6.22 7.40 Railway interest payment ($592.6M) 3.25 7.29 44.05 42.68 Total Direct Operating Cost Total Operating Cost PRE-PRODUCTION CAPITAL EXPENDITURES (US$ MILLIONS) Fire Lake North & Pointe Noire Total Capital in $ MILLIONS Direct Costs COST AREA Indirect Costs Railway Mining 133.7 Concentrator & FLN Site Infrastructure 687.7 Pointe Noire 158.2 Owner’s Cost 53.2 Engineering, Procurement, Construction & Mgmt. (EPCM) 106.5 Project Indirect Costs 140.5 Contingency Total Capital in $ MILLIONS COST AREA 114.6 Sub-total 1,394.4 Grand Total (100% of the project) Railway 200.0 Rolling Stock Leasing 13.4 Sub-total 1,607.9 213.4 14
  • 15. Consolidated Fire Lake North Project Schedule 2011 2012 2013 2014 2015 2016 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 CFLN Definition Drilling Scoping Study Updated PEA Metallurgical Results - CFLN, Moire Lake, Oil Can Pre-Feasibility Study Environmental and Social Impact Assessment (ongoing) Community Consultation Oil Can Definition Drilling Planned Feasibility Study Permitting Construction Production Legend: Critical point: Project Schedule will be revised and updated once the feasibility study of the railway solution is confirmed Completed milestones
  • 16. Consolidated Fire Lake North Project Growth Through Development  Prefeasibility Study results released Feb. 7, 2013  Feasibility Study with 20 Mtpa production rate scope underway  West Pit Area East Pit Area West (3500m) & East (2400m) Pits are both synformal fold closures that are open at depth  Don Lake Area Mineral Resource Estimate (MRE) announced on Jan. 9, 2013 (COG 15% FeT): Measured & Indicated Resources 693.5 M tonnes grading 31.5% total iron (FeT) Inferred Resources 521.6 M tonnes grading 30.1% total iron (FeT)  Several de-risking initiatives are underway See www.championironmines.com for reports maps & assays 16
  • 17. Consolidated Fire Lake North Metallurgy Press Release, August 1, 2012  High quality sinter concentrate with very low deleterious elemental content  Weight recovery @ 40%  Liberates at 850 micron (-20 mesh) & produces a 65-66% iron concentrate  Assuming a concentrate with 66% Fe ; No magnetic separation circuit required  Alumina is 0.52% versus industry standard of 2%  Silica content is < 5%  Al2O3 : SiO2 ratio of 0.14 versus the upper industry specification limit of 1  This very low alumina to silica ratio is an ideal blending product for steel mills High Grade, Coarse Specular Hematite Quartz Specular Hematite 17
  • 18. Consolidated Fire Lake North Project Economic Projections based on PFS Metrics Assumptions: 1Projections of an expansion plan at CFLN for a second concentrator production line are listed in the table below. This projection of an 18-20 Mtpa production rate of iron concentrate is not NI 43-101 compliant but rather an estimation of mid term potential: IRR = 34.7% NPV (M$) Payback (yrs) 0% $18,441 M 3.9 5% $9,400 M 4.1 8% $6,465 M 4.32 10% $5,081 M 4.4 Discount Rate 2Payback period at an 8% discounted rate is estimated from the production start of the 1st concentrator production line, the payback for the 2nd production line is 1.9 years after it starts based on the additional CAPEX for the 2nd line of US$587M including indirect (mine and concentrator) costs, railway capital repayment and interest. Feasibility Study Objectives: • Reduce CFLN sustaining capital in the economic model. • Continue metallurgical test work with the objective of eliminating the second AG mill ($100 million sustaining capital) in year. • Continue negotiations with Hydro-Québec to find ways to reduce the $217.5 million participation in sustaining capital for the construction of a new 315 kV power line. • Review iron ore deposits at both CFLN & Oil Can to increase Measured & Indicated Resources and reduce the overall strip ratio. • Potential to integrate a Multi User rail solution 18
  • 19. Fire Lake North Development Project 19
  • 20. Fire Lake North Development Project 20
  • 21. Oil Can Project Initial Mineral Resource Estimate  Potential for low strip ratio < 1–1.5  972 Mt of iron oxide grading 33.2% at a 15% iron cut-off  924 Mt of mixed iron oxide-silicate mineralization  This deposit is open at depth  Orientation metallurgical tests indicate a relatively coarse liberation grind size  Commercial grade magnetite sinter feed concentrate can be produced  2011 drill program returned long magnetite-hematite iron formation intersections up to 545 metres in length  Inferred Resources drilled on 400 metre sections To view a larger more detailed version of this map please visit: http://www.championironmines.com/vns-site/page-oil_can.html 21
  • 22. Moiré Lake Project Initial Mineral Resource Estimate: March 29, 2012 Mineral Resource Estimate: Arcelor Mittal Property Boundary Indicated Resources: 164 M tonnes grading 30.5% FeT Inferred Resources: 417 M tonnes grading 29.4% FeT  DDH LM11-12: 503 M @ 31% FeT A’  Kilometric synform with hematite & magnetite outcrops at surface  Adjacent to ArcelorMittal Mont-Wright mine A 500 meters 22
  • 23. Moiré Lake Project Infrastructure: Adjacent to Bloom Lake Railway (8km), road, & power 442 Mt @ 30.1% FeT; Zone B: 285 Mt @ 30.1% FeT 500 meters 23
  • 24. Oil Can Project Exploration Upside South & East Zones Section 9800N (Facing North) South Zone OC11-05 OC11-07 East Zone OC11-08 OC11-02 OC11-19 OC11-01 Ovb IF OC11-07 OC11-019 IF 197.2m @ 26.8% incl. 145.5 @ 28.1% 163.1m @ 30.5% OC11-01 190.9m @ 30.6% OC11-05 303.4m @ 34.7% incl. 130.8m @ 36.5% OC11-02 401.5m @ 30.7% incl. 213.5 @ 33.1% OC11-08 545.7m @ 33.7% incl. 442.3 @ 36.4% 200 metres 24
  • 25. Oil Can Project Exploration Upside Central Zone (Facing Northwest) OC11-14 OC11-16 OC11-03 OC11-10 Ovb OC11-014 191.7m @ 28.2% OC11-016 311.4m @ 27.6% incl. 269.0m @ 29.2% OC11-03 224.0m @ 28.1% incl. 176.0m @ 29.0% IF OC11-10 472.2m @ 28.0% incl. 119.6m @ 35.2% 200 metres 25
  • 26. Oil Can Project TO UPDATE Exploration Upside North Zone Section 5800E (Facing East) OC11-12 OC11-13 OC11-15 OC11-04 Ovb OC11-09 OC11-012 221.2m @ 25.0% incl. 128.9m @ 28.7% IF OC11-15 OC11-09 292.5m @ 25.8% incl. 113.8m @ 30.4% OC11-04 328.9m @ 31.5% Incl. 111.1m @ 32.9% 141.5m @ 29.2% Incl. 179.5m @ OC11-13 32.8% 414.1m @ 25.1% incl. 139.0m @ 29.5% 200 metres 26
  • 27. Why Invest in Champion Iron Mines? CHM retains 2% NSR  Robust Economics: (CFLN NPV, US$3.3B @ 8% DCF (PFS Feb. 2013); IRR 30.9%; 3.4 year payback period  12 Projects (755 km2) near 5 operating mines;  5.1 billion tonnes of NI 43-101 compliant resource   Multi user Railway Proposal Oil Can Deposit: Initial Resource Estimate 1,896 Mt @ 28.7% High-Quality CFLN concentrate @ 66%Fe, with low impurity levels  Experienced team: Exploration, development, construction, commissioning & operations management  Financed through to feasibility; Favourable tax regime; Political support; & known operating environment 27
  • 28. Fire Lake North Exploration Camp Coarse Specular Hematite in Drill Core Coarse Grained Specular Hematite 28
  • 29. Thank You www.championironmines.com FSE: P02; OTCQX: CPMNF 20 Adelaide Street East, Suite 301, Toronto, ON M5C 2T6 | 416 866 2200 29
  • 30. Global Steel Production Shows Continued Demand for Iron Ore China’s CAGR* is 9.885 over the last 30 years vs. 2.30% for total global steel production over the same period. 1800 IRON ORE IN MILLION TONNES (Mt) 1600 -304 1400 1200 1000 -163.2 -186.6 78.9 -307 -193 -229 -215 -265 -296 -294 -220 80.6 139.3 65.8 Supply Demand includes China’s domestic requirements based on its CAGR Other Countries Production (min. 62% FeT) South Africa Production (min. 62% FeT) India Production (min. 62% FeT) Canada Production (min. 62% FeT) Brazil Production (min. 62% FeT) 800 600 400 Australia Production (min. 62% FeT) Total Iron Ore Supply (including <62% FeT) Total Iron Ore Demand 200 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014e 2015e 2016e 2017e *CAGR: Compound Annual Growth Rate *e: Estimates YEAR Sources: World Steel in Figures 2013, website: www.worldsteel.org; Menzie, Soto-Viruet, Bermudez-Lugo, Mobbs, Perez, Taib, Wacaster, and Staff, Review of Selected Global Mineral Industries in 2011 and an Outlook to 2017, website: http://pubs.usgs.org.gov/of/2013/1091; 2004-2010 USGS Minerals Yearbook [Iron Ore]; Supply –demand balance – Entering the Displacement Cycle, Macquarie Commodities Research, Paris: EU Iron Ore Conference (October 2013). 30
  • 31. Labrador Trough Annual Production Iron Ore Production Upside Current Annual Production Future Annual Forecast IOC/RTZ 17 Mtpa 23 Mtpa ArcelorMittal 16 Mtpa 24 Mtpa Cliffs Natural Resources (Wisco) 12 Mtpa 20 Mtpa Labrador Iron Mines 2 Mtpa1 5 Mtpa1 0 50 Mtpa2 Company Adriana Resources (Wisco) New Millennium (Tata) 0 4 Mtpa1 24 Mtpa2 2 Mtpa1 Century Iron Mines (Wisco) 0 Champion Iron Mines Limited 0 ~20 Mtpa Alderon Iron Ore Corp. (Hebei) 0 ~16 Mtpa Total Current & Forecasted Production 47 ~208 Mtpa 1. 2. Direct shipping ore Taconite fine grained iron ore 20 Mtpa2 31
  • 32. Fermont Iron Ore District (“FIOD”) Historically the Fermont & Labrador mining camps produced 33 Mtpa. RTZ/IOC = 17 Mtpa; increased now to 24 ArcelorMittal = 13 Mtpa; increased now to 24 Wabush = 3-4 Mtpa Price “ Marginal Era”: For 30-40 years pre-2003 the price per tonne of concentrate was $15- $30/tonne for 62% Fe, costs per tonne were similar. Current 3 year moving average is $115/tonne (62% Fe) Current Spot Price Average ~$130-135/tonne (Sept. 2013) (62% Fe) 32
  • 34. Advanced Exploration Bellechasse Deposit Harvey Tuttle Project  Deposit located within CFLN   NI 43-101 Resource Estimate: Inferred Resources  estimate; 215 Mt @ 29% Fe; potential for more  Magnetite rich iron formation  Adjacent to Hwy 389  Synform geometry is favorable for open pit mining NI 43-101 Inferred Resource Estimate: 717 Mt @ 25% Fe; magnetite rich iron formation Intersected multiple significant iron formation intervals in 2010 drill program  Total of 13,165 m of drilling completed  Less than 50% of the kilometric scale magnetic anomalies have been tested  25 km W-NW of CFLN  Within conveying distance from CFLN planned concentrator (20-30 km) 34