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CHAMPION IRON COMPLETES US$230M TERM LOAN FINANCING, INCREASING LIQUIDITY FOR GROWTH OPPORTUNITIES TO DECARBONIZE STEELMAKING

Newswire.ca - Wed Nov 29, 2023

MONTRÉAL, Nov. 29, 2023 /CNW/ - (Sydney, November 30, 2023) - Champion Iron Limited (TSX: CIA) (ASX: CIA) (OTCQX: CIAFF) ("Champion" or the "Company") is pleased to announce that its subsidiary, Quebec Iron Ore Inc. ("QIO"), has agreed with its syndicate of lenders led by Societe Generale (Coordinating Bank, Mandated Lead Arranger and Joint Bookrunner) and Bank of Nova Scotia ("Scotiabank") (Mandated Lead Arranger and Joint Bookrunner) to extend the maturity of its existing US$400 million revolving credit facility from May 2026 to November 2027 and additionally, on a new US$230 million term loan facility maturing in November 2028 with no principal repayment until mid-2026  (the " Financing"). The Financing is expected to significantly increase the Company's available liquidity to support organic growth and development opportunities in line with the Company's vision to contribute to reducing steelmaking emissions.

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