CHAMPION IRON TO LAUNCH CASH TENDER OFFER TO ACQUIRE RANA GRUBER, RECEIVES FINANCIAL SUPPORT FROM LA CAISSE AND A TERM LOAN COMMITMENT FROM SCOTIABANK

MONTRÉAL, Dec. 21, 2025 /CNW/ – SYDNEY, December 22, 2025 – Champion Iron Limited (TSX: CIA) (ASX: CIA) (OTCQX: CIAFF) ("Champion" or the "Company") today announced that it has entered into a transaction agreement (the "Transaction Agreement") with Rana Gruber ASA ("Rana Gruber"), a leading Norwegian producer of high-grade iron ore, on terms of a conditional recommended voluntary cash tender offer to acquire all of the issued and outstanding shares of Rana Gruber at a price of NOK 79 (US$7.79) per share (the "Offer"), representing a total equity value of approximately NOK 2,930 million (US$289 million) (the "Transaction"). The Transaction is unanimously supported by Rana Gruber's executive management and board of directors, and shareholders owning approximately 51% of Rana Gruber's issued and outstanding shares have entered into separate pre-acceptance undertakings, whereby they have agreed, subject to the terms and conditions thereof, to tender their shares into the Offer. The Company expects to fund the Transaction through a combination of equity, debt, and cash on hand, including a US$100 million equity private placement (the "Private Placement") with Caisse de dépôt et placement du Québec ("La Caisse"), a global investment group and long-standing financial partner of the Company, and a fully committed term loan in the amount of US$150 million (the "Term Loan") solely underwritten by The Bank of Nova Scotia ("Scotiabank").