CHAMPION IRON ENTERS INTO A DEFINITIVE AGREEMENT WITH NIPPON STEEL AND SOJITZ TO FORM A PARTNERSHIP FOR THE KAMI PROJECT

Globe and Mail

21-07-2025

MONTRÉAL, July 21, 2025 /CNW/ - SYDNEY, July 22, 2025 - Champion Iron Limited (TSX: CIA) (ASX: CIA) (OTCQX: CIAFF) ("Champion" or the "Company") announces that it has entered into a definitive framework agreement (the "Framework Agreement") with Nippon Steel Corporation ("Nippon Steel") and Sojitz Corporation ("Sojitz", and collectively with Nippon Steel, the "Partners") pursuant to which the Partners have agreed, subject to the terms and conditions set forth therein, to initially contribute $245 million for an aggregate 49% interest in Kami Iron Mine Partnership (the "Partnership"), a new entity formed for the ownership and potential development of the Kamistiatusset iron ore project (the "Kami Project" or the "Project"). The Framework Agreement is entered into to implement the binding agreement between Champion and the Partners previously announced by the Company in December 2024.