Building the Next Major Iron OreBuilding the Next Major Iron Ore Mine in the Labrador Trough

Corporate PresentationCorporate PresentationFebruary 24, 2012

FSE: P02

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 volatilitylimited 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 q , y y p ylooking 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

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upgrade or classify the historical mineral resources as current National Instrument NI 43 101 compliant.

About Champion Minerals

Fermont Projects (710 km2)

Advanced iron ore exploration and development projects located in Canada’s principal iron ore district, the Labrador Trough

Fermont Projects (710 km ) 17 properties in the Fermont Quebec mining camp Flagship Fire Lake North Project-currently in the

Feasibility stageFeasibility stage Over 2.2 billion tonnes of NI 43-101 compliant iron

mineral resource estimate 82.5% direct interest, 3% NSR (C$3 million buyback for

an additional 1% NSR)*

Attikamagen Property (310 km2)Champion Minerals holds a 49% interest Champion Minerals holds a 49% interest

Century Iron Mines Corp. (51% interest) has option to earn up to a 60% interest in the property by funding a further $5.5 million in exploration expenditures by May 2014**

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exploration expenditures by May 2014** * Fancamp Exploration Ltd. holds remaining 17.5% interest** CHM 49% / Century Iron Ore Mines 51%; Investment by WISCO of 25% ($60M) and Minmetals of 5% ($12M)

Quebec’s Next Major Iron Ore MineMajor 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 firstconcentrate per annum for the first 25 years of a 40-year mine life the first 5 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

Established Iron Ore District Canada 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 infrastructureQuebec’s Plan Nord: $80 billion investment over the next 25 years in- 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

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Capital Structure

Share Data and Cash Position as of February 23, 2012.

Shares Outstanding 89.3 million *Warrants 6.1 million @ C$1.52

(246,645 @ C$1.15 expiring 04/20122.17 million @ C$1.50 expiring 04/20122.8 million @ C$1.50 expiring 10/2013, of which 79% are owned by insiders and advisors.)

Options 12.1 million @ C$1.04

Fully Diluted Shares Outstanding 107.6 million *Market Capitalization

(based on $1.98 share price)C$176.8 million

( $ p )

Cash Position C$14.8 million

Fully Diluted Cash Position C$36.5 million *Management Ownership ~ 8%

Analyst Coverage Canaccord GenuityFraser MackenzieHaywood SecuritiesJennings CapitalMacquarie Capital Markets

Paradigm CapitalRaymond JamesRBC Capital MarketsSalman PartnersStifel NicolausTD SecuritiesTD Securities

* Does not include $30 million (15 M shares) bought deal financing scheduled to close on or about March 12, 2012

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Experienced Management TeamOver 200 years of combined exploration and mine operations experience

Board of Directors Management TeamTom Larsen Tom Larsen

Over 200 years of combined exploration and mine operations experience

Chairman President and CEO

Alexander Horvath, P.Eng. Director

Alexander Horvath, P.Eng.Executive Vice President, Exploration

Jean Depatie, P.Geo. Martin Bourgoin, P. Geo.Jean Depatie, P.Geo.Director

Martin Bourgoin, P. Geo. Executive Vice President, Operations

Ashwath MehraDirector

Jeff Hussey, P.Geo.Executive Vice President, Development

Donald A Sheldon LLB P Eng Bruce Mitton P GeoDonald A. Sheldon, LLB., P.Eng.Director

Bruce Mitton, P.Geo.Vice President, Exploration

Paul AnkcornDirector

Jean-Luc Chouinard, P.Eng.Director of Projects

F i S Mil N t CAFrancis SauveDirector

Miles Nagamatsu, CAChief Financial Officer

Joseph S. C. ChanDirector

Jorge EstepaVice President, Secretary-Treasurer

Richard Quesnel: Senior Technical Advisor and Head of the Advisory BoardAdvisory Board: Richard Quesnel, Mick McMullen, and Doug BacheProject Finance Advisor: Marc Duchesne 6

Why invest in Champion Minerals?

Favourable Operating Environment

• Established iron ore mining district the

Champion Minerals’ Competitive Advantage

• Fermont: 17 iron ore (710 km2) brownfieldmining district the

Labrador Trough• Favourable tax

environment (40% tax rebate on

(710 km2) brownfield projects

• Feasibility Stage Fire Lake North Surface Deposits contain( %

exploration expenditures)• Access to low-cost power

and close to rail and port infrastructure

Deposits contain coarse grained specular hematite

Easier to liberate Deleterious elements

• Quebec`s Plan Nord $80 billion over the next 25 years

• Quebec is known to be a

Deleterious elements are below industry specifications limits

• Experienced team of project developers and

world class area to develop mines

• Unprecedented Iron Ore Price Range and Forecast

p j pmine builders

• Upside Potential for Growth

• Several De-Risking

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• Skilled Labor Work ForceSeveral De Risking Initiatives Underway

Attikamagen

Rail InfrastructureQuebec North Shore & Labrador Railway (“QNS&L”)

High Voltage Power Lines

y ( ) QNS&L links to Sept-Iles and Pointe Noire Bloom Lake and QNS&L railways are

considered common carriersC

Cluster 1

Cluster 3

Cluster 2 Common carriers allocate capacity on a first-come, first-serve basis Fire Lake North PEA Base Case connection

to Bloom Lake railway requires 94 km of rail incl des t rnaro nd loop and sidings

Cluster 1

Fermont

Cartier Private Rail

QNS&L Rail

Common

– includes turnaround loop and sidings Participation in a private multi user rail

solution as an alternative transportation / haulage option is also under study

Three Ports/ Stockpile

Rail Carrier

Cartier Railway: Linked to Port-Cartier Privately owned by ArcelorMittal

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pLocations

Gulf of St Lawrence

Adjacent to the west of Fire Lake North Proj.

Multi-User Port Infrastructure Expanding to Meet DemandExpanding to Meet Demand

Port of Sept-Iles

RTZ-IOC shipping facility

Pointe Noire 50Mtpy Multi User Port Project to be

announced; Phase 2 Planning….Cliff N t l R hi i

Sept-Iles

Cliffs Natural Resources shipping facility New multi-user port to be expanded

in two phases: phase one expansion of 40 50 Mtpy and phase two

Pointe Noire

of 40-50 Mtpy and phase two expansion of 100 Mtpy

Port-Cartier ArcelorMittal shipping facility $2.1B expansion is underway and

will include concentrator expansion with port and rail infrastructure upgrades

China Max ship capacity 300kt

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Located 62 km west of Sept-IlesCourtesy of the Port de Sept Isles

Development: Fire Lake North ProjectOil Can Project 6 km

from FLN Concentrator

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1111

Fire Lake North Project Growth through Development

Preliminary Economic Assessment indicates a production rate of 8.7 million tonnes of concentrate per annum for the

Growth through Development

pfirst 25 years of a 40-year mine life, average of approximately 10 million tonnes of concentrate per annum for the first 5 years (released November, 2011).

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.

Recent Mineral Resource Estimate update (October 6, 2011)

Measured and Indicated Resources of 400 1 million tonnes gradingof 400.1 million tonnes grading 30.6% total iron

Inferred Resources of 661.2 million tonnes grading 27.7% total iron

Feasibility Study underway with several de-risking initiatives ongoing

12See www.championminerals.com for reports maps and assays12

Fire Lake North - Metallurgy Coarser grained: At 600 - 700 micron liberation grind size the SiO2 content is

very low (3-4%) allowing for optimization; 2nd Phase tests underway SPI tests indicate a relatively softer ore; 2nd Phase of tests underway Current Mill Design: Gravity separation Deposits of quartz specularite iron ore are typical of the Fermont area

− Coarse liberation grind size; 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

13High Grade - Coarse Specular Hematite Typical Quartz-SpecularHematite-Magnetite Mineralization

Fire Lake North Development Project

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Fire Lake North Development Project

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Fire Lake North Development ProjectNovember 2011 Preliminary Economic Assessment Update – Highlights

Key Results Pre-Tax Basis

Internal Rate of Return (IRR) (8% Discount Rate) 41.5%

November 2011 Preliminary Economic Assessment Update – Highlights

( ) ( )

Undiscounted Cash Flow US$10.9B

Net Present Value @ 5% Discounted Cash Flow US$5.6B

Based upon the following assumptions:

Net Present Value @ 8% Discounted Cash Flow US$4.0B

Net Present Value @ 10% Discounted Cash Flow US$3.2B

Payback Period (8% Discount Rate) 2 3 YearsPayback Period (8% Discount Rate) 2.3 Years

Capital Costs:

Operating Costs:

US$1,368 million (includes rail and port infrastructure)

US$51.01 per tonne (average 25 years); US$39.46 per tonne (average years 1 to 5)

Price assumptions:

Mine-Life:

Exchange rate:

Total Resources(1):

US$115 per tonne of concentrate at 65% Fe

40 years (average of 8.7 million tonnes/year for the first 25 years)

$1.00 USD to $1.00 CDN

400 million tonnes grading 30 6% Fe (NI43 101 Measured and Indicated Resources)

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Total Resources(1):

In Pit Resources

400 million tonnes grading 30.6% Fe (NI43-101 Measured and Indicated Resources)661 million tonnes grading 27.7% Fe (NI43-101 Inferred Resources)

921.8 million tonnes grading 28.8% Fe at an 8% cut-off grade

Fire Lake North ProjectPreliminar Economic Assessment St d

OPERATING EXPENDITURES (US$/TONNE OF CONCENTRATE)

COST PARAMETERS AVERAGE 25 YEARS AVERAGE YEARS 1 TO 5

Preliminary Economic Assessment Study

COST PARAMETERS AVERAGE 25 YEARS AVERAGE YEARS 1 TO 5

Mining 22.56 12.13Concentrating, crushing and processing 4.52 3.97Site infrastructure, sales and general administration 4.40 3.39Environmental tailings and management 0.29 0.26g gRail transport 15.52 16.14Port facilities 3.72 3.57

Total 51.01 39.46Equipment Lease Cost (not included in above total) 1.67 5.17

CAPITAL EXPENDITURES (US$ MILLIONS)

COST CENTRES $ MILLIONSPre-stripping of open pit areas 97.5Concentrator and site infrastructure including loadout facilities 682.3Railway (62km distance and 94km total including turnaround loop and sidings) 228.8Port Facilities: Railcar unloading, stacker/reclaimer, conveyors 96.8Environmental and Tailings Management 27.9Other Pre Production Costs 34.0

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Other Pre Production Costs 34.0Sub-total 1,167

Contingency 201Total 1,368

Fire Lake North Project ScheduleDevelopment, Construction, and Production

2014 201520132011 2012

Diamond Drilling

Scoping Study

Q2 Q3 Q4 Q1 Q2 Q3 Q4Q1 Q2 Q3 Q4 Q1Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Feasibility Study

Environmental / Social Studies

Community Consultationy

Permitting

Construction

P d tiProduction

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Oil Can Project Exploration UpsideExploration Upside

The 2011 drill program returned long magnetite-hematite iron formation up to 546 metres in length

The 400 metre spaced drill program is now complete, Mineral Resource Estimate Q1 2012

SELECTED* COMPOSITE ASSAY RESULTS

HOLE-ID HOLE LENGTH AZIMUTH DIP FROM TO INTERVAL** GRADE***metres degrees degrees metres metres metres Total Fe%

OC11 02 594 310 45 188 53 590 03 401 50 30 7OC11-02 594 310 -45 188.53 590.03 401.50 30.7including 246.86 460.40 213.54 33.1OC11-05 545.00 020 -45 241.56 545.00 303.44 34.7including 407.24 538.00 130.76 36.5OC11-08 616.00 180 -50 67.00 612.73 545.73 33.7Including 67.00 509.34 442.34 36.4

* 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.

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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.

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Oil Can Project Exploration Upside

To view a larger more detailed version of this map please visit:

http://www.championminerals.com/vns-site/page-oil_can.html

Up to 546m 33.7% total iron

Initial Mineral Resource

Estimate: Q1 2012

Billion tonne potential

Potential for low strip ratio < 1 : 1

Bench width 100- 350m

9800N

5800E

CENTRAL

South & East ZonesSection 9800N (Facing North)

Oil Can ProjectExploration Upside ( g )

South Zone

p p

OC11-02Ovb OC11-19 OC11-01

OC11-08OC11-07OC11-05

East ZoneSouth Zone

Assay Pending

303.4m @ 34.7%incl. 130.8m @

36.5%

IFIF

190.0m @ 30.6%

Assay Pending545.7m @ 33.7%

incl. 442.3 @ 36.4%

197 2m @ 26 8%401.5m @ 30.7%

incl. 213.5 @ 33.1%

197.2m @ 26.8%incl. 145.5 @

28.1%

200 metres

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Central Zone(Facing Northwest)

Oil Can ProjectExploration Upsidep p

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

191.7m @ 28.2% Ovb

224 0m @ 28 1%

311.4m @ 27.6%incl. 269.0m @

29.2%

472.2m @ 28.0%incl. 119.6m @

35.2%

224.0m @ 28.1%incl. 140.0m @

30.0% IF

200 metres

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North ZoneSection 5800E (Facing East)

Oil Can ProjectExploration Upside Section 5800E (Facing East)p p

OC11-04OvbOC11-09

OC11-12 OC11-13 OC11-15

221.2m @ 25.0%incl. 128.9m @

141.5m @ 29.2%

IF

@28.7%

Assays Pending 179.5m @ 32.8%

472.2m @ 28.0%incl. 119.6m @

35.2%

414.1m @ 25.1%incl. 139.0m @

29.5%

200 metres

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Moire Lake Project Exploration Upsidep p

Arcelor

2011: 9,347 m drill program completed

Mineral Resource Estimate Q1 2012Mittal P

roperty

Drill results include: 503 metres grading 31% total iron (LM11-12)

Potential to significantly increasey Boundary

Potential to significantly increase Historical Resource: 101 million tonnes grading 31% iron

Kilometric Synform with Hematite and Magnetite

t t f500 meters

outcrops at surface

Adjacent to the East of ArcelorMittal Mont Wright Mine

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10 km from QNS&L Railway

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Fermont Project Resource BaseCurrent NI 43-101 Compliant Resources

Over 2.2 Billion Tonnes of NI 43-101 Compliant Iron Ore Resources

661

947

700

800

900

1000

Measured and Indicated (M&I)

215300

400

500

600

400

0

100

200

Project Bellechasse Fire Lake North Harvey Tuttle

Location Quebec, Canada Quebec, Canada Quebec, Canada

Grade 28.7% 30.6% (M&I)27.7% (Inferred)

23.2%

Mineralization Magnetite Specular Hematite Magnetite

Historical 91 Mt @ 30 0% Iron 41 Mt @ 31 0% iron n/a

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Historical Resources

91 Mt @ 30.0% Iron 41 Mt @ 31.0% iron n/a

* 15 % cut-off grade

Mil tMilestones

Fire Lake North Definition Drilling OngoingFire Lake North Definition Drilling Ongoing

Updated PEA on Fire Lake North Completed

Initial NI 43-101 Mineral Resource Estimate for Moire Lake Project Q1 2012

O’Keefe Purdy Drill Results Remaining Q1 2012

Initial NI 43-101 Mineral Resource Estimate for Oil Can Project (adjacent to Fire Lake North Project) Q1 2012

Metallurgical results at Fire Lake North, Moire Lake and Oil Can Projects Q1-Q2 2012

Fire Lake North Feasibility Study Q3 2012

Fire Lake North Construction Start Q4 2013Fire Lake North Construction Start Q4 2013

Fire Lake North Production 2015

Marketing Study Q2 2012

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Why Invest in Champion Minerals?Champion Minerals? Fire Lake North NPV: $4 Billion @ 8% DCF

Adjacent Oil Can shows great promise and plans are j g p punderway to develop it; Metallurgical tests underway…

17 Brownfield Projects (710 km2) near 5 operating mines

Experienced Team: Exploration, Development, Construction, pe e ced ea p o at o , e e op e t, Co st uct o ,Commissioning, & Operations Management

Financed through to feasibility; Favourable tax environment

Quebec`s Plan Nord Quebec s Plan Nord

Access to 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

Several De-Risking Initiatives Underwayg y

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Exploration ProjectsExploration Projects

Coarse Grained Specular Hematite

Fire Lake North Exploration Camp

p

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O’Keefe Purdy ProjectExploration UpsideExploration Upside

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Advanced Exploration

Harvey Tuttle Project NI 43-101 Inferred Resource Estimate:

717Mt @ 25% iron; magnetite rich

Intersected multiple significant iron formation

Bellechasse Project NI 43-101 Inferred Resource Estimate: 215Mt @

29% Iron; Magnetite Rich iron formation Intersected multiple significant iron formation

intervals in 2010 drill program

Total of 13,165m of drilling completed

Less than 50% of the kilometric scale

Historical Resources increased from 91Mt remaining upside potential.

Adjacent to Hwy 389; 10km from Fire Lake North

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

Synform Geometry is good for Open Pit

Within conveying distance from Fire Lake North planned concentrator (20-30km)

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Labrador Trough Annual ProductionIron Ore Production Upsidep

Company Current Annual Production

ProjectedAnnual Forecast

IOC/RTZ 17 mtpy 26 mtpy1IOC/RTZ 17 mtpy 26 mtpy1

ArcelorMittal 13 mtpy 24 mtpy2

Cliffs Natural Resources (Wuhan)

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 production

44 ~ 200 mtpy

1. Possibility of expanding production up to 50 mtpy2. Possibility of expanding production to 50 mtpy

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Global Steel Production Shows Continued Demand for Iron Ore

1 400 000

1,600,000

Continued Demand for Iron Ore

China’s CAGR* is 9 88% over

1,200,000

1,400,000 China s CAGR is 9.88% over the last 30 years vs. 2.30% for total global steel production

over the same period.

800,000

1,000,000 China

Japan

400,000

600,000 Rest of the World

200,000

,

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-1980 1985 1990 1995 2000 2005 2010

Source: World Steel Association website* Compound annual growth rate

Thank You

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Iron Ore Types

Coarse Grained Specular HematiteDirect Shipping Ore

Coarse Grained Specular Hematite

34Coarse Grained Specular HematiteMagnetite Rich Taconite34

Fermont Iron Ore DistrictFermont Iron Ore District(“FIOD”)

Historically the Fermont and b d C hLabrador Camps have produced 33 Mta

RTZ/IOC = 17 MtaA l Mitt l 13 MtArcelorMittal = 13 Mta

Wabush = 3 Mta

For 30-40 years pre 2003th i tthe price per tonne

concentrate was $25- $30/ tonne

C t 3 iCurrent 3 year moving average is $130/ tonne

2012 Spot Price averaged $170/t

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~$170/tonne