Champion Iron Mines Limited Sells Common Shares of Fancamp Exploration Ltd.

MONTREAL, July 16, 2021 - On July 15, 2021, Champion Iron Mines Limited ("Champion"), a wholly owned subsidiary of Champion Iron Ltd. (TSX: CIA) (ASX: CIA) (OTCQX: CIAFF) sold an aggregate of 22,000,000 common shares ("Common Shares") in the capital of Fancamp Exploration Ltd. ("Fancamp") on the TSX Venture Exchange at a price of $0.11 per Common Share, for aggregate gross proceeds of $2,420,000 (the "Sale").

Immediately prior to the Sale, Champion beneficially owned or had control or direction over, an aggregate of 22,000,000 Common Shares, representing approximately 12.46% of the issued and outstanding Common Shares. Following the Sale, Champion will not have ownership of, or control or direction over, any Common Shares.

Champion sold the Common Shares as a result of an investment decision and Champion has no current intention to acquire any additional Common Shares.

The head office of Fancamp is located at 7290 Gray Avenue, Burnaby, British Columbia, Canada, V5J 3Z2.

This news release is issued in accordance with the early warning requirements under applicable Canadian securities laws. An early warning report relating to the Sale will be filed by Champion with applicable securities regulators and will be available for viewing under Fancamp's SEDAR profile at www.sedar.com. A copy of the early warning report may be obtained by contacting Michael Marcotte at the contact information provided below.

SOURCE Champion Exploration Ltd.



Contact
Champion Iron Mines Limited, c/o Champion Iron Ltd., 1100 René-Lévesque Blvd. West, Suite 610, Montreal, Quebec, Canada, H3B 4N4, Attn: Michael Marcotte, Vice-President Investor Relations, Tel.: 514-316-4858 ext. 128, Email: info@championironmines.com