• Champion Iron to acquire 100% of Rana Gruber for NOK79/share
• Transaction valued at approximately NOK 2,930 million (US$289 million)
• Funded through Champion's existing liquidity, private placement, and term loan

Champion Iron Limited ('Champion') has entered into a transaction agreement with Rana Gruber ASA ('Rana Gruber') on the terms of a recommended voluntary cash tender offer to acquire all issued and outstanding shares of Rana Gruber (the 'Proposed Transaction'). The all-cash offer is for NOK79 per share, implying a total equity value of approximately NOK 2,930 million (US$289 million). The Proposed Transaction will be funded through a combination of Champion's existing financial liquidities, a US$100 million subscription receipts private placement from La Caisse de dépôt et placement du Québec, and a commitment for a US$150 million term loan from Scotiabank. 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 a separate pre-acceptance undertaking. Completion of the Offer is subject to customary closing conditions, including Champion becoming the owner of shares representing more than 90% of the shares and voting rights of Rana Gruber. Assuming satisfaction or waiver of all closing conditions, the Proposed Transaction is expected to close in or about calendar Q2/2026.