• Acquisition of Norwegian iron ore producer Rana Gruber for $289 million
• Supported by Rana Gruber's management and 51% of shareholders
• Funded through equity, debt, and Champion's cash on hand

Champion Iron Limited announced that it has entered into a transaction agreement to launch a conditional recommended voluntary cash tender offer to acquire all of the issued and outstanding shares of Rana Gruber ASA, a leading Norwegian producer of high-grade iron ore, at a price of NOK 79 (US$7.79) per share, representing a total equity value of approximately NOK 2,930 million (US$289 million). 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 to tender their shares. Champion expects to fund the transaction through a combination of equity, debt, and cash on hand, including a US$100 million equity private placement with Caisse de dépôt et placement du Québec and a US$150 million term loan from Scotiabank. The acquisition is expected to create a larger and more diversified high-grade iron ore producer, with opportunities to collaborate on sales logistics and expand Champion's product portfolio. The transaction is expected to close in the second quarter of the 2026 calendar year, subject to customary closing conditions.

The larger entity created by this transaction will enable Champion to continue considering organic growth projects and optimizing its capital return strategies. Through collaboration with Rana Gruber's management team, Champion intends to uphold its commitment to creating a positive impact for the local communities where it operates.