Building the Next Major Iron Ore

Mine in the Labrador Trough Corporate Presentation

October 2012

www.championironmines.com FSE: P02; OTCQX: CPMNF

FORWARD-LOOKING STATEMENTS

Certain information contained herein regarding Champion Iron Mines Ltd., 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, 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

looking 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 Iron Mines Ltd., 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

compliant.

2

About Champion Iron Mines

3

Fermont Projects (747 km2)

14 projects in the Fermont Iron Ore District

Flagship Consolidated Fire Lake North Project

with the feasibility study due in early Q4 2012

4.7 billion tonnes of NI 43-101 compliant estimates of

iron mineral resources on 3 projects (564 MT of Measured

+ Indicated and 4,136 MT of Inferred Mineral Resources)

100% direct interest, 3% NSR (C$1.5 million buyback

for an additional 0.5% NSR)

Attikamagen Project (310 km2)

Champion Iron Mines holds a 44% interest

Century Iron Mines Corp. subsidiary has a 56% interest

and can earn up to a 60% interest by spending further $3

million on exploration expenditures by May 2014*.

Advanced iron ore exploration and development projects located in

Canada’s principal iron ore district, the Labrador Trough

* Investment by WISCO of 25% ($60M) and Minmetals of 5% ($12M)

Quebec’s Next

Major Iron Ore Mine

Fire Lake North (FLN) Development Project

Nov. 21 2011 PEA indicated an ability to produce 8.7 million tonnes of

concentrate per year for the first 25 years of a 40-year mine life the first

5 years will average approximately 10 million tonnes of concentrate annually

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 and 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 infrastructure

- 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

- World-class multi-user port project (50 Mtpa) underway

Proven Team

Strengthened advisory board and board of directors includes former

Consolidated Thompson Iron Mines management and officers

4

Capital Structure

Share Data and Cash Position as of September 28, 2012.

Shares Outstanding 119.3 million

Warrants 10.0 million @ C$2.59 (avg. strike price)

(7.0 million @ C$3.00 not exerciseable until Nov. 2014

0.8 million @ C$2.84 expiring Feb. 2013

2.22 million @ C$1.50 expiring Oct. 2013, which are owned by insiders and

advisors.)

Options 11.6 million @ C$1.03 (avg. exercise price)

Fully Diluted Shares Outstanding 141.1 million

Market Capitalization

(based on $0.71 share price)

C$84.7 million

Cash Position C$15 million (there are non-core assets on the table)

Fully Diluted Cash Position C$52.8 million

Management /Insiders Ownership ~ 17%

5

Analyst Coverage

Experienced Management Team

Board of Directors Management Team

Tom Larsen

Chairman

Tom Larsen

President and CEO

Alexander Horvath, P.Eng.

Director

Alexander Horvath, P.Eng.

Executive Vice President, Exploration

Jean Depatie, P.Geo.

Director

Martin Bourgoin, P.Geo.

Executive Vice President, Operations

Ashwath Mehra

Director

Jeff Hussey, P.Geo.

Executive Vice President, Business Development

Donald A. Sheldon, LLB., P.Eng.

Director

Bruce Mitton, P.Geo.

Vice President, Exploration

Jean Lafleur P.Geo.

Director

Jean-Luc Chouinard, P Eng.

Vice President, Project Development

Francis Sauvé

Director

Miles Nagamatsu, CA

Chief Financial Officer

Joseph S. C. Chan

Director

Jorge Estepa

Vice President, Secretary-Treasurer

Richard Quesnel: Senior Technical Advisor and Head of the Advisory Board

Advisory Board: Richard Quesnel, Paul Ankcorn, Doug Bache, and William Harding

6

Over 200 years of combined exploration and mine operations experience

Why invest in Champion Iron Mines?

7

Favourable Operating

Environment

Established iron ore mining district:

The Labrador Trough

Favourable tax environment

(40% tax rebate on exploration

expenditures)

Access to low-cost power and close

to rail and port infrastructure

Quebec’s Plan Nord $80 billion

over 25 years

Quebec is a world class area to

develop mines

Unprecedented Iron Ore price range

and forecast

Skilled labor work force

Environmental: Iron ore process is

grinding to liberate iron and using

gravity and magnetics for separation

from gangue minerals

Champion Iron Mines’

Competitive Advantage

Fermont holdings: 14 iron ore

Brownfield projects (747 km2)

Consolidated Fire Lake North

Project: Feasibility Study of surface

deposits of coarse grained specular

Hematite:

Easier to liberate

Deleterious elements in

concentrate are well below

industry specifications limits

Experienced team of project

developers and mine builders

Upside potential for growth is high with

4.7 Billion tonnes

Several de-risking initiatives underway

including rail, port, agreements and

environmental studies and permit

applications

Existing Rail Infrastructure

Quebec North Shore & Labrador Railway (“QNS&L”)

Fire Lake North PEA Base Case connection to Bloom Lake railway requires 94 km of rail – includes turnaround loop and sidings

QNS&L links to Sept-Iles and Pointe Noire

Bloom Lake and QNS&L railways are considered common carriers

Common carriers allocate capacity on a first-come, first-serve basis

Cartier Railway:

Linked to Port-Cartier

Privately owned by ArcelorMittal

Within Fire Lake North Project boundary

8

9

World Class Port of Sept-Îles Infrastructure Expanding to Meet Demand

Pointe Noire Multi User Wharf

Announced long term agreement (20-40 years) on July 18th, 2012

10 Mt ship loading capacity reserved with the possibility to increase tonnage

Completion March 31st, 2014; 18 months prior to "FLN" startup

Phase 1: 50Mtpy $220 million

Federal Government announced $55 million funding or 25% of project

Phase 2: Planning for 100 Mtpy

Port of Sept-Îles

RTZ-IOC shipping facility

Port-Cartier

ArcelorMittal shipping facility

$2.1B expansion is underway and will include concentrator expansion with port and rail infrastructure upgrades

Located 62 km west of Sept-Iles

Pointe Noire

Sept-Iles

Courtesy of the Port de Sept Isles

China Max ship capacity 300kt

Champion Iron Mines participating in a

feasibility study with CN Rail and Caisse

de Depot et Placements du Québec

See August 29th 2012 press release

Reduction in OPEX compared to PEA

study

Objective to reduce rail CAPEX

component

CHM still focused on the feasibility study

CN focused on environmental permitting

CHM will continue to develop independent

options for port handling for concentrate

stockpiling and reclaiming

Development: Consolidated Fire Lake North Project

11

Based upon the following assumptions:

Key Results Pre-Tax Basis

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

Undiscounted Cash Flow $10.9B

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

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

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

Payback Period (8% Discount Rate) 2.3 Years

Capital Costs:

Operating Costs:

Price assumptions:

Mine-Life:

Exchange rate:

Total Resources(1):

In Pit Resources

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)

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)

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 Development Project November 2011 Preliminary Economic Assessment Update – Highlights

13

OPERATING EXPENDITURES (US$/TONNE OF CONCENTRATE)

COST PARAMETERS AVERAGE 25 YEARS AVERAGE YEARS 1 TO 5

Mining 22.56 12.13

Concentrating, crushing and processing 4.52 3.97

Site infrastructure, sales and general administration 4.40 3.39

Environmental tailings and management 0.29 0.26

Rail transport 15.52 16.14

Port facilities 3.72 3.57

Equipment Lease Cost 1.67 5.17

Total 52.68 44.63

Fire Lake North Project Preliminary Economic Assessment Study

14

CAPITAL EXPENDITURES (US$ MILLIONS)

COST CENTRES $ MILLIONS

Pre-stripping of open pit areas 97.5

Concentrator and site infrastructure including loadout facilities 682.3

Railway (62km distance and 94km total including turnaround loop and sidings) 228.8

Port Facilities: Railcar unloading, stacker/reclaimer, conveyors 96.8

Environmental and Tailings Management 27.9

Other Pre Production Costs 34.0

Sub-total 1,167

Contingency 201

Total 1,368

15

Fire Lake North Project Schedule Development, Construction, and Production

Diamond Drilling

Scoping Study

Feasibility Study

Environmental / Social Studies

Community Consultation

Permitting

Construction

Production

Q1

2011 2012

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q2 Q3 Q4

2014 2015

Q1 Q2 Q3 Q4

2013

Q1 Q2 Q3 Q4

Feasibility Study: Early Q4 2012

Press Release June 21, 2012: Over

20,000 m feasibility definition drilling is

completed for feasibility study

Strike length of both the West Pit

(3500m) and the East Pit (2400m)

synformal fold closures are open at

depth

Resources are increasing outside the

Nov. 2011 PEA ultimate pit limits

Several de-risking initiatives are

underway

Fire Lake North Project Growth through Development

See www.championiromines.com for reports maps and assays 16

17 High Grade – Coarse Specular Hematite Quartz Specular Hematite Mineralization

Fire Lake North – Metallurgy Press Release, August 1st, 2012

High quality sinter concentrate with very low deleterious elemental content

Liberates at 850 micron (-20 mesh) and produces a 65-66% iron concentrate

Assuming a concentrate with 66% Fe ; No magnetic separation circuit required

Alumina is 0.52% International Standard < 2%

Silica content is 5%

Al2O3 : SiO2 ratio of 0.14 versus the upper industry specification limit of 1

This very low alumina to silica ratio is an ideal blending product for steel mills

Fire Lake North Development Project

18

Fire Lake North Development Project

19

500

meters

Moire Lake Project Initial Mineral Resource Estimate: March 29, 2012

20

Arc

elo

r Mitta

l Pro

pe

rty B

ou

ndary

Mineral Resource Estimate:

Indicated Resources: 164 million

tonnes grading 30.5% Total Iron

Inferred Resources: 417 million

tonnes grading 29.4% Total Iron

DDH LM11-12: 503 m @ 31% total iron

Kilometric synform with hematite and

magnetite outcrops at surface

Adjacent to ArcelorMittal Mont-Wright mine

A

A’

500

meters

Moire Lake Project Infrastructure: Adjacent to Bloom Lake Railway (8km), road, & power

21

22

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

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

Oil Can Project Initial Mineral Resource Estimate

Potential for low strip ratio < 1 : 1

Potential Bench width 150- 350m

972 Mt of iron oxide grading 33.2% at a

15% iron cut-off

924 Mt of mixed iron oxide

mineralization with a silicate component

This deposit is open at depth

Orientation metallurgical tests indicate a

relatively coarse liberation grind size

Commercial grade magnetite sinter feed

concentrate can be produced

Oil Can Project Exploration Upside

The 2011 drill program returned long magnetite-hematite iron formation

intersections up to 545 metres in length.

The 400 metre spaced drill program is completed.

Mineral Resource Estimate scheduled for Q2 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 -45 188.5 590.0 401.5 30.7

Including 246.9 460.4 213.5 33.1

OC11-05 545 020 -45 241.6 545.0 303.4 34.7

Including 407.2 538.0 130.8 36.5

OC11-08 616 180 -50 67.0 612.7 545.7 33.7

Including 67.0 509.3 442.3 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.

** 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. 23

South & East Zones

Section 9800N (Facing North)

200 metres

OC11-02

IF

IF

Ovb OC11-19 OC11-01

OC11-08 OC11-07

OC11-05 East Zone

South Zone

190.0m @

30.6%

Assay Pending

401.5m @ 30.7%

incl. 213.5 @

33.1%

545.7m @ 33.7%

incl. 442.3 @

36.4%

197.2m @ 26.8%

incl. 145.5 @

28.1%

303.4m @ 34.7%

incl. 130.8m @

36.5%

Oil Can Project Exploration Upside

24

Central Zone (Facing Northwest)

200 metres

OC11-10 OC11-03

OC11-16 OC11-14

191.7m @

28.2%

472.2m @ 28.0%

incl. 119.6m @

35.2%

224.0m @ 28.1%

incl. 140.0m @

30.0%

311.4m @ 27.6%

incl. 269.0m @

29.2%

IF

Ovb

Oil Can Project Exploration Upside

25

200 metres

North Zone

Section 5800E (Facing East)

OC11-04

472.2m @ 28.0%

incl. 119.6m @

35.2%

IF

Ovb OC11-09

OC11-12 OC11-13 OC11-15

221.2m @ 25.0%

incl. 128.9m @

28.7%

Assays Pending

414.1m @ 25.1%

incl. 139.0m @

29.5%

141.5m @ 29.2%

179.5m @ 32.8%

Oil Can Project Exploration Upside

26

27

Milestones

Fire Lake North Definition Drilling Completed

Updated PEA on Fire Lake North Completed

Initial NI 43-101 Mineral Resource Estimate for Oil Can Project

(adjacent to Fire Lake North Project) Completed

Metallurgical results - Fire Lake North, Moire Lake, Oil Can Projects Completed

Fire Lake North Feasibility Study Q3 2012

Fire Lake North Construction Start Q4 2013

Fire Lake North Production 2015

Why Invest in

Champion Iron Mines?

Fire Lake North NPV: $4 Billion @ 8% DCF.

Oil Can Deposit: Initial Resource Estimate 1,896Mt @

28.7%.

14 Brownfield projects (747 km2) near 5 operating mines.

Experienced team: Exploration; development;

construction; commissioning & operations management.

Financed through to feasibility; Favourable tax

environment.

Quebec`s Plan Nord: Object to attract $80B in investment.

Access to power and close to rail and port.

Multi-user port in construction; Trans-shipping is an option.

Iron price range and forecasts is unprecedented.

Several de-risking initiatives associated to mine start-up

underway.

28

Thank You

29

29

FSE: P02; OTCQX: CPMNF

www.championironmines.com

Fire Lake North Exploration Camp

Coarse Grained

Specular Hematite

30

Coarse Specular Hematite in Drill Core

O’Keefe Purdy Project Exploration Upside

31

Harvey Tuttle Project NI 43-101 Inferred Resource Estimate:

717Mt @ 25% 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 magnetic

anomalies have been tested

25 km W-NW of Consolidated Fire Lake North

Within conveying distance from Fire Lake North

planned concentrator (20-30km)

32

Advanced Exploration

Bellechasse Deposit

Deposit located within Consolidated Fire Lake North

NI 43-101 Resource Estimate:

Inferred Resources; 215Mt @ 29% Iron

Magnetite rich iron formation

Adjacent to Hwy 389

Synform geometry is favorable for open pit mining

Labrador Trough Annual Production Iron Ore Production Upside

Company Current Annual

Production

Future

Annual Forecast

IOC/RTZ 17 mtpy 26 mtpy1

ArcelorMittal 13 mtpy 24 mtpy2

Cliffs Natural Resources (Wuhan) 12 mtpy 28 mtpy

Labrador Iron Mines 2 mtpy 5 mtpy

Adriana Resources (Wuhan) 0 50 mtpy

New Millennium (Tata) 0 27 mtpy

Century Iron Mines (Wuhan) 0 ~22 mtpy

Champion Iron Mines 0 ~18 mtpy

Alderon Iron Ore Corp. 0 ~16 mtpy

Total Current and Forecasted Production 44 ~ 200 mtpy

1. Possibility of expanding production up to 50 mtpy

2. Possibility of expanding production to 50 mtpy 33

-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

1980 1985 1990 1995 2000 2005 2010

China

Japan

Rest of theWorld

Global Steel Production Shows

Continued Demand for Iron Ore

34

China’s CAGR* is 9.88% over

the last 30 years vs. 2.30% for

total global steel production

over the same period.

Source: World Steel Association website

* CAGR: Compound annual growth rate

Kil

oto

ns

Iron Ore Types

Coarse Grained Specular Hematite

Direct Shipping Ore

Magnetite Rich Taconite & DSO

Coarse Grained Specular Hematite

35

Fermont Iron Ore District

(“FIOD”)

Historically the Fermont and Labrador mining

camps have produced 33 Mta.

RTZ/IOC = 17 Mta

ArcelorMittal = 13 Mta

Wabush = 3 Mta

“ Marginal Era”:

For 30-40 years pre-2003

the price per tonne of concentrate

was $25- $30/tonne,

costs per tonne were similar.

Current 3 years moving average is

$115-120/tonne

2011 spot price averaged ~$150-170/tonne

36