EXECUTIVE SUMMARY 1.1 Introduction The Fire Lake North (FLN) Project is being developed by Champion Iron Mines Ltd. (formerly Champion Minerals Inc.). The Project is situated within the Labrador Trough, in northern Qubec. The FLN project consists of two (2) specular hematite deposits referred to as the East deposit and West deposit. A total of 464.6 Mt of Mineral Reserves, as classified according to NI 43-101 guidelines, have been defined and will be processed over 20 years using conventional open pit mining and processing methods. The material collected from the open pit mines will be crushed, stockpiled, ground and treated by a gravimetric process in order to liberate and separate iron particles from the gangue material. The tailings generated will be pumped to a tailings management facility located near the concentrator, while the final hematite concentrate will be filtered and loaded into rail cars for delivery to the Port of Sept-les. The project includes a rail link from FLN to Pointe-Noire, rail garages and rolling stock. The Pointe-Noire site includes a stockyard and ship loading facilities where the concentrate will be stockpiled and loaded onto ships prior to final delivery to Champion's clients. Over the life-of-mine (LOM), an average of 9.3 Mtpy of concentrate at 66% Fe will be produced.

Q 3 What are the main key components of the total project as per the executive summary