Building the Next Major Iron Ore

Mine in the Labrador Trough Corporate Presentation

September 2011

FSE: P02

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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain information contained herein regarding Champion Minerals Inc., 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 Minerals Inc., 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.

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Fermont Projects

Flagship project: Fire Lake North

- November 2010 PEA on Fire Lake North

demonstrated a viable project with an NPV of US$940

million on a 10% discounted cash flow basis using

US$81.4 per tonne of concentrate at 65%

1.55 billion tonnes of NI 43-101 compliant

iron ore resources at 25.4% iron

Champion Minerals holds an 82.5% direct interest,

3% NSR (C$3 million to buyback 1% of NSR)*

Attikamagen Property

Champion Minerals holds a 100% interest

Century Iron Mines Corp. has option to earn up to a

60% interest in the property by spending C$13

million by May 2014**

Advanced iron ore exploration and development projects located in

Canada’s principal iron ore district, the Labrador Trough

About Champion Minerals

* Fancamp Exploration Ltd. holds remaining 17.5% interest.

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

Canada’s Next Iron Ore Mine

Advanced Project

Preliminary Economic Assessment (PEA) update on the Fire Lake North Project is

underway and expected by the end of Q3 2011

Feasibility Study on Fire Lake North to be released in Q2 2012

On-going 60,000+ metre drill program in the Fire Lake North area

- 26,713 metres of drilling has been completed at the Fire Lake North Project, since

the release of the November 2010 PEA for a total of 32,308 metres drilled to date.

Established Iron Ore District

Canada’s premier iron ore district (i.e. ArcelorMittal, RTZ/IOC,

Cliffs Natural Resources)

Established rail, power and port infrastructure

- Commitment by Quebec’s Plan Nord to invest $80 billion over the next 25 years

Proven Team

Strengthened the advisory board and the board of directors – appointed Richard

Quesnel (formerly President and CEO of Consolidated Thompson) as senior

technical advisor and appointed Jean Depatie (formerly founder and director of

Consolidated Thompson) director. Also appointed Marc Duchesne (formerly Sr. VP of

Finance of Consolidated Thompson) as Project Finance Advisor.

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Strong Capital Structure

Share Data and Cash Position as of September 1, 2011.

Shares Outstanding 88.0 million

Warrants 6.9 million @ C$1.50

Options 8.4 million @ C0.85

Fully Diluted Shares Outstanding 103.5 million

Market Capitalization (based on $1.32 share price) C$116.2 million

Cash Position C$28.0 million

Fully Diluted Cash Position C46.5 million

Debt (Purchase of 17.5% Fermont Interest from

Sheridan Platinum Group)

C$0.5 million

Management Ownership ~ 8%

Analyst Coverage Canaccord Genuity

Jennings Capital

Haywood Securities

Paradigm Capital

RBC Capital Markets

Salman Partners

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

Director

Martin Bourgoin, P. Geo.

Executive Vice President, Operations

Ashwath Mehra

Director

Jeff Hussey, P.Geo.

Executive Vice President, Development

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

Director

Bruce Mitton, P.Geo.

Vice President, Exploration

Paul Ankcorn

Director

Jean-Luc Chouinard, P.Eng.

Director of Projects

Francis Sauve

Director

Miles Nagamatsu, CA

Chief Financial Officer

Joseph S. C. Chan

Director

Jorge Estepa

Vice President, Secretary-Treasurer

Advisory Board: Richard Quesnel, Mick McMullen and Doug Bache

Project Finance Advisor: Marc Duchesne

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Over 200 years of combined exploration and mine operations experience

4.48

1.15

0.29 0.15 0.06

Labrador Iron

Mines

Northland

Resources

New Millenium

Capital

Champion

Minerals

Adriana

Resources

Comparable Companies Analysis

8.00

7.14

4.94

2.06

1.68

Northland

Resources

Adriana

Resources

Labrador Iron

Mines

New Millenium

Capital

Champion

Minerals

Note: Share price in exchange currency as at August 12, 2011 market close

(1) Labrador Iron Mines resources of 166Mt at 57.0% Fe includes historical resource estimate of 125Mt at 57.0% Fe which is non-NI 43-101 compliant

(2) Champion Minerals based on attributable resources; includes historical resource estimate of 613Mt at 30.5% Fe (100%) which is non-NI 43-101 compliant

(1)

EV / Contained Fe (US$/t) (EV+Capex) / Contained Fe (US$/t)

(2) (2)

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(1)

8 8 8

Three Ports/

Stockpile

Locations

Cartier

Private

Rail

QNS&L

Rail

Common

Carrier

Cluster 3

Cluster 2

High

Voltage

Power

Lines

St Lawrence Seaway

Rail Infrastructure

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

Linked to Sept-Iles and Pointe Noire ports

Capacity estimate = ~ 80-100 Mtpy

Capacity Demand = ~ 55-60 Mtpy Expansions: RTZ–IOC, Cliffs Bloom Lake and Wabush + 9 Mtpy of Schefferville DSO

Capacity Surplus = ~ 40 Mtpy

Fire Lake North connection to Bloom Lake rail will require 62 km of new rail (PEA 2010)

Bloom Lake and QNS&L railways are considered common carriers.

Cartier Railway: Linked to Port-Cartier

Privately owned by ArcelorMittal

Adjacent to west of Fire Lake North

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Multi User Port Infrastructure Expanding to Meet Demand

Three Deep Sea Ports Operating

Port of Sept-Iles

RTZ-IOC shipping facility

Pointe Noire

Cliffs Resources shipping facilities

New Multi-User Port:

Phase 1: 40-50 Mtpy $220M Phase 2: 100 Mtpy

Phase 1 planned completion March 31, 2014; announcement pending

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

215*

388*

947*

0

100

200

300

400

500

600

700

800

900

1000M

illio

ns o

f to

nn

es o

f ir

on

ore

Fermont Project Resource Base Current NI 43-101 Compliant Resources

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Converting historical estimates to NI 43-101

compliant mineral resources with

60,000+ metres of drilling planned in 2011

Project Bellechasse Fire Lake North Harvey Tuttle

Location Quebec, Canada Quebec, Canada Quebec, Canada

Grade 28.7% 28.9% 23.2%

Mineralization Magnetite Rich Specular Hematite Rich Magnetite Rich

Historical

Resources

91 Mt @ 30.0% Iron 41 Mt @ 31.0% iron n/a

* 15 % cut-off grade

Fire Lake North Project

Development

Activities

Completed a 26,713-metre drill program since 2010 PEA ; Positive initial PEA on 7 Mt per annum concentrate operation

A total of 32,380 metres completed to date

Mineral Resource Estimate Q3 2011

Metallurgical tests indicate a clean concentrate grading 65% iron

- Iron oxide at a coarse liberation grind size of (-850 microns) (0.85mm) similar to RTZ/IOC and ArcelorMittal operations

- Grinding tests are underway to better quantify concentrator production rate

PEA update expected Q3 2011

− Objective is to increase mine life to 25+ years and to reduce the strip ratio and associated operating expenses.

Rail and port infrastructure studies on-going

Release Feasibility Study in Q2 2012

Fire Lake North Rapid Project Development

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Fire Lake North Project Drillholes over 2nd vertical derivative magnetic response

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Above: High Grade - Coarse Specular

Hematite Above: Typical Quartz-Specular

Hematite-Magnetite Mineralization

Fire Lake North - Metallurgy

High grade and coarse grained deposits with higher grade zones (See Below Left)

Gravity separation is the typical beneficiation technique in the Fermont

mining camp; magnetic separation is not included in the current mill design

Deposits of quartz specularite iron ore are typical of the Fermont area

− Coarser grind means that this product will be sold as sinter feed that comprises

80% of the global iron ore market.

− The low deleterious elemental levels should command a premium price.

Fire Lake North Development Project PEA update will include 26,000 metres of additional drilling

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Looking North

East Pit area: Section 2600 N

100 m

Hornblende

Iron Fm.

Lean Iron Fm.

Marble

Basement

New geological interpretation

from 2011 drilling for PEA update

November 2010 PEA

Sub-Vertical Zones were

interpolated

November 2010

PEA

Open Pit Outline

The new interpretation versus the initial PEA block model and open-pit outline will likely

contain increased in-pit resources and reduced strip ratios.

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Based upon the following assumptions:

Key Results Pre-Tax Basis

Net Present Value @ 5% US$1.64B

Net Present Value @ 10% US$0.94B

Internal Rate of Return 24.8%

Payback on Initial Capital @ 5% 2.8 Years

Capital Costs:

Operating Costs:

Price assumptions:

Mine-Life:

Exchange rate:

Total Resources(1):

In Pit Resources:

US$754 million (+ US$137 million, 20% contingency)

US$41.69 per tonne

US$81.40 per tonne of concentrate at 65% Fe

14 years at 7 million tonnes/year (In Pit Resources Only)

$1 USD to $1.10 CDN

388 million tonnes grading 29% Fe (NI43-101 Inferred Resources)

250 million tonnes grading 30.5% Fe in two pits

Fire Lake North Development Project November 2010 Preliminary Economic Assessment – Highlights

(1) Total Resource used a 15% Fe cut-off

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Fire Lake North Timeline Development to Production Project Schedule

• 26,713 metres of drilling has been completed at Fire Lake North since

the release of the November 2010 Preliminary Economic Assessment

(PEA) to date.

Diamond Drilling

Scoping Study

Feasibility Study

Environmental / Social Studies

Community Consultation

Permitting

Construction

Production

2011 2012

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

2014 2015

Q1 Q2 Q3 Q4

2013

Exploration

Activities

2011 Exploration Program

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PROJECT NAME 2011 EXPLORATION DRILLING

PROGRAM (metres) 2011 DEVELOPMENT PLAN 2011 JOINT VENTURE BUDGET ($)

Fire Lake North 21,000 MRE, PEA/FS 9,450,000

Moire Lake 9,600 MRE, PEA 4,320,000

Bellechasse 5,000 MRE, PEA 2,250,000

Harvey-Tuttle Lake 3,000 MRE, PEA 1,350,000

O’Keefe -Purdy 10,000 MRE, PEA 4,500,000

Oil Can Lake 8,000 MRE 3,600,000

Midway 3,000 MRE 1,350,000

Hope Lake 1,500 MRE 675,000

Claire Lake 1,500 MRE 675,000

60,000+ 28,170,000

2011 Exploration Program Focused on resource definition and expansion at Fire Lake North

Drilling from the 2011 drilling programs will be used to conduct Mineral Resource Estimates

(MRE), to update the Preliminary Economic Assessments (PEA) and to define the scope for

a Feasibility Study (FS) with a centralized concentrator complex at Fire Lake North.

The development plan for each project will verify if there is a potential to be a stand alone

operation or to be integrated into the cluster two centralized concentrator complex.

Several satellite deposits have the potential to enhance the growth profile of this area, all

within 20-30km which is within reach of conveyor equipment today.

Harvey Tuttle Project NI 43-101 Inferred Resource Estimate:

717Mt @ 25% iron; magnetite rich

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

Metallurgical tests underway

Located 25 km NW of Fire Lake North

Within conveying distance from Fire Lake

North planned concentrator (20-30km)

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Advanced Exploration

Bellechasse Project

NI 43-101 Inferred Resource Estimate: 215Mt

@ 29% Iron; Magnetite Rich iron formation

Historical Resources increased from 91Mt

remaining upside potential.

2,000-metre drill program underway

O’Keefe Purdy Project: Drilling Underway Exploration Upside

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• Historical Resources of 51 Mt @ 37% Iron

• Potential to double resources minimally with deposits listed above

and obvious untested iron formation strike length

• Completed 2,000 metres (3 drill rigs ) of a 10,000 metre drill program

Mo

ire

Lak

e P

rop

ert

y B

ou

nd

ary

Historical

Interpretation

200

metres

New

Interpretation

A A’

500

meters

Moire Lake Project Exploration Upside

N

Hole LM11-04: 27.9% Fe / 158.2 m

Includes

30.5% Fe / 130.2 m

Hole LM11-05: 25.0% Fe / 167.4 m

Includes

28.9% Fe / 133.5 m 22

Arc

elo

r Mitta

l Pro

perty

Bo

un

da

ry

Arc

elo

r Mitta

l Pro

pe

rty B

ou

ndary

Historical Resources:

101Mt @ 30.5% Iron

• Potential to significantly increase resources

• 1 drill completing a 10,400 metre program

• Mineral resource estimate will follow

• Drilled 8,140 metres to date

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Exploration: Fermont Projects

Moire Lake: 10,400-metre drilling program currently underway

Complete initial NI 43-101 mineral resource estimate in 2011

O’Keefe Purdy: 10,000 metre program (3 drill rigs); 2,000 metres completed

Hematite-rich targets being tested

Bellechasse: NI 43-101 Mineral Resource of 215 Mt at 28.7% Iron*

2,000 metre diamond drill program planned (Ongoing)

Metallurgical testing and update to the Mineral Resource Estimate next

Harvey Tuttle: NI 43-101 Mineral Resource of 947 Mt at 23.2% Iron*

13,165 metres of drilling completed; 50% of anomalies tested

717Mt @ 25% iron; magnetite rich; 20% cut off grade

Metallurgical testing (Q3 2011)

Why Invest In Champion Minerals?

Advanced Project

Preliminary Economic Assessment update on Fire Lake North expected in Q3 2011

Release Feasibility Study on Fire Lake North in Q2 2012

On-going 60,000+ metre drill program in the Fire Lake North area

Established Iron Ore District

Canada’s premier iron ore district

Established rail, power and port infrastructure

- Commitment by Quebec’s Plan Nord to invest $80 billion over the next 25 years

Proven Team

Strengthened the advisory board and the board of directors – appointed Richard

Quesnel (formerly President and CEO of Consolidated Thompson) as senior technical

advisor and appointed Jean Depatie (formerly director of Consolidated Thompson)

director. Also appointed Marc Duchesne (formerly Senior Vice President of Finance of

Consolidated Thompson) as Project Finance Advisor.

Strong Cash Position

C$28.0 million in cash; 40% tax rebate on exploration expenditures and 17.5%

contribution from JV partner

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Thank You

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