Building the Next Major Iron Ore

Mine in the Labrador Trough Corporate Presentation

October 2011

FSE: P02

2

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.

3

Fermont Projects

The flagship project is Fire Lake North, which is

currently in the development stage

Over 2.2 billion tonnes of NI 43-101 compliant

iron ore resources

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 Stage Projects

Updated mineral resource estimate for Fire Lake North (development project), which

shows Measured and Indicated Resources of 400.1 million tonnes grading 30.6%

total iron and Inferred Resources of 661.2 million tonnes grading 27.7% total iron

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

underway and expected in November 2011

Latest drill results at the Moire Lake Project included 503 metres grading 31% total iron

− An initial mineral resource estimate at the Moire Lake Project is expected in Q4 2011

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 to include former

Consolidated Thompson Iron Mines management and officers

4

Capital Structure

Share Data and Cash Position as of October 6, 2011.

Shares Outstanding 88.0 million

Warrants 6.9 million @ C$1.50

Options 11.0 million @ C$1.00

Fully Diluted Shares Outstanding 106.1 million

Market Capitalization (based on $1.32 share price) C$84.5 million

Cash Position C$24.5 million

Fully Diluted Cash Position C46.0 million

Debt (Purchase of 17.5% Fermont Interest from

Sheridan Platinum Group)

C$0.5 million

Management Ownership ~ 8%

Analyst Coverage Canaccord Genuity

Haywood Securities

Jennings Capital

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

6

Over 200 years of combined exploration and mine operations experience

7

-

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

China’s CAGR is 9.88% over

the last 30 years vs. 2.30% for

total global steel production

over the same period.

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)

8

(1)

Why Champion Minerals?

9

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

• Government

investment in northern

Quebec Plan Nord

Champion Minerals’

Competitive Advantage

• Portfolio of 17 iron ore

properties (brownfields to development)

• Development-stage Fire

Lake North Project

contains coarse grained

specular hematite

easy to liberate − Close to surface

− No/low deleterious elements

• Team of experienced

project developers and

mine builders

10 10 10

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”)

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

Fire Lake North connection to Bloom Lake rail will require 62 km of new rail (November

2010 Preliminary Economic Assessment)

Alternative transportation/haulage options include pipeline, which requires significantly higher capital expenditures

Cartier Railway: Linked to Port-Cartier

Privately owned by ArcelorMittal

Adjacent to west of Fire Lake North

Cluster 1

11 11

Multi-User Port Infrastructure Expanding to Meet Demand

Port of Sept-Iles

RTZ-IOC shipping facility

Pointe Noire

Cliffs Natural Resources shipping facilities

New multi-user port to be expanded in two phases: phase one expansion of 40-50 Mtpy and phase two expansion of 100 Mtpy

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

661

947

0

100

200

300

400

500

600

700

800

900

1000

Measured andIndicated (M&I)

Inferred

Fermont Project Resource Base Current NI 43-101 Compliant Resources

13

Over 2.2 billion tonnes of

NI 43-101 compliant iron ore resources

Project Bellechasse Fire Lake North Harvey Tuttle

Location Quebec, Canada Quebec, Canada Quebec, Canada

Grade 28.7% 30.6% (M&I)

27.7% (Inferred)

23.2%

Mineralization Magnetite Specular Hematite Magnetite

Historical

Resources

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

* 15 % cut-off grade

400

Fire Lake North Project

Development

Activities

Champion’s flagship development project; published a Preliminary Economic Assessment (PEA) study in November 2010 based on 6,000 metres of drilling

− PEA indicates ability to produce 7 million tonnes of concentrate per annum over a 14-year mine life

− Approximately 26,000 metres of drilling have been completed at Fire Lake North since the November 2010 PEA

Recent mineral resource update announced

− Measured and Indicated Resources of 400.1 million tonnes grading 30.6% total iron

− Inferred Resources of 661.2 million tonnes grading 27.7% total iron

Metallurgy indicates coarse-grained ore with liberation grind size similar to RTZ/IOC and ArcelorMittal operations

Fire Lake North Project Growth through Development

15

16

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 (-850 microns / -20 mesh) (0.85mm) means that this product will

be sold as sinter feed that comprises 80% of the global iron ore market.

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

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

17

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; contains

increased in-pit resources and will likely reduced strip ratios.

18

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

19

Fire Lake North Timeline Development to Production Project Schedule

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

PEA update expected November 2011; objective is to increase mine life (to

20+ years) and to reduce the strip ratio and associated operating expenses

Grinding tests are underway to better quantify concentrator production rate

Optional infrastructure studies on-going

20

Exploration Activities and Development

Milestones

Updated PEA on Fire Lake North November 2011

Initial NI 43-101 Mineral Resource Estimate for Moire Lake Q4 2011

Drilling at O’Keefe Purdy Project (hematite target) Ongoing

Metallurgical testing at Fire Lake North, Bellechasse, Harvey

Tuttle, Moire Lake, O’Keefe Purdy and Oil Can Lake projects Ongoing

Feasibility study on Fire Lake North Q2 2012

Why Invest in Champion Minerals?

Government investment in northern Quebec Plan Nord

Advanced-stage Fire Lake North development project

positive economics

Portfolio of 17 iron ore properties in established iron ore

mining district

Team of experienced project developers and mine builders

Good cash position fully funded into 2012

Favourable tax environment

Access to low-cost power and close to rail and port

21

Thank You

22

22

APPENDIX:

Exploration

Activities

2011 Exploration Program

24

Project 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 Deferred to 2012 -- --

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 Deferred to 2012 -- --

Claire Lake Deferred to 2012 -- --

56,600 25,470,000

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) on Fire Lake North and to define the scope for a

Feasibility Study (FS)

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)

25

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.

5,000-metre drill program underway

O’Keefe Purdy Project: Drilling Underway Exploration Upside

26

• Historical Resources of 51 Mt @ 37% Iron

• Potential to double resources minimally with deposits listed above and

obvious untested iron formation strike length

• 2011 exploration program (3 drill rigs):10,000 metres of drilling planned

500

meters

Moire Lake Project Exploration Upside

N

27

Arc

elo

r Mitta

l Pro

pe

rty B

ou

ndary

• Recent drill results included

503 metres grading 31% total

iron

• Potential to significantly

increase resources

• Surface outcrops of

hematite

• Completing a 10,400 metre

program

• Mineral resource estimate

due Q4 2011