On April 10, 2026, Champion Iron Limited completed its voluntary cash tender offer to acquire Rana Gruber ASA, a leading Norwegian producer of high-purity iron ore, at a price of NOK 79 per share in cash. The offer, made through Drakkar BidCo AS, a newly established acquisition vehicle owned by Champion, secured acceptances representing 92.48 percent of Rana Gruber's issued and outstanding share capital and voting rights. The transaction, first announced on December 21, 2025, valued Rana Gruber's total equity at approximately NOK 2,930 million (US$289 million). Having crossed the 90 percent threshold, Champion intends to carry out a compulsory acquisition (squeeze-out) of the remaining shares and delist Rana Gruber from Euronext Oslo Børs. The acquisition broadens Champion's high-grade iron ore portfolio, expands its geographic footprint into Europe, and positions the combined group as a more diversified supplier of premium iron ore to green steel value chains, benefiting from Rana Gruber's proximity to European customers. The transaction was financed through a combination of cash, a US$100 million equity private placement of subscription receipts from La Caisse, and a fully underwritten US$150 million term loan from Scotiabank. Rana Gruber, based in Mo i Rana, Nordland, was established in 1964 and draws on more than 200 years of local mining heritage, producing approximately 1.8 million dry metric tonnes of hematite and magnetite iron ore concentrates annually. Senior management, including chief executive officer Gunnar Moe, are expected to continue leading Champion's Norwegian subsidiary.

Legal advisors to Champion are Advokatfirmaet BAHR AS, Stikeman Elliott LLP, Ashurst LLP and McCarthy Tetrault LLP, with Clarksons Securities AS as financial advisor. Rana Gruber is advised by Wikborg Rein Advokatfirma AS and DNB Carnegie, while La Caisse is advised by Fasken Martineau DuMoulin LLP and Clayton Utz.