Champion Iron
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Champion Iron (CIA) investor relations material

Champion Iron Q3 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2026 earnings summary29 Jan, 2026

Executive summary

  • Achieved quarterly production of 3.7M wmt high-grade 66.5% Fe concentrate and record sales of 3.9M dmt, with revenue of $472.3M, net income of $65M, EBITDA of $152.4M, and EPS of $0.12 for Q3 FY26, driven by strong operational performance and improved costs.

  • Reduced mine stockpiles by 1.1M tons, increasing port inventories to 900,000 tons for future vessel loading.

  • Maintained strong community engagement and safety record, with significant partnership activities and no major incidents.

  • Entered into a fully financed agreement to acquire Rana Gruber for US$289M, expanding European market access and operational synergies, with closing expected in Q2 2026.

  • Progressed on the DRPF project, with commissioning underway and first commercial tons expected by end of H1 2026.

Financial highlights

  • Revenue of $472.3M, EBITDA of $152.4M, and net income of $65M for the quarter, with EPS of $0.12.

  • 3.9M dmt of iron ore concentrate sold, with 3.7M wmt produced and ore recovery at 79.7%.

  • Net realized price of CAD 121 per ton, with C1 cash cost at $73.9/dmt and AISC at $89.7/dmt, both improved year-over-year.

  • Cash and equivalents at $245.1M as of December 31, with total liquidity up to $1.1B including available loans.

  • Provisional price adjustment was minor at $3.3M, impacting results by $0.80 per ton sold.

Outlook and guidance

  • DRPF plant commissioning ongoing, with ramp-up to nameplate capacity expected over 12 months; first commercial sales targeted for H1 2026, with meaningful price impact expected in Q3.

  • DR grade premiums have increased year-over-year, with expectations for improved margins as product quality is proven.

  • Kami project feasibility and permitting on track for completion by year-end, with DFS expected by end of 2026 and potential for future construction.

  • Inventory management strategies in place to sell 1.5M wmt of stockpiled iron ore concentrate in the near term.

  • Anticipates continued operational improvements and stable ore recoveries.

DRPF full capacity and premium outlook
Rana Gruber client and operational synergies
Bloom Lake 17-18M tonne target progress
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Frequently asked questions

Champion Iron Limited is an Australiancompany specializing in the exploration and development of iron ore properties. It operates primarily in Canada, focusing on high-grade iron ore concentrate production. The company's key assets include the Bloom Lake Mine and Consolidated Fire Lake North project in Quebec, as well as the Kamistiatusset project in Newfoundland and Labrador, all located in the Labrador Trough region. Champion Iron sells its iron ore concentrate to a global market, including regions such as China, Japan, the Middle East, Europe, South Korea, India, and Canada. The company is headquartered in Montreal, Quebec, Canada, and its shares are listed on the Toronto Stock Exchange (TSX) under the symbol CIA.

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