Champion Iron (CIA) H2 2025 earnings summary

Executive summary

• Achieved robust annual production of 13.8M wmt high-grade iron ore concentrate, with record sales and material mined and hauled, despite operational challenges from forest fires and economic uncertainties.

• Advanced key growth projects, including the DRPF project and the Kami Project partnership, while maintaining a capital return strategy with two dividend payments totaling $0.20 per share.

• Reinforced position as a leader in high-purity iron ore, supporting the global transition to green steelmaking.

Financial highlights

• Revenues increased 5% year-over-year to $1,606.6M, driven by a 16% rise in iron ore concentrate sold, despite a 2% decrease in production volume.

• Net income declined 39% year-over-year to $142.0M, with basic EPS at $0.27, down from $0.45.

• EBITDA was $471.3M, a 15% decrease year-over-year, with an EBITDA margin of 29%.

• Available liquidity stood at $605.9M, down 36% year-over-year, reflecting significant capital investment in growth projects.

• C1 cash cost per dmt sold increased 3% year-over-year to $78.3.

Outlook and guidance

• DRPF project commissioning remains on track for December 2025, expected to upgrade half of Bloom Lake’s capacity to 69% Fe direct reduction pellet feed.

• Kami Project partnership with Nippon and Sojitz advances, with a definitive feasibility study targeted for completion by end of 2026.

• Ongoing focus on optimizing operations, increasing production, and supporting the green steel transition.