Canadian iron ore producer, Champion Iron Limited, has announced its operational and financial results for its financial third quarter ending December 31, 2025.
Champion Iron reported a net income of CAD 65.0 million, representing EPS of CAD 0.12, compared to net income of CAD 56.8 million with EPS of CAD 0.11 in the previous quarter, and net income of CAD 1.7 million with EPS of $0.00 in the same period in 2024.
Champion Iron’s DRPF project, designed to upgrade half of Bloom Lake's capacity to DR quality pellet feed iron ore grading up to 69 percent Fe, progressed as planned, with mechanical commissioning initiated and initial commercial shipments of DR quality iron anticipated by the end of the first half of the 2026 calendar year, gradually increasing thereafter. Quarterly production of 3.7 million wmt of high-grade 66.5 percent Fe concentrate for the three-month period ended December 31, 2025, compared to 3.6 million wmt of high-grade 66.3 percent for the same period in 2024. The company had record quarterly sales of 3.9 million dmt for the three-month period ended December 31, 2025, up 18% from the same period in 2024.
Champion Iron’s cumulative iron ore concentrate inventories held at Bloom Lake and at the Port of Sept-Îles totalled 1.5 million wmt as at December 31, 2025, compared to 1.8 million wmt as at September 30, 2025, and the company had a strong mining performance with 22.6 million wmt of material mined and hauled at Bloom Lake for the three-month period ended December 31, 2025, an increase of 13 percent compared to the same period in 2024, driven by additional and improved utilization of loading equipment, and availability of haul trucks.
Despite a breakdown on the port operator's ship loaders at the end of December 2025, sales volumes increased by 18 percent during the three-month period ended December 31, 2025, compared to the same period in 2024, and exceeded production for the fourth consecutive quarter.
Champion's CEO, Mr. David Cataford, said, "I am proud of our team's ingenuity and perseverance as we advance strategic initiatives designed to unlock value for our stakeholders in the coming months and reinforce our leadership in the high-purity iron ore industry. We expect to continue to benefit from sales of high-purity iron ore inventories previously stockpiled at Bloom Lake. New markets will become available as we initiate shipments of DR quality iron ore from our DRPF project in the near term. Additionally, we remain focused on the potential closing of the Rana Gruber acquisition, which will diversify our portfolio with another proven high-purity iron ore operation, as well as the anticipated completion of the Kami project definitive feasibility study, leveraging our partnership with Nippon Steel and Sojitz. As our multi-year growth capital investment cycle at Bloom Lake nears completion, we continue to rigorously evaluate growth opportunities and capital allocation strategies to optimize shareholder returns."