Canadian iron ore producer Champion Iron Limited has announced its operational and financial results for the second quarter of 2025-26 financial year ended September 30, achieving record quarterly sales.
In the second quarter, the company has posted a net income of CAD 56.79 billion, up from CAD 19.8 billion in the corresponding period last year, while its revenues totaled CAD 492.89 billion, up by 40.4 percent year on year.
Champion Iron’s production at Bloom Lake amounted to 3.6 million wmt of high-grade 66.5 percent Fe concentrate, up by 12 percent year on year, while the company has achieved record quarterly sales of 3.9 million dmt, up by 18 percent year on year.
Meanwhile, the company’s Direct Reduction Pellet Feed (DRPF) project, designed to upgrade half of Bloom Lake's capacity to DR quality pellet feed iron ore grading up to 69 percent Fe, is continuing as scheduled towards an expected commissioning in December. Commercial shipments of DR quality iron are expected to be outgoing by the end of the first half of next year.
In addition, at the end of September, the company has formalized the strategic partnership with Japan-based steelmaker Nippon Steel Corporation and trading company Sojitz Corporation to advance the Kami Project through the ongoing definitive feasibility study. Following the initial closing of the agreement, Champion Iron holds 51 percent interest in the partnership and remain operator of the project, with Nippon Steel holding 30 percent and Sojitz holding 19 percent stakes, as SteelOrbis previously reported.
Champion's CEO, Mr. David Cataford, said, "We successfully capitalized on rising iron ore prices by delivering robust quarterly financial results, while completing our scheduled semi-annual maintenance at our site and on the third-party railway. I'm especially proud of our teams' commitment to operating Bloom Lake sustainably while optimizing operations and advancing the DRPF project towards its completion. With robust financial liquidity, we remain focused on maximizing shareholder value while creating a positive impact for our host communities."