Champion Iron limited announced its operating and financial results for the fiscal fourth quarter ended March 31, 2026. The company reported net income of C$23.2 million for the period, down from C$39.1 million in the same period a year earlier, as results were impacted by a stronger Canadian dollar and higher cash costs.
Revenue for the quarter was C$414.5 million, down three percent from the prior quarter. CAD 425.3 million for the same period the previous year. While sales volumes were comparable to the same period last year, the company attributed the decline in revenue primarily to the stronger Canadian dollar during the period, partially offset by higher average net selling prices in U.S. dollar terms.
EBITDA was also impacted by the stronger Canadian dollar, with the quarter closing at C$114.3 million, representing an EBITDA margin of 28 percent compared to C$127.4 million and a margin of 30 percent over the same period a year earlier.
Quarterly production reached 3.435 million wet metric tons (wt) of high-purity iron concentrate grading 66.2 percent, up eight percent from the same period the previous year, primarily due to higher mill throughput and improved iron recovery rate, which increased to 80.6 percent from 78.3 percent the year before. previously.
Sales were 3.455 million dry metric tons (DMT), consistent with the same period in the prior year, despite a third party train derailment that disrupted rail service early in the quarter and subsequent disruptions as well as particularly challenging winter conditions. Sales exceeded production for the fifth quarter in a row as the company continued to draw on concentrate reserves stored at Bloom Lake and the Port of Sept-Île, which fell to 1.3 million tons as of March 31, 2026, from 1.5 million tons as of December 31, 2025.
On the development side, the company's DRPF project aims to upgrade up to half of Bloom Lake's capacity to directly reduce quality pelleted feed containing up to 69 percent Fe, as planned. The total investment in the project was C$479.5 million as of March 31, 2026, for an estimated total consideration of C$500 million.
On April 17, 2026, Champion also completed the acquisition of Rana Gruber ASA, a Norwegian high-purity iron ore producer, for a total purchase price of approximately US$300 million plus related fees and charges. expenses.
