• Quarterly production of 3.6M wmt, record sales of 3.9M dmt, revenue of $493M, EBITDA of $175M
• Declares ninth consecutive semi-annual dividend of $0.10 per ordinary share
• DRPF project advancing as scheduled towards expected start of commissioning in December 2025

Champion Iron Limited reports its Q2 FY26 operational and financial results, highlighting quarterly production of 3.6 million wmt of high-grade 66.5% Fe concentrate, a 12% increase over the same period last year. The company achieved record quarterly sales of 3.9 million dmt, up 18% from the same prior-year period, reducing iron ore concentrate stockpiled at Bloom Lake by 477,000 wmt. The company generated revenue of $493 million, EBITDA of $175 million, and net income of $56.8 million, representing EPS of $0.11. Champion also declared its ninth consecutive semi-annual dividend of $0.10 per ordinary share. The DRPF project, designed to upgrade half of Bloom Lake's capacity to DR quality pellet feed iron ore, is progressing as scheduled, with initial commissioning expected to begin in December 2025 and commercial shipments anticipated by the end of the first half of the 2026 calendar year. The company also provided an update on the Kami Project, where it completed the initial closing of the transactions with Nippon Steel and Sojitz, with the partners making their initial cash contributions.

The company expects to advance the DRPF project into the commissioning phase with an approximate cumulative investment of $500 million, in line with the inflation-adjusted estimated total capital expenditure of $470.7 million. The company also expects to secure commercial agreements for its anticipated production of DR quality iron ore, which is expected to attract pricing premiums over its existing high-purity iron ore concentrate.