• Quarterly production of 3.4M wmt, sales of 3.5M dmt and cash costs of $82.7/dmt
• DRPF project commissioning advancing as planned, with initial production tests successfully completed
• Acquisition of Rana Gruber, a high-purity iron ore producer in Norway, closed in April 2026

Champion Iron Limited reported its Q4 FY2026 production and sales results. Quarterly production was 3.4 million wmt of high-purity 66.2% Fe concentrate, an 8% increase over the same prior-year period, and sales were 3.5 million dmt, comparable to the same period in 2025. The company's C1 cash cost for the iron ore concentrate loaded onto vessels at the Port of Sept-Iles totaled approximately $82.7/dmt, an increase of 12% quarter-over-quarter and 3% year-over-year, mainly due to higher land transportation and port handling costs, as well as a significant rise in fuel prices. The company's cash balance, excluding restricted cash, totaled $296.8 million as at March 31, 2026, an increase of $51.7 million since December 31, 2025. The DRPF project, designed to upgrade up to half of Bloom Lake's capacity to DR quality pellet feed iron ore, progressed as planned, with initial sellable production anticipated by the end of the second quarter of the 2026 calendar year. The company also completed the acquisition of Rana Gruber, a proven high-purity iron ore producer in Norway, in April 2026 for a total purchase price of approximately US$300 million.

The company expects the initial sellable production from the DRPF project to occur by the end of the second quarter of the 2026 calendar year, with production volumes gradually increasing thereafter.