• Champion produced 3.9 million wet metric tonnes of concentrate and sold 4.5 million dry metric tonnes in the quarter.
  • Revenues were C$403.9 million, with a net average realised selling price of C$89.9 per dry metric tonne.
  • The figures are preliminary and unaudited, with a results call scheduled for 9:00 am Montréal time on 29 October 2026.

Champion Iron Limited (ASX:CIA) has published preliminary operational and financial results for the second quarter of its 2027 financial year, covering the three months ended 30 September 2026. The company, which produces high-purity iron ore concentrate, said it produced 3.9 million wet metric tonnes of concentrate and sold 4.5 million dry metric tonnes during the period. Revenues were reported as C$403.9 million.

The release is labelled preliminary and unaudited. Champion said the figures are based on management's current estimates, have not been reviewed by its auditors and remain subject to the quarterly financial close and review procedures, so final results may differ from those now published.

The numbers

All amounts in the release are in Canadian dollars unless stated otherwise. Beyond production, sales and revenue, Champion reported a net average realised selling price of C$89.9 per dry metric tonne. It described that price as a non-IFRS measure, calculated as revenues divided by the Volume of concentrate sold in dry metric tonnes.

Two points are worth keeping in mind when reading the figures. Production is stated in wet metric tonnes, while sales and the realised price are stated in dry metric tonnes, so the two volumes are not directly comparable without adjusting for moisture. The release also does not provide earnings, costs, Cash Flow or Debt figures, and it contains no numerical guidance, so it does not say how the quarter compares with Champion's own expectations.

Business background

Champion describes itself as a high-purity iron ore producer with operations in Canada and Norway. It is listed on the Toronto Stock Exchange and the ASX under the code CIA, and its shares also trade on the OTCQX market in the United States.

Its main asset is the Bloom Lake mine in Québec, an open-pit operation about 13 kilometres north of Fermont, at the southern end of the Labrador Trough. According to the release, Bloom Lake has two concentration plants with a combined nameplate capacity of 15 million wet metric tonnes a year and is powered mainly by hydroelectric energy. Concentrate is moved by rail to a ship-loading port at Sept-Îles. Champion says its products have attracted a premium to the Platts IODEX 61 per cent Fe CFR China index.

The company also owns Rana Gruber in Norway, which produces about 1.8 million dry metric tonnes a year of hematite and magnetite concentrates. It holds a 51 per cent interest in the Kami Iron Mine Partnership, jointly owned with Nippon Steel Corporation and Sojitz Corporation, located about 21 kilometres southeast of Bloom Lake, as well as other Labrador Trough properties including the Cluster II holdings.

Direct reduction pellet feed work

The release repeats that Champion is implementing a work program to upgrade up to half of Bloom Lake's mine capacity to direct reduction quality pellet feed iron ore containing up to 69 per cent Fe. The release does not give a cost, timetable or completion date for that program, and it does not link the work to the quarter's figures.

What happens next

Champion has set out a short timetable. Its financial statements and management's discussion and analysis for the quarter will be released before a results conference call and webcast. The call is scheduled for 9:00 am Montréal time on 29 October 2026, which is 12:00 am on 30 October 2026 in Sydney. The webcast will be available for 90 days on the company's website, and a replay will remain available until 5 November 2026 in Montréal.

Champion also said that if its final results differ materially from the preliminary figures, it will promptly inform the market in line with its continuous disclosure obligations. Until the full statements are published, the quarter's profitability and cash generation remain unreported, and the preliminary Revenue and volume figures should be treated as estimates rather than final results.