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2026-11-06
◂ Monitor CIA ASX

Champion Iron Limited

Producer · Iron Ore · Canada · Norway Rating locked: sign in to view v8 · cia-20261024t211606-full
Last 2026-11-06
A$2.06
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$1.2B
EV
A$2.2B
Cash
C$198.6M
Debt
C$1.3B
6 newer ASX announcements not yet reflected in this valuation

Portfolio detail

Assets

14 assets

Core asset

Bloom Lake including DRPF

Canada

Producer100% ownedIron Ore

Operating; DRPF commissioning within Bloom Lake

Producer · Producer
Production annualised (attributable)
NM
Production (last FY, 100%)
NM
AISC (latest quarter)
NM
AISC margin at spot
NM
Delivery vs guidance
—
Reserve life
NM
Head grade
29.5%
Resources & reserves3
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured and indicated1.2K Mt dry ore gross28.2% FeIron Ore2026-03-31
Mineral ResourceInferred255 Mt dry ore gross26.7% FeIron Ore2026-03-31
Ore ReserveProven and probable601 Mt dry ore gross28.3% FeIron Ore2026-03-31

Material

Rana Gruber

Norway

Producer100% ownedIron Ore

Operating; acquired100%April2026. Issuer2025 annual note27 expects operations not to cease before2050; technical reserve statement not retained.

Producer · Producer
Production annualised (attributable)
NM
Production (last FY, 100%)
NM
AISC (latest quarter)
NM
AISC margin at spot
NM
Delivery vs guidance
—
Reserve life
NM
Head grade
31.7%

Material

Kami

Canada

PFS Developer51% ownedIron Ore

DFS engineering completed, economic assessment pending; construction not started

Developer · PFS developer
Study
pfs
Post-tax NPV (study prices, attributable)
A$309.8md
NPV restated at our deck (attributable)
Locked
IRR
9.8%
Initial capex (100%)
A$4.3bd
Capital intensity
NM
LoM AISC
NM
Mine life
25.0 yrs
Published study economicsIssuer or study metrics
NPVC$541MPublished value
IRR9.8%Published return
Initial capexC$3.9BPublished capital estimate

Conservative 2024 PFS gross aftertax NPV; alternative historic price case2.195bn. Do not pretend this is a new DFS.

Resources & reserves3
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured and indicated975 Mt dry ore gross29.6% FeIron Ore2026-03-31
Mineral ResourceInferred163 Mt dry ore gross29.2% FeIron Ore2026-03-31
Ore ReserveProven and probable643 Mt dry ore gross29.2% FeIron Ore2026-03-31
Economic studies1
StudyStageStatusDateSummary
2024 Kami PFSPFSCurrent2024-03-1425year mine,9millionwmt concentrate annually above67.5%Fe;48months construction after FID. DFS economic assessment pending.

Other

Consolidated Fire Lake North

Canada

PFS Developer100% ownedIron Ore

Exploration holdings; explicit zero valuation pending current economic evidence

Developer · PFS developer
Study
—
Post-tax NPV (study prices, attributable)
—
NPV restated at our deck (attributable)
Locked
IRR
—
Initial capex (100%)
—
Capital intensity
—
LoM AISC
—
Mine life
—

Other

Harvey-Tuttle

Canada

Early Explorer100% ownedIron Ore

Exploration holdings; explicit zero valuation pending current economic evidence

Exploration · Early explorer
Ownership
100%
Commodity
Fer
Country
CAr
Best recent intercept (grade x width)
—
Metres drilled (12M)
—
Exploration spend (12M)
—

Other

Moiré Lake

Canada

Early Explorer100% ownedIron Ore

Exploration holdings; explicit zero valuation pending current economic evidence

Exploration · Early explorer
Ownership
100%
Commodity
Fer
Country
CAr
Best recent intercept (grade x width)
—
Metres drilled (12M)
—
Exploration spend (12M)
—

Other

O’Keefe-Purdy

Canada

Early Explorer100% ownedIron Ore

Exploration holdings; explicit zero valuation pending current economic evidence

Exploration · Early explorer
Ownership
100%
Commodity
Fer
Country
CAr
Best recent intercept (grade x width)
—
Metres drilled (12M)
—
Exploration spend (12M)
—

Other

Peppler

Canada

Early Explorer100% ownedIron Ore

Exploration holdings; explicit zero valuation pending current economic evidence

Exploration · Early explorer
Ownership
100%
Commodity
Fer
Country
CAr
Best recent intercept (grade x width)
—
Metres drilled (12M)
—
Exploration spend (12M)
—

Other

Lamêlée

Canada

Early Explorer100% ownedIron Ore

Exploration holdings; explicit zero valuation pending current economic evidence

Exploration · Early explorer
Ownership
100%
Commodity
Fer
Country
CAr
Best recent intercept (grade x width)
—
Metres drilled (12M)
—
Exploration spend (12M)
—

Other

Hobdad

Canada

Early Explorer100% ownedIron Ore

Exploration holdings; explicit zero valuation pending current economic evidence

Exploration · Early explorer
Ownership
100%
Commodity
Fer
Country
CAr
Best recent intercept (grade x width)
—
Metres drilled (12M)
—
Exploration spend (12M)
—

Other

Lac Lamêlée South

Canada

Early Explorer100% ownedIron Ore

Exploration holdings; explicit zero valuation pending current economic evidence

Exploration · Early explorer
Ownership
100%
Commodity
Fer
Country
CAr
Best recent intercept (grade x width)
—
Metres drilled (12M)
—
Exploration spend (12M)
—

Other

Round Lake joint venture

Canada

Early Explorer45% ownedIron Ore

Exploration holdings; explicit zero valuation pending current economic evidence

Exploration · Early explorer
Ownership
45%
Commodity
Fer
Country
CAr
Best recent intercept (grade x width)
—
Metres drilled (12M)
—
Exploration spend (12M)
—

Other

Powderhorn

Canada

Early Explorer100% ownedCopperZinc

Exploration holdings; explicit zero valuation pending current economic evidence

Exploration · Early explorer
Ownership
100%
Commodity
Cur
Country
CAr
Best recent intercept (grade x width)
—
Metres drilled (12M)
—
Exploration spend (12M)
—

Other

Gullbridge

Canada

Early Explorer100% ownedCopperZinc

Exploration holdings; explicit zero valuation pending current economic evidence

Exploration · Early explorer
Ownership
100%
Commodity
Cur
Country
CAr
Best recent intercept (grade x width)
—
Metres drilled (12M)
—
Exploration spend (12M)
—

d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)