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2026-11-06
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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
—
Fair value
Locked: sign in to view
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

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash C$198.6M Not Meaningful
Debt C$1.3B Net cash C$-1.1B
Basic shares 560M 2026-10-08
Runway Not Meaningful Q1 burn includes427.694mCAD one-off acquisition; producer sustainable runway cannot be inferred from that acquisition quarter.

Liquidity

Financial position

June30 reported cash C$198.621m and net undrawn C$454.516m; debt C$1,252.119m carrying/C$1,263.701m face. Kami restricted funds are not group liquidity. Future debt maturities require separate scenario funding checks.

Inventory composition1

Group operating inventories C$373.786m: stockpiled ore63.932m, concentrate165.619m, supplies144.235m. Embedded in operating/NWC economics, never a second equity add.

Operating ore, concentrate and supplies aggregate
C$373.8M carrying

Capital structure

Ownership and dilution

Ordinary shares
560M
Fully diluted
560M

October8 Appendix3H ordinary560,046,922; cash-settled rights separately recorded, not unconditional option proceeds. Case-specific future financing shares are analyst estimates and do not change reported capital.

Security classes4
ClassTypeQuantityStrikeExpiry
Ordinary fully paidOrdinary Share560M——
Performance share units; cash-settled liability under disclosed incentive planOther5.2M——
Restricted share units; cash-settled liability under disclosed incentive planOther2.9M——
Deferred share units; cash-settled liability under disclosed incentive planOther666.7K——

KPI history

Operating metrics

Source values by period
Operating metric source table12
MetricProjectPeriodPeriod typeValueStatus
Bloom Lake FY2024 concentrate producedBloomFY2024Year14,162,400 wmt concentrateReported
Bloom Lake FY2025 concentrate producedBloomFY2025Year13,834,200 wmt concentrateReported
Bloom Lake FY2026 concentrate producedBloomFY2026Year14,168,700 wmt concentrateReported
bloom product output, acquisition-period where applicableBloomQ1 FY2027Quarter3,547,200 wmt concentrateReported
bloom product salesBloomQ1 FY2027Quarter3,128,800 dmt concentrateReported
bloom AISC per dry product tonne soldBloomQ1 FY2027Quarter104.4 CAD/dmt soldReported
rana product output, acquisition-period where applicableRanaQ1 FY2027 April10-June30Quarter392,200 wmt concentrateReported
rana product salesRanaQ1 FY2027Quarter210,200 dmt concentrateReported
rana AISC per dry product tonne soldRanaQ1 FY2027Quarter147 CAD/dmt soldReported
fy-revenueCompanyFY2026Year1,769,731,000 CADReported
fy-ebitdaCompanyFY2026Year499,324,000 CADReported
Operating cash flowCompanyFY2026Year435,931,000 CADReported

Capital history

Capital events

2 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-07-08Ann. 2026-05-28DividendC$11.2M——Completed—
2026-04-10RaisingC$139.4M26.8M—Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-06-30

Material AIF/Q1 contracts and notes reviewed; private price, royalty and hedge schedules not fully disclosed. Full contract economics cannot be reconstructed.

Champion51%; partners49%,176.4mCAD next contribution conditional on DFS and positive interim elections; exit rights require Champion repurchase until FID.

Joint Venture · Active
Counterparties
Nippon Steel · Sojitz
Applies to
Kami · Iron Ore
Economic direction
Mixed
Period
Dates not stated
Key terms
Champion interest: 51 %
Conditional second contribution: 176,400,000 CAD
Redemption obligation: 68,600,000 CAD
How it affects our valuation

No valuation treatment is available for this arrangement.

Fixed production payment and gross sales/community royalty apply if commercial production is reached; rates not fully disclosed in summary.

Royalty · Active
Counterparties
Contract counterparties as disclosed
Applies to
Kami · Iron Ore
Economic direction
Mixed
Period
Dates not stated
Key terms
Production payment: —
How it affects our valuation

No valuation treatment is available for this arrangement.

Sojitz and Glencore separate marketing and purchase rights,2021 restatement. Net product realization model includes existing commercial chain; precise rights economics undisclosed.

Offtake · Active
Counterparties
Sojitz · Glencore AG
Applies to
Bloom Lake including DRPF · Iron Ore
Economic direction
Mixed
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.

First DRPF commercial agreement covers a portion of near-term capacity. Price and full contracted volumes undisclosed; premium contingent on accepted cargo specifications.

Offtake · Active
Counterparties
Contract counterparties as disclosed
Applies to
Bloom Lake including DRPF · Iron Ore
Economic direction
Mixed
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.

Innu impact benefits obligations135.534mCAD contractual minimum commitments; recurring charges included operating economics, not separate gross liability.

Other · Active
Counterparties
Innu community
Applies to
Bloom Lake including DRPF · Iron Ore
Economic direction
Mixed
Period
Dates not stated
Key terms
Future minimum commitment: 135,534,000 CAD
How it affects our valuation

No valuation treatment is available for this arrangement.

Port take-or-pay commitments122.234mCAD plus infrastructure services; fixed/variable fees in C1 shipping-cost normalization.

Tolling Or Processing · Active
Counterparties
Contract counterparties as disclosed
Applies to
Bloom Lake including DRPF · Iron Ore
Economic direction
Mixed
Period
Dates not stated
Key terms
Future minimum port commitment: 122,234,000 CAD
How it affects our valuation

No valuation treatment is available for this arrangement.

Cartier Silver55%, Champion45%, no current funded development plan.

Joint Venture · Active
Counterparties
Cartier Silver
Applies to
Round Lake joint venture · Iron Ore
Economic direction
Mixed
Period
Dates not stated
Key terms
Champion interest: 45 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Limited contingent production payments cover CFLN,Lac Lamêlée,Moiré,O’Keefe-Purdy,Harvey-Tuttle. Projects explicit zero pending economic evidence.

Royalty · Active
Counterparties
Contract counterparties as disclosed
Applies to
Consolidated Fire Lake North · Lac Lamêlée South · Moiré Lake · O’Keefe-Purdy · Harvey-Tuttle · Iron Ore
Economic direction
Mixed
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.

USD/CAD forwards remainingUS525m at June30, fixed1.3636CAD/USD, monthly settlements through May2027. Full monthly notional schedule absent; reported MTM included once.

FX Hedge · Active
Counterparties
Contract counterparties as disclosed
Applies to
Bloom Lake including DRPF · Iron Ore
Economic direction
Mixed
Period
Through 2027-05-31; start date not stated
Key terms
Remaining USD notional: 525,000,000 USD
Fixed contract rate: 1.36 CAD/USD
Reported MTM liability: 22,683,000 CAD
How it affects our valuation

No valuation treatment is available for this arrangement.

USD/NOK cap and floor derivatives remainingUS24m expireDecember2026.10.63 and11.62 are disclosed rates used for fair value, not independently confirmed exercise strikes. Sensitivity is a bounded illustrative valuation-rate stress, not reconstructed payoff.

FX Hedge · Active
Counterparties
Contract counterparties as disclosed
Applies to
Rana Gruber · Iron Ore
Economic direction
Mixed
Period
Through 2026-12-31; start date not stated
Key terms
Remaining USD notional: 24,000,000 USD
Cap and floor valuation endpoints: 10.63 / 11.62 NOK/USD
Reported MTM asset: 2,461,000 CAD
How it affects our valuation

No valuation treatment is available for this arrangement.

Rana annual2025 note29 discloses360,000mt July-December2026 iron forward hedges atUS$105.35/mt,60,000mt/month. Q1 FS105.33 is a fair-value reference, distinct from strike.

Commodity Hedge · Active
Counterparties
Contract counterparties as disclosed
Applies to
Rana Gruber · Iron Ore
Economic direction
Mixed
Period
Through 2026-12-31; start date not stated
Key terms
Remaining quantity: 360,000 t product
P61 valuation reference: 105.33 USD/dmt
July-December2026 contracted strike: 105.35 USD/dmt
How it affects our valuation

No valuation treatment is available for this arrangement.

C3 freight forwards remaining720000product tonnes, fair-value referenceUS20.35/dmt, expireDecember2026; reported MTM7.025mCAD. Commodity link denotes the iron ore operation whose power or freight receipts are affected; the driver unit separately identifies the reference input.

Commodity Hedge · Active
Counterparties
Contract counterparties as disclosed
Applies to
Rana Gruber · Iron Ore
Economic direction
Mixed
Period
Through 2026-12-31; start date not stated
Key terms
Remaining quantity: 720,000 t product
C3 valuation reference: 20.35 USD/dmt
How it affects our valuation

No valuation treatment is available for this arrangement.

Nord Pool electricity forwards remaining8832MWh, fair value referenceEUR33/MWh, expireDecember2026; MTMliability50000CAD. Commodity link denotes the iron ore operation whose power or freight receipts are affected; the driver unit separately identifies the reference input.

Commodity Hedge · Active
Counterparties
Contract counterparties as disclosed
Applies to
Rana Gruber · Iron Ore
Economic direction
Mixed
Period
Through 2026-12-31; start date not stated
Key terms
Remaining energy: 8,832 MWh
Power valuation reference: 33 EUR/MWh
How it affects our valuation

No valuation treatment is available for this arrangement.

Rana annual2025pages14–15describeCargillstrategicmarketingpartnership andpricinglinkedtoFe65. Privatepricing/volumesnotfullydisclosed; netbasketcalibratedtoactualreceipts.

Offtake · Active
Counterparties
Cargill
Applies to
Rana Gruber · Iron Ore
Economic direction
Mixed
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.