CHAMPION IRON LIMITED (CIA)
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CIA - CHAMPION IRON LIMITED

FNArena Sector : Iron Ore

Year End: March

GICS Industry Group : Materials

Debt/EBITDA: 1.72

Index: ASX200 | ASX300 | ALL-ORDS

Champion Iron is engaged in the exploration, development and production of iron ore in Quebec, Canada. The company has been listed on the ASX since 2007.

LAST PRICE	CHANGE +/-	CHANGE %	VOLUME
$6.03 05 Dec 2025	0.080 OPEN $6.04	1.34% HIGH $6.04	1,119,806 LOW $5.91

LAST PRICE

CHANGE +/-

CHANGE %

VOLUME

$6.03

05 Dec
2025

0.080

OPEN

$6.04

1.34%

HIGH

$6.04

1,119,806

LOW

$5.91

TARGET

$5.70

+0.38 change from previous day

-5.5% downside

OTHER COMPANIES IN THE SAME SECTOR
ARI . DRR . FEX . FMG . GEN . GRR . MGX . MIN .

FNARENA'S MARKET CONSENSUS FORECASTS

12 Month Avg FX Values

Present FX Values

Original Currency

Title	FY26 Forecast	FY27 Forecast
EPS (cps)	41.7	xxx
DPS (cps)	15.6	xxx
EPS Growth	N/A	xxx
DPS Growth	N/A	xxx
PE Ratio	14.5	xxx
Dividend Yield	2.6%	xxx
Div Pay Ratio(%)	37.3%	xxx

Title	FY26 Forecast	FY27 Forecast
EPS (cps)	40.9	xxx
DPS (cps)	15.2	xxx
EPS Growth	N/A	xxx
DPS Growth	N/A	xxx
PE Ratio	14.8	xxx
Dividend Yield	2.5%	xxx
Div Pay Ratio(%)	37.3%	xxx

Title	FY24 Actual	FY25 Actual	FY26 Forecast	FY27 Forecast
EPS (cps)	xxx	27.0	37.6	xxx
DPS (cps)	xxx	20.0	14.0	xxx
EPS Growth	xxx	100.0%	39.1%	xxx
DPS Growth	xxx	0.0%	- 30.0%	xxx
Div Pay Ratio(%)	xxx	74.1%	37.3%	xxx

This company reports in CAD.
All estimates have been converted into AUD by FNArena at present FX values.

Dividend yield today if purchased 3 years ago: 3.12%

Last ex-div: 11/11 - (franking ex-di

HISTORICAL DATA ARE ALL IN AUD

Copyright © 2025 FactSet UK Limited. All rights reserved

Title	2020	2021	2022	2023	2024	2025
EPS Basic	xxx	xxx	xxx	xxx	xxx	30.2
DPS All	xxx	xxx	xxx	xxx	xxx	22.2
Sales/Revenue	xxx	xxx	xxx	xxx	xxx	1,771.3 M
Book Value Per Share	xxx	xxx	xxx	xxx	xxx	308.8
Net Operating Cash Flow	xxx	xxx	xxx	xxx	xxx	335.2 M
Net Profit Margin	xxx	xxx	xxx	xxx	xxx	8.84 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title	2020	2021	2022	2023	2024	2025
Return on Capital Employed	xxx	xxx	xxx	xxx	xxx	9.84 %
Return on Invested Capital	xxx	xxx	xxx	xxx	xxx	6.71 %
Return on Assets	xxx	xxx	xxx	xxx	xxx	4.75 %
Return on Equity	xxx	xxx	xxx	xxx	xxx	9.84 %
Return on Total Capital	xxx	xxx	xxx	xxx	xxx	14.81 %
Free Cash Flow ex dividends	xxx	xxx	xxx	xxx	xxx	-414.5 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title	2020	2021	2022	2023	2024	2025
Short-Term Debt	xxx	xxx	xxx	xxx	xxx	61 M
Long Term Debt	xxx	xxx	xxx	xxx	xxx	831 M
Total Debt	xxx	xxx	xxx	xxx	xxx	892 M
Goodwill - Gross	xxx	xxx	xxx	xxx	xxx	-
Cash & Equivalents - Generic	xxx	xxx	xxx	xxx	xxx	131 M
Price To Book Value	xxx	xxx	xxx	xxx	xxx	1.57

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title	2020	2021	2022	2023	2024	2025
Capex	xxx	xxx	xxx	xxx	xxx	667.7 M
Capex % of Sales	xxx	xxx	xxx	xxx	xxx	37.69 %
Cost of Goods Sold	xxx	xxx	xxx	xxx	xxx	1,334 M
Selling, General & Admin. Exp & Other	xxx	xxx	xxx	xxx	xxx	84 M
Research & Development	xxx	xxx	xxx	xxx	xxx	9 M
Investments - Total	xxx	xxx	xxx	xxx	xxx	17 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
EXTRA COVERAGE

EXPERT VIEWS

Display All Commentary

Sentiment Indicator

0.0

No. Of Recommendations

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY
Macquarie	xx/xx/xxxx	3	xxxxxxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
Bell Potter	31/10/2025	3	Downgrade to Hold from Buy	$5.65	-6.30%	Bell Potter raises its target price for Champion Iron to $5.65 from $5.40 and downgrades to Hold from Buy. The company reported a strong September quarter, according to the analysts, with production of 3.6mt and record sales of 3.9mt. Revenue reached CA$493m and first-half earnings (EBITDA) totalled CA$233m, while net income was CA$81m. Costs fell 7% to -CA$76/t, the first quarterly decline in over a year, highlights the broker, despite scheduled maintenance and rail disruptions. Bell Potter notes the CA$500m Direct Reduction Pellet Feed (DRPF) project remains on track for December commissioning, with first shipments expected mid-2026. FORECAST Bell Potter forecasts a full year FY26 dividend of 22.60 cents and EPS of 43.11 cents. Bell Potter forecasts a full year FY27 dividend of 21.90 cents and EPS of 62.88 cents.

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Macquarie

xx/xx/xxxx

xxxxxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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Bell Potter

31/10/2025

Downgrade to Hold from Buy

$5.65

-6.30%

Bell Potter raises its target price for Champion Iron to $5.65 from $5.40 and downgrades to Hold from Buy. The company reported a strong September quarter, according to the analysts, with production of 3.6mt and record sales of 3.9mt.

Revenue reached CA$493m and first-half earnings (EBITDA) totalled CA$233m, while net income was CA$81m.

Costs fell 7% to -CA$76/t, the first quarterly decline in over a year, highlights the broker, despite scheduled maintenance and rail disruptions.

Bell Potter notes the CA$500m Direct Reduction Pellet Feed (DRPF) project remains on track for December commissioning, with first shipments expected mid-2026.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 22.60 cents and EPS of 43.11 cents.
Bell Potter forecasts a full year FY27 dividend of 21.90 cents and EPS of 62.88 cents.

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EXTRA COVERAGE

Display All Commentary

No. Of Recommendations

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY
Jarden	xx/xx/xxxx	1	xxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
Canaccord Genuity	30/10/2025	1	Buy	-	-	Canaccord Genuity describes Champion Iron's September quarter as a solid operating period, with production and costs exceeding expectations despite planned maintenance. Revenue of CA$493m and adjusted EBITDA of CA$175m were well above consensus, supported by strong rail performance and accelerated de-stocking. Bloom Lake outperformed forecasts through effective blending strategies that offset harder ore challenges, resulting in higher production and lower costs. Shipments reached a record 3.85mt, aided by improved rail logistics, while on-site inventory fell to 1.7mt. The CA$500m DRPF project is nearing completion, with commissioning expected by year-end and a gradual ramp-up through 2026 as customers test the product. The KAMI JV with Nippon Steel and Sojitz has completed its initial closing, with a Definitive Feasibility Study due by end-2026. Buy rating reiterated with CA$6.50 target price.

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Jarden

xx/xx/xxxx

xxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

Canaccord Genuity

30/10/2025

Buy

Canaccord Genuity describes Champion Iron's September quarter as a solid operating period, with production and costs exceeding expectations despite planned maintenance.

Revenue of CA$493m and adjusted EBITDA of CA$175m were well above consensus, supported by strong rail performance and accelerated de-stocking.

Bloom Lake outperformed forecasts through effective blending strategies that offset harder ore challenges, resulting in higher production and lower costs. Shipments reached a record 3.85mt, aided by improved rail logistics, while on-site inventory fell to 1.7mt.

The CA$500m DRPF project is nearing completion, with commissioning expected by year-end and a gradual ramp-up through 2026 as customers test the product.

The KAMI JV with Nippon Steel and Sojitz has completed its initial closing, with a Definitive Feasibility Study due by end-2026.

Buy rating reiterated with CA$6.50 target price.

Access Extra Coverage Research History >

CIA STOCK CHART

FNArena News on CIA

1	Australian Broker Call Extra Edition – Nov 06, 2025 Nov 06 2025 - Daily Market Reports

2	FNArena Corporate Results Monitor – 03-11-2025 Nov 03 2025 - Australia

3	Weekly Ratings, Targets, Forecast Changes – 31-10-25 Nov 03 2025 - Weekly Reports

4	Australian Broker Call Extra Edition – Aug 28, 2025 Aug 28 2025 - Daily Market Reports

5	Rudi Interviewed: Is August Too Early? Aug 13 2025 - Rudi's View

Latest Iron Ore News

1	Fortescue Shares Finding Technical Support Nov 18 2025 - Technicals

2	Risk Has Shifted To More Upside For MinRes Oct 16 2025 - Technicals

3	Mineral Resources Shares Targeting $45 Sep 10 2025 - Technicals

4	Can Champion Iron Deliver On Growth Projects? Aug 06 2025 - Commodities

5	Execution Remains Key For Mineral Resources Aug 01 2025 - Commodities

6	Iron Ore Worries Overshadow Fortescue’s FY26 Jul 28 2025 - Australia

7	Bargain Hunters Interest For Champion Iron? May 08 2025 - Technicals

8	Positive Reversal For Fortescue May 06 2025 - Technicals

9	Fortescue: Quo Vadis The Dividend? Feb 24 2025 - Commodities

10	Fortescue Looks Poised Nov 05 2024 - Technicals

Dividend Yield Today On Last Actual Payout :	3.60
Estimated Dividend Growth (Average Of Past Three Years)	%
Amount Invested	$
Tell Me The Dividend After This Many Years

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CHAMPION IRON LIMITED (CIA)
Share Price Analysis and Chart