All of the forward-looking information contained in this press release is given as of the date hereof or such other date or dates specified in the forward-looking statements and is based upon the opinions and estimates of Champion's Management and information available to Management as at the date hereof. Champion disclaims any intention or obligation to update or revise any of the forward-looking information, whether as a result of new information, future events or otherwise, except as required by law. If the Company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. Champion cautions that the foregoing list of risks and uncertainties is not exhaustive. Readers should carefully consider the above factors as well as the uncertainties they represent and the risks they entail.
Abbreviations
Unless otherwise specified, all dollar figures stated herein are expressed in millions of Canadian dollars, except for: (i) tabular amounts which are in thousands of Canadian dollars; and (ii) per share or per tonne amounts. The following abbreviations and definitions are used throughout this press release: US$ (United States dollar), C$ (Canadian dollar), Fe (iron ore), wmt (wet metric tonnes), dmt (dry metric tonnes), Mtpa (million tonnes per annum), M (million), km (kilometers), GHG (greenhouse gas), LoM (life of mine), Bloom Lake or Bloom Lake mine (Bloom Lake Mining Complex), DRPF (direct reduction pellet feed), Kami Project (Kamistiatusset project), P62 index (Platts IODEX 62% Fe CFR China index), P65 index (Platts IODEX 65% Fe CFR China index), C3 index (C3 Baltic Capesize index), EBITDA (earnings before interest, tax, depreciation and amortization), AISC (all-in sustaining cost), EPS (earnings per share) and Management (Champion's management team). The utilization of "Champion" or the "Company" refers to Champion Iron Limited and/or one, or more, or all of its subsidiaries, as applicable. "IFRS" refers to International Financial Reporting Standards.
For additional information on Champion Iron Limited, please visit our website at: www.championiron.com.
This document has been authorized for release to the market by the Board of Directors.
The Company's unaudited Condensed Consolidated Financial Statements for the three and nine-month periods ended December 31, 2024 (the "Financial Statements") and associated Management's Discussion and Analysis ("MD&A") are available under the Company's profile on SEDAR+ (www.sedarplus.ca), the ASX (www.asx.com.au) and the Company's website (www.championiron.com).
__________________________________________ (1) This is a non-IFRS financial measure, ratio or other financial measure. The measure is not a standardized financial measure under the financial reporting framework used to prepare the financial statements and might not be comparable to similar financial measures used by other issuers. Refer to the section below -- Non-IFRS and Other Financial Measures for definitions of these metrics and reconciliations to the most comparable IFRS measure when applicable. Additional details for these non-IFRS and other financial measures, have been incorporated by reference and can be found in section 21 of the Company's MD&A for the three and nine-month periods ended December 31, 2024, available on SEDAR+ at www.sedarplus.ca, the ASX at www.asx.com.au and the Company's website under the Investors section at www.championiron.com. ----------------------------------------------------------- (2) See the "Currency" subsection of the MD&A for the three and nine-month periods ended December 31, 2024, included in section 7 -- Key Drivers, available on SEDAR+ at www.sedarplus.ca, the ASX at www.asx.com.au and the Company's website under the Investors section at www.championiron.com. -----------------------------------------------------------
Non-IFRS and Other Financial Measures
The Company has included certain non-IFRS financial measures, ratios and supplementary financial measures in this press release to provide investors with additional information in order to help them evaluate the underlying performance of the Company. These measures are mainly derived from the Financial Statements but do not have any standardized meaning prescribed by IFRS and, therefore, may not be comparable to similar measures presented by other companies. Management believes that these measures, in addition to conventional measures prepared in accordance with IFRS, provide investors with an improved ability to understand the results of the Company's operations. Non-IFRS and other financial measures should not be considered in isolation or as substitutes for measures of performance prepared in accordance with IFRS. The exclusion of certain items from non-IFRS financial measures does not imply that these items are necessarily non-recurring.
The Company presents certain of its non-IFRS measures and other financial measures in U.S. dollars in addition to Canadian dollars to facilitate comparability with measures presented by other companies.
EBITDA and EBITDA Margin
Q3 FY25 Q2 FY25 Q3 FY24
(in thousands of dollars)
Income before income and mining taxes 21,347 31,777 204,981
Net finance costs 30,508 7,486 8,747
Depreciation 36,361 35,273 32,881
EBITDA 88,216 74,536 246,609
Revenues 363,170 350,980 506,891
EBITDA margin 24 % 21 % 49 %
Available Liquidity
As at December 31, As at September 30,
2024 2024
(in thousands of dollars)
Cash and cash equivalents 93,096 183,776
Undrawn amounts under credit
facilities 501,919 575,493
Available liquidity 595,015 759,269
C1 Cash Cost
Q3 FY25 Q2 FY25 Q3 FY24
Iron ore concentrate sold (dmt) 3,287,400 3,265,700 3,227,500
(in thousands of dollars except per tonne)
Cost of sales 258,728 252,960 235,457
C1 cash cost (per dmt sold) 78.7 77.5 73.0
All-In Sustaining Cost
Q3 FY25 Q2 FY25 Q3 FY24
Iron ore concentrate sold (dmt) 3,287,400 3,265,700 3,227,500
(in thousands of dollars except per tonne)
Cost of sales 258,728 252,960 235,457
Sustaining capital expenditures 38,193 65,919 24,031
General and administrative expenses 11,813 12,114 11,206
308,734 330,993 270,694
AISC (per dmt sold) 93.9 101.4 83.9
Cash Operating Margin and Cash Profit Margin
Q3 FY25 Q2 FY25 Q3 FY24
Iron ore concentrate sold (dmt) 3,287,400 3,265,700 3,227,500
(in thousands of dollars except per tonne)
Revenues 363,170 350,980 506,891
Net average realized selling price (per dmt
sold) 110.5 107.5 157.1
AISC (per dmt sold) 93.9 101.4 83.9
Cash operating margin (per dmt sold) 16.6 6.1 73.2
Cash profit margin 15 % 6 % 47 %
Gross Average Realized Selling Price per dmt Sold
Q3 FY25 Q2 FY25 Q3 FY24
Iron ore concentrate sold (dmt) 3,287,400 3,265,700 3,227,500
(in thousands of dollars except per tonne)
Revenues 363,170 350,980 506,891
Provisional pricing adjustments 17,407 22,947 (15,997)
Freight and other costs 141,568 154,425 140,971
Gross revenues 522,145 528,352 631,865
Gross average realized selling price (per dmt
sold) 158.8 161.8 195.8
SOURCE Champion Iron Limited
View original content: http://www.newswire.ca/en/releases/archive/January2025/29/c0696.html
/CONTACT:
For further information, please contact: Michael Marcotte, CFA, Senior Vice-President, Corporate Development and Capital Markets, 514-316-4858, Ext. 1128, info@championiron.com
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(END) Dow Jones Newswires
January 29, 2025 17:10 ET (22:10 GMT)
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