Champion Iron TSE: CIA shareholders adopted the company’s 2026 remuneration report at its annual general meeting, but opposition exceeding 25% of votes cast resulted in a second strike under Australia’s Corporations Act.
The remuneration report received support from approximately 63% of votes cast, according to preliminary results presented at the meeting. Because more than 25% of votes were cast against the report, shareholders were required to consider a conditional spill resolution.
The spill resolution was not carried. Had it received more than 50% support, Champion Iron would have been required to convene an extraordinary shareholder meeting within 90 days to consider the positions of directors who approved the 2026 directors’ report and remained on the board, excluding the chief executive officer.
All seven director nominees received the required shareholder support for election or reelection: Executive Chairman Michael O’Keeffe, Chief Executive Officer David Cataford, Gary Lawler, Michelle Cormier, Louise Grondin, Jyothish George and Ronnie Beevor. The company said final voting totals would be released through the ASX, SEDAR+ and its website.
Fiscal 2026 operating and financial results
During the meeting’s corporate update, Cataford said the company produced just under 14.2 million tonnes during fiscal 2026 and sold more than 15 million tonnes. The higher sales volume included inventory that had accumulated at the site in the prior year.
Champion Iron finished the year with delivered-on-board costs of C$78.50 per tonne, despite what Cataford described as a period of significant inflation. The company generated approximately C$1.7 billion in revenue and just under C$500 million in EBITDA during the year, he said.
Cataford also highlighted procurement of roughly C$483 million from regional suppliers. He said Bloom Lake was 100% compliant with its tailings-management requirements during the year and that 99% of water at the site was reused or recycled.
Financing, partnerships and higher-grade product
The company completed a C$500 million senior unsecured notes offering during the year, its first high-yield bond issuance, according to Cataford. Champion Iron also formed a partnership with Nippon Steel and Sojitz to advance the Kami project in Newfoundland and Labrador.
Cataford said work on the Kami project’s definitive feasibility study and permitting process had advanced significantly. He also pointed to the completed acquisition of Rana Gruber in Norway, which was financed with partners including La Caisse de dépôt and other financial partners.
Champion Iron’s strategy has included reducing its exposure to Asian markets, which are farther from its Sept-Îles port operations. Cataford said the company completed its direct reduction pellet feed, or DRPF, project on time and on budget, despite inflation and competition for construction resources.
The company has achieved the product grade that had been indicated through laboratory and pilot testing, Cataford said. Champion Iron has already shipped its first vessel of the higher-grade material to its first customer. He said the product is intended to allow the company to redirect volumes from Asia toward markets closer to its operations, while benefiting from lower shipping costs and, potentially, higher premiums.
Priorities for fiscal 2027
For fiscal 2027, Cataford said Champion Iron will prioritize environmental management, health and safety, operational optimization at Bloom Lake and Mo i Rana, and cost-reduction efforts. The company also plans to finalize its customer base for DRPF material and continue evaluating growth opportunities.
At Kami, the company intends to continue permitting work and complete its definitive feasibility study. Cataford said Champion Iron would also maintain a balanced approach to capital management and reducing financial leverage.
O’Keeffe said the company was entering a “bedding down” stage for its high-grade production and was seeing interest in the product, including from Middle Eastern markets. He said Champion Iron was considering its next stage of growth and would likely require larger partners and additional financial capacity to expand its position in high-grade iron ore.
About Champion Iron (TSE:CIA)
Champion is a high-purity iron ore producer with operations in Canada and Norway. Through Quebec Iron Ore Inc, Champion owns and operates the Bloom Lake Mining Complex located on the south end of the Labrador Trough, approximately 13 kilometres north of Fermont, Québec. Bloom Lake is an open-pit operation with two concentration plants that primarily source energy from renewable hydroelectric power, having a combined nameplate capacity of 15M wmt per year that produce low contaminant high-purity iron ore concentrates with a proven ability to produce direct reduction grade quality iron ore concentrate.
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