Champion Iron reported a loss of C$0.06 per share, compared with an estimated loss of C$0.01. Lower realized prices, higher freight and fuel costs, and expenses tied to starting up the DRPF project weighed on earnings.
Champion Iron Ltd. (TSX: CIA) reported results for the quarter ended September 30, 2026, missing the calendar estimate of a C$0.01-per-share loss. The company recorded C$403.9 million in revenue and a net loss of C$48.4 million. Adjusted EBITDA was about C$23 million. Record sales and the first commercial shipment of direct-reduction-grade iron ore marked operational progress, but lower prices and higher costs hurt profitability. See the Champion Iron stock page for more company and share information.
Recent earnings trend
Champion Iron Ltd
CIA.TO
CIA.TO
Champion Iron Ltd
WealthAwesomeMarket cap
$1.05B
P/E
187.0x
52W high
$6.11
52W low
$1.81
1W change
-17.26%
Beta
0.58
Analyst Price Targets
Based on analyst covering CIA · as of Oct 21, 2026
Wall Street analysts forecast CIA stock price to rise 165.7% over the next 12 months.
Consensus
BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$4.97
+165.7% Upside
Previously C$5.16 on Oct 19, 2026
Current Price
C$1.87
Last close
Targets are snapshotted when they change. Unchanged figures keep their original date. Not financial advice.
Wealth Awesome Price Forecast
WA ModelStatistical 90-day price range based on CIA's historical volatility
30-Day Vol
64.5%
Annualized
90-Day Vol
47.8%
Annualized
Trend (90d)
-50.0%
Annualized drift
90d Mean
C$1.56
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$1.76 | C$1.41 – C$2.20 |
| 60 trading days | C$1.66 | C$1.21 – C$2.27 |
| 90 trading days | C$1.56 | C$1.06 – C$2.30 |
Methodology: Range is calculated using 30-day realized volatility via geometric Brownian motion (log-normal model). 68% band = ±1σ, 95% band = ±2σ. This is a statistical model, not a prediction. Past volatility does not guarantee future results. Not financial advice.
Analyst coverage: 4 analyst(s) cover this name; upcoming EPS consensus is available.
Beat estimates in 1 of the last 4 comparable quarter(s).
| Fiscal period | Report date | Actual EPS | Estimate | Surprise |
|---|---|---|---|---|
| 2026-09-30 | 2026-10-28 | -0.0600 | -0.0100 | -500.0% |
| 2026-06-30 | 2026-07-29 | -0.0600 | 0.0100 | -700.0% |
| 2026-03-31 | 2026-05-27 | 0.0400 | 0.0500 | -20.0% |
| 2025-12-31 | 2026-01-28 | 0.1200 | 0.1000 | +20.0% |
| 2025-09-30 | 2025-10-29 | 0.1100 | 0.0800 | +37.5% |
| 2025-06-30 | 2025-07-29 | 0.0500 | 0.0100 | +400.0% |
Investor takeaway: The quarter highlighted the gap between operational progress and near-term earnings. Champion Iron produced 3.9 million wet metric tonnes and sold a record 4.5 million dry metric tonnes. But DRPF commissioning affected Bloom Lake production, while freight, fuel and start-up costs pressured margins. The company reported a net loss of C$48.4 million, or C$0.09 per share. The earnings calendar lists EPS at -C$0.06, so the figures differ by reporting basis. The company also reported an adjusted net loss of C$34.3 million and an adjusted loss of C$0.06 per share. Investors will be watching to see whether DRPF shipments and cost reductions improve returns as the project ramps up.
C$89.90 per dry metric tonne
Champion Iron’s average realized selling price was C$89.90 per dry metric tonne, down 30% from a year earlier. C1 cash costs were C$82.90 per dry metric tonne, leaving a narrow gap before other expenses and start-up costs.
Bull case
Champion Iron completed its first commercial shipment of DRPF product and secured test cargoes and commercial agreements for shipments planned next quarter. Sales reached a record 4.5 million dry metric tonnes, supported by Bloom Lake and Rana Gruber. Production rose 9% year over year to 3.9 million wet metric tonnes.
After a major investment cycle at Bloom Lake, management says it will focus on improving operations, strengthening the balance sheet and cutting costs. If DRPF product quality and customer demand hold up, the new product could give Champion Iron more sales opportunities.
Bear case
The earnings miss adds to a difficult stretch. Champion Iron beat estimates in only one of its last four reported quarters, and its two most recent calendar EPS results were both -C$0.06. The company cited lower iron ore indexes, high ocean freight and fuel costs, DRPF start-up expenses and higher cash costs.
The average realized selling price fell 30% year over year to C$89.90 per dry metric tonne, while C1 cash costs rose to C$82.90. Shares closed at C$1.87, below their 50-day average of C$3.00 and 200-day average of C$4.23. A successful DRPF ramp-up may take time to ease these pressures.
Best next step
Keep exploring this topic
If you want to go deeper, these are the most useful follow-up pages and tools for this topic.
Broker comparison
Best trading platforms in Canada
Compare $0-commission brokers before you act on a ticker story.
Safe cash
Best GIC rates in Canada
If the story makes you want to de-risk, compare guaranteed rates next.
HISA roundup
Best high-interest savings accounts
Keep dry powder in a no-fee savings account instead of chequing.
TFSA room
Check TFSA contribution room
Shelter the next contribution before you buy.
Wealth Awesome
Timely coverage of Canadian stocks, earnings, dividends, and market movers for DIY investors. Stories are checked against exchange data and public filings.
View Full Profile →✅ Reviewed by Certified Financial Professionals
This content has been reviewed by CFA® charterholders and Certified Financial Planners (CFP®) with over a decade of experience in Canadian financial markets. All information is fact-checked against official Canadian sources and regulations.
Why these credentials matter: CFA® charterholders complete 900+ hours of rigorous study in investment analysis and ethics. CFP® professionals are held to the highest standards of financial planning competency and fiduciary duty in Canada.
⚠️ Professional Disclaimer
This content is for educational purposes only and should not be considered personalized financial advice. While our team brings professional expertise, individual circumstances vary. For personalized guidance, consult with a qualified financial advisor, tax professional, or mortgage specialist.
