CHAMPION IRON LIMITED (CIA)
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30/10/2026

3

Speculative Hold

$2.20

6.80%

Bell Potter cuts its target for Champion Iron by -30c to $2.20 and retains a Speculative Hold rating following its September-quarter result.

The broker highlights rising net debt, elevated costs and temporary covenant relief extending to March 2027.

Commentary notes the direct reduction pellet feed (DRPF) project is effectively complete, with improving output and term contracts expected during 2027 to support higher realised prices.

Full value-in-use premiums are considered unlikely until longer-term offtake is secured.

FORECAST
Bell Potter forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -0.10 cents.
Bell Potter forecasts a full year FY28 dividend of 16.60 cents and EPS of 26.50 cents.

02/11/2026

3

Downgrade to Neutral from Overweight

$3.90

89.32%

Jarden lowers its rating for Champion Iron to Neutral from Overweight with its target price decreased to $3.90 from $4.50 following a weak result featuring an adjusted net loss of -CA$34.3m.

Bloom Lake production of 3.3Mwmt missed expectations as DRPF integration issues impacted recoveries and operating efficiencies, compounding margin pressures from rising fuel and freight expenses.

Net debt swelled 61% over the half to CA$1.1bn, prompting management to secure covenant relief from creditors to navigate the volatile macro environment.

The analyst notes the company remains a preferred iron ore exposure, but mounting balance sheet pressures and uncertain commercial realisation of DRPF premiums warrant a more cautious stance.