Earnings call transcript: Champion Iron Q4 2025 misses EPS forecast

Champion Iron Ltd (CHM) delivered its Q4 FY2025 earnings, reporting a slight miss on earnings per share (EPS) compared to market expectations. The company posted an EPS of $0.08, below the forecasted $0.1305. Revenue also fell short, coming in at $425 million against a forecast of $519.54 million. Following the earnings release, Champion Iron’s stock showed a modest increase of 0.47%, reflecting investor resilience despite the earnings miss. According to InvestingPro analysis, the company’s current Fair Value indicates it may be undervalued, with a Financial Health Score rated as "FAIR" based on comprehensive metrics including profitability, growth, and cash flow indicators.

Key Takeaways

• Champion Iron’s Q4 FY2025 EPS was $0.08, missing the forecast of $0.1305.
• Revenue was reported at $425 million, below the expected $519.54 million.
• Stock price increased by 0.47% post-earnings, indicating cautious optimism.
• The company declared a dividend of $0.10 per share.
• Transition to high-grade iron ore material is underway, with significant CapEx investments.

Company Performance

Champion Iron’s performance in Q4 FY2025 was marked by both achievements and challenges. The company managed to increase its cash position by $24 million and declared a $0.10 per share dividend, reflecting its commitment to returning value to shareholders. InvestingPro data reveals two important insights: the company is quickly burning through cash, yet maintains significant dividend payments to shareholders. Revenue and EPS fell short of market expectations, influenced by operational challenges such as ore hardness in eastern pits. The company’s gross profit margin stands at 25.47% for the last twelve months.

Financial Highlights

• Revenue: $425 million
• Earnings per share: $0.08
• EBITDA: $130 million
• Cash position increased by $24 million
• Total cash generated from operations since 2017: $2.6 billion

Earnings vs. Forecast

Champion Iron reported an EPS of $0.08, missing the forecast of $0.1305 by approximately 38.5%. Revenue also came in at $425 million, significantly below the anticipated $519.54 million. This marks a notable deviation from expectations, attributed to operational challenges and market conditions.

Market Reaction

Despite the earnings miss, Champion Iron’s stock price rose by 0.47% following the announcement. The stock closed at $4.25, with a slight increase of $0.02. This movement suggests that investors may be focusing on the company’s long-term potential and strategic initiatives rather than short-term earnings fluctuations. InvestingPro data shows the stock has delivered an 18.03% return over the past year, despite recent challenges, with analysts maintaining a positive outlook. For deeper insights into Champion Iron’s valuation and future prospects, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers, covering over 1,400 US equities.

Outlook & Guidance

Looking forward, Champion Iron is focused on completing its Doctor Grade (DRPF) project by the end of the calendar year. The company is targeting increased production and improved recovery, with plans to sell a distinct 69% iron concentrate product. The ongoing CAMI project feasibility study and destocking efforts are also expected to contribute positively to future performance. InvestingPro analysis indicates that two analysts have revised their earnings downwards for the upcoming period, though the company is still expected to remain profitable this year. The next earnings report is scheduled for July 31, 2025, approximately 63 days from now.

Executive Commentary

David Chatterford, CEO of Champion Iron, emphasized the company’s belief in high-grade material, stating, "We’re still very big believers in the high-grade material." He also highlighted the importance of maximizing production to reduce costs, saying, "The best way for us to be able to reduce our cost is to maximize production."

Risks and Challenges

• Ore hardness in eastern pits may continue to impact production efficiency.
• Market discounts on P65 pricing could affect revenue from iron ore sales.
• Global economic conditions and steel production trends may influence demand.
• Shipping costs and logistics remain a concern, although European and North African markets may offer cost advantages.

Champion Iron’s Q4 results reflect both the challenges of meeting market expectations and the potential for future growth through strategic investments and product innovation. As the company continues to navigate operational hurdles, its focus on high-grade materials and efficiency improvements will be crucial in driving long-term success.

Full transcript - Champion Iron Ltd (CIA) Q4 2025:

Conference Operator: This call is being recorded on Thursday, 05/29/2025. I would now like to turn the conference over to Mr. Michael Marcotte. Please go ahead.

Michael Marcotte, Investor Relations, Champion Iron: Thank you, operator, and thank you, everybody, for joining our call today to discuss the fourth quarter results of our 2025 financial year. Before I get going, I’ll just remind people that we’ll be using a presentation which is available on our webcast at championisland.com under the tab Events and Presentations. I’d also like to remind people that throughout this call we’ll be making forward looking statements. If you’d like to read more about these forward looking statements, risks and assumptions, please go and visit our MD and A, which is also available on our website. Joining me here today to do the presentation includes our CEO, David Chatterford, who will be doing the formal presentation and Q and A.

And also we have our COO, Alexandre Belo and our CFO, Donald Tramble. With that, I’ll pass it over to David to do the formal presentation.

David Chatterford, CEO, Champion Iron: Thanks, Michael. Thanks everyone for being here. Very happy to be able to present the fourth quarter highlights for fiscal year twenty twenty five. So during the quarter, we produced about 3,200,000 tons and the big highlight for the quarter is we managed to set a record of 3,500,000 tons of concentrate sold even in a more challenging winter environment where logistics are typically a little bit more complex. Turning over to community governance and sustainability, one important highlight is that we’ve continued to work closely with our First Nations partner, not only on operations and on mining side, but also on the culture side where we participated in various events during the quarter to be able to continue strengthening our relationship with the First Nation community.

In terms of our ESG disclosure and performance, so one big highlight is that during the fiscal year 2025 we successfully met or exceeded 13 out of the 14 sustainability targets for the 2025 year. Again, one of the elements to highlight is that we continue to be an industry leader by recycling about 99% of the water at Bloom Lake. In terms of operational and financial results, so as we mentioned, produced about 3,200,000 tons during the quarter. There were some issues during this quarter, one that was forecasted, so we did have our semi annual shutdowns for Plant Number 1 and Plant Number 2, but we did have some grinding difficulties with some harder ore in one of the east pits at the Bloom Lake site. In the past, what we have done is increase the blending ratio to be able to mitigate that, but now due to the fact that we’ve got a significant stockpile at site, decided to be able to hit that material more head on and be able to continue destocking the stockpile at Bloom Lake.

If we look at our stockpile, we managed to decrease it by about 300,000 tons, so we’re down to about 2,600,000 tons on the site at the end of the last quarter. In terms of our operations, if we dig a little bit deeper, we can see that all the new equipment and the mining fleet that we have in place allows us to move more material and we managed to move quite a lot of waste during the quarter, increasing our strip ratio to about 1.15, allowing us to maintain the mine in a healthy position, open up new faces, and make sure we’ve got some decent blending capacity for the future. If we look at the industry in terms of the P65 P65 index, was fairly flat during the quarter, about a 1% decrease, where we did see some movement was on the C3 freight index, where it decreased by about 10% quarter over quarter, even despite what’s going on in The Middle East and the fact that certain routes have to be changed with the current conflict that we see in The Middle East. In terms of our provisional price adjustment, at the end of last quarter we had forecasted selling the tons that were on the water at about $110 we managed to sell them at about $112 so had a positive provisional price adjustment of about $3,700,000 during the quarter.

If we look at what’s for the next quarter, so we had about 2,700,000 tons that were on the water and we expected to have a settlement price of about $111 at the end of last quarter. Turning over to our average realized selling price, so obviously having 2,700,000 tonnes set at 111 at the end of the quarter has impacted our gross realized price during the quarter. So you can see that if you look at the average P65 during the quarter, our gross realized price was slightly lower. Two main reasons, one, well, as we mentioned, those tons on the water at the end of the quarter, but also when we look at the current situation in China, so high grade material like what we produce at Bloom Lake, we had told the market last quarter that we were having slight discounts in China to be able to sell our material. Again, we do not have long term contracts for about half of our tons as we’re transitioning towards DRPF material or higher grade type material, which meant that we had slight discounts during the quarter.

But I just want to tell the market that we did not have any quality issues, so we’re not getting any discounts because we’ve got increased contaminants or decreased quality, we still manage to deliver every single vessel on spec and we do not have any significant contaminants in our material. In terms of our operating costs, slightly higher at about CAD80 per ton. Two main reasons, well, one obviously the two semiannual shutdowns during the quarter did impact our costs and at the same time having lower production of 3,200,000 tonnes has also increased our cost. The best way for us to be able to reduce our cost is to increase productivity and to increase the amount of tonnes that we produce at Bloom Lake, so that’s definitely going to be the priority for this year. In terms of our financial highlights, $425,000,000 of revenues, dollars 130,000,000 of EBITDA and earnings per share of about 8¢ per share.

That allowed us to have a positive increase in terms of our cash position of about $24,000,000 even while we’ve invested about $50,000,000 on our DRPF project, so to finalize the flotation plant, and also reinvesting about $50,000,000 in sustaining CapEx to maintain our assets in great condition. We look at our balance sheet, still very healthy balance sheet with about a billion dollars of available liquidities, and when we look at the results, allowed us to be able to declare our eighth semi annual dividend of $0.10 per share. What’s interesting when we take a little step back and we look at what’s happened over the past years, so since 2017 we’ve generated quite a lot of cash from our operations, over $2,600,000,000 of cash generated from our operations in the past years, which allowed us one to return directly about $400,000,000 to our shareholders, but also invest about $2,000,000,000 in our growth CapEx and self fund all of this without issuing any equity. This allows us to have a very strong foundation and come next year while we get out of a seven year CapEx run to grow organically our business. So we’re finally going to be able to start benefiting from all of those investments and being able to benefit from lower CapEx for the next few years as all we will have is sustaining CapEx in the next few years.

So very well positioned to increase the cash flow generation in the coming years. Turning over to our projects, so we have two major projects that we’re working on right now, one where we’re investing and one where we will have minimal shareholder money that will be invested in the next years, The CAMI project, which we’re now doing the permitting and doing the feasibility study alongside with our partners Dipon Steel and Sogits. So we look at the CAMI project, we have about shy of two years to be able to finalize the permitting and the feasibility study. At the end of those two years, we’ll be in a position to see where’s the market, what’s the demand for Doctor type material and what’s the right potential timing for this project. So we still have about two years where very minimal cash from Champion will be invested, most of the cash will be invested by our partners and as we go forward we’ll be able to update the market on the next steps for the CAMI project.

But the most interesting project right now, shorter term for us, is the investment that we’re making to transition our material to Doctor grade. We’ve already invested about 72% of the CapEx to be able to deliver the flotation plant. We have about 28% remaining CapEx to invest in the coming months and we still feel confident we’ll be able to deliver the plant by the end of this calendar year. I don’t think it’s possible to do a call without addressing the tariffs. One interesting highlight for us is, as you know, we do sell our tons into The US market, so we don’t have direct sales impact in terms of our sales due to tariffs.

Short term, you’ve probably seen a global economy uncertainty and a potential slight reduction in steel output, but realistically we haven’t seen a significant impact right now in the world in terms of steel demand and steel production. Longer term, we do see some potential benefit for us as The US potentially increases the amount of steel that they produce. Today The US is a net exporter of scrap and as potentially more tons get produced in The US, those scrap exports might be reduced in the future, which means the clients for that scrap will then search for other types of metallics including DRI type material. So again, when we look at our longer term strategy of producing a material, even if we see that today the premiums for higher grade might be a little bit pressured, we do still think that the strategy longer term is to go towards higher grade, go towards Doctor grade and be able to produce this type of material. In terms of green steel transition, when we’re in North America it seems that decarbonization has been put on pause but when we look at the rest of the world that’s not necessarily what’s happening.

Again, when we look to Japan recently what was announced to be able to have subsidies of about three fifty US dollars per vehicle that uses lower emission steel, we do see that there are paths right now that are continuing to be able to reduce the CO2 emissions in the steel production. If we turn to China, we also see China included the steel industry in its emission trading scheme. So we do see that even if today the higher grade type material is maybe not the most favored material, I do still believe that that will be back more in vogue and we’ll be able to continue benefiting from a higher premiums in the future for higher grade type material. So all in all, I’d like to thank our team to having allowed us to reach those results and being able to deliver yet another quarter and another year where we generated significant cash flows for our shareholders and be able to return another dividend of zero one zero dollars per share. With that being said, I’ll turn it over to the Q and A part of the call.

Conference Operator: Ladies and gentlemen, we will now begin the question and answer session. Your first question comes from the line of Orest Wowkodaw from Scotiabank. Please go ahead.

Orest Wowkodaw, Analyst, Scotiabank: Hi, good morning. Some color please on this ore hardness issue that you flagged. Is that I guess first question, how long is that expected to continue? And is that impacting both throughput and recoveries or just recoveries?

David Chatterford, CEO, Champion Iron: Yeah, thanks for the question Orest. So when we look at the impact, one, well as you know we have autogenous mills so when we have harder type material, obviously it impacts throughput at our plants and typically will produce a little bit more fines which are more complicated to recover in our recovery circuit. This is not new type materials, so when we look at the Chiefs Peak, which is on the eastern part of our site, typically material that we’ve blended in the past and hasn’t necessarily impacted our operations. Now we got pretty much about 100% of the feed during the quarter from that area, so that’s why we saw a bit of a larger impact. But realistically, there’s ways for us to be able to work on the recovery as we get towards the flotation plant as well.

Well, obviously that’s going to have less of an impact when we have potentially harder ore because the flotation plant, we are regrinding our material anyways and will be easier to recover finer iron particles, But for the ore hardness, the strategy that we’ve had in the past was more to be able to blend that type of material.

Orest Wowkodaw, Analyst, Scotiabank: Sorry. But can you give us a sense of like, if you’re taking it on head on here, how long is that expected to be the majority of the feed?

David Chatterford, CEO, Champion Iron: Yeah, when we look at even what we’ve seen more recently, I mean, we’ve rarely had 100% of that material fed into the plants, but realistically we can react when we see that type of material, that’s why you see that we’ve invested constantly on the stripping side to make sure that we have a lot of faces that are open, but our strategy this year is really to try to bring down as much as we can the stockpile, and if we can potentially put a little bit more of that harder ore during the year into our plans, well it’s definitely a strategy that we’re going to do this year. But it’s not as if, if you look at project and our mine life of about eighteen years, well, definitely that’s not something that is going to be consistent of having a harder ore without us blending.

Orest Wowkodaw, Analyst, Scotiabank: Okay, so are you saying that you’re actually purposely taking down production, I suppose, to deal with the harder ore because you have the ability to destock the inventory?

David Chatterford, CEO, Champion Iron: Well, mean, if you look realistically, we’re not purposely reducing the throughput, and if you look at our grinding, if we would put this material with material that is, let’s say, easier to pass through our mills, well we would have slightly improved productivity, but on the other hand, if we would put exclusively material that goes well through the plans, well we would far surpass our nameplate capacity. So if you look at our ore body, it doesn’t change. If you look at the sort of ratio of this harder ore that we put, it’s either we blend it in a more stable way or we put it a little bit more head on into our plants. So we’re not purposely reducing the production, but if we didn’t have the stockpile on-site right now, definitely we’d be lending, but right now the strategy we’re taking is to be able to pass more of that material in the plant.

Orest Wowkodaw, Analyst, Scotiabank: Okay, and just a final one quickly. Are you still taking a discount on sales of Canadian iron ore, or is that now passed in the market?

David Chatterford, CEO, Champion Iron: We still have a discount right now. I mean, it’s mainly due to the fact that a little bit less in terms of the Canadian ore, a little bit more due to the fact that we’ve got about 8,000,000 of our tons that are sold on spot. So the spot market right now gives discounts to the P65 for material like ours. When we get to the DRPF, we’re going to sign longer term contracts and then we’re going to be more on a contracted basis. But on the spot market right now, we still have discounts for our material compared to the P65.

Orest Wowkodaw, Analyst, Scotiabank: Thank you.

Conference Operator: Your next question comes from the line of Feather Shavulin from M. Riley Financial. Please go ahead.

Feather Shavulin, Analyst, M. Riley Financial: Good morning, everyone. Thank you, operator. My first question is about the cadence of destocking. So you outlined 340,000 metric tons iron ore concentrate stockpiles at Bloom Lake reduced, which is a strong start. How should we think about the pace of this destocking going forward?

I mean, is it reasonable to expect similar rate or could we see an acceleration to around say 400 or 500,000 tons per quarter?

David Chatterford, CEO, Champion Iron: The strategy for us is not to hold any tons on the stockpile, so we’re not going go slower than what the rail operator can be able to pass. We’re working closely with them to be able to maximize every single opportunity we have to be able to destock those stockpiles and it’s really something that we’re working day to day with the operations to make sure that we can bring them down as quickly as possible. Realistically, when we look at what’s been invested on the rail in the past, so there are some new locals and quite a lot of new railcars that are now delivered and in the function. We have had some creative strategies with the rail operator to be able to improve efficiencies and we’ll take all those opportunities. But at the same time, we are getting into some months where there is some maintenance on the rails and there will be some slots of time that are put aside for repairs on the actual rail.

So again, our strategy is to be able to maximize that as quickly as possible. Our understanding is that the rail operator is also aligned to be able to respect their contract and make sure that we bring down all of the tonnes and we’ll try to get those tons down as quickly as possible.

Feather Shavulin, Analyst, M. Riley Financial: Thank you for that. But could you provide more detail on nature of the scheduled maintenance work at both the mine and on the rail network? And specifically, what kind of activities planned? How should we think about the operational impact of this maintenance efforts on production and how it’s fallen over the coming quarters?

David Chatterford, CEO, Champion Iron: Well, we’ve had in the past probably fifty years, that’s always been the way the rail operates. So from the June to September period, there is some scheduled maintenance on the rail as we do have on our plants and to make sure that we keep all the equipment in line, they need to replace certain rails, they need to do some reparations, so that’s typical and that’d be more something happening during the quarter. I mean, it’s something that shuts down the rail for a month’s time, but there are some days that are used to be able to repair the rail during the quarter.

Feather Shavulin, Analyst, M. Riley Financial: Thank you for that color. And my last one is about the microenvironment. What are you hearing about the current state of the Asian steel markets given that your sales in the region and how is demand for for your product evolving in that region? Additionally, if you can provide some color into the appetite for Doctor grade materials specifically from this region.

David Chatterford, CEO, Champion Iron: Yeah, when we look at the our main focus obviously for the Doctor material is to be able to sell closer to home, so yes, we’re spending time understanding the demand in China and potentially in Japan, but realistically our main focus for us is to be able to sell more into Europe, North Africa, and The Middle East, So that’s where we’re spending most of our time understanding the market and the demand for the Doctor material, and we do see some significant demand for this type of material. When we look at what’s happening in China, yes, today there’s a little bit less appetite for the higher grade, but at some point, if you look at what China is doing to be able to add steel in their sort of emissions regulations, well definitely at some point they’re going to start shutting down some less efficient steel mills and be able to focus more on the newer, more productive ones, which is probably going to in turn bring back the demand for higher grade type material like ours. Even we’ve been questioned quite a lot in the past on what happens when the Simandou project comes on. Everybody’s talking about the iron ore content, but I think it’s important to take a look also at the contaminants potentially in Simandou and what we’ve been hearing is, Hallyu is going to be quite high from material from that region.

We’re already seeing some strategies in China to have blending hubs to be able to blend material from cement do with lower alumina type material. So the advantage when you look at Bloom Lake material, we’ve got

Feather Shavulin, Analyst, M. Riley Financial: a

David Chatterford, CEO, Champion Iron: very stable quality, we’ve got potential to be able to increase the grade as we’re doing right now and we’ve got basically no contaminants. So not only are we good as a high grade Doctor material, but we’re an amazing blending material as well and if you look around the world, while Rio’s announced that they’ve lowered their quality, we’ve seen Vale announced the same as well and yet we’re still there making one of the highest quality materials in the world. So I do think that there’s some upside for premiums in the future, not just in Asia, but also around the world.

Feather Shavulin, Analyst, M. Riley Financial: David and the team, thank you very much for all the color and continue best of luck.

David Chatterford, CEO, Champion Iron: Thanks for your question.

Conference Operator: Your next question comes from the line of Craig Hutchison from T. E. Cowen. Please

Feather Shavulin, Analyst, M. Riley Financial: go ahead.

Craig Hutchison, Analyst, T. E. Cowen: Hi, good morning guys. Can you just provide some context in terms of what your strategy is for marketing the Doctor material? I guess you have 8,000,000 tons available. Is the strategy kind of out of the gate to blend the 69 with your 66% and kind of produce an intermediary product or do you plan to sort of try to market the 69% out of the gate? Thanks.

David Chatterford, CEO, Champion Iron: Yeah, thanks for the question. So our strategy is definitely to be able to sell a distinct product, so to sell 69%, that’s our current strategy. Obviously when we start up the plant and we ramp up the plant, our main focus is going to be to minimize the impact on our production, so the first few months definitely will be blending the material with our 66% and demonstrating the plant and all of the operations of the plant, but it’s not our longer term strategy, our longer term strategy is to be able to sell a distinct 69% material. The way that we’re negotiating all of our contracts right now is to have a distinct 69% type material.

Craig Hutchison, Analyst, T. E. Cowen: When do you expect to have contracts in place?

David Chatterford, CEO, Champion Iron: Yeah, we’d like to have the first contracts in place by the end of this calendar year, so I think that’s a good time frame, allows us a little bit more time be able to negotiate with our clients to make sure that we have the best win win solutions to be able to sell our material.

Craig Hutchison, Analyst, T. E. Cowen: And just how about on costs? I know you guys are trying to drive down costs and you’ve been impacted by some of these issues with rail, what’s your long term goal assuming a steady state operation in terms of your all in sustaining costs at Loon Lake?

David Chatterford, CEO, Champion Iron: Yes, so it depends what longer term is. So when we look at the next sort of two years, there’s still investments being made on our tailings facilities to make sure that we get them to the right expansion level, also on the waste dumps, so as per our feasibility studies, so that’s going to eventually ramp down, so that’s going to bring down our all in sustaining costs because apart from the tailings, well there’s pretty much the mining equipment that takes up a large portion of the sustaining CapEx and there’s pretty minimal CapEx being invested on other elements. So that definitely is going to drive down our costs. In terms of our operation, as you know, the best way for us to be able to reduce our cost is to maximize production, So that’s definitely something that we’re working on and the final part that’s really a big focus for this year is to work on making sure we can get that recovery of iron ore back to the levels where we had in the past, so that’s definitely going to drive down the cost as well. So I think the main ways that we’ll be able to drive down the cost short term is with these elements and the final piece where I think we’re going to be able to save quite a lot is going to be on the shipping as well.

When we look at selling our Doctor material, if we sell it to Europe, sell it to North Africa, that’s definitely going to reduce our shipping costs as well.

Craig Hutchison, Analyst, T. E. Cowen: Okay. Great. Thanks,

Conference Operator: Your next question comes from the line of Scott Taylor from Pembroke Management. Please go ahead.

Scott Taylor, Analyst, Pembroke Management: Good morning. The recent quarterly report mentions that you’ve now spent almost, around $340,000,000 on your Doctor project against an estimated total cost, of 470,000,000, but there was a date given of that cost being January 23. So I just wondered how good an estimate is that at this stage for the final completion estimate?

David Chatterford, CEO, Champion Iron: Yeah. Thanks for the question, Scott. So the estimate is still good, so we’re still on track to be able to deliver project on time and on budget there.

Scott Taylor, Analyst, Pembroke Management: Oh, that’s very commendable. And one last quick question. The 2,600,000 tons of extra inventory that you had, if that was all liquefied today theoretically, what would that represent in terms of after tax cash to you to the company?

David Chatterford, CEO, Champion Iron: That’d be about 250,000,000 of EBITDA. So if you look at our effective tax rate, probably around a 70 ish.

Scott Taylor, Analyst, Pembroke Management: Good. Okay. Thank you very much.

David Chatterford, CEO, Champion Iron: Thanks for the questions, Scott.

Conference Operator: There are no further questions at this time. I’d like to turn the call over to Mr. David Cattaford for closing comments. Sir, please go ahead.

David Chatterford, CEO, Champion Iron: Yeah. Thanks everyone for being on the call. Thanks for your support as well. I think we’ve been on a journey to be able to produce one of the highest grade materials in the world. There’s a bit of noise in the world right now, but I still think it’s the right strategy to maximize revenues and to maximize our margins in the future.

Still very happy about the way that the teams have been managing as well because to deliver three major projects on time and on budget in the mining space is quite rare and very proud of what we’ve been able to achieve to be able to set the foundation of this company for the next decades. I think finally we’ll be able to be out of a large CapEx run at the end of this year and be able to fully benefit from all of the investments that we’ve made in the past. I’d like to thank all of our shareholders’ support for the support that you’ve given us over the years to be able to achieve that position. I know there’s a bit of questions on what will be the exact premium, how are we going to benefit from this project, but I do feel confident that we’re going to sign the right contracts for this material and we will generate significant premiums for our shareholders. So we’re still very big believers in the high grade material and as we see other players around the world lower their quality, it’s again another testament and another great sort of differentiator that we have at Bloom Lake to have the type of ore that we have and also to have the significant resources that we have.

I mean, you saw recently deals being made $5,000,000,000 for ore in Australia and when you look realistically at our company, people don’t value any of the actual ore that we have apart from Bloom Lake, but we’ve got significant resources over and above that 5,000,000,000 tons that sit in one of the best jurisdictions in the world. So as the world starts needing more and more high grade, I do think we’re going to be able to generate quite a lot of revenues and quite a lot of returns for our loyal shareholders. So again, thanks a lot for your support and looking forward to speak to you in just two months for the fiscal year twenty twenty six quarter one. Thanks everyone.

Conference Operator: This concludes today’s conference call. Thank you very much for your participation. You may now disconnect.

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