Record Concentrate Sales Despite Challenges
Achieved a record level of concentrate sold despite a 12-day rail maintenance shutdown, demonstrating operational efficiency improvements.
Financial Performance
Reported $175 million of EBITDA and over $56 million in net income, declaring a semiannual dividend of $0.10 per share.
Cash and Liquidity Position
Increased cash from $176 million to $325 million during the quarter, with over $1 billion in available liquidity.
Iron Ore Price and Provisional Impact
Benefited from an 8.3% increase in iron ore prices, achieving a provisional price impact of about USD 30 million for the quarter.
DRPF Project Progress
DRPF project is on track to deliver by the end of the calendar year, with expected costs aligning with inflation-adjusted estimates.
Community and Sustainability Efforts
Positive engagement with Canadian officials and community leaders, promoting investment in high-purity iron ore infrastructure.
Partnership with Nippon Steel and Sojitz
Secured a $68 million payment, indicating strong partnership and confidence in the project from major Japanese companies.