05:38 PM EST, 01/29/2025 (MT Newswires) -- Champion Iron ( CIAFF ) on Wednesday said its fiscal third-quarter profit fell 99% on lower revenue.

The company said it earned $1.74 million, in the quarter ended Dec.31, down from $126.46 million in the year-prior period. Per share results were not disclosed.

Revenue dropped 28% to $363.17 million from $506.89 million.

The company said the drop came on a 14-day suspension of shipments after an equipment failure at its rail-loading facility at its Bloom Lake operations.

The company also said it has entered into a binding agreement with Nippon and Sojitz to form a partnership to evaluate the Kami Project and initiated a definitive feasibility study due by mid-2026.

"Our workforce demonstrated their responsiveness and ingenuity during the breakdown of a critical piece of equipment in the period. While events inevitably impacted quarterly results, Bloom Lake has proven its operational stability in the last several years, providing the foundation to grow our position as a leading high-purity iron ore producer," chief executive David Cataford said

The company's shares closed unchanged at $4.99 on the Toronto Stock Exchange.