06:32 AM EDT, 07/22/2025 (MT Newswires) -- Champion Iron ( CIAFF ) , which gained 3.8% on Monday, said it signed a definitive framework agreement with Nippon Steel Corporation and Sojitz Corporation that sees the partners agree initially contribute $245 million for an aggregate 49% interest in Kami Iron Mine Partnership, a new entity formed for the ownership and potential development of the Kamistiatusset iron ore project.

The framework agreement implements the binding agreement between Champion and the partners previously announced in December 2024, a statement released on Monday said.

Champion's CEO, David Cataford, said, "The Framework Agreement marks a significant milestone for the Kami Project, establishing a clear structure to advance its evaluation alongside trusted partners who share our long-term vision for the growing demand for high-purity iron ore and our commitment to positively impact the communities where we operate. Supported by anticipated proceeds and the Partners' pro-rata contributions of future expenditures, the Partnership will enable us to advance the Project without impacting our financial liquidity in the foreseeable future."