08:12 AM EDT, 07/31/2024 (MT Newswires) -- Champion Iron ( CIAFF ) said overnight Tuesday that its net income for the fiscal first quarter surged 388% after booking record sales.

The company posted net income of $81.4 million, or $0.16 per share, in the three-month period ended June 30, jumping from $16.7 million, or $0.03 per share.

Revenue climbed 57% to $467.1 million while EBITDA shot up 175% to $181.2 million.

Iron ore concentrate production increased 14% to 3.9 million wet metric tons (wmt) as sales rose 34% to a record 3.4 million wmt.

"I am happy to report robust quarterly production, record sales and strong financial results for the period," CEO David Cataford said.

Champion Iron ( CIAFF ) said it continues to advance the DRPF project, which would upgrade half of the capacity of the Bloom Lake operation in Quebec to direct-reduced quality pellet feed iron ore grading up to 69% iron. Commissioning is scheduled for the second half of calendar year 2025.