Scotia Upgrade 30% to $6.50Champion Iron: Our revised F2021-F2023 EBITDA forecasts of C$702 million, C$502 million, and C$579 million increased by an average of 31% per annum driven by our stronger iron ore price deck net of a stronger CAD. Our estimates anticipate the Phase II expansion at Bloom Lake begins ramping up in F2023 and reaches nameplate capacity of 15Mt in F2024. However, we forecast positive free cash flow throughout the Phase II build given elevated Fe prices. We rate Champion’s shares Sector Outperform based on Bloom Lake’s high-grade and premium concentrate, attractive margins, capital efficient near-term growth, and attractive valuation. Our revised 12-month target of C$6.50 per share (from C$5.00) is based on a 50/50 mix of 6.0x our average FY2022-2023 EV/EBITDA (C$6.07) and 1.5x our updated 8% NAVPS estimate (C$4.82).