RBC report on CIA dated 31Oct22Champion Iron Limited Rerating window remains open Our view: Soft iron ore prices have helped keep the window open for investors to take part in the rerating we expect as the Bloom Lake Phase 2 ramps up, and we continue to like the shares at current levels. As Phase 2 continues to derisk we see a more compelling risk/reward trade off, even in a weaker iron ore market. Following FQ2 results we have revised our estimates, increasing opex and sustaining capex to reflect inflation which resulted in a reduction to our Price Target to $7 from $8. Our target continues to support our Outperform rating.