お知らせ • Mar 11
Canyon Resources Limited Provides Update On Minim Martap Bauxite Project
Canyon Resources Limited provided an update on development activities at its Minim Martap Bauxite Project in Cameroon, as the company progresses towards first production and initial shipments in 2026. The company’s surface miner has now been mobilised to site, with mining operations scheduled to commence before the end of March. The company is targeting first bauxite production in early Second Quarter 2026, marking a key milestone in the transition from development to operations. At the company’s Extraordinary General Meeting held on 9 March 2026, Tranche 2 of the company’s Placement was not approved by shareholders. Tranche 2 comprised the approximately AUD 70 million equity raise pursuant to Afriland Bourse & Investissement as well as a placement of AUD 100 million to Eagle Eye Asset Holdings Pte. Ltd. Notwithstanding this outcome, Stage 1 of the Minim Martap development remains fully funded through the approximately USD 95 million undrawn portion of the company’s USD 140 million credit facility with AFG Bank Cameroon along with the company’s current unaudited cash position of approximately USD 43 million as at 28 February 2026. Updated financial cashflow modelling confirms that the company’s current cash position and the undrawn balance of the AFG Bank Cameroon debt facility is sufficient to meet the company’s capital expenditure requirements through to first shipment as outlined in the Definitive Feasibility Study dated 1 September 2025, with no additional funding required from Afriland or Eagle Eye Asset Holdings Pte. Ltd. Based on the current development schedule, the company remains on track to achieve its first ore shipment in Third Quarter 2026. In parallel with mining preparations, logistics arrangements continue to progress. Discussions with locomotive fabricator, CRRC Ziyang Co, remain ongoing, with current forecasts indicating that the first locomotives are expected to arrive at the Port of Douala in mid to late Second Quarter 2026. This timeline is expected to support the commencement of ore transport from the Inland Rail Facility to port ahead of the first shipment planned for Third Quarter 2026. The company is also continuing its discussions with Camrail regarding a potential increase in its equity interest in Camrail above the current 9.1% holding. The proposed increase in this strategic investment would enable greater involvement in the PQ2 upgrade, thereby de-risking the company’s mine to port logistics. Funding associated with this potential increase has been incorporated into the company’s updated cashflow modelling. Off-take discussions with a number of potential partners are progressing positively. The company intends to finalise off-take agreements following the completion of initial bauxite shipments, which will enable customers to confirm the high-grade characteristics of Minim Martap ore reserve, including approximately 51% alumina and around 2% silica. Minim Martap Bauxite Project contains over 1,102 million tonnes of high-grade, low contaminant bauxite, with significant exploration upside. Minim Martap ranks among the world’s richest bauxite deposits, with an Ore Reserve of 144 million tonnes at 51.2% Al2O3 and 1.7% SiO2 and a JORC Mineral Resource Estimate of 1,102 million tonnes at 45.3% Al2O3. Total Ore Reserves are 144.0 million tonnes, 51.2% alumina, 1.7% silica. Proved are 133.3 million tonnes, 51.2% alumina, 1.7% silica. Probable are 10.7 million tonnes, 51.8% alumina, 1.7% silica. Total Mineral Resources are 1,102 million tonnes, 45.3% alumina, 2.7% silica. Measured are 394 million tonnes, 46.8% alumina, 2.1% silica. Indicated are 502 million tonnes, 44.7% alumina, 2.9% silica. Inferred are 206 million tonnes, 44.0% alumina, 3.4% silica. Minim Martap is supported by a Definitive Feasibility Study released in September 2025. Results from the Definitive Feasibility Study confirmed Minim Martap as a robust long-term project, containing some of the highest-grade bauxite globally for an initial 20 years of mining. The 20-year mining schedule represents only 13.1% of the current Minim Martap Resource and technical studies have identified opportunities for a significant future increase in the production target. This announcement contains estimates of the Mineral Resources and Ore Reserves estimated for the project. This information in this announcement that relates to those Mineral Resources and Ore Reserves has been extracted from Canyon's accompanying ASX announcement entitled “Definitive Feasibility Study Results and Reserves Upgrade Confirms Minim Martap as a Tier-One Bauxite Operation” dated 1 September 2025. Canyon confirms that it is not aware of any new information or data that materially affects the information included in that announcement and, in relation to the estimates of Mineral Resources and Ore Reserves, confirms that all material assumptions and technical parameters underpinning the estimates in that announcement continue to apply and have not materially changed. The Competent Person for the Mineral Resources estimate in the announcement was Rodney Brown and the Competent Persons for the Ore Reserve estimate in the announcement was Donald Eld. This announcement contains production targets for the project, which are 100% underpinned by the Proved and Probable category Ore Reserves estimated at the project pursuant to the JORC Code (2012). The estimated Ore Reserves underpinning the production targets have been prepared by a competent person in accordance with the JORC Code. The Inferred category Mineral Resource estimates at the project have not been included in the Ore Reserves or production targets and have not been included when determining the forecast financial information detailed in this announcement. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources (or Ore Reserves) in relation to that mineralisation.