Announcement • Jun 28
Canyon Resources Limited Announces Retirement of Mark Hohnen as Non-Executive Chairman and Director, Effective August 25, 2026 Canyon Resources Limited announced that Mark Hohnen will retire as Non-Executive Chairman and Director of Canyon Resources Limited effective from August 25, 2026. During his time as Chair, Mr. Hohnen has made a significant contribution to the Company which included strategic execution and leadership, delivery of the critical Mining License and ongoing development success which has positioned Minim Martap as a near-term operational asset. Announcement • Jun 27
Canyon Resources Limited Provides Update on Development Activities At Its Minim Martap Bauxite Project in Cameroon Canyon Resources Limited provided the following update on development activities at its Minim Martap Bauxite Project ("MinimMartap" or "the Project") in Cameroon. The Company is pleased to advise that locomotives have been successfully delivered to the Company’s in-country subsidiary, Camalco Cameroon S. A (“Camalco”) in June 2026. This delivery represents a significant milestone in the development of the Company's mine-to-port logistics infrastructure and supports the broader production ramp-up at Minim Martap. The delivery follows the Company's recent increase in its equity stake in Camrail, Cameroon's primary rail operator, from 9.1% to 26.9%. The enhanced holding will provide greater influence across bauxite transportation, strengthened oversight of the PQ2 upgrade, and improved strategic alignment with the Minim Martap Project, further de-risking the mine-to-port logistics chain. Following the successful arrival of the locomotives in Cameroon, the Company will commence a 6–8 week commissioning as well as testing and operator training programme, positioning the rail network for the commencement of initial ore transport between the Inland Rail Facility (IRF) and the Port of Douala in Q3, 2026. The first 60 rail wagons have now left the factory and are scheduled to arrive in Cameroon in mid-August, 2026. The remaining 100 wagons are scheduled to arrive in Doula in late Q3, 2026. The Stage 1 rail fleet, comprising seven locomotives and 160 wagons, is expected to provide transport capacity of approximately 35,000 wMt per month, establishing the foundation for the Project's planned production ramp-up and export activities. Building on this milestone, and subject to finalising US$160 million of additional funding, the Stage 2 phase of the Minim Martap project development includes upgrades to sections of the rail infrastructure and the delivery of an additional 15 locomotives and 400 wagons. This expansion is expected to increase rail transport capacity to approximately 105,000 wMt per month by early Q3, 2027, supporting the Company's strategy to progressively scale production and unlock the full value of the world-class Minim Martap Bauxite Project. Without the additional funding of US$160M, Minim Martap production will remain at approximately 35,000 wMt per month. Trial mining is expected to commence in Q3, 2026 subject to final discussions with the local communities, allowing the Company to establish operational readiness, optimise mining procedures and progressively build ore stockpiles ahead of first shipments. The mining operation is expected to achieve required production rates well in advance of logistics commissioning, ensuring ore availability is not a constraint to the Company's planned production and export schedule. Infrastructure and operational readiness work has been progressing as planned, and the Company is working closely with its logistics and operational partners to ensure a smooth mobilisation ahead of commencement. Construction of the ore haulage road, IRF and dredging of the port are all scheduled to be completed late in Q3, 2026 to allow first bauxite shipment of Minim Martap ore from the Port of Douala in Q4, 2026. With the recent events in the Gulf, sea freight rates are slowly returning to levels seen in early 2026. New Risk • May 27
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Australian stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$57m free cash flow). Earnings have declined by 20% per year over the past 5 years. Shareholders have been substantially diluted in the past year (45% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Share price has been volatile over the past 3 months (14% average weekly change). 
