Canyon Resources returned to trade on Monday morning, with an update on its Minim Martap bauxite project in Cameroon.
Highlights
- The first 60 rail wagons, out of 160 on order, are scheduled to arrive in Douala over the next 8 weeks and the 7 locomotive and 60 wagon trials expected to commence in Q4, 2026.
- Haulage road connecting the Minim Martap mine to the rail terminal is nearing completion, with remaining works expected in Q4, 2026.
- Independent bauxite market review completed by CM Group in August 2026 continues to support a long-term base case price range of US$78–86/dmt for Minim Martap’s premium 51.0% total alumina product and ≤2.0% total silica grades, underpinning the Project’s long-term economics.
- The Company’s subsidiary has received a formal notice from AFG Bank Cameroon (“AFG”) informing that it is suspending all further disbursements (drawdowns) under the loan facility until a full review of the project development schedule, financial model and other financial inputs and a site visit are completed to the satisfaction of the lenders.
- The Company, with its advisors Jefferies, is proactively advancing multiple funding initiatives, including offtake-linked and prepayment structures, and strategic funding alternatives, to strengthen the balance sheet, achieve first shipment and support the planned ramp-up to 2Mtpa.
- The Company held approximately A$31 million in cash as of 31st July 2026 has decided to implement disciplined capital management measures to minimise near term cash expenditure and to preserve financial resources.
- Previously announced development schedule, including the target of first shipment in Q4 2026, has been withdrawn pending certainty regarding funding and transhipping arrangements. The A2MP Takeover Bid has materially constrained the Company’s access to funding, including through ASX Listing Rule restrictions on equity capital raisings during a bid period.
- The Independent Board Committee (“IBC”) and its financial adviser, Jefferies, continue to prepare Canyon’s response to the A2MP Takeover Bid. Shareholders are urged to TAKE NO ACTION in relation to the A2MP Takeover Bid until they have received and considered the IBC’s Target’s Statement.
