Canyon Resources Limited Minim Martap Development Update
Canyon Resources Limited has released a development update for the Minim Martap Bauxite Project in Cameroon. Following the recent election and the re-election of President Paul Biya, the company reports that conditions in the country have returned to a business-as-usual environment.
Minor delays to the ore haulage access road are expected to be recovered, with the contractor deploying additional equipment to keep the schedule on track. Final design work for the Inland Rail Facility (IRF) has been completed, and long-lead items have been ordered, with the IRF remaining on schedule for completion in the second quarter of 2026.
Mining commencement at Minim Martap is on track for February 2026, with contract surface mining equipment scheduled for delivery in January. Locomotives and wagons are nearing completion and are expected to arrive in the first quarter of 2026. With the ore haulage road and rail infrastructure progressing, the first shipment of bauxite ore is planned for June 2026.
Canyon’s rail access from the IRF to the Port of Douala is expected to be operational in the second quarter of 2026, with an initial transport capacity of 2Mtpa. Capacity increases to 10Mtpa are anticipated following the PQ2 rail upgrade, and the company is reviewing plans to further expand this to 15Mtpa.
Discussions with Camrail are ongoing, with Canyon expecting to increase its investment from 9.1 percent to approximately 35 percent in the first quarter of 2026. This would support deeper involvement in PQ2 upgrades and contribute to de-risking the mine-to-port logistics strategy.
At the Annual General Meeting on 25 November 2025, shareholders approved a ~A$70 million equity raise under Tranche 2 of the Placement to Afriland Bourse & Investissement. Completion now awaits approvals from the Banque des États de l’Afrique Centrale, the regional market regulator, and the Government of Cameroon. A further A$100 million placement to Eagle Eye Asset Holdings Pte Ltd is subject to shareholder approval at a General Meeting scheduled for January 2026, with completion expected in the first quarter of 2026.
On 1 December 2025, 3,000,000 new shares were issued following the exercise of unquoted options by Executive Chairman Mark Hohnen, generating approximately A$0.4 million.
EEA noted its support for the project, reaffirming its commitment to complete the A$100 million Tranche 2 equity funding once shareholder approval is secured. Canyon Chief Executive Officer Peter Secker reported that stability in Cameroon has enabled project development to continue as planned and confirmed that mining is expected to start in the first quarter of 2026, with first bauxite exports scheduled for June.
He also highlighted constructive discussions with Camrail regarding increased participation in infrastructure upgrades, along with the Executive Chairman’s personal investment as a demonstration of confidence in the project. Canyon reports it remains fully financed to Stage 1 production through a combination of debt and equity facilities supported by domestic and international investors and key in-country stakeholders.
Access the update as issued by Canyon Resources Limited here: (attached)