Canyon Resources Receives Critical Mining Permit for Minim-Martap Bauxite Project
Highlights
- Construction work ongoing on ore haulage access road, IRF and site access
• Locomotives delivery remains on schedule in first quarter 2026
• Mining contractor has visited site confirming mobilisation schedule with mine development to commence in first quarter 2026
• Project development timeline remains unchanged
• Project fully financed to Stage 1 production
• Incumbent President Paul Biya has been officially re-elected as the President of Cameroon
Canyon Resources Limited recently provided a project update for its Minim Martap bauxite project in Cameroon, following the confirmation of President Paul Biya’s re-election.
Despite reports of unrest in several Cameroon cities in the immediate aftermath of the election, Canyon has continued to progress its development of the Minim Martap project with minor delays to construction work in key areas.
Upgrades to the Minim Martap haulage road, including access to the Daniel Plateau, access to the IRF and by-pass construction, is ongoing and whilst some delays have been experienced, works remain on track for completion in Q1, 2026.
Locomotives ordered recently from CRRC Ziyan Co. Ltd1 are being built in China and are on schedule to be delivered to Canyon in the first quarter of next year. Similarly, the rail wagon delivery is also scheduled for Q1, 2026, in line with the forecast first shipment of bauxite ore in Q2, 2026.
The mining contractor appointed to the Minim Martap Project has visited the site and has confirmed it will be in a position to commence mining operations in Q1 2026.
Importantly, with the first bauxite shipment scheduled for Q2, 2026, Minim Martap remains fully financed to Stage 1 production, by a combination of both debt and equity facilities. Funding comprises the previously announced ~US$140M facility from AFG Bank Cameroon2 and the recent A$35.6M equity raise3 in September 2025, which saw 56.5% shareholder, Eagle Eye Assets (“EEA”), also commit to exercising approximately 137 million options to raise an additional A$10M.
Tranche 2 of the equity raise, comprising a placement of A$100M to EEA and a A$70M placement to CEMAC investors, being undertaken by Afriland Bourse & Investissement (“Afriland”), remains conditional on shareholder approval. In addition, the AfriLand tranche requires approval from the Banque des États de l’Afrique Centrale, the central bank for the Central African Economic and Monetary Community, the Commission de Surveillance du marché financier de l’Afrique Centrale, the market regulator for the Central African Economic and Monetary Community and the Government of Cameroon, which is still ongoing. The Annual General Meeting is to be held on the 25th of November 2025.
Commenting on project funding, EEA stated: “We look forward to maintaining our strong partnership with Canyon as it continues to advance key project milestones in the near term and to completing the next phase of A$100M of equity funding under Tranche 2.”
Canyon Chief Executive Officer Peter Secker commented: “Following the recent presidential election in Cameroon, work on the Company’s Minim Martap project has continued without any significant disruptions and we remain on schedule for the first bauxite shipment from Minim Martap to be completed in Q2 of next year.
Canyon is well funded following the recent capital raisings, which allowed us to secure commitment of key long lead items such as locomotives and wagons, which will be delivered on time in the first quarter of 2026.”