Company Secures Critical Mining Permits and Funding
Canyon Resources Limited has released its annual report for 2025, showcasing transformational progress on its flagship Minim Martap Bauxite Project in Cameroon. The company received its Mining Licence in September 2024 following the Mining Convention signing in July 2024. These permits provide Canyon with 20-year tenure over Minim Martap with renewal options.
The company posted a loss of $20.18 million for the year ended 30 June 2025. This compared to $9.54 million in the previous year. Net assets increased to $45.06 million from $43.87 million in 2024. Cash reserves decreased to $11.48 million from $22.17 million in the prior period.
Figure 1: Mining convention signing ceremony
Definitive Feasibility Study Delivers Strong Returns
Canyon released its Definitive Feasibility Study post-reporting period, revealing a pre-tax net present value of US$835 million. The study showed an internal rate of return of 29%. The company achieved a 33% increase in Direct Shipping Ore grade Reserves. Total Ore Reserves now stand at 144 million dry metric tonnes at 51.2% alumina and 1.7% silica.
The mining method utilises surface miners supported by front-end loaders and truck haulage. This approach has proven successful in similar operations across Guinea. Run-of-Mine ore will transport to ROM pads before rail shipment. Waste material will backfill into mined-out voids supporting progressive rehabilitation.
Production Timeline and Targets Established
First ore production targets the first quarter of 2026. Initial bauxite shipments will commence in the first half of 2026. Year one production aims for 1.2 million wet tonnes. The company plans staged production increases to 6 million wet tonnes per annum by Year 4. Production will expand to 10 million wet tonnes per annum by Year 6.
The two-stage development strategy accelerates production through phased ramp-up. This approach enables earlier revenue generation and strengthens supply chain relationships. The strategy positions Minim Martap for future growth as rail capacity expands.
Figure 2: Ore Reserves and Mineral Resources [August 2025]
Strategic Infrastructure Investments Secured
Canyon completed a 9.1% strategic investment in CAMRAIL SA in March 2025. This transaction provides direct access to Cameroon’s rail infrastructure and a board position. The investment de-risks the company’s logistics pathway for the project. Transport networks remain essential for mine-to-port operations.
The company received approval for its Inland Rail Facility location from the Cameroon Government. Authorities allocated 105 hectares for rail expansion and infrastructure. Canyon secured final approval from the Port Authority of Douala in April 2025. The 65,000 square metre storage area facilitates transport and storage of up to 6 million tonnes per annum.
Comprehensive Funding Package Arranged
Canyon secured a US$140 million credit facility with AFG Bank Cameroon in May 2025. The facility funds long lead items and contractor appointments. Eagle Eye Asset Holdings committed to exercising 350 million options for $24.5 million. This provides additional working capital for project development.
Post-reporting period, the company announced a $215 million strategic funding package. The package comprises a two-tranche placement raising approximately $205 million. Eagle Eye Asset Holdings will exercise options raising approximately $10 million. These funds accelerate Minim Martap’s development into production.
Equipment Orders and Contractor Appointments
The company placed orders for 22 locomotives with CRRC Ziyang Co. Ltd. First deliveries will arrive in the first quarter of 2026. Canyon ordered 550 wagons with a five-year warranty and service agreement. Eagle Eye Asset Holdings underwrote the full US$124 million rolling stock requirement.
Canyon appointed road contractors for haulage route upgrades from Minim Martap. The company selected mining contractors and ore haulage contractors. These contractors will commence operations before the end of 2025. Construction of the Inland Rail Facility and access road upgrades began in July 2025.
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Management Strengthening and Leadership Changes
Peter Secker commenced as Chief Executive Officer on 1 July 2025. He replaces Jean-Sebastian Boutet, who transitioned to Chief Commercial and Corporate Development Officer. Secker brings experience building resource projects across Mexico, Australia, China, Africa and Canada.
Dean Horton joined as Non-Executive Director in February 2025. Horton provides 25 years of international project financing experience. His background includes Group Manager of Funding at Fortescue Metals Group. Adjou Ait Ben Idir joined as Non-Executive Director in July 2025. She contributes 20 years of corporate finance and M&A experience across Europe, Middle East and Africa.
Community and Economic Impact
The project will employ a workforce comprising 97% local people. This provides significant long-term economic benefits for Cameroon. Local communities strongly support Minim Martap recognising these economic advantages. The project contributes to new economic infrastructure development. Improvements will enhance existing facilities including roads and the 800km rail link to Douala Port.
Canyon commenced feasibility studies for an alumina refinery post-reporting period. This reinforces commitment to unlocking downstream potential. The company leverages benefits from low silica, high grade ores. Study completion targets the third quarter of 2026.
