Canyon Resources (CAY) H2 2024 earnings summary

Executive summary

• Achieved major milestones for the Minim Martap Bauxite Project, including the signing of the Mining Convention and the granting of a 20-year Mining Licence, renewable for additional periods of up to 10 years.

• Secured a $24.7 million strategic investment from Eagle Eye Asset Holdings Pte. Ltd (EEA) in December 2023, supporting exploration, infrastructure, and feasibility studies.

• Management and board changes included the transition of Mark Hohnen to Executive Chairman and the appointment of Gaurav Gupta and Dondo Mogajane as Non-Executive Directors.

Financial highlights

• Net loss after tax increased to $9,538,668 for FY2024, compared to $4,986,711 in FY2023.

• Cash at bank rose to $22,165,818 as of 30 June 2024, up from $10,726,199 a year earlier.

• Net assets increased to $43,869,004 from $28,839,368 year-over-year.

• No dividends were paid, recommended, or declared for the year.

Outlook and guidance

• Focus remains on advancing Minim Martap to production, with key workstreams in engineering design, infrastructure, and offtake negotiations planned for the next 12 months.

• Ongoing exploration and drilling programs targeting resource expansion, with results expected in Q4 2024.