Canyon Resources (CAY) H2 2025 earnings summary

Executive summary

• Received critical Mining Licence for Minim Martap Bauxite Project in September 2024, securing 20-year tenure with renewal options.

• Completed Definitive Feasibility Study (DFS) post-period, showing pre-tax NPV of US$835M and IRR of 29%.

• Announced 33% increase in Direct Shipping Ore grade Reserves; Ore Reserve estimates for Makan and Ngoundal expected by end of 2025.

• Strategic 9.1% stake acquired in CAMRAIL SA to de-risk logistics and transport.

• Secured US$140M syndicated credit facility and major shareholder committed to exercise options for AUD$24.5M.

• Targeting first ore production in Q1 2026 and first shipment in H1 2026.

Financial highlights

• Net loss after tax: $20.18M (2024: $9.54M), reflecting increased project development activity.

• Cash at bank: $11.48M (2024: $22.17M); net assets: $45.06M (2024: $43.87M).

• Share capital increased to $132.97M (2024: $113.52M) following new issues and option conversions.

• Basic and diluted loss per share: (1.42) cents (2024: (0.80) cents).

• No dividends declared or paid.

Outlook and guidance

• Construction of Inland Rail Facility and haulage road upgrades commenced post-period.

• DFS supports phased ramp-up: 1.2Mtpa in year 1, 6Mtpa by year 4, 10Mtpa by year 6, with further expansion possible.

• Strategic funding package of A$215M announced in September 2025 to accelerate project development.

• Feasibility study for downstream alumina refinery underway, completion expected Q3 2026.