Canyon Resources (CAY) Investor Presentation summary

Project overview and development status

• Minim Martap is a tier-one bauxite project in Cameroon, with over 1Bt resource and 144Mt reserve at 51% alumina and 2% silica, targeting production in early 2026.

• Updated DFS confirms world-class, long-life operation with NPV > US$830M, IRR of 29%, and initial capex under US$100M.

• Project is fully financed through to production, supported by a US$140M debt facility and significant existing infrastructure, including an 800km rail line and port access.

• Mining operations are scheduled to commence in Q1 2026, with first bauxite shipment in H1 2026.

• Staged production ramp-up from 1Mtpa to 10Mtpa is planned as rail upgrades are completed.

Financials and capital structure

• Stage 1 capex is US$96M, with total project capex to 6.5Mtpa at US$345M; steady-state free cash flow at 10Mtpa is US$174M per annum.

• C1 operating costs average US$35/wmt over LOM; project payback is estimated at 8 years post-tax.

• Equity raising of A$215M includes a two-tranche placement and options exercise, with strategic investments from EEA and Afriland.

• Pro forma market cap post-raising is A$705M, with cash and equivalents of A$266M.

• EEA will maintain a 56.5% interest, Afriland will hold 10.1%, and the Cameroon State will receive 10% of the project JV post-mining permit.

Operations and logistics

• Mining will use surface miners and truck haulage, with no community relocation required and a low strip ratio maintained throughout the LOM.

• Existing rail and port infrastructure enables efficient ore transport; first locomotives and wagons are scheduled for delivery in Q1 2026.

• Inland Rail Facility and road upgrades are underway, with groundbreaking and construction commenced in 2025.

• Camrail stake increased from 9.1% to 35% to de-risk logistics and ensure strategic control over mine-to-port operations.