Canyon Resources (CAY) Investor Update summary

Project development and schedule

• Minim Martap Bauxite Project in Cameroon targets first mining operations in Q1 2026 and first shipment in H1 2026.

• Feasibility study confirms a pre-tax NPV of $835 million, IRR of 29%, and CapEx under $100 million.

• Debt facility of $140 million secured, with $25 million already drawn, ensuring full financing to production.

• Key infrastructure includes an 800 km rail line, port access at Douala, and contracts for mining, haulage, and locomotives awarded.

• World Bank committed $820 million for rail upgrades, with company investing $90 million to accelerate initial capacity.

Resource and production outlook

• Total resource exceeds 1.1 billion tonnes, with initial reserves of 144 million tonnes at 51% alumina and less than 2% silica.

• Ore reserves increased by 33% to 144Mt at 51.2% Al2O3 and 1.7% SiO2.

• Production to start at 1-2 million tonnes/year, scaling to 10 million tonnes by 2031-32, with potential for 14-15 million tonnes.

• Mine life initially 20 years, but resource supports potential for 50-70 years at higher production rates.

• Life-of-mine average cost under $35/tonne, with free cash flow projected at $174 million/year at full capacity.

Financials and economics

• Stage 1 capex to first shipment is US$96M; total capex to 6.5Mtpa is US$345M.

• C1 operating costs average US$35/wmt over LOM; realised price averages US$78/dmt over 20 years.

• Project payback period is 8 years post-tax.