Canyon Resources (CAY) Q1 2026 TU earnings summary

Executive summary

• Definitive Feasibility Study (DFS) and Ore Reserves Upgrade confirm Minim Martap as a world-class, tier-one bauxite asset with initial capex under US$100M and first shipment targeted for Q2 2026.

• Project NPV exceeds US$830M with an IRR of 29%, underpinned by a 20-year mine life and high-grade ore reserves.

• Construction commenced on key infrastructure, including the Inland Rail Facility and haulage road upgrades, with first locomotives and wagons to arrive in Q1 2026.

• Strategic funding package of A$205M secured, including a major commitment from Afriland and options exercised by Eagle Eye Asset Holdings.

• New CEO and Non-Executive Director appointed, strengthening leadership for project execution.

Financial highlights

• Cash balance of A$30.8M as of 30 September 2025.

• Net cash from operating activities for the quarter was negative A$13.35M, with development and exploration outflows totaling A$10.8M and A$10M, respectively.

• Net cash from financing activities was A$49.84M, driven by equity raises and borrowings.

• Proceeds from borrowings totaled A$40.54M, with A$9.54M from option exercises.

• Total available funding at quarter end was A$211.87M, with estimated 11.2 quarters of funding available.

Outlook and guidance

• First mining operations and bauxite shipment scheduled for early and Q2 2026, respectively.

• Ore Reserve estimates for Makan and Ngoundal expected in H2 2025; alumina refinery feasibility study to complete in Q3 2026.

• Offtake negotiations and mining permits for additional tenements targeted for Q4 2025 and Q1 2026.