Canyon Resources (CAY) Q2 2026 TU earnings summary

Executive summary

• Construction of ore haulage access road and IRF access completed, with mining set to commence in February 2026 and first bauxite shipment targeted for mid-2026, subject to equipment delivery schedules.

• Engineering for the IRF and port site completed, with key infrastructure components ordered and on track for Q1–Q2 2026 delivery and commissioning.

• All major project milestones, including rail and port upgrades, remain on schedule, with trial shipments and full shipping operations planned for mid to late 2026.

Financial highlights

• Cash position at 31 December 2025 was A$86 million, with a strong pro-forma balance sheet and ~US$95 million in undrawn debt.

• Tranche 1 of a strategic funding package raised A$35.6 million; total equity funding package to reach approximately A$205 million upon completion of Tranche 2.

• Second drawdown of ~US$19 million from a US$140 million credit facility completed, bringing total drawdowns to ~US$45 million.

• Net cash from financing activities for the quarter was A$71.6 million, with total available funding of A$237.2 million at quarter end.

Outlook and guidance

• First mining operations scheduled for February 2026, with maiden bauxite shipment expected mid-2026 and full shipping schedule commencing Q4 2026.

• Alumina refinery feasibility study completion targeted for Q3 2026.

• Rail transport capacity initially targeting 2 Mtpa in 2027, with studies underway to increase to 10–15 Mtpa.