Canyon Resources (CAY) Q3 2026 TU earnings summary

Executive summary

• Entered key execution phase at Minim Martap Bauxite Project, with mining operations to commence in Q2 2026 and first production on track for Q2 2026.

• Critical infrastructure (haul road, IRF, port upgrades) progressing on schedule to support first bauxite shipment in late Q3 2026.

• Logistics advancing with first seven locomotives shipped and expected at Port of Douala in late Q2 2026.

• Off-take discussions progressing, targeting agreement finalisation after initial shipments and product validation.

• Alumina Refinery Feasibility Study advancing, on track for Q3 2026 completion.

Financial highlights

• Minim Martap development fully funded through US$83 million undrawn from US$140 million credit facility and A$79 million (~US$54 million) cash as of 31 March 2026.

• Updated cashflow modelling confirms sufficient funding for first shipment with no additional funding required.

• Expenditure for the quarter: A$5.4 million on property, plant & equipment and A$14.5 million on mine development.

• Net cash used in operating activities for the quarter was A$2.1 million; net cash used in investing activities was A$19.8 million.

• Cash and cash equivalents at quarter end: A$78.8 million.

Outlook and guidance

• First bauxite shipment expected in late Q3 2026, with ramp-up to full-scale shipments in Q4 2026.

• Feasibility Study for alumina refinery to be completed in Q3 2026, supporting downstream integration.

• Project remains on track to achieve first ore shipment within the US$96 million Stage 1 CAPEX estimate.