Canyon Resources (CAY) Q4 2025 TU earnings summary

Executive summary

• Port access at Douala approved, enabling infrastructure build for production start in early 2026 and first bauxite shipment in 1H 2026.

• 65,000m² port storage secured for up to 6Mtpa bauxite, with expansion plans to 10Mtpa underway.

• US$140M credit facility secured for rail, transport, and port infrastructure; key contractors appointed and mobilization scheduled by end 2025.

• Orders placed for 22 locomotives, with first deliveries expected Q1 2026; IRF construction and haulage road upgrades commenced.

• Leadership transition with new CEO and Non-Executive Director appointed post-quarter.

Financial highlights

• Cash balance of A$11.5M as of 30 June 2025.

• 362.6M options exercised for A$25.4M, increasing major shareholder's holding to 56.5%.

• Net cash used in operating activities for the quarter: A$2.3M; investing activities: A$2.8M.

• Net cash from financing activities: A$8.6M for the quarter.

• Expenditure on exploration activities: A$3.9M, focused on DFS completion.

Outlook and guidance

• Updated JORC Mineral Resource Estimate expected Q3 2025; DFS completion in 2H 2025.

• Mining permits for Makan & Ngaoundal and offtake negotiations targeted for 2H 2025.

• First mining operations and bauxite shipment scheduled for early and 1H 2026, respectively.

• Alumina refinery feasibility study to be completed by Q3 2026.