Canyon Resources (CAY) RIU Explorers Conference 2026 summary

Project overview and development status

• Minim Martap is a high-grade, low-silica bauxite project in Cameroon, targeting full-scale shipments by Q4 2026.

• Resource base totals 1.1 billion tonnes, with 144 million tonnes at 51% alumina and 1.7% silica.

• Mining license and convention secured, with systematic risk reduction over the past 24 months.

• Surface miner is in Cameroon, with mining to commence this quarter.

• Project leverages existing 800 km railway and port facilities in Douala.

Financials and funding

• Definitive feasibility study (DFS) shows NPV of $835 million and IRR of 29%.

• $140 million debt facility and $215 million equity raise secured for development.

• Stage 1 CapEx to first shipment is under $100 million, with full funding in place.

• Free cash flow projected at $174 million per annum at 10 Mtpa throughput.

• Strategic investor Eagle Eye holds 56% equity, providing strong mining experience and capital.

Infrastructure and logistics

• World Bank committed over $800 million for railway upgrades, executed by Camrail, in which a 9.1% stake is held, aiming to increase to 35%.

• Inland rail and port facilities secured, with new wagons and locomotives fabricated.

• Mining involves surface miners, loaders, and truck haulage, with simple, progressive rehabilitation.

• Logistics chain includes 42 km haul, 800 km rail, and 35 km transshipping to Capesize vessels.