Canyon to Receive Significant Capital Injection to Support Rapid Development of Minim Martap

Core Viewpoint - Canyon Resources Limited has received a notice from its major shareholder, Eagle Eye Asset Holdings, to exercise 350 million options for a total of $24.5 million, which will enhance the company's cash reserves and increase Eagle Eye's ownership stake to 54.7% [1][6][9] Group 1: Investment Details - Eagle Eye Asset Holdings will exercise 350 million unquoted options at an exercise price of $0.07 each, resulting in the issuance of 350 million fully paid ordinary shares [1][4] - The funds from the exercised options will be used to support the Definitive Feasibility Study (DFS) and other key development activities for the Minim Martap Bauxite Project, which is on track for completion in Q3 2025 [6][8] Group 2: Project Development - The exercise of options was contingent upon the granting of the Mining Licence for the Minim Martap Bauxite Project and the establishment of binding contracts for port access and rail transportation, which were fulfilled by April 28, 2025 [3][7] - The investment from Eagle Eye comes at a crucial time as Canyon advances its flagship Minim Martap Project towards production, with the goal of achieving the first bauxite shipment in 2026 [4][9] Group 3: Shareholder Support - Eagle Eye will retain 150 million unlisted options, each with an exercise price of $0.07, expiring on December 26, 2026, representing a potential further capital investment of $10.5 million [4][5] - The ongoing financial commitment from Eagle Eye reflects a strong relationship and long-term support for Canyon's growth and development initiatives [8][9]