Project Financing and Key Long Lead Contracts Confirm Schedule for First Bauxite Shipment in 1H 2026

Core Viewpoint - Canyon Resources Limited is advancing towards the commencement of production at its Minim Martap Bauxite Project in Cameroon, with significant milestones achieved and scheduled for early 2026 [2][3][5]. Financial Developments - The company secured a medium-term syndicated credit facility of approximately US$140 million with AFG Bank Cameroon [3][9]. - Major shareholder Eagle Eye Asset Holdings Pte Ltd exercised options worth A$15.8 million, contributing to the funding for project development [3][9]. Project Development Progress - Canyon has ordered 22 locomotives from CRRC, with the first delivery expected in Q1 2026, ahead of the initial bauxite shipment planned for the first half of 2026 [4][9]. - The company appointed a contractor for road construction to upgrade the haulage road from Minim Martap, with work set to begin in July 2025 [4][9]. - Groundbreaking for the Inland Rail Facility (IRF) is anticipated to start in July 2025, which will serve as a loading station for bauxite ore [5][8][9]. Operational Milestones - The company aims to finalize the Definitive Feasibility Study focusing on a two-stage ramp-up strategy to ensure successful production commencement [7][9]. - Both the Mining Contractor and Ore Haulage contractor have been appointed, with mobilization scheduled by the end of calendar year 2025 [9]. Resource Estimates - An updated JORC Compliant Mineral Resource and Mineral Reserve Estimates for Minim Martap is expected to be released by the end of July 2025 [9][11]. Strategic Vision - Canyon Resources is positioning itself as a key supplier of high-quality bauxite ore to meet the urgent market demand for new long-term supply sources [12].