Minim Martap Project Development Update

Core Viewpoint - Canyon Resources Limited is progressing towards the first production and initial shipments of its Minim Martap Bauxite Project in Cameroon, targeting early Q2 2026 for production and Q3 2026 for the first ore shipment [2][3][11]. Development Activities - The surface miner has been mobilized to the site, with mining operations expected to commence before the end of March 2026 [3][6]. - The company is on track to achieve its first bauxite production in early Q2 2026, marking a significant transition from development to operational phase [3][11]. Financial Position - The company’s capital expenditure requirements for Stage 1 of the Minim Martap development are fully funded through approximately US$95 million of undrawn credit from AFG Bank Cameroon and a current cash position of around US$43 million as of February 28, 2026 [4][5][6]. - Updated financial cashflow modeling confirms that no additional funding from Afriland or Eagle Eye Asset Holdings is required to meet the capital expenditure needs through to the first shipment [6][7]. Logistics and Transport - Discussions with CRRC Ziyang Co regarding the arrival of locomotives are ongoing, with forecasts indicating that the first locomotives will arrive at the Port of Douala in mid to late Q2 2026 [6][8]. - The logistics arrangements are progressing to support ore transport from the Inland Rail Facility to the port ahead of the first shipment planned for Q3 2026 [8]. Off-take Agreements - Off-take discussions with multiple potential partners are advancing, with the company aiming to finalize agreements following initial bauxite shipments to confirm the high-grade characteristics of Minim Martap ore, which contains approximately 51% alumina and around 2% silica [10][11]. Project Overview - The Minim Martap Bauxite Project contains over 1.1 billion tonnes of high-grade bauxite, with an Ore Reserve of 144 million tonnes at 51.2% Al2O3 and a JORC Mineral Resource Estimate of 1,102 million tonnes at 45.3% Al2O3 [13][14]. - The project is supported by a Definitive Feasibility Study released in September 2025, confirming its robustness and long-term viability [15].