Canyon Resources mobilises surface miner at Cameroon’s Minim Martap project

Core Insights - Canyon Resources has mobilised a surface miner for its Minim Martap bauxite project in Cameroon, aiming to start mining operations by the end of March and targeting first bauxite production in Q2 2026 [1][5]. Financial Position - Canyon's current cash resources, along with undrawn funds from AFG Bank Cameroon, are sufficient to meet capital expenditure needs until the initial shipment phase, as per the definitive feasibility study dated September 1, 2025 [2]. - The company anticipates its first ore shipment in Q3 2026 without requiring additional funding from Afriland or EEA [2]. Logistics and Transportation - Discussions with Chinese locomotive manufacturer CRRC Ziyang indicate that the first locomotives are expected to arrive at the Port of Douala between mid and late Q2 2026, coinciding with the start of ore transportation to the port [3]. - Canyon is negotiating with Camrail to potentially increase its equity stake beyond the current 9.1%, which would enhance its involvement in Camrail's PQ2 upgrade and reduce logistics risks [3][4]. Offtake Agreements - Canyon is in discussions with several potential partners for offtake agreements, aiming to finalise these after the initial bauxite shipments to confirm the high-grade quality of Minim Martap's ore, which contains approximately 51% alumina and 2% silica [4]. Project Development - The CEO of Canyon Resources highlighted that the mobilisation of the surface miner is a crucial step towards production, with financing confirmed through to the first shipment, keeping the company on track for its Q3 2026 shipment goal [5]. - The company is also advancing logistics, offtake discussions, and a downstream feasibility study to enhance the long-term value of the Minim Martap project, which received government approval for its inland rail facility in February 2025 [6].