Core Viewpoint - Canyon Resources Limited has secured a medium-term syndicated credit facility of approximately US$140 million from AFG Bank Cameroon to fund the development of its Minim Martap Bauxite Project in Cameroon, alongside additional funding from its major shareholder, Eagle Eye Asset Holdings [1][2][7]. Group 1: Credit Facility Details - The credit facility amounts to XAF 82,000,000,000 (approximately US$140 million) and is structured as a syndicated medium-term loan [11]. - The interest rate for the facility is fixed at 8.00% per annum plus VAT, with a repayment term of 8 years from the first drawdown [11]. - The drawdown is anticipated to occur in Q3 2025, with conditions including the opening of project accounts and guarantees from Canyon Resources Limited [3][11]. Group 2: Project Development - The funds from the credit facility will be utilized for acquiring locomotives, wagons, and developing rail and port infrastructure for the Minim Martap Bauxite Project [2]. - Since obtaining the Mining License in September 2024, Canyon has made significant progress, including securing key land for port and rail facilities, and is now focused on making a Final Investment Decision [5][6]. - The company aims to commence its first shipment of bauxite from Minim Martap in the first half of 2026 [5]. Group 3: Stakeholder Support - Eagle Eye Asset Holdings intends to exercise 350 million options for AU$24.5 million to further support the funding of Stage One operations at Minim Martap [2][7]. - AFG Bank Cameroon is recognized as a strong partner for Canyon, demonstrating expertise in structured financing and commitment to providing tailored financial solutions [4][7].

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]

Our weekly briefing covering top news flow in the space, chart of the week, latest positioning data, commodity price moves, sound bites from the supply chain, recent global research, upcoming events and corporate access. Chart of the Week FIGURE 1. CISA estimates nationwide YTD steel production to late April is up 5.4% YTD (vs NBS +1.1% to March). If China strictly enforces the speculated 50mt crude steel output restrictions, steel prices should see strong gains given low inventories across the supply chain ...

Core Viewpoint - Canyon Resources Limited has secured port access approval for its Minim Martap Bauxite Project, marking a significant milestone in the project's development and facilitating efficient transportation of bauxite ore to market [1][7][8]. Group 1: Project Development - The approved storage area at the Port of Douala spans 65,000m² and enables the company to transport and store up to 6 million tonnes per annum (Mtpa) of bauxite ore, with plans to expand production to 10Mtpa [2]. - The port's existing infrastructure, including railway tracks and quay, will reduce the start-up capital expenditure (capex) for the Minim Martap Project, allowing for the first shipment by the first half of 2026 [2][4]. - The final investment decision (FID) for the Minim Martap Project is scheduled for Q2 2025, with the first bauxite shipment planned for the first half of 2026 [4][8]. Group 2: Financial and Strategic Implications - Securing port access is a prerequisite for Eagle Eye Asset Holdings Pte Ltd to exercise its 500 million options, priced at $0.07, which were approved by shareholders in November 2023 [6]. - The company has completed a strategic 9.1% investment in CAMRAIL S.A, enhancing rail access and further derisking the mine-to-port logistics [3][4]. - The Definitive Feasibility Study (DFS) is progressing as planned, with completion expected in Q3 2025, assessing a two-stage development approach to accelerate production [5]. Group 3: Infrastructure and Logistics - The port access approval allows for the commencement of detailed design for bauxite port loading infrastructure, with engineering design of the Inland Rail Facility approximately 50% completed [4]. - The established transport networks will play a critical role in the logistics of transporting bauxite ore from mine to port, supported by the Government of Cameroon and regional stakeholders [9]. - The first locomotive delivery is scheduled for Q1 2026, aligning with the project's timeline for initial shipments [4].