Core Viewpoint - Brazilian Rare Earths Limited (BRE) has announced a Maiden Mineral Resource Estimate at the Amargosa Bauxite-Gallium Project, highlighting a significant bauxite resource with premium alumina grades and substantial contained gallium [1][6]. Bauxite Mineral Resource Estimate - The total mineral resource is estimated at 568 million tonnes (Mt) with a Total Available Alumina (TAA) of 29.8% [2]. - The resource includes 98 Mt of Direct-Ship Bauxite with a TAA of 41.9% and 470 Mt of Beneficiable Bauxite with a TAA of 27.3% [4]. Gallium Mineral Resource Estimate - The project contains 27,098,000 kg of gallium, with an average concentration of 47.7 parts per million (ppm) [2][3]. - Direct-Ship Bauxite has a gallium concentration of 51.6 ppm, while Beneficiable Bauxite has 46.9 ppm [3]. Strategic Importance - The contained gallium positions Amargosa as a key player in emerging supply chains for semiconductors, high-performance permanent magnets, and defense applications [3]. - The low reactive silica index (RSI) of the bauxite enhances alumina recovery and aligns with tightening refinery feed specifications [4]. Logistics and Infrastructure - The project benefits from direct highway access to bulk-export logistics in a Tier-1 jurisdiction, facilitating a capital-efficient direct-ship bauxite operation [7][8]. - A Memorandum of Understanding (MoU) has been signed with the Port of Enseada for mine-to-port export logistics [8]. Growth and Development Pathways - A near-term Scoping Study is planned to explore development pathways and long-term value creation options for Amargosa [7]. - The project has significant exploration upside, supported by historical drilling data, providing potential for further resource expansion [8]. Next Steps - Upcoming initiatives include a Scoping Study by the end of 2025, bauxite upgrade test-work, and resource drilling to assess growth and optimization [8].

Australian Bauxite miner Canyon Resources has announced a funding package of A$215m ($140) to expedite the development of its Minim Martap bauxite project in Cameroon. The funding comprises a two-tranche placement to raise A$205m, alongside an options exercise by Canyon’s major shareholder, Eagle Eye Asset Holdings (EEA), to generate up to A$10m. The first tranche will raise A$36m from institutional, sophisticated and professional investors, utilising the company's existing placement capacity. The secon ...

Core Insights - Canyon Resources Limited has released an updated Definitive Feasibility Study (DFS) for the Minim Martap Bauxite Project, confirming strong economics and a phased development pathway for a major new bauxite producer [14][15]. - The Ore Reserve estimate has increased by 33% to 144 million tonnes (Mt) of Direct Shipping Ore (DSO) at 51.2% Al2O3 and 1.7% SiO2, which supports the long-term future of the project [8][15]. - The project is expected to have a pre-tax Net Present Value (NPV) of US$835 million and an Internal Rate of Return (IRR) of 29%, indicating a compelling investment opportunity [5][21]. Project Economics - The project has low capital expenditure (CAPEX) requirements, with Stage 1 CAPEX estimated at US$96 million and total project CAPEX projected at US$446 million [6][21]. - C1 operating costs are estimated at US$34.71 per wet metric tonne (wmt), with a long-term average cash cost forecasted at US$35/wmt [3][21]. - The project aims to produce approximately 10 million tonnes per annum (Mtpa) of bauxite, with a production target of 1.2 million tonnes in Year 1, ramping up to 10 million tonnes by Year 6 [8][24]. Production and Development Timeline - First ore production is planned for Q1 2026, with the first bauxite shipment expected in H1 2026 [15][48]. - The project will utilize a staged development approach, with production targets scheduled around the upgrade of the rail infrastructure [8][9]. - Existing rail capacity will allow for low CAPEX and fast-tracked development, with the World Bank committing US$818 million to upgrade the rail corridor by 2030 [3][8]. Community and Economic Impact - The local community supports the project, recognizing its potential for significant long-term economic benefits, including job creation with a workforce expected to be 97% local [36][37]. - The project is anticipated to contribute to the development of new economic infrastructure and improvements to existing facilities, including roads and rail links [37][45]. Resource and Reserve Details - The Ore Reserve classification includes 133.3 million tonnes of Proved reserves and 10.7 million tonnes of Probable reserves, with a total Mineral Resource estimate of approximately 1.1 billion tonnes [19][62]. - The project will target high-grade bauxite with a minimum of 51% Al2O3 and a maximum of 2% SiO2, ensuring a premium pricing position in the market [5][62]. Funding and Financial Strategy - The project is supported by a US$140 million debt facility from AFG Bank Cameroon and existing cash reserves exceeding Stage 1 capital development costs [17][40]. - Canyon Resources has a strategic partnership with Eagle Eye Asset Holdings, which has invested significantly in the company and continues to support its funding needs [40].

Core Viewpoint - Canyon Resources Limited is advancing the Minim Martap Bauxite Project in Cameroon, showcasing strong economic metrics with a pre-tax NPV of US$835 million and an IRR of 29%, supported by a 33% increase in ore reserves to 144 million dry metric tonnes (DMT) at a high grade of 51.2% Al2O3 [1][5][17]. Ore Reserves Estimate Upgrade - The updated ore reserve estimate for Minim Martap has increased by 33% to 144 million DMT, with an alumina grade of 51.2% and silica content of 1.7% [6][17][22]. - The project is expected to maintain a long-term price premium of up to US$11 per tonne over Guinea standard bauxite due to its high alumina grade and low silica content [6][17]. Production and Development Plans - The project will adopt a staged development approach, with initial capital expenditure (CAPEX) of US$96 million and a target of 1.2 million wet metric tonnes (WMt) in the first year, ramping up to 10 million WMt per annum by Year 6 [6][17][23]. - First ore production is planned for Q1 2026, with the first bauxite shipment expected in H1 2026 [6][17][19]. Economic Metrics - The project has a low average operating cost of US$34.71 per wet metric tonne (wmt) and a total project CAPEX of US$446 million [2][23][38]. - The project is projected to generate 20-year undiscounted free cash flows of US$1.989 billion, with a post-tax project payback period of 8 years [23][26]. Infrastructure and Financing - Canyon has secured a US$140 million debt facility from AFG Bank Cameroon and has existing cash reserves to cover initial development costs [19][46]. - The project benefits from existing rail capacity and port infrastructure, which supports a low capital cost development strategy [6][7][19]. Community and Economic Impact - The local community supports the project, recognizing its potential for significant long-term economic benefits, with an expected workforce comprising 97% local people [40][41]. - The project is anticipated to contribute to the development of new economic infrastructure and improvements to existing facilities in Cameroon [41][50].

Canyon Resources Limited Investor Webinar Summary Company Overview - **Company**: Canyon Resources Limited - **Project**: Minim Martap Bauxite Project - **Location**: Cameroon - **CEO**: Peter Secca, appointed July 1, 2023 Key Points and Arguments Project Development - The Minim Martap Bauxite Project has over **1.1 billion tons** of resource with a grade of over **51% bauxite** and less than **2% silica**, positioning it as a world-class project [5][6] - The project is set to commence mining operations in **Q1 2026**, with the first shipment of bauxite expected in **Q2 2026** [6][9] - The feasibility study indicates a **net present value (NPV)** of over **$830 million** and an **internal rate of return (IRR)** of **29%** [6][14] Financials - The capital expenditure (CapEx) required is less than **$100 million**, with a debt facility already secured for **$140 million** [7][11] - The average life of mine cost is projected to be just under **$35 per ton** [14][24] - The company anticipates selling bauxite at approximately **$85 per ton**, factoring in a premium over Guinea bauxite prices [8][23] Infrastructure and Logistics - The project benefits from an **800-kilometer rail line** connecting to the port of Douala, which is crucial for logistics [4][6] - The company has secured access to the port and is upgrading stockpile capacity to over **150 million tons** [22] - Orders have been placed for **locomotives and wagons** from China to facilitate transportation [21][12] Market Dynamics - The bauxite market has seen significant growth, with prices previously exceeding **$100 per ton** due to unrest in Guinea [7][8] - The company is in discussions with **six off-takers** across Asia, the Middle East, and North America, aiming to secure long-term contracts [31] Future Projections - Initial production is planned at **1 to 2 million tons per year**, with potential to scale up to **10 million tons** and possibly **14 to 15 million tons** in the future [10][19] - The project has a **20-year mine life**, but there is potential for significant extensions based on resource conversion rates [33] Community and Environmental Considerations - The project does not require community relocations, and the workforce will primarily be sourced from local communities [20][19] - The company plans to rehabilitate mining areas as operations progress [18] Regulatory and Government Support - The Cameroonian government has been supportive, facilitating permits and licensing, which is crucial for the project's success [39] Additional Important Information - The company has a **joint venture** with the Cameroonian government, holding **90%** of the project [26] - The feasibility study for an alumina plant is also underway, expected to be completed by the end of **2026** [14][26] - The company has a current market cap of just over **$470 million AUD** and **$51 million AUD** in the bank [25][26] This summary encapsulates the critical aspects of Canyon Resources Limited's investor webinar, highlighting the project's potential, financial outlook, and strategic plans moving forward.

Financial Data and Key Metrics Changes - The company reported a significant turnaround in underlying performance year on year, with record first half shipments of 1,900,000 tonnes and an underlying EBITDA of $23 million [2][9] - The results included several one-off items, indicating a change in the risk profile of the company, with a reversal of impairment and recognition of tax losses [3][4][6] Business Line Data and Key Metrics Changes - The company has focused on improving operational consistency and addressing interface issues in its production processes, particularly in the barge loading facility [13][14] - The production levels have shown improvement, with consistent operations reaching around 30,000 tonnes per day, which is necessary for achieving the target capacity of 7,000,000 tonnes [16][17] Market Data and Key Metrics Changes - The company has benefited from a strong pricing environment that has supported its financial performance in the first half of the year [9] - The operational performance has been strong despite external challenges, such as weather impacts that constrained production [15] Company Strategy and Development Direction - The company aims to achieve increased output and operational improvements, targeting a capacity of 8,000,000 tonnes in the medium term [20][21] - There is a focus on both organic growth through operational enhancements and potential inorganic growth by exploring bauxite opportunities and leveraging core competencies in logistics and marketing [22][23][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the future sustainability of strong performance, indicating that the current results reflect a paradigm shift in the company's risk profile [6][10] - The second half of the year is traditionally the most productive period, and the company is optimistic about carrying momentum into this period [10] Other Important Information - The company has set targets for 2026, including achieving specific output and cost reduction goals, while maintaining a cautious approach to any potential acquisitions [22][24] Q&A Session Summary Question: Progress on ramping up to 7,000,000 tonnes annual capacity - Management confirmed satisfaction with operational growth and noted improvements in production consistency despite some external challenges [13][16] Question: Outlook for Metro in 2026 and growth strategy - Management discussed medium-term growth aspirations, emphasizing the importance of achieving current capacity targets and exploring both organic and inorganic growth opportunities [18][20][22]

Core Viewpoint - Canyon Resources Limited has made significant progress in the development of its Minim Martap Bauxite Project in Cameroon, having completed the first drawdown from a US$140 million Credit Facility, which will facilitate the procurement of essential infrastructure and rolling stock for the project [2][3][8]. Financial Update - The initial drawdown amounted to XAF 15 billion (approximately US$26 million) before fees, which will be utilized for purchasing rolling stock and advancing key infrastructure works [3][8]. - The Credit Facility was secured on favorable terms, reflecting confidence in the Minim Martap Project as a tier-one asset [8]. Project Development - Canyon has placed orders for locomotives from CRRC Ziyang Co. Ltd and wagons from Texmaco Rail & Engineering Limited, with first deliveries expected in Q1 2026, aligning with the scheduled first bauxite shipment in the first half of 2026 [4][5]. - The company is on track to complete an updated Definitive Feasibility Study (DFS) in August 2025, which is a critical milestone for the project [5][8]. Strategic Objectives - The company aims to establish itself as a key and reliable supplier of high-quality bauxite ore to the international market, with production expected to commence in early 2026 [5][6]. - The drawdown of funds marks a transition from planning to execution, indicating a pivotal moment for the project [6][8].

Company Overview - Metro Mining is a low-cost, high-grade Australian bauxite producer with double-digit mine life and extensive lease holdings, totaling 114.4 Mt of reserves and resources as of December 31, 2024[15, 17] - The company has successfully expanded to a 7 million wet metric tonnes (WMT) per annum capacity, driving margin growth[25] - Metro Mining aims to be the lowest global delivered cost supplier to China[35] Financial Performance & Production - Metro Mining achieved record production of 5.7 million WMT in 2024[27] - Site margins increased to $18 per WMT by Q4 2024, and the company repaid $39 million in junior debt[27] - Q2 2025 site EBITDA was $54 million, with a margin of $32 per WMT[27] - The company is on track for 6.5 to 7.0 million WMT for CY2025[27] Market Dynamics - China's bauxite imports in the first half of 2025 increased by 33% year-over-year[28] - Metro Mining's volume is under contract, with 80% negotiated quarterly, resulting in record pricing for Q2 2025, up 41% from Q4 2024[28] - Approximately 27% of Guinea's productive bauxite capacity has been affected by government license cancellations[34] Future Strategy - The company is prioritizing securing and investing to maximize value at Skardon River with organic growth[38] - Metro Mining is targeting Opex of less than US$30 per dry metric tonne (DMT) CIF China, 8 Mt/a production, increased mine life, zero net debt, and dividend payments, aiming for Q1 cash positive in 2026[39] - Exploration is planned for Q3 and Q4 2025 across multiple exploration permit for minerals (EPMs)[43]

Financial Data and Key Metrics Changes - The company reported record shipments for Q2, achieving a production rate of 7 million tonnes, which is up 19% year on year [4] - The net FOB unit revenue increased by approximately 41% to $72 per tonne, with significant margin improvements, reflecting a 500 basis point increase from the same quarter last year and an 83% increase over Q4 2024 [5][6] - Cash balance has improved, with a trade receivables balance of around $25 million as of June 30 [22][33] Business Line Data and Key Metrics Changes - The company faced operational challenges due to a tropical storm that restricted barging capacity, resulting in a loss of approximately 1,400 tonnes per barge [7] - Despite these challenges, the company is targeting a production of around 5 million tonnes in the second half of the year, aiming to recover from the previous quarter's tonnage loss [20] Market Data and Key Metrics Changes - The bauxite market is experiencing structural stability, with alumina pricing stabilizing around RMB 3,000 per tonne, allowing most customers to maintain profitability [12] - Record bauxite imports were noted, with over 100 million tonnes imported in the first half of the year, indicating strong demand despite some price volatility [14][15] Company Strategy and Development Direction - The company is focusing on expansion and exploration activities, including greenfield projects and pit extensions, to enhance its operational capacity [25][26] - The management is optimistic about cash generation potential and aims to achieve a net cash position on the balance sheet by the third quarter [49] Management Comments on Operating Environment and Future Outlook - Management acknowledged the volatility in the bauxite market, particularly due to government actions in Guinea affecting production capacity [16][17] - The company expects to see a reduction in site costs as production rates increase, targeting mid-25s for site costs in Q3 [47] Other Important Information - The company has successfully paid all deferred royalties amounting to $9 million, marking a significant milestone [23] - A restructuring of the hedge book for foreign exchange has been completed, improving the company's position relative to current spot rates [24] Q&A Session Summary Question: Discussion on the drop in shipping costs - The drop in shipping costs is attributed to long-term contracts signed last year and reduced penalties due to improved contract specifications [30][31] Question: Confirmation of trade receivables balance - The trade receivables balance of approximately $25 million as of June 30 was confirmed [33] Question: State royalty payments structure - State royalties are based on FOB revenue and will continue for the life of the mine [34] Question: Solutions for silt buildup in the river - The company conducts regular bed leveling and is exploring options for dredging to address silt buildup, which impacts operations [35][41][43] Question: Grade expectations for Pit 5 - Pit 5 is expected to provide more flexibility in operations due to areas of low silica material, enhancing grade control [44] Question: Expectations for FX hedging - The company expects to be fully hedged for sales through the balance of calendar 2025 [46] Question: Anticipated reduction in site costs - A reduction in site costs is expected as production rates increase, with a target of mid-25s for Q3 [47]

Core Viewpoint - Canyon Resources Limited has commenced construction of the Inland Rail Facility (IRF) in Makor, Cameroon, which is essential for the export supply chain of the Minim Martap Bauxite Project, with first production anticipated for early 2026 [2][3][6] Group 1: Project Development - The groundbreaking ceremony for the IRF was attended by senior government officials and Canyon's Executive Chairman, highlighting the project's significance and the company's commitment to fast-tracking development [3][6] - Canyon has also started upgrading the ore haulage access road connecting the Minim Martap Project to the IRF, marking two key development milestones [4][5] - The company has secured rail access from Makor to the Port of Douala and 65,000 m² of land for bauxite storage and loading at the port, enabling efficient storage and transportation of up to 6 million tonnes per annum (Mtpa) of bauxite ore, with plans to expand to 10 Mtpa [4][5] Group 2: Future Outlook - Canyon's CEO emphasized that the execution of these infrastructure projects will coincide with other developments to support the project's supply chain, including engineering and design work for critical rail and port infrastructure [5][6] - The company remains on track for the start of production in early 2026 and the first shipment of bauxite in the first half of 2026 [6]