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].

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].