ASX-listed Canyon Resources’ March quarterly activities report shows progress on key activities at the Minim Martap bauxite project, in Cameroon.

The company started the evaluation of a two-stage development strategy as part of the definitive feasibility study (DFS), which remains on track for completion in the third quarter.

The development strategy is aimed at accelerating production through a phased ramp-up to enable first bauxite shipment in 2026.

Project execution planning and offtake discussions continued to advance focused on optimising operational efficiencies, ensuring sustainable economics and confirming the preferred pathway to production.

Canyon signed an underwriting loan agreement of $123.96-million to buy rolling stock for the development of Minim Martap.

The location of the inland rail facility was approved by the government and 105 ha of land was allocated to Canyon for rail expansion and infrastructure.

Canyon successfully completed a strategic 9.1% investment in Camrail, which provides the company’s wholly owned in-country subsidiary Camalco Cameroon with a direct stake in rail infrastructure as well as a position on the Camrail board.

Canyon is rapidly advancing its Minim Martap Bauxite towards production through an extensive work programme.

This includes targeting the acquisition of existing port facilities, and port and rail access agreements, both set to be finalised in the second quarter.

A Joint Ore Reserves Committee-compliant mineral resource estimate is set to be updated in the third quarter.

Mining permits for the Makan and Ngaoundal bauxite deposits will be obtained in the second half of the year and offtake discussions will also be finalised then.

The DFS is set to be finalised in the third quarter, with finance discussions to be initiated by the end of the year.

The first bauxite shipment is slated for next year.

Meanwhile, Peter Secker will start as CEO on July 1, and current CEO Jean Sebastien Boutet will transition to chief commercial and corporate development officer.

Dean Horton was appointed nonexecutive director, following the resignation of Peter Su.