Name of the Project
Minim Martap bauxite project.

Location
Central Cameroon.

Project Owner/s
ASX-listed exploration and development company Canyon Resources.

Project Description
A bankable feasibility study has confirmed it as a robust long-term project with an updated proven ore reserve of 108.91-million tonnes grading 51.1% total aluminium oxide and 2% total silica oxide. The project is expected to produce up to 6.4-million tonnes of high-grade bauxite a year over 20 years.

The low-strength ore and near-surface nature of the bauxite deposits support a conventional free-dig mining operation using surface mining, with no drill and blasting required.

The bauxite recovered from the surface mining process does not require any additional processing. The surface miner crushes the ore to the required size as part of the mining process, after which the ore is exported.

The 20-year mining schedule represents only 10.6% of the current project resource, and technical studies have identified opportunities for a significant future increase in production tonnages.

Net Present Value/Internal Rate of Return
The project has a pretax net present value, at an 8% discount rate, of $452-million and an internal rate of return of 22%, with a payback of 4.1 years.

Capital Expenditure
Capital expenditure is estimated at $253.09-million, which includes the capital cost of the initial fleet of company-acquired rail rolling stock. The project will be funded through a combination of equity and debt financing.

Planned Start/End Date
The development strategy is aimed at accelerating production through a phased ramp-up to allow for the first bauxite shipment in 2026.

Latest Developments
Canyon Resources has announced a $140-million credit facility to advance the project.

The funding, arranged through AFG Bank Cameroon, will support infrastructure development for Stage 1 operations, including the acquisition of locomotives and wagons, as well as the development of rail and port facilities.

In parallel, major shareholder Eagle Eye Asset Holdings intends to exercise 350-million options, injecting a further A$24.5-million into the project.

Canyon has made rapid progress since obtaining its mining licence in September last year, securing land for key port and inland rail infrastructure. A final investment decision and completion of a definitive feasibility study remain on the near-term agenda.

“We will continue to move at pace, deliver on our strategy and execute on a busy 12-month programme as we work towards first shipment and growing the company in size, scale and valuation,” Canyon executive chairperson Mark Hohnen has said.

Drawdown on the facility is expected in the third quarter of 2025.

Key Contracts, Suppliers and Consultants
Resolve Mining Solutions (mineral reserve estimate).

Contact Details for Project Information
Canyon Resources, tel +61 8 6382 3342 or email info@canyonresources.com.au.