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 completed the first drawdown from its $140-million credit facility with AFG Bank Cameroon after satisfying the required drawdown conditions, with the initial drawdown of about $26-million before fees, used to secure the buying of rolling stock for the Minim Martap project.

Canyon recently placed orders for locomotives from CRRC Ziyang and wagons from Texmaco Rail & Engineering.

The initial payments secure commitment of the key long-lead items with CRRC and Texmaco, with first deliveries expected in the first quarter of 2026 in line with the scheduled first bauxite shipment in the first half of 2026.

The drawdown will also be used by Canyon to progress key mine, haul road, rail and port infrastructure works, as the company continues to work towards production start in early 2026.

Looking ahead, the company expects to complete an updated definitive feasibility study during this month.

Canyon has said that it is continuing to execute its busy work programme and strategic objectives at Minim Martap, with a focus on ensuring the company becomes a near-term, key and reliable supplier of high-quality bauxite ore to a growing international market.

Key Contracts, Suppliers and Consultants
Resolve Mining Solutions (mineral reserve estimate); CRRC Ziyang (locomotives); and Texmaco Rail & Engineering (wagons).

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