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 definitive feasibility study has confirmed the project’s strong economics and has outlined a pathway for the phased development of what is planned to be a major new bauxite producer.

The ore reserve estimate has been increased by one-third, to 144-million tonnes of direct shipping ore-grade ore at 51.2% alumina and 1.7% silicone dioxide, which will underpin the long-term future of the project. The current 20-year mine plan and production schedule are based solely on the proved ore reserve. Canyon has reported that the overall project lifespan can be increased beyond 20 years. Pending mine plans being completed for the Makan and Ngoundal deposits, the overall project life span could be increased beyond 20 years.

Mining operations are proposed to be undertaken at three plateaus – Danielle, Beatrice and Raymonde – using surface miners. Stage 1 involves production of 1.2-million wet metric tonnes, which could be expanded to two-million tonnes a year and then 6.5-million tonnes a year before peaking at 10-million tonnes a year by Year 7 of operations.

Production will be ramped up in line with rail network operator Camrail’s PQ2 rail upgrade initiative, in Cameroon, which will result in existing rail capacity being upgraded.

Net Present Value/Internal Rate of Return
The project has a pretax net present value, at 6% discount rate, of $835-million and an internal rate of return of 29%, with a payback of 4.1 years.

Capital Expenditure
Total project capital expenditure (capex) is estimated at $446-millon.

Stage 1 capex to first ore shipment is estimated at $96-million. Total capex to two-million tonnes a year is estimated at $158-million, to 6.5-million tonnes a year at $345-million, and to 10-million tonnes a year at $101-million.

Planned Start/End Date
Project construction started in July 2025. First ore production is planned for the first quarter of 2026 and the first bauxite shipment for the first half of 2026.

Latest Developments
The project remains on track for first production and an initial shipment in late June, with key mining, infrastructure, logistics, staffing and funding milestones progressing broadly on schedule.

In a development update on January 8, Canyon Resources reported that site preparation and logistics work were advancing ahead of the planned start of mining in February. Road upgrade works are continuing, after the road contractor deployed additional equipment to site; completion is still targeted for the end of the first quarter.

Canyon also confirmed that the surface miner required for operations had arrived at the Port of Douala in December, supporting the planned February mining start date.

The company said rail and port logistics remained aligned with the overall timeline. 

Delivery of rolling stock is expected in the first quarter, with commissioning planned for early in the second quarter. Ore haulage from the inland rail facility to the Port of Douala is scheduled to start in the second quarter, which Canyon has said supports its plan to ship the first cargo of bauxite in late June.

At the port, final tenders have been received for dredging the access channel to the Port du Bois berth, with works expected to start in the first quarter. Tenders for transhipping services have also been received and the contract award is expected in the first quarter. The company has explained that these steps keep the first-shipment timeline on track.

Further, discussions with rail operator Camrail are well advanced, with the company targeting an increase in its equity interest from 9.1% to about 35%. Completion of the transaction is expected in the first quarter, subject to final agreements. Canyon has said an increased stake would allow for greater participation in the PQ2 rail upgrade and help reduce logistical risk between the mine and the port.

Meanwhile, a feasibility study for a value-adding alumina refinery is about 45% complete and is expected to be finalised in the third quarter. Canyon has said the study draws on Cameroon’s operating cost advantages and the project’s low-silica, high-grade bauxite, supporting its longer-term strategy to move further along the aluminium value chain.

Canyon has also reported progress on operational readiness through senior appointments, including the recruitment of a mine director and a port manager, both with more than 15 years of experience and previous involvement in bauxite-related operations. Both executives are expected to be in Cameroon this month as the project transitions into operations.

Canyon has noted that shareholders approved an equity raise of about A$70-million at the November 25, 2025 AGM, which pertains to Tranche 2 of a placement announced on September 25. The placement is now subject to regulatory approvals in Central Africa and Cameroon, which are progressing. The remaining A$100-million component of Tranche 2 remains subject to shareholder approval, with a general meeting expected in early March. Subject to approval, settlement is expected in the second quarter. Afriland and Eagle Eye Asset Holdings have reiterated their support for the project.

Key Contracts, Suppliers and Consultants
SRK Consulting (Australasia) (study on geology, mineral resource estimation, geotechnical analysis, mining and ore reserve estimation); Bhygraph Engineering Sarl (design of haul road from mine to the IRF); MR Technofin Consultants (IRF design); SYSTRA (rail capacity studies); Grafix Engineering Consultant (port studies: planning and design); Geostratum (hydrogeology study); CM Group (bauxite marketing studies); Golder Associates-Africa, Rainbow Environment Consultant (Cameroon), ESS-Senegal (environment- and social-impact studies, or ESIA – mine); Andal & Synergy Engineering (ESIA updates – IRF and road); Glonar (ESIA update – port); and CRRC Ziyang (locomotives).

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