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
Canyon Resources has reported that the project is advancing to the mining phase, with commissioning of the surface miner scheduled for February 2026 as a key operational milestone.

Mine haulage to the inland rail facility is still targeted for the second quarter, supported by haul-road upgrades between the Danielle Plateau and the IRF that remain on schedule. The main schedule change is in rail logistics – locomotive supplier CRRC Ziyang has delayed deliveries after late long-lead components and holiday-related production downtime. Two locomotives are now expected to arrive at Douala late in the second quarter, with the balance in the third quarter of 2026.

Consequently, Canyon has resequenced logistics. The first trial bauxite shipment is now planned for the third quarter of 2026, while full commercial shipments remain scheduled for the fourth quarter after commissioning and ramp-up.

Port-side preparations are continuing in parallel. The final dredging tenders for Douala access-channel works are under review, with work expected to start late in the first quarter. Transshipping tenders are also being assessed, with contractor award also targeted in the first quarter.

Logistics integration – talks to increase Canyon’s stake in Camrail from 9.1% to about 35% – are reported as well advanced and expected to conclude in the first quarter, which the company has said would improve participation in rail upgrades and strengthen mine-to-port execution.

Downstream, the alumina refinery feasibility study remains on track for completion in the third quarter. Shareholders have approved an estimated A$70-million capital raise (part of Tranche 2), with a March 9 meeting scheduled to seek further approvals tied to remaining placements and extensions. Subject to shareholder and regulatory clearances, additional funding tranches are expected to settle from the second quarter.

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.