ASX-listed bauxite developer Canyon Resources says it remains on schedule to complete a definitive feasibility study (DFS) on the Minim Martap project, in Cameroon, during the third quarter of the year.

The company is also advancing studies to ensure optimised operational efficiency and sustainable economics, which will confirm a preferred pathway to production, as well as discussions with select debt providers as Canyon seeks to secure funding.

As part of the DFS, Canyon is evaluating the implementation of a two-stage development strategy aimed at accelerating production, including through a phased ramp-up to enable a first bauxite shipment in 2026.

This two-stage approach will also enable earlier revenue generation, strengthen supply chain relationships and strategically position Minim Martap for future growth, CEO Jean-Sebastien Boutet states.

The company’s future growth hinges largely on rail capacity expansion in Cameroon and Canyon has engaged several international consultants to refine and optimise the existing rail infrastructure required for the transport of bauxite ore.

These detailed assessments will enhance logistics efficiency and explore capacity expansion strategies that can support long-term operational growth for the company.

Meanwhile, Boutet says strong market interest in Minim Martap’s high-quality bauxite product is evidenced by positive discussions with potential offtakers, as Canyon works to secure long-term sales agreements.

This while bauxite market fundamentals and pricing have strengthened over the past 12 months, with the Cost, Insurance and Freight Chinese price for 45% aluminium oxide reported to be about $100/t in February.

The product from Minim Martap, with a proved reserve grade of 51.1% total aluminium oxide, should therefore achieve a considerable premium price.

Boutet remains confident that the company will transform the project into a world-class operation that delivers sustainable, long-term value for shareholders.