ASX-listed Canyon Resources on Thursday announced a strategic funding package of about A$215-million to accelerate development of its Minim Martap bauxite project in Cameroon.

The package comprises a two-tranche placement to raise about A$205-million and an options exercise to raise about A$10-million. Shares will be issued at A$0.26, representing a 5.5% discount to Canyon’s last closing price and a 9.6% discount to its five-day volume weighted average price.

Proceeds will be directed towards expediting the development of Minim Martap, which is on track to start operations in early 2026. Funds will also support Canyon’s increased investment in Camrail, as well as general administration, corporate and offer costs.

Minim Martap ranks among the world’s highest-grade bauxite deposits, with a resource of more than one-billion tonnes, including reserves of 144-million tonnes at 51% alumina and 2% silica. An updated definitive feasibility study confirmed the project’s Tier 1 credentials, with a net present value exceeding $830-million and an internal rate of return of 29%.

Canyon’s major shareholder, Eagle Eye Asset Holdings (EEA), will contribute a strategic investment of about A$110-million, comprising the exercise of 137-million options at A$0.07 and a commitment to subscribe for A$100-million under Tranche 2, subject to shareholder approval.

Afriland Bourse & Investissement, a subsidiary of Afriland First Bank – the largest financial services group in Cameroon – has committed to subscribe for up to A$70-million under Tranche 2, also subject to shareholder approval and regulatory clearances in Cameroon.

“The investment in Canyon by the largest financial services group in Cameroon further demonstrates the confidence of the Cameroon government and major institutions in the company, and their strong support for the Minim Martap project, alongside the continued backing of our major shareholder, EEA,” said CEO Peter Secker.

“This funding will enable us to accelerate the development of Minim Martap and increase our strategic investment in Camrail, providing greater control and certainty over the transport and logistics network that underpins the project, while also positioning us to expand operations in line with future rail capacity,” he added.

Secker noted that “the investment from Afriland highlights the importance of the Minim Martap project to Cameroon as we move towards our maiden bauxite shipment in the first half of 2026”.

On completion of Tranche 2, EEA will maintain its 56.5% stake in Canyon, while Afriland will hold about 10.1%. Canyon said its pro forma balance sheet will include A$175-million in undrawn debt and A$266-million cash.