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 steady progress at its Minim Martap bauxite project. Following President Paul Biya’s re-election, the operating environment has stabilised, allowing project activities to continue as planned.

The company noted that minor delays on the ore-haulage access road will be recovered, with the contractor deploying additional equipment. Clearing of the road corridor is complete, and work now centres on access to the inland rail facility (IRF) and the Danielle plateau.

Canyon expects its IRF-to-Port of Douala rail link to be operational in the second quarter of 2026, initially supporting two-million tonnes a year of transport capacity, rising to ten-million tonnes once the PQ2 upgrade is completed. A further expansion to 15-million tonnes a year is being assessed. CEO Peter Secker said discussions with Camrail over a larger stake and deeper involvement in infrastructure upgrades remain “highly constructive”.

The first surface miner will arrive in January and begin mining in February. Engineering for the IRF has been finalised, with switchgear, tracks and sleepers scheduled for delivery in February. The IRF remains on track for completion in May, with road haulage of initial ore to the facility planned for March. Locomotive and wagon fabrication is nearly finished and due for shipment in January ahead of first-quarter 2026 delivery. Ore haulage from the IRF to the port stockpile is set to begin early in the second quarter of 2026.

Port development is also advancing. Dredging approval has been secured and will commence in January; engineering of the port site is complete, and construction of the stockpile area will begin the same month. Final transhipping tenders are under review, with contractor selection expected in the first quarter of 2026.

Canyon remains on schedule to start mining in the first quarter of 2026 and make its maiden bauxite shipment in June.

At the November 25 AGM, shareholders approved an estimated A$70-million equity raise under Tranche 2 of the placement to Afriland Bourse & Investissement. A further A$100-million placement to Eagle Eye Asset Holdings will be put to shareholders in January, with completion expected in the first quarter once approved. On December 1, three-million shares were issued following the exercise of options by executive chairperson Mark Hohnen, raising about A$400 000.

Secker said Canyon is fully financed to Stage 1 production through a combination of debt and equity, supported by strong investor and in-country stakeholder backing.

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.