Canyon Resources advances tier-one bauxite project after AGM success

Canyon Resources Limited (ASX:CAY) announced the successful passing of all resolutions at its Annual General Meeting on November 25, 2025. This shareholder mandate reinforces the company's progress on its Minim Martap Bauxite Project, aiming for first production in Q1 2026 and first bauxite shipment in Q2 2026. The project boasts a >1bn tonne resource with a 144m tonne reserve of 51% Alumina (Al2O3) and 2% Silica (SiO2), positioning it as a tier-one bauxite asset.

The company's Definitive Feasibility Study (DFS), released on September 1, 2025, highlights a project NPV of >$830m and IRR of 29%. Initial capital costs of <$100m are fully financed through an A$215 equity financing, coupled with an AFG debt facility of $140m. Existing infrastructure, including an 800km rail line and port facility in Douala, facilitates a fast-tracked development schedule. Canyon also announced key milestones, including finalization of the $140m debt facility in May 2025, groundbreaking at Minim Martap in July 2025, and initial debt drawdowns in August 2025, with mining fleet on site expected by December 2025.

Canyon Resources owns a 9.1% stake in Camrail, the rail line operator, with the project targeting a C1 Operating Cost of $35/wmt. The company's long-term strategic shareholder, EEA, holds a 55.6% ownership, providing proven mining sector expertise and experience in Africa.