Canyon Resources targets Q1 2026 for Minim Martap mining start

Canyon Resources Limited announced its Minim Martap Bauxite Project is on schedule to commence mining in Q1 2026, with the first bauxite shipment targeted for June 2026. Construction of the ore haulage access road is ongoing, and the first surface miner is expected to arrive in Cameroon in January 2026, beginning operations the following month. Engineering designs for the Inland Rail Facility (IRF) are complete, with switchgear, tracks, and sleepers ordered for February 2026 delivery, ensuring the IRF's completion by May 2026.

Locomotives and wagons are nearing fabrication completion for Q1 2026 delivery, aligning with the planned first ore haulage from the IRF to the port stockpile in early Q2 2026. Port access dredging is set to begin in January 2026, alongside the construction of the port stockpile area. The company is reviewing tenders for bauxite transhipping, with a contractor to be confirmed in Q1 2026.

Funding discussions are progressing, including an expected increase in Camrail investment to approximately 35% by Q1 2026. Shareholder approval was secured for an ~A$70 million equity raise with Afriland Bourse & Investissement, with a further A$100 million placement to Eagle Eye Asset Holdings Pte. Ltd subject to shareholder approval in January 2026. Executive chairman Mark Hohnen also exercised 3,000,000 unquoted options, injecting ~A$0.4 million into the company.