Minim Martap Project Update

Highlights

• Construction work ongoing on ore haulage access road, IRF and site access
• Locomotives delivery remains on schedule in first quarter 2026
• Mining contractor has visited site confirming mobilisation schedule with mine development to commence in first quarter 2026
• Project development timeline remains unchanged
• Project fully financed to Stage 1 production
• Incumbent President Paul Biya has been officially re-elected as the President of Cameroon
  
  

PERTH, Australia, Nov. 06, 2025 (GLOBE NEWSWIRE) -- Canyon Resources Limited (ASX: CAY) (‘Canyon’ or the ‘Company’) is pleased to provide a project update for its Minim Martap bauxite project (‘Minim Martap’ or ‘the Project’) in Cameroon, following the confirmation of President Paul Biya’s re-election.

Despite reports of unrest in several Cameroon cities in the immediate aftermath of the election, Canyon has continued to progress its development of the Minim Martap project with minor delays to construction work in key areas.

Upgrades to the Minim Martap haulage road including access to the Daniel Plateau, access to the IRF and by-pass construction is ongoing and whilst some delays have been experienced, works remain on track for completion in Q1, 2026.

Locomotives ordered recently from CRRC Ziyan Co. Ltd¹ are being built in China and are on schedule to be delivered to Canyon in the first quarter of next year. Similarly, the rail wagons delivery is also scheduled for Q1, 2026 in line with the forecast first shipment of bauxite ore in Q2, 2026.

The mining contractor appointed to the Minim Martap Project has visited the site and has confirmed it will be in position to commence mining operations in the Q1 2026.

Importantly, with first bauxite shipment scheduled for Q2, 2026, Minim Martap remains fully financed to Stage 1 production, by a combination of both debt and equity facilities. Funding comprises the previously announced ~US$140M facility from AFG Bank Cameroon² and the recent A$35.6M equity raise³ in September 2025 which saw 56.5% shareholder, Eagle Eye Assets (“EEA”), also commit to exercising approximately 137 million options to raise an additional A$10M.