On 4 August 2025, Canyon Resources Limited completed the first drawdown from its US$140 million Credit Facility with AFG Bank Cameroon, having satisfied the required drawdown conditions. The initial drawdown of XAF 15 billion (~US$26 million) before fees will be used to purchase rolling stock and progress key infrastructure workstreams at the Minim Martap Bauxite Project in Cameroon.
The Credit Facility was secured on favourable terms, reflecting the confidence in Canyon’s Minim Martap Project as a tier-one bauxite asset. Orders have been placed for locomotives from CRRC Ziyang Co. Ltd and wagons from Texmaco Rail & Engineering Limited. Initial payments have secured the commitment for these key long lead items, with deliveries expected in Q1 2026, aligned with the first planned bauxite shipment in the first half of 2026.
Funds from the drawdown will also be directed towards the development of mine, haul road, rail, and port infrastructure. The company remains on schedule to release an updated Definitive Feasibility Study (DFS) in August 2025.
Canyon continues to implement its 2025 work programme and strategic objectives, positioning the company to commence production at Minim Martap in early 2026. The project is intended to establish Canyon as a near-term, key supplier of high-quality bauxite ore to the international market.
