Canyon Resources says 125 of the 160 rail wagons ordered for the Minim Martap Bauxite Project have arrived at the Port of Douala after the September 2026 quarter ended, with the remaining 35 due by late 2026. Seven Stage 1 locomotives arrived in Douala in June 2026, and commissioning, testing and operator training continued during the quarter.
A combined trial of seven locomotives and 60 wagons is scheduled for the fourth quarter of 2026 and is proposed to give capacity to move approximately 35,000 tonnes of bauxite per month, while the mine-to-rail haulage road neared completion. Stage 2 production of 2 million tonnes per annum will need additional locomotives and wagons, together with upgrades to certain sections of the railway.
- Canyon Resources Limited reports that 125 of the 160 rail wagons ordered for the Minim Martap Bauxite Project have arrived at the Port of Douala.
- The wagons arrived after the September 2026 quarter ended, and the remaining 35 are due by late 2026.
- Seven Stage 1 locomotives arrived in Douala in June 2026, with commissioning, testing and operator training continuing during the quarter.
- A combined trial of seven locomotives and 60 wagons is scheduled for the fourth quarter of 2026 and is proposed to give capacity of approximately 35,000 tonnes of bauxite per month.
- The haulage road connecting the mine to the rail terminal neared completion, with remaining works expected in the fourth quarter of 2026.
- Stage 2 production of 2 million tonnes per annum will need additional locomotives and wagons and upgrades to certain sections of the railway.
Canyon Resources Limited has received 125 of the 160 rail wagons ordered for the Minim Martap Bauxite Project in Cameroon at the Port of Douala, according to its September 2026 quarterly activities report, published on 30 October 2026. The wagons arrived after the quarter ended, and a further 35, which complete the first batch, are due by late 2026.
Seven locomotives for the Stage 1 rail fleet reached Douala in June 2026, and commissioning, testing and operator training continued through the quarter. Canyon said the wagon deliveries remained a precondition for a combined trial of seven locomotives and 60 wagons, which is scheduled to begin in the fourth quarter of 2026 and is proposed to give the company capacity to move approximately 35,000 tonnes of bauxite per month.
The haulage road linking the mine to the rail terminal neared completion during the quarter, with the remaining works expected in the fourth quarter of 2026. It is the dedicated route for carrying bauxite from the mine to the rail terminal, from where it will be moved on to the Port of Douala.
Stage 2 of the project is planned at 2 million tonnes per annum. As previously announced, that ramp-up will need further locomotives and wagons, together with upgrades to certain sections of the railway, and progression is subject to Canyon securing approximately US$160 million in funding. The company is working with its advisers, Jefferies, on funding alternatives.
Financing Review Affects Development Timetable
Canyon has withdrawn its previously announced development timetable, including the target of a first bauxite shipment in the fourth quarter of 2026. The company said that, with AFG Bank Cameroon having suspended further drawdowns, it can no longer achieve first shipment from the project as planned, as it announced on 24 August 2026.
Camalco Cameroon SA, Canyon’s subsidiary, has entered into a XAF82 billion (approximately US$140 million) syndicated credit facility with AFG, of which XAF45.5 billion had been drawn at 30 September 2026. During the quarter AFG advised that further drawdowns were suspended until a review of the project development schedule, financial model and other financial inputs, and a site visit, are completed to the satisfaction of the lenders. Canyon submitted the information requested and the review was continuing when the report was issued, with the site visit scheduled for November 2026.
Canyon said most of the capital required for Stage 1, including the locomotives and wagons, inland rail facility, port works and mine-to-rail haulage road, has been incurred or contracted. The principal items remaining before first shipment are port dredging and transhipment capability, and the company is considering all funding options to complete them.
Because the Stage 1 rail fleet limits initial production volumes, Canyon has begun a review of its transhipment and port dredging strategies, with the aim of moving bauxite from the port to ocean-going vessels as cost effectively as possible at lower volumes. It has engaged with several transhipment providers and carried out internal studies, and said it is not in a position to give a definitive update on the preferred transhipment arrangements, the timetable for starting transhipment or the first shipment.
Canyon held approximately A$30.4 million in cash at 30 September 2026. It reduced non-essential expenditure and scaled back Stage 1 development activities on site during the quarter to preserve cash. A revised development schedule will depend principally on securing the additional funding needed for the production ramp-up and on finalising the transhipment arrangements, and the company said there is no guarantee that alternative funding will be obtained.
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