Canyon Resources Limited (ASX: CAY) has provided a development update for its Minim Martap Bauxite Project in Cameroon.
The surface miner is scheduled for commissioning in February 2026, marking the transition of the project into mining operations.
Upgrade works on the haul road connecting the Danielle Plateau to the Inland Rail Facility are progressing to plan. The haul road remains on schedule to support the commencement of ore haulage from the mine to the Inland Rail Facility in Q2, 2026.
CRRC Ziyang Co., Ltd has advised that late delivery of certain long-lead components, combined with production downtime associated with the Chinese New Year holiday period, will result in a revised shipment schedule for the locomotive fleet. Under the updated timetable, two locomotives are expected to be shipped for delivery to the Port of Douala in late Q2, 2026, with the remaining locomotives to follow in Q3, 2026. Fabrication is otherwise progressing and mitigation measures are being implemented to minimise further schedule impacts.
Final tenders for dredging of the access channel at the Port of Douala are currently under review, with works expected to commence in late Q1, 2026.
Transhipping tenders are under evaluation, with contractor selection and contract award scheduled for Q1, 2026.
In light of the revised locomotive delivery schedule, the maiden bauxite trial shipment has been rescheduled to Q3, 2026, subject to confirmation of final delivery dates. Full-scale bauxite shipments are scheduled to commence in Q4, 2026.
Discussions with Camrail to increase Canyon’s investment from 9.1% to approximately 35% are advancing and are expected to be completed in Q1, 2026. The proposed increase in investment would enable greater participation in the PQ2 upgrade.
The Feasibility Study for the proposed alumina refinery is progressing and remains on schedule for completion in Q3, 2026. The study leverages the cost benefits of operating in Cameroon and the project’s low-silica, high-grade bauxite.
At the Annual General Meeting held on 25 November 2025, shareholders approved the approximately A$70 million equity raise pursuant to Tranche 2 of the Placement announced on 25 September to Afriland Bourse & Investissement. The company will seek shareholder approval at the General Meeting scheduled for 9 March 2026 to extend the previously received shareholder approval.
Following shareholder approval, the Placement to Afriland will remain subject to approvals from the Banque des États de l’Afrique Centrale, the Commission de Surveillance du marché financier de l’Afrique Centrale and the Government of Cameroon, which are progressing.
The remainder of Tranche 2 of the equity raise, comprising a placement of A$100 million to Eagle Eye Asset Holdings Pte. Ltd, remains subject to shareholder approval at the General Meeting scheduled for 9 March 2026. Subject to approval, settlement is expected in Q2, 2026.
Minor delays to the locomotive delivery schedule have resulted in adjustments to the project timetable. The project remains focused on commencing mining operations in Q1, 2026, building the operations team in Cameroon and initiating ore haulage to the Inland Rail Facility.
