Minim Martap Project Development March Update

Why it Matters

• Surface miner mobilised to site, with mining operations scheduled to commence in the coming weeks and first production targeted for early Q2 2026.
• Updated financial cashflow modelling confirms that the Company’s current cash position along with AFG debt financing fully supports the Company’s CAPEX requirements for Stage 1 as outlined in the DFS, enabling first ore shipment in Q3 2026, without the need for additional funding from EEA or Afriland.
• Discussions with CRRC remain ongoing, with current forecasts indicating the first locomotives will arrive at Port of Douala in mid to late Q2 2026, supporting ore transport from Inland Rail Facility (IRF) to port ahead of shipments commencing in Q3 2026.
• Engagement with Camrail continues regarding a potential increase in the Company’s equity interest above the current 9.1%.
• Offtake discussions with multiple potential partners are progressing, with the Company aiming to finalise agreements following initial bauxite shipments and demonstration of the high-grade characteristics of Minim Martap ore (51% alumina, ~2% silica).

Canyon Resources Limited has provided an update on development activities at its Minim Martap Bauxite Project in Cameroon, as the Company progresses towards first production and initial shipments in 2026.

The Company’s surface miner has now been mobilised to site, with mining operations scheduled to commence before the end of March. The Company is targeting first bauxite production in early Q2 2026, marking a key milestone in the transition from development to operations.

At the Company’s Extraordinary General Meeting (EGM) held on 9 March 2026, Tranche 2 of the Company’s Placement (see announcement dated 25 September 2025) was not approved by shareholders. Tranche 2 comprised the ~A$70 million equity raise pursuant to Afriland Bourse & Investissement (‘Afriland’) as well as a placement of A$100M to Eagle Eye Asset Holdings Pte. Ltd (‘EEA’). Notwithstanding this outcome, Stage 1 of the Minim Martap development remains fully funded through the ~US$95 million undrawn portion of the Company’s US$140 million credit facility with AFG Bank Cameroon, along with the Company’s current unaudited cash position of ~US$43 million as at 28 February 2026.

Updated financial cashflow modelling confirms that the Company’s current cash position and the undrawn balance of the AFG Bank Cameroon debt facility is sufficient to meet the Company’s capital expenditure requirements through to first shipment as outlined in the DFS dated 1 September 2025, with no additional funding required from Afriland or EEA. Based on the current development schedule, the Company remains on track to achieve its first ore shipment in Q3 2026.

In parallel with mining preparations, logistics arrangements continue to progress. Discussions with locomotive fabricator, CRRC Ziyang Co (‘CRRC’), remain ongoing, with current forecasts indicating that the first locomotives are expected to arrive at the Port of Douala in mid to late Q2 2026. This timeline is expected to support the commencement of ore transport from the Inland Rail Facility (IRF) to the port ahead of the first shipment planned for Q3 2026.

The Company is also continuing its discussions with Camrail regarding a potential increase in its equity interest in Camrail above the current 9.1% holding. The proposed increase in this strategic investment would enable greater involvement in the PQ2 upgrade, thereby de-risking the Company’s mine-to-port logistics. Funding associated with this potential increase has been incorporated into the Company’s updated cashflow modelling.

Offtake discussions with a number of potential partners are progressing positively. The Company intends to finalise offtake agreements following the completion of initial bauxite shipments, which will enable customers to confirm the high-grade characteristics of Minim Martap ore reserve, including approximately 51% alumina and around 2% silica.

Commenting on progress at the project, Canyon Chief Executive Officer Peter Secker said:
“The mobilisation of the surface miner represents an important step as Minim Martap moves rapidly towards production, and with mining set to commence shortly and financing confirmed through to first shipment, the Company remains on track to deliver its first bauxite shipment in Q3 2026.

“At the same time, we continue to advance logistics, offtake discussions and our downstream feasibility study to maximise the long-term value of this tier-one, globally significant, high-grade bauxite project.”

Table 1: Ore Reserves and Mineral Resources – August 2025

• Ore Reserves reported as per JORC Code
• Mineral Resources reported as per JORC Code, at a cut-off grade of 35% Al₂O₃. Makan & Ngaoundal tenements are included.