Canyon Resources' Minim Martap Project: A World-Class Bauxite Opportunity

Canyon Resources Limited (ASX: CAY) is making significant strides in developing its flagship Minim Martap Bauxite Project in Cameroon, with a definitive feasibility study (DFS) on track for completion in the third quarter of 2025. The project, located near the main rail line linking the region to the Atlantic port of Douala, is poised to become a globally significant, direct shipping ore (DSO) development opportunity.

The Minim Martap Project boasts a robust long-term outlook, with a BFS completed in 2022 confirming its status as a world-class bauxite development. The project is expected to produce some of the highest-grade bauxite in the world for an initial 20 years of mining, with a high-grade Proved Ore Reserve of 108.91Mt averaging 51.1% Total Alumina (Al₂O₃) and 2.0% average Total Silica (SiO₂) for the 20 years of operation. This Reserve is a subset from a Total Mineral Resource (JORC 2012) estimate of 1,027Mt at 45.3% total Al₂O₃ and 2.7% total SiO₂.

Canyon Resources is evaluating a two-stage development strategy to accelerate production and enable a first bauxite shipment in 2026, two years earlier than initially planned. This approach aims to strengthen supply chain relationships and strategically position the project for future growth as rail capacity expands. The company is also working with leading mining equipment vendors to define procurement schedules and delivery timelines, ensuring timely access to critical mining equipment and maintaining operational efficiency.

Positive discussions with potential offtake partners reflect strong market interest in Minim Martap's high-quality bauxite product, supporting Canyon's efforts to secure long-term sales agreements. The strengthening of bauxite market fundamentals and pricing over the past 12 months, with the CIF China price for 45% Al203 and 3% total SiO2 ex Guinea reported to be approximately $US 100/DMT in February 2025, further enhances the project's attractiveness. The product from Minim Martap, with a proved reserve grade of 51.1% total Al203 and total SiO2, should achieve a considerable premium price compared to a 45% Al2O3 and SiO2 bauxite product.



Canyon Resources remains confident in its timeline towards production, with the DFS set to reinforce the viability of the Minim Martap Project as a world-class bauxite development. The company's commitment to transforming the project into a sustainable, long-term value generator for shareholders is evident in its progress towards securing optimal funding structures and strategic partnerships.

As the Minim Martap Project continues to advance, investors should keep a close eye on Canyon Resources' developments, as the company's success in executing its strategic plans could lead to significant value creation in the bauxite sector. With a strong focus on operational efficiency, sustainable economics, and strategic partnerships, Canyon Resources is well-positioned to capitalize on the growing demand for high-quality bauxite products in the global market.

Word count: 598