Canyon Resources Advances Minim Martap Bauxite Project and Bolsters Funding Ahead of 2026 Production Start

Canyon Resources Limited ( (AU:CAY) ) has provided an update.

Canyon Resources has made substantial progress on the development of its Minim Martap Bauxite Project in Cameroon during the December 2025 quarter, advancing construction of the ore haulage access road, completing engineering designs for its Inland Rail Facility and port site, and receiving key approvals for port access dredging. The company remains on schedule to commence mining in early 2026, with the first trial bauxite shipment planned for mid‑2026 and full shipping operations anticipated to ramp up later in the year, underpinned by near-complete locomotive and wagon fabrication and the upcoming selection of a transhipping contractor. Financially, Canyon strengthened its balance sheet through completion of Tranche 1 of a strategic equity funding package totalling approximately A$205 million, further drawdowns from a US$140 million credit facility, and ended the quarter with A$86 million in cash, supporting its near‑term milestones and longer‑term plan to complete a feasibility study for an alumina refinery by the third quarter of 2026.

The most recent analyst rating on (AU:CAY) stock is a Hold with a A$0.22 price target. To see the full list of analyst forecasts on Canyon Resources Limited stock, see the AU:CAY Stock Forecast page.

More about Canyon Resources Limited

Canyon Resources Limited (ASX: CAY) is an Australian mining and development company focused on the Minim Martap Bauxite Project in Cameroon. The project targets the development and export of high-grade bauxite, supported by associated rail and port infrastructure, positioning the company within the global alumina and aluminium supply chain.

Average Trading Volume: 1,082,138

Technical Sentiment Signal: Strong Buy

Current Market Cap: A$464M

Learn more about CAY stock on TipRanks’ Stock Analysis page.