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Canyon Resources Limited ( (AU:CAY) ) has provided an update.
Canyon Resources has advanced development of its Minim Martap Bauxite Project in Cameroon, with a surface miner now mobilised and mining scheduled to start before the end of March, targeting first bauxite production in early Q2 2026. The company is also progressing logistics arrangements, including expected delivery of the first CRRC locomotives to the Port of Douala in mid to late Q2 2026 to support ore transport from the Inland Rail Facility ahead of initial shipments.
Despite shareholders rejecting a planned A$170 million equity placement to Afriland and Eagle Eye Asset Holdings at a recent extraordinary general meeting, updated cashflow modelling shows Stage 1 of Minim Martap remains fully funded. Canyon plans to rely on the undrawn US$95 million portion of its US$140 million AFG Bank Cameroon credit facility and its roughly US$43 million cash balance to meet capital needs through to first ore shipment, still targeted for Q3 2026.
Canyon continues talks with Camrail over increasing its stake above the current 9.1%, aiming to strengthen its role in the PQ2 rail upgrade and further de-risk mine-to-port logistics, with potential investment already factored into funding models. Off-take negotiations with multiple potential customers are also advancing, with the company intending to finalise agreements after initial shipments once the high-grade quality of Minim Martap ore has been demonstrated.
The most recent analyst rating on (AU:CAY) stock is a Hold with a A$0.18 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 is an ASX-listed mining company focused on developing the Minim Martap Bauxite Project in Cameroon. The project targets high-grade bauxite ore, with reported ore characteristics of about 51% alumina and low silica, positioning the company to supply premium-grade material to global alumina and aluminium markets.
Average Trading Volume: 813,520
Technical Sentiment Signal: Sell
Current Market Cap: A$350.6M
Learn more about CAY stock on TipRanks’ Stock Analysis page.