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Canyon Resources Limited ( (AU:CAY) ) has issued an update.
Canyon Resources Limited has announced an equity raising initiative to fund its Minim Martap Bauxite Project. The company aims to issue new fully paid ordinary shares, which will rank equally with existing shares, as part of this placement. While the project holds potential, there are uncertainties regarding its feasibility, funding, and the accuracy of its financial forecasts, which may impact stakeholders and the company’s market positioning.
The most recent analyst rating on (AU:CAY) stock is a Buy with a A$0.40 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 a company focused on developing a global tier one bauxite project. The company is involved in the mining industry with a primary focus on bauxite, a key raw material for aluminum production.
Average Trading Volume: 572,505
Technical Sentiment Signal: Buy
Current Market Cap: A$490.8M
For a thorough assessment of CAY stock, go to TipRanks’ Stock Analysis page.