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Canyon Resources Limited ( (AU:CAY) ) has shared an update.
Canyon Resources Limited has announced a significant capital injection of $24.5 million from its major shareholder, Eagle Eye Asset Holdings, through the exercise of 350 million options. This investment will increase Eagle Eye’s stake in Canyon to 54.7% and bolster the company’s cash reserves, supporting the rapid development of the Minim Martap Bauxite Project. The funds will be used to advance the Definitive Feasibility Study and other key development activities, positioning Canyon to achieve its goal of first bauxite shipment by 2026. This move underscores the strong relationship between Canyon and Eagle Eye, highlighting the shareholder’s long-term commitment to the project’s success and its potential economic impact on Cameroon and stakeholders.
The most recent analyst rating on (AU:CAY) stock is a Buy with a A$0.35 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 operating in the mining industry, focusing on the development of the Minim Martap Bauxite Project. The company is engaged in the exploration and development of bauxite resources, with a market focus on establishing sustainable and long-term operations in Cameroon.
Average Trading Volume: 609,944
Technical Sentiment Signal: Buy
Current Market Cap: A$391.1M
Find detailed analytics on CAY stock on TipRanks’ Stock Analysis page.