Canyon Resources Limited (CAY) AI Stock Analysis

• Market Cap: AU$360.87M
• Dividend Yield: N/A
• Average Volume (3M): 1.42M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.37
• Revenue Growth: N/A
• EPS Growth: -91.89%
• Country: AU
• Employees: N/A
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): >-0.01
• Shares Outstanding: 2,062,115,000
• 10 Day Avg. Volume: 2,136,652
• 30 Day Avg. Volume: 1,422,347
• PEG Ratio: -0.22
• Price to Book (P/B): 7.75
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -19.56
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: AU$0.40
• Price Target Upside: 122.22% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): -0.01
• Revenue Forecast (FY): AU$5.30M

• Rating: 44 Neutral
• Price Target: AU$0.20 ▲(10.56% Upside)
• Action: Upgraded Date: 12/30/25
• Date: Action: Upgraded 12/30/25

The score is held down primarily by very weak financial performance (no revenue, deep and worsening FY2025 losses, and higher cash burn), despite the benefit of having no reported debt. Technicals also lean negative with the price below key long-term moving averages, while valuation is constrained by a negative P/E and no dividend yield data.

Positive Factors

Clear project focus — Minim Martap bauxite

Canyon has a focused development pipeline centered on the Minim Martap bauxite project, with ongoing exploration, technical studies and permitting. A single, well-defined asset and explicit development activities create a clear pathway to potential production and export, a durable strategic advantage for advancing value over months.

No reported debt

The company reports zero debt across years, which meaningfully reduces refinancing and interest burden risk during the development phase. For a pre‑revenue miner, a debt-free structure preserves strategic optionality and lowers short-to-medium-term financial distress risk while advancing permitting and studies.

Growing equity base supports asset funding

Material equity growth increases the company’s capital base to support exploration, technical work and permitting without immediate reliance on debt markets. A larger equity cushion improves solvency metrics and funds multi‑period development activities, supporting project progression over the coming months.

Negative Factors

Zero revenue (pre-revenue risk)

The company remains pre‑revenue across multiple years, meaning operational viability depends entirely on successful project development and external funding. Prolonged absence of sales heightens execution risk, reduces internal cash generation capacity and increases the likelihood of future capital raises or dilution.

Worsening losses and high cash burn

Substantially larger FY2025 losses and deteriorating operating cash flow indicate accelerating cash burn. This trend shortens the runway for a development company, forces more frequent external financing, can delay project timelines, and raises the structural risk of dilution or constrained activity over the medium term.

Negative return on equity consuming capital

A ~-45% ROE shows the company is destroying shareholder capital rather than compounding it. Over months this reduces investor confidence, makes new equity raises more dilutive or costly, and undermines the company’s capacity to attract long‑term funding necessary to advance the project to revenue.

Canyon Resources Limited Business Overview & Revenue Model

Company Description

Canyon Resources Limited, together with its subsidiaries, engages in the development and exploration of bauxite properties and engineering studies in West Africa. Its flagship property is the 100% owned Minim Martap Bauxite project located in central Cameroon. The company was formerly known as Castlemaine Resources Limited and changed its name to Canyon Resources Limited in March 2010. Canyon Resources Limited was incorporated in 2009 and is based in West Perth, Australia.

How the Company Makes Money

Canyon Resources Limited generates revenue through the exploration and potential development of its mineral assets, with a primary focus on bauxite, a key raw material in aluminium production. The company aims to monetize its resources by advancing its projects towards production and entering into off-take agreements with aluminium producers. Key revenue streams include the sale of bauxite extracted from their projects and potential strategic partnerships with industry players to finance and develop mining operations. The company's earnings are significantly influenced by the global demand for aluminium, market prices for bauxite, and successful progression of its projects through the exploration and development phases.

Canyon Resources Limited Financial Statement Overview

Summary

Overall financials are very weak: revenue is consistently zero (2020–2025), profitability is deeply negative, and losses/cash burn worsened in FY2025 (net income about -20.2M; operating cash flow about -17.7M). The main offset is a relatively solid balance sheet structure with no reported debt and a larger equity base, but persistent negative ROE suggests ongoing dilution risk if losses continue.

Income Statement

The income statement remains very weak: revenue is consistently zero across 2020–2025, while gross profit is negative each year. Losses are sizeable and volatile, with net income worsening meaningfully in FY2025 (about -20.2M vs. -9.5M in FY2024), and operating losses (EBIT/EBITDA) remain deeply negative—suggesting the business is still in a pre-revenue or heavy investment phase with limited operating leverage visible so far. A positive is that reported losses were smaller in FY2023 and FY2021 versus peak-loss years (FY2022 and FY2025), but overall profitability and trajectory are unfavorable.

Balance Sheet

The balance sheet looks relatively solid on leverage: total debt is reported as zero in every year, which reduces financial risk and refinancing pressure. Equity has also grown materially since FY2020 (from ~13.0M to ~45.1M in FY2025), supporting the asset base. The key weakness is persistent negative returns on equity (e.g., FY2025 return on equity around -45%), indicating the company is consuming shareholder capital rather than compounding it, which could eventually require further dilution if losses continue.

Cash Flow

Cash flow quality is weak: operating cash flow is negative every year and deteriorated sharply in FY2025 (about -17.7M vs. -9.6M in FY2024), implying a higher cash burn rate. Free cash flow is also consistently negative, including a notably larger outflow in FY2025 (about -17.8M). A modest positive is that free cash flow roughly tracks net losses (free cash flow to net income near ~1x in FY2025), but the overall trend still indicates ongoing funding needs unless revenues ramp or costs fall.

Breakdown	Jun 2025	Jun 2024	Jun 2023	Jun 2022	Jun 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00
Gross Profit	-294.25K	-97.50K	-59.45K	-84.79K	-99.96K
EBITDA	-13.23M	-9.44M	-4.93M	-12.69M	-4.65M
Net Income	-20.18M	-9.54M	-4.99M	-12.78M	-4.75M
Balance Sheet
Total Assets	51.56M	44.54M	29.58M	21.59M	20.39M
Cash, Cash Equivalents and Short-Term Investments	11.48M	22.17M	10.73M	4.48M	2.68M
Total Debt	0.00	0.00	0.00	0.00	0.00
Total Liabilities	6.50M	667.54K	741.89K	1.18M	1.24M
Stockholders Equity	45.06M	43.87M	28.84M	20.40M	19.14M
Cash Flow
Free Cash Flow	-17.84M	-13.08M	-5.93M	-8.24M	-8.30M
Operating Cash Flow	-17.69M	-9.57M	-4.55M	-7.98M	-3.28M
Investing Cash Flow	-11.08M	-3.50M	-1.38M	-126.75K	-5.02M
Financing Cash Flow	18.51M	24.43M	12.18M	10.13M	9.33M

Canyon Resources Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.18
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:CAY, the sentiment is Negative. The current price of 0.18 is below the 20-day moving average (MA) of 0.19, below the 50-day MA of 0.20, and below the 200-day MA of 0.23, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 42.71 is Neutral, neither overbought nor oversold. The STOCH value of 25.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:CAY.

Canyon Resources Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MMI	73 Outperform	AU$427.76M	3.00	145.87%	―	45.56%	―
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
SVM	52 Neutral	AU$559.60M	-13.07	-90.12%	―	―	-98.20%
MAU	49 Neutral	AU$614.55M	-40.63	-179.67%	―	-100.00%	-6.00%
LOT	48 Neutral	AU$608.85M	-29.28	-7.50%	―	―	51.47%
CAY	44 Neutral	AU$360.87M	-12.32	-45.39%	―	―	-91.89%

Canyon Resources Limited Corporate Events

Canyon Resources Locks in 2026 Milestones for Minim Martap Bauxite Development

Canyon Resources has reported steady progress on the Minim Martap Bauxite Project in Cameroon, with commissioning of its surface miner set for February 2026 and haul road upgrades on track to support first ore haulage to the Inland Rail Facility in the second quarter of 2026. While delays in locomotive component deliveries from CRRC Ziyang have pushed the maiden bauxite trial shipment to the third quarter and full-scale shipments to the fourth quarter of 2026, port access dredging at Douala is due to start in late first quarter and transhipping contracts are being finalised, underpinning the project’s export readiness. The company also continues to advance a feasibility study for an alumina refinery, targeted for completion in the third quarter of 2026, and is progressing negotiations to lift its stake in rail operator Camrail from about 9% to approximately 35%, a move aimed at strengthening control over key logistics infrastructure and supporting a more robust long-term production profile.

The most recent analyst rating on (AU:CAY) stock is a Hold with a A$0.20 price target. To see the full list of analyst forecasts on Canyon Resources Limited stock, see the AU:CAY Stock Forecast page.

Canyon Resources Calls March General Meeting and Pushes Digital Shareholder Communications

Canyon Resources Limited has called a general meeting of shareholders to be held at the Park Business Centre in West Perth, Western Australia, on 9 March 2026 at 2:00pm AWST. In line with changes under the Corporations Act, the company will not be mailing hard copies of the Notice of Meeting unless shareholders have specifically elected to receive them, instead directing investors to access the documentation via its website or the ASX platform. Shareholders are strongly encouraged to lodge directed proxy votes ahead of the meeting, with proxy forms required to be received by 7 March 2026, and they may submit questions in advance by email or in person at the meeting. Canyon is also urging investors to update their communication preferences with the share registry to facilitate more electronic communications, reinforcing the company’s shift toward digital engagement and cost-efficient, compliant shareholder communication practices.

The most recent analyst rating on (AU:CAY) stock is a Hold with a A$0.20 price target. To see the full list of analyst forecasts on Canyon Resources Limited stock, see the AU:CAY Stock Forecast page.

Canyon Resources to Release 2.3 Million Shares From Voluntary Escrow

Canyon Resources Limited has notified the market that 2,307,692 fully paid ordinary shares will be released from voluntary escrow on 12 February 2026, 12 months after their original issue. The release of these escrowed shares will modestly increase the company’s freely tradable share float on the ASX, potentially affecting liquidity and trading dynamics for existing and prospective shareholders.

The most recent analyst rating on (AU:CAY) stock is a Hold with a A$0.20 price target. To see the full list of analyst forecasts on Canyon Resources Limited stock, see the AU:CAY Stock Forecast page.

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

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.

Canyon Resources Switches Auditor to Ernst & Young Ahead of Bauxite Production Push

Canyon Resources Limited has appointed Ernst & Young as its new external auditor, replacing HLB Mann Judd following a board-led review of the company’s audit arrangements and receipt of regulatory consent for the change. The switch to a Big Four firm is intended to better match Canyon’s increasing scale and complexity as it accelerates development toward initial bauxite production, signalling a strengthening of its governance and financial reporting framework ahead of a more operationally intensive phase, with formal ratification of the appointment to be sought at the next annual general meeting.

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.

Canyon Resources Keeps Minim Martap Bauxite Project on Track for First Shipment in June 2026

Canyon Resources has confirmed that development of its Minim Martap Bauxite Project in Cameroon is on schedule, with the surface miner already in-country and mining operations slated to begin in February 2026. Key logistics milestones are progressing, including the expected Q1 2026 delivery of locomotives and wagons, commencement of ore haulage from the Inland Rail Facility to the Port of Douala in Q2 2026, and a first bauxite shipment targeted for late June 2026. Supporting infrastructure work such as haul road upgrades, dredging of the access channel to the Port du Bois berth, and transhipping contract awards are advancing in line with the project timeline, while senior operational appointments have been made and the alumina refinery feasibility study has reached 45% completion, underscoring the company’s push toward near-term production and downstream growth.

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.

Canyon Resources Advances Minim Martap Bauxite Project Amid Political Stability

Canyon Resources Limited has announced significant progress in the development of its Minim Martap Bauxite Project in Cameroon. The company is on schedule to commence mining operations in early 2026, with the first shipment of bauxite expected by June 2026. Key infrastructure developments, including the construction of an ore haulage access road and an Inland Rail Facility, are underway, with the project timeline remaining intact despite minor delays. The re-election of President Paul Biya has stabilized the political environment in Cameroon, facilitating a ‘business as usual’ approach for the project. This progress is crucial for Canyon’s strategic positioning in the bauxite industry and its stakeholders.

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.

Canyon Resources Director Increases Stake Through Option Exercise

Canyon Resources Limited has announced a change in the director’s interest, specifically involving Mark Hohnen. Mr. Hohnen, through indirect interests, has exercised options to acquire 3 million ordinary shares, increasing his holdings in the company. This move reflects a strategic decision to consolidate his investment position, potentially signaling confidence in the company’s future prospects and operations.

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.

Canyon Resources Issues New Shares Following Option Exercise

Canyon Resources Limited has announced the issuance of 3,000,000 fully paid ordinary shares following the exercise of unquoted options by its Executive Chairman, Mark Hohnen. This move allows the new shares to be traded immediately under the exemption provided by section 708A(5) of the Corporations Act 2001, indicating compliance with necessary legal provisions and facilitating liquidity for shareholders.

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.

Canyon Resources Limited Issues 3 Million New Securities

Canyon Resources Limited has announced the issuance of 3,000,000 ordinary fully paid securities, which will be quoted on the Australian Securities Exchange (ASX) under the code CAY. This move, resulting from the exercise of options or conversion of convertible securities, is expected to enhance the company’s capital structure and potentially improve its 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.