How Canyon Resources Is Racing Toward First Bauxite Shipment in Early 2026

Port Access Unlocks Key Infrastructure

Canyon Resources Limited has taken a significant step forward in developing its flagship Minim Martap Bauxite Project in Cameroon, securing final approval for port access at the Port of Douala. This approval grants the company a 65,000 square metre storage area, facilitating the transport and storage of up to 6 million tonnes of bauxite annually, with plans to expand capacity to 10 million tonnes. The proximity to existing rail infrastructure and repair facilities further reduces capital expenditure and operational risks, underpinning the company’s target to commence production in early 2026 and ship its first bauxite in the first half of that year.

Financing and Contract Awards Accelerate Development

Backing the project’s momentum, Canyon’s subsidiary Camalco Cameroon secured a medium-term syndicated credit facility of approximately US$140 million from AFG Bank Cameroon. This funding is earmarked for critical infrastructure including locomotives, wagons, rail upgrades, and port facilities. Complementing this, Canyon ordered 22 locomotives from CRRC Ziyang Co. Ltd, with initial deliveries expected in Q1 2026, aligning with the production timeline. The company also appointed contractors for road upgrades and mining haulage, with mobilization scheduled by the end of 2025.

Strengthened Financial Position and Leadership

Financially, Canyon has bolstered its position through the exercise of 362.6 million options by its major shareholder Eagle Eye Asset Holdings, injecting A$25.4 million and increasing Eagle Eye’s stake to 56.5%. This capital injection, combined with the credit facility, provides a solid foundation for project execution. On the leadership front, Peter Secker, a mining veteran with over 40 years’ experience, was appointed CEO in July 2025, signaling a strategic shift as the company transitions from development to production. Additionally, Adjou Ait Ben Idir joined the board as a Non-Executive Director, bringing expertise in emerging markets and infrastructure sectors.

Upcoming Milestones and Strategic Outlook

Looking ahead, Canyon plans to update its JORC-compliant Mineral Resource Estimate and finalize its Definitive Feasibility Study by the second half of 2025. Mining permits for key tenements are expected within the same timeframe, alongside finalizing offtake agreements. The company also initiated a feasibility study for an alumina refinery, aiming to add downstream value by leveraging its high-grade, low-silica bauxite. This integrated approach could position Canyon as a significant player in the global aluminium supply chain.

Contextualising the Project’s Potential

Minim Martap is among the world’s richest bauxite deposits, with over 1 billion tonnes of high-grade ore. The project’s robust Bank Feasibility Study from 2022 confirmed a 20-year mining schedule with substantial upside potential. Cameroon’s established infrastructure and skilled workforce provide a supportive environment for mining operations. Canyon’s strategic investments and partnerships, including its stake in Camrail, further de-risk logistics and enhance operational efficiency.