Canyon Resources — Another step closer to first production

Canyon Resources has received an approval that grants it land access at the established port of Douala. With rail access already secured through the investment in Camrail, this is the final infrastructure agreement required for the development of the Minim Martap project. It also paves the way for the company’s majority shareholder, Eagle Eye Asset Holdings (EEA), to exercise its 500m options that will bring in A$35m. Access to rail and port significantly de-risks the project, supporting Canyon’s target of first shipment in H126. We maintain our project level NPV at US$566m (A$889m).