Canyon Resources — Major funding package

Canyon Resources has announced a major equity financing that will bring c A$215m in gross proceeds at A$0.26/share, just 6% below the undisturbed price, significantly strengthening the company’s liquidity position in the run-up to first production in Q1 CY26. Executed in two tranches, the placement will see the new shareholder, Afriland Bourse & Investissement, gaining c 10% in the company alongside Canyon’s cornerstone shareholder, Eagle Eye Asset Holdings (EEA), at 57%. Together with secured debt and cash on hand, these funds will comfortably cover project capex beyond stage 2 production of 2Mtpa.