Canyon Resources — Minim Martap remains on track

Canyon Resources confirmed it remains on track to commission the Minim Martap bauxite project in line with previous expectations, as Cameroon returns to ‘business as usual’ following the presidential elections. It continues to aim for first production in early 2026 and first shipment around mid-2026. The company remains well capitalised, having completed a first tranche of the A$205m funding package, with the remainder expected to close in Q1 CY26. We maintain our project level valuation of A$735m, which adjusted for corporate overheads and pro forma net cash implies a value of A$0.35/share, before accounting for the project’s vast residual resource.