Canyon Resources — Rapidly emerging bauxite producer

Canyon Resources is an ASX-listed bauxite developer advancing its 100%-owned Minim Martap project in Cameroon. Minim Martap is a large-scale, high-grade, direct shipping ore bauxite deposit with a clear path to production. Having secured a mining licence and a significant portion of project funding, Canyon is gearing towards the initial production start in 2026, with subsequent ramp-up to full capacity once infrastructure upgrades are completed. This should allow it to capitalise on the favourable bauxite market fundamentals driven by strong underlying aluminium demand and supply constraints. We value Minim Martap at US$566m (A$877m) and see additional upside from the project’s large resource base.