Canyon Confirms Minim Martap as a Tier-One Bauxite Project

Canyon Resources Limited (ASX: CAY) has released the Definitive Feasibility Study (DFS) results for its Minim Martap Project in Cameroon, confirming its status as a long-life, tier-one bauxite operation. The study reported a 33% increase in direct shipping ore (DSO) reserves, now totaling 144Mt at an average grade of 51.2% Al₂O₃ with low 1.7% SiO₂. These high-quality reserves are expected to command a price premium of up to US$11/t over Guinea Standard bauxite.

The staged development plan is designed to minimize upfront capital, with first ore production targeted for Q1 2026 and initial shipments by H1 2026. Stage 1 capital expenditure is estimated at US$96 million, supported by a US$140 million debt facility from AFG Bank Cameroon. Production is planned to ramp from 1.2Mt in Year 1 to 10Mtpa by Year 6, underpinned by existing rail infrastructure and further PQ2 upgrades.

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