Canyon Secures AU$215 Million Strategic Funding to Advance Minim Martap Project.

Canyon Resources Limited (ASX: CAY) has announced a significant AU$215 million funding package to accelerate the development of its Minim Martap bauxite project in Cameroon. The capital raising includes a two-tranche placement of approximately AU$205 million and a further AU$10 million through the exercise of options by major shareholder Eagle Eye Asset Holdings (EEA). Tranche 1 raised AU$36 million from institutional investors, while Tranche 2 will see EEA commit AU$100 million and Afriland Bourse & Investissement, a subsidiary of Cameroon’s largest financial services group, invest up to AU$70 million, subject to approvals.

Afriland’s participation underscores the project’s national importance, with the group set to become a 10.1% shareholder post-settlement. Proceeds will primarily fund AU$206 million in project development, AU$46 million for Camrail investment, and corporate costs. With strong shareholder backing and government-aligned support, Canyon is on track for its first bauxite shipment in early 2026.

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