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Canyon Resources Ltd (ASX:CAY)
ALERT: Price-sensitive ASX Announcement for CAY
Current share price for CAY : $0.053 -0.09 (-63.16%)+
Announcement
Release
13 Apr 2026 8:48AM
Price at Release
$0.143
Full Release
Summary
Canyon Resources Limited has provided a corporate update and progress report on its Minim Martap Bauxite Project in Cameroon. The company has mobilised a surface miner to the Daniel Plateau, with trial mining operations expected to begin soon. The first ore production is scheduled for Q2 2026, with the initial shipment set for Q3 2026. Canyon is exploring increasing its stake in Camrail and is in discussions with potential offtake partners. Financial models indicate the current cash position and a debt facility will support the project's capital requirements. The company's CEO, Peter Secker, has resigned but will remain to assist in the transition. A feasibility study for a proposed alumina refinery is on track, with completion expected by Q3 2026.
Key Points
- Surface miner mobilised to Daniel Plateau for trial mining
- First ore production targeted for Q2 2026
- First ore shipment scheduled for Q3 2026
- Seven locomotives shipped from China to Douala
- Canyon seeks to increase its equity in Camrail
- Ongoing discussions with potential offtake partners
- Feasibility Study for alumina refinery progressing
- CEO Peter Secker resigns but assists in transition
- Current cash and debt facility cover CAPEX needs
- High-grade bauxite reserve with 51% alumina content
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.
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