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Canyon Resources Ltd (ASX:CAY)

ALERT: Price-sensitive ASX Announcement for CAY
Current share price for CAY : $0.051 -0.089 (-63.57%)+
Announcement
Release
8 May 2026 8:59AM
Price at Release
$0.140
Full Release
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Summary
Canyon Resources Ltd is progressing with the development of its Minim Martap Bauxite Project in Cameroon, planning strategic investments to boost its control over critical logistics infrastructure. The company aims to increase its ownership in Camrail and has acquired a significant stake in the Port of Douala operator, which will facilitate efficient bauxite export. Trial mining has commenced at the Daniel Plateau, with the first shipment of bauxite expected by late Q3 2026. Canyon is also looking to secure offtake agreements by showcasing the superior quality of its ore, which is highly regarded for its alumina content. These efforts are part of Canyon's strategy to ensure a reliable and long-term operational future for the Minim Martap project.
Key Points
  • Canyon Resources Limited (CAY) is advancing its Minim Martap Bauxite Project in Cameroon.
  • The company plans to increase its stake in Camrail to 26.9% and invest in the Port of Douala to enhance logistics.
  • First bauxite shipment is scheduled for late Q3 2026.
  • Trial mining at the Daniel Plateau began in mid Q2 2026.
  • Canyon aims to finalize offtake agreements after initial shipments to demonstrate ore quality.
  • The project has significant high-grade bauxite reserves, enhancing its status as a tier-one operation.
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.