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Canyon Resources Ltd (ASX:CAY)

ALERT: Price-sensitive ASX Announcement for CAY
Current share price for CAY : $0.042 -0.068 (-61.82%)+
Announcement
Release
26 Jun 2026 9:40AM
Price at Release
$0.110
Full Release
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Summary
Canyon Resources Limited has announced significant progress in the development of the Minim Martap Bauxite Project in Cameroon. The company has successfully delivered locomotives to Cameroon and increased its equity stake in the local rail operator Camrail to 26.9%, enhancing its control over bauxite transportation. Trial mining is expected to begin in the third quarter of 2026, with the first bauxite shipment scheduled for the fourth quarter. In a corporate update, Canyon disclosed the retirement of Mark Hohnen as Non-Executive Chairman effective August 2026. The company remains focused on progressing the project, aiming to commence production and shipping of bauxite by the end of 2026, contingent on securing additional funding to upgrade rail infrastructure and increase transport capacity.
Key Points
  • Locomotives delivered to Cameroon for the Minim Martap Project.
  • Canyon increased equity stake in Camrail to 26.9%.
  • Trial mining expected to commence in Q3, 2026.
  • First bauxite shipment scheduled for Q4, 2026.
  • Mark Hohnen to retire as Non-Executive Chairman.
  • Continued progress on Minim Martap Project development.
  • Stage 1 rail fleet to provide 35,000 wMt/month transport capacity.
  • Subject to funding, Stage 2 will increase capacity to 105,000 wMt/month.
  • Infrastructure and operational readiness progressing as planned.
  • Canyon to produce and ship bauxite by end of 2026.
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.