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Canyon Resources Ltd (ASX:CAY)

ALERT: Price-sensitive ASX Announcement for CAY
Current share price for CAY : $0.044 -0.009 (-16.19%)+
Announcement
Release
24 Aug 2026 9:51AM
Price at Release
$0.053
Full Release
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Summary
Canyon Resources Limited has provided an update on its Minim Martap Bauxite Project in Cameroon. The company is advancing towards important milestones, with the first 60 rail wagons set to arrive in Douala, enabling trials to commence in Q4 2026. However, the project faces challenges after AFG Bank Cameroon suspended further loan disbursements pending a full review, and the A2MP Takeover Bid has restricted funding options. Canyon held A$31 million in cash as of July 2026 and is exploring various funding alternatives, including offtake-linked and strategic financing, to support the planned production ramp-up and achieve first shipments. The company has withdrawn its previous development schedule, including the target for first shipment in Q4 2026, due to these financial uncertainties. Shareholders are advised to take no action regarding the A2MP bid until further notice.
Key Points
  • First 60 rail wagons to arrive in Douala in the next 8 weeks.
  • AFG Bank Cameroon suspended further loan disbursements.
  • Company held A$31 million in cash as of July 2026.
  • Exploring various funding alternatives with Jefferies.
  • Development schedule withdrawn due to financial uncertainties.
  • Shareholders advised to take no action regarding the A2MP bid.
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.