Key Points
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Canyon secures A$215 million for Cameroon bauxite project.
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Funding will fast-track Minim Martap’s 2026 operations.
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Afriland backs the project with strong local support.
Canyon Resources has announced it secured about A$215 million in funding to accelerate the development of its Minim Martap bauxite project in Cameroon.
The ASX-listed company said the financing package includes a two-tranche placement worth A$205 million and an options exercise that will raise an additional A$10 million.
Shares will be issued at A$0.26, a 5.5 percent discount to Canyon’s last closing price and a 9.6 percent discount to its five-day average.
The company said proceeds will go toward expediting development of Minim Martap, scheduled to begin operations in early 2026.
Additional funds will support increased investment in Camrail as well as corporate and administrative costs.
Cameroon bauxite project gains institutional backing
The Minim Martap site is among the world’s highest-grade bauxite deposits, with more than one billion tonnes of resources, including 144 million tonnes of reserves at 51 percent alumina and 2 percent silica.
An updated feasibility study confirmed its Tier 1 status, valuing the project at more than $830 million with a 29 percent internal rate of return.
Canyon’s main shareholder, Eagle Eye Asset Holdings, will provide A$110 million through option exercises and a subscription commitment under Tranche 2, pending shareholder approval.
Afriland Bourse & Investissement, part of Afriland First Bank — Cameroon’s largest financial services group — also committed up to A$70 million, subject to approvals.
“The investment by Cameroon’s largest financial services group demonstrates strong institutional confidence and government support for Minim Martap,” said Canyon CEO Peter Secker.
Funding set to accelerate operations and logistics
Secker said the funding will allow Canyon to fast-track development and expand investment in Camrail, which is critical for transport and logistics.
“This positions us to expand operations as rail capacity increases, ensuring reliable delivery of bauxite to market,” he added.
Canyon expects to complete its first bauxite shipment in the first half of 2026. On completion of Tranche 2, Eagle Eye Asset Holdings will retain a 56.5 percent stake, while Afriland will hold about 10.1 percent.
Canyon’s balance sheet will then include A$175 million in undrawn debt and A$266 million in cash.
