By: Creamer media

Canyon notes that upgrades to the Minim Martap haulage road, including access to the Daniel Plateau, access to the inland rail facility (IRF) and bypass construction, are ongoing and, while some delays have been experienced, the company assures shareholders that the works remain on track for completion in the first quarter of 2026.

The company says locomotives ordered recently from China-based CRRC Ziyang are being built in China and are on schedule to be delivered to Canyon in the first quarter of next year.

Similarly, the delivery of rail wagons is also scheduled for the first quarter of 2026 in line with the planned first shipment of bauxite ore in the second quarter.

Canyon notes that the mining contractor appointed to the Minim Martap project has visited the site and has confirmed it will be in position to begin mining operations in the first quarter of 2026.

Importantly, with first bauxite shipment scheduled for the second quarter of 2026, Canyon says Minim Martap remains fully financed to Stage 1 production, by a combination of both debt and equity facilities.

Funding comprises the previously announced about $140-million facility from AFG Bank Cameroon and the recent A$35.6-million equity raise in September which saw 56.5% shareholder, Eagle Eye Assets (EEA), also committing to exercise about 137-million options to raise an additional A$10-million.

Tranche 2 of the equity raise, comprising a placement of A$100-million to EEA and a A$70-million placement to Central African Economic and Monetary Community (CEMAC) investors being undertaken by Afriland Bourse & Investissement, remains conditional on shareholder approval.

In addition, Canyon says the AfriLand tranche requires approval from the Banque des États de l'Afrique Centrale, the central bank for the CEMAC, the Commission de Surveillance du marché financier de l’Afrique Centrale, the market regulator for the CEMAC and the Cameroon government, which is still ongoing.

The AGM is being held on November 25.

“We look forward to maintaining our strong partnership with Canyon as it continues to advance key project milestones in the near term and to completing the next phase of A$100-million of equity funding under Tranche 2,” says EEA.

“Following the recent presidential election in Cameroon, work on the company’s Minim Martap project has continued without any significant disruptions and we remain on schedule for the first bauxite shipment from Minim Martap to be completed in the second quarter of next year.

“Canyon is well funded following the recent capital raisings, which allowed us to secure commitment of key long lead items such as locomotives and wagons, which will be delivered on time in the first quarter of 2026,” says Canyon CEO Peter Secker.