Minim Martap Development Update
Highlights
- Construction of the ore haulage access road is in full swing, with clearing completed and current efforts directed at the IRF access and Danielle plateau access.
- The first surface miner is expected to arrive in Cameroon in January 2026, initiating mining operations in February 2026.
- Engineering designs for the Inland Rail Facility (IRF) have been finalized, and key components such as switchgear, tracks, and sleepers have been ordered, with deliveries scheduled for February 2026.
- The IRF project is on schedule to be completed by May 2026.
- Road transportation of the first ore from the mine to the IRF is slated for March 2026.
- Fabrication of locomotives and wagons is on track, with shipments scheduled for January and delivery expected in the first quarter of 2026.
- Initial ore haulage from the IRF to the port stockpile is set to begin in early Q2 of 2026.
- Approval for port access dredging has been granted, with work kicking off in January 2026.
- Construction of the port stockpile area will commence in January 2026, following the completion of engineering at the port site.
- Final tenders for bauxite transhipment are under review, with the chosen contractor expected to be confirmed in Q1 2026.
- Canyon is on course to start mining at Minim Martap in Q1 2026, with the first shipment of bauxite planned for June 2026.
Based in Perth, Australia, Canyon Resources Limited (ASX: CAY) is delighted to share updates on the Minim Martap Bauxite Project located in Cameroon. This news follows the recent elections in the country, resulting in the affirmation of President Paul Biya's administration, thereby restoring a sense of political stability conducive for business.
Despite minor delays in the construction of the ore haulage road, the contractor is committed to expedited progress by bringing in additional equipment to keep the project moving forward. The IRF designs have been completed, and the procurement of essential long-lead items is well underway, ensuring that the facility is ready for operations in Q2 of 2026.
Mining is set to commence in February 2026, aligning with the arrival of the necessary contract mining equipment, which is scheduled to arrive in January. The progress made in constructing the ore haulage road and delivering the rail infrastructure indicates that the first bauxite shipment is aimed for June 2026.
Canyon’s rail access from the IRF to the Port of Douala is projected to become operational in Q2 2026, establishing an initial transport capacity targeting 2 million tonnes per annum (Mtpa) with plans to increase this to 10 Mtpa following the completion of the PQ2 rail upgrades. The company is also exploring further investment in Camrail, envisioning an increase in its stake from the current 9.1% to approximately 35% aiming for completion in Q1 2026. This move is geared toward enhancing logistics from the mine to the port, reducing operational risks significantly.
At the recent Annual General Meeting, shareholders endorsed the approximately A$70 million equity raise as part of the second tranche of the Placement, which was originally announced in September. This funding is crucial for the ongoing development of Minim Martap and once finalized, will provide the company with additional resources to further advance its operations.
The completion of the additional funding package involving approximately A$100 million from Eagle Eye Asset Holdings Pte. Ltd. is pending, and shareholder approval is set for a General Meeting scheduled for January 2026. This will facilitate Canyon's plans to fully finance Stage 1 production through a blend of debt and equity solutions supported by both domestic and international investors along with crucial in-country partnerships.
Canyon's Chief Executive Officer, Peter Secker, articulated confidence in the project’s trajectory following the elections. He noted that political stability is critical at this juncture, ensuring continued work on the Minim Martap Project and emphasizes the necessity of establishing a solid foundation for mining operations to start in Q1 2026.
Mr. Secker also acknowledged the significant personal investment from Executive Chairman Mr. Mark Hohnen, demonstrating a strong belief in the long-term viability and strategic relevance of the project.
Lastly, Canyon expresses its commitment to updating stakeholders on developments as they unfold.
Contact:
Peter Secker
Chief Executive Officer
Canyon Resources Limited
T +61 8 6385 2263
E: info@canyonresources.com.au
Cameron Gilenko
Investor Relations & Media
Sodali & Co
T +61 6160 4909
E: cameron.gilenko@sodali.com
Frequently Asked Questions
What is the Minim Martap Project?
The Minim Martap Project is a bauxite mining project located in Cameroon, developed by Canyon Resources Limited.
When is mining expected to start?
Mining operations are anticipated to commence in February 2026.
How much bauxite is planned for transport annually?
The initial transport capacity is set at 2 million tonnes per annum, with plans to expand to 10 million tonnes per annum.
Who leads Canyon Resources Limited?
The Chief Executive Officer of Canyon Resources Limited is Peter Secker.
What funding has Canyon secured for the project?
Canyon has secured approximately A$70 million from recent equity raises to support the Minim Martap project development.