Canyon Resources (ASX: CAY) has announced a landmark A$215 million strategic funding package to accelerate the development of its flagship Minim Martap Bauxite Project in Cameroon.

The financing will be executed in two tranches:

 • Tranche 1: A$36 million raised from institutional investors without conditions.

 • Tranche 2: Approximately A$170 million, contingent on shareholder approval, with strong participation from strategic investors.

Major shareholder Eagle Eye Asset Holdings has committed A$100 million, alongside a further A$10 million through option exercise. Additionally, Afriland Bourse & Investissement, one of Cameroon’s leading financial groups, will join as a strategic partner with a proposed 10.1% equity stake.

Funds raised will primarily support:

 • Capital expenditures for project construction (~A$206 million).

 • A ~A$46 million investment in Camrail, the national railway operator, to strengthen logistics capacity.

 • Corporate, operational, and administrative costs.

The placement price was set at A$0.26 per share, reflecting a modest discount to Canyon’s recent trading levels.

Canyon has already secured part of a US$140 million debt facility with AFG Bank in Cameroon, earmarked for railway equipment and rolling stock. Construction of key infrastructure, including the access road and railway junction, is underway.

The company confirmed it is on track to deliver its first bauxite shipments in H1 2026, a milestone expected to position Minim Martap as one of Africa’s largest integrated bauxite export projects.

Industry analysts note that the financing significantly reduces execution risk and strengthens market confidence in Canyon’s ability to bring Minim Martap into production.