Canyon Resources has secured a $140 million syndicated credit facility through its subsidiary, Camalco Cameroon, from AFG Bank Cameroon to advance the Minim Martap Bauxite Project in Cameroon. The funding will support the acquisition of locomotives and wagons, as well as the development of rail and port infrastructure, enabling the project to move toward operational readiness.

With the financial backing in place, Canyon’s focus shifts to finalising the definitive feasibility study and making a final investment decision.

Combined with a commitment from major shareholder Eagle Eye Asset Holdings to exercise options valued at A$24.5 million ($15.9 million), the credit facility will finance Stage One operations. Since receiving its mining license in September 2024, Canyon has made significant progress, including securing land for port and rail facilities. In February, the Government of Cameroon approved the location for the inland rail facility, positioned near the existing Makor Railway Station to integrate efficiently with local infrastructure.

With financial backing secured, Canyon is now focusing on completing the definitive feasibility study (DFS) and reaching a final investment decision (FID). The DFS outlines a two-stage development plan to accelerate operations, targeting the first bauxite shipment from Minim Martap in the first half of 2026. The strategic approach aims to optimize project efficiency and leverage existing infrastructure for seamless operations.

Executive Chairman Mark Hohnen stated: “The progress the team has made since we received our Mining License in September 2024 is truly impressive and I would like to thank the Canyon team, Eagle Eye and our key stakeholders for their continued efforts, advice and support in placing Canyon in the position we are today. AFG Bank Cameroon is an excellent partner for Canyon and through the $140m credit facility in place, along with the A$24.5m in funds to be received from the option exercise by Eagle Eye, Canyon is now in a strong financial position to fund Stage One operations at Minim Martap.”

The project’s advancements reflect Canyon’s commitment to efficient resource development. The integration of rail and port facilities with existing infrastructure is expected to enhance operational efficiency, supporting the timely execution of Stage One. By prioritizing a structured development pathway, Canyon aims to establish Minim Martap as a key contributor to Cameroon’s mining sector, with robust financial and logistical foundations in place to meet its 2026 target.