Canyon Resources secures 'Mining Licence' for Minim-Martap Bauxite Project in Cameroon

Canyon Resources Limited has reached a major milestone by signing the Mining Licence for its Minim-Martap Bauxite Project in Cameroon. This development comes shortly after the July 2024 Mining Convention's approval, highlighting Cameroonian authorities' strong backing. Canyon Resources' Chief Executive Officer, Jean-Sebastien Boutet, and the Interim Minister of Mines, Industry and Technological Development, Professor Fuh Calistus Gentry, attended the official signing ceremony.

With the Mining Convention and Licence secured, Canyon Resources and its subsidiary, Camalco SA, are now authorised to mine and export bauxite and alumina from Minim Martap. The company is fully prepared to embark on a comprehensive pipeline of activities over the next 12 months, including developing port and rail access infrastructure to ensure a smooth and efficient operation.

Minim Martap, a tier-one, long-life bauxite project, promises not only competitive operational costs but also an initial 20-year life of mine. The Mining Licence grants tenure for an initial period of 20 years, with the option to renew for additional periods of up to 10 years each. Development must begin within two years, with production starting within five years, ensuring long-term benefits for all stakeholders.

Key workstreams currently underway include negotiations for rail and port access agreements, a revised Bankable Feasibility Study, and the completion of the drilling program across the Minim-Martap, Makan, and Ngaoundal permits. Additionally, Canyon Resources is preparing an updated Mineral Resource Estimate and exploring potential offtake and financing opportunities.

Jean-Sebastien Boutet, Chief Executive Officer of Canyon Resources, commented, "The signing of the Mining Licence is a milestone that we all have been working towards since my appointment in late 2021. I would like to take this opportunity to thank our strategic partner, EEA, and its team members for their continuous support, professional contribution, and the credibility they hold in the industry. Eagle Eye Asset Holdings has played an instrumental role in granting the Mining Convention and Mining Licence."

"I look forward to our continued partnership as we transition Minim Martap towards production. We now look to shift our focus towards realising the substantial potential that Minim-Martap offers."

"Minim Martap is a leading Bauxite project globally and one of the richest undeveloped direct shipping bauxite deposits in the world, with an Ore Reserve of 108.91Mt at 51.1 per cent Al₂O₃ and 2.0 per cent SiO₂ underpinned by a JORC Mineral Resource Estimate of 1,027Mt at 45.3 per cent. Bauxite price and market fundamentals continue to strengthen, and we look forward to delivering on a busy 12-month work program. Canyon is prioritising the development of relevant infrastructure to support the revised Bankable Feasibility Study as well as advancing discussions with offtake and funding partners."

"I would like to thank the Government of Cameroon for its ongoing support of Minim Martap, and we look forward to working closely with them and our Project partners in delivering significant economic value to both Canyon shareholders and the people of Cameroon through alignment with Government strategies and initiatives."