FIRST GOLD POUR EXPECTED FOR KONÉ PROJECT
PROJECTS AND EXPLORATION • operating in Cameroon and the Project’ s low-silica, high-grade bauxite, with completion targeted for Q3, 2026.
Key senior operational appointments have been completed, with the recruitment of an experienced mine director, who is a mining engineer with over 15 years of experience in Africa and Asia and previously worked in bauxite operations in Guinea, as well as an experienced port manager, who is an engineer with over 15 years of port operations experience in Asia and Guinea, with significant bulk tonnage ore shipments, port handling and off-shore transhipping expertise.
Both appointees are scheduled to be in-country this month, materially strengthening Canyon’ s on-the-ground leadership team as the company transitions from development into operations. These appointments significantly enhance operational readiness across mining and port logistics and support the continued progression of the Minim Martap Bauxite Project toward first production.
At the Annual General Meeting held on the 25th of November 2025, shareholders approved the AUD70-million equity raise pursuant to Tranche 2 of the Placement, announced on the 25th of September to Afriland Bourse and Investissement(‘ Afriland’).
Following shareholder approval, the Placement to Afriland is now subject only to approval from the Banque des États de l ' Afrique Centrale, the central bank for the Central African Economic and Monetary Community, the Commission de Surveillance du marché financier de l’ Afrique Centrale, the market regulator for the Central African Economic and Monetary Community and the Government of Cameroon, which are progressing.
The remainder of Tranche 2 of the equity raise, comprising a placement of AUD100-million to Eagle Eye Asset Holdings Pte. Ltd(“ EEA”) remains subject to shareholder approval and is progressing as planned. Drafting of the documentation required to convene the General Meeting has been completed, and the company will seek shareholder approval at a General Meeting to be held in early March 2026. Subject to shareholder approval, settlement of this tranche of the Placement, on the previously announced terms, is expected in the second quarter of 2026.
Commenting on Afriland’ s Tranche 2 of the Placement, Afriland stated:“ Afriland remains fully supportive of Canyon and the advancement of the Minim Martap Bauxite Project. We continue to work closely with the company and the relevant authorities to progress the remaining regulatory approvals to raise funds and look forward to supporting Canyon as it moves toward the next phase of project development.”
Commenting on project funding, EEA stated:“ Canyon continues to make strong progress across key project milestones, and we are pleased with the momentum being demonstrated as the company advances toward production. We look forward to further strengthening our partnership with Canyon and reaffirm our commitment to completing the AUD100-million Tranche 2 equity funding under the announced terms of the Placement, subject to shareholder approval anticipated in early March 2026.”
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Canyon CEO Peter Secker commented:“ Following the arrival of the surface miner in Cameroon as well as confirmation of the delivery of
the Rolling Stock scheduled in the first quarter, the key operational milestones continue to be achieved across mining, logistics and infrastructure workstreams. Project readiness continues to be strengthened, with key senior leadership appointments now completed. The mine director and port manager roles have been filled, with both executives scheduled to be on the ground this month to support the ramp-up to first production.”
Source: supplied by Canyon Resources Limited
The feasibility study for the proposed value-adding alumina refinery is now approximately 45 % complete, advancing Canyon’ s downstream valueadd strategy and supporting its objective of positioning the company as an integrated participant in the global aluminium value chain.
FIRST GOLD POUR EXPECTED FOR KONÉ PROJECT
Location: Côte d ' Ivoire Phase: Exploration Resource: Gold
The first gold pour for the Koné project in Côte d’ Ivoire is expected in the late fourth quarter of 2026 through the oxide circuit, while the hard-rock comminution circuit remains well on schedule for completion in the second quarter of 2027.
www. africanmining. co. za African Mining Publication African Mining African Mining • April 2026 • 13