• Canyon Resources will raise $24.5 million via a share issue to Eagle Eye Asset Holdings.
• Funds will finance the initial construction of the Minim Martap bauxite project in Cameroon.
• The deposit is expected to produce 6.4 million tons of high-grade bauxite annually for 20 years.

Canyon Resources plans to establish Cameroon as a bauxite producer through its Minim Martap project. According to the company’s 2022 feasibility study, the deposit could supply 6.4 million tons of high-grade bauxite per year over a projected 20-year mine life.

The company announced on May 19 that it will raise $24.5 million through a share issue to its primary shareholder, Eagle Eye Asset Holdings (EEA). The proceeds will be used primarily to fund initial construction activities at Minim Martap, located in central Cameroon.

Canyon has received notice from EEA to exercise 350 million options—part of a broader 500 million-option agreement secured in 2023. The exercising of these options was contingent on two key milestones: the granting of the exploitation license and the finalization of port and railway agreements. With both conditions now met, Canyon will issue 350 million shares to EEA, resulting in a $24.5 million capital injection by the end of May. EEA’s stake in Canyon is expected to increase to 54.7% following the transaction.

“This investment provides Canyon with essential financing to support the project's initial construction work, optimize critical infrastructure as part of our mine-to-port strategy, and advance the DFS [definitive feasibility study] towards completion later this year,” said Mark Hohnen, Executive Chairman of Canyon.

Canyon aims to commence bauxite exports from Minim Martap by 2026. While the new capital supports early-stage construction, further milestones remain ahead—including the final investment decision (FID), expected by the end of 2025. That decision will confirm full project financing and trigger the start of broader construction work. Canyon has yet to disclose the total project cost or full funding strategy.