Canyon Resources Receives Mining Licence for Minim-Martap Bauxite Project

Canyon Resources Limited (ASX:CAY) has announced the signing of the Mining Licence for the Minim-Martap Bauxite Project in Cameroon. The Mining Licence ceremony was attended by Chief Executive Officer, Mr. Jean-Sebastien Boutet and the Interim Minister of Mines, Industry and Technological Development, Pr Fuh Calistus Gentry. With critical permits in place, the focus of the Company remains on a strong pipeline of activities to be completed over the next 12 months, including the development of significant infrastructure solutions for port and rail access.

Executive Commentary on Mining Licence

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 to 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 the granting of 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 realizing 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%Al203 and 2.0% SiO21 underpinned by a JORC Mineral Resource Estimate of 1,027Mt at 45.3%2. Bauxite price and market fundamentals continue to strengthen and we look forward to delivering on a busy 12-month work program. Canyon is prioritizing 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.

Summary of Mining Licence Announcement

Canyon Resources Limited (ASX:CAY) has successfully received the Mining Licence for the Minim-Martap Bauxite Project in Cameroon, marking a significant milestone. The Company, along with its subsidiary, Camalco SA, is now permitted to mine and export bauxite and alumina at Minim Martap. The Mining Licence provides tenure over Minim Martap for an initial period of 20 years, with the ability to renew for one or more periods not exceeding 10 years each. The focus remains on completing a pipeline of activities over the next 12 months, including infrastructure development and negotiations for rail and port access agreements. With the support of strategic partners and the Government of Cameroon, Canyon Resources is committed to realizing the substantial potential of Minim-Martap and delivering significant economic value to both shareholders and the people of Cameroon.