Highlights

  • Canyon Resources increased its stake in Camrail from 9.1% to 26.9% for approximately A$23.8 million.
  • The company also secured a 42.8% interest in Terminal Bois du Port de Douala S.A.
  • First bauxite shipment from Minim Martap remains scheduled for late Q3 2026.
  • Trial Mining activities are expected to commence during mid-Q2 2026.
  • Tracklaying and port earthworks are progressing ahead of rail operations.
  • Canyon continues discussions with potential offtake partners while progressing refinery studies.

Canyon Resources Limited (ASX:CAY) has outlined further development progress at its Minim Martap Bauxite Project in Cameroon, with the company continuing to expand its involvement across rail and port infrastructure ahead of initial production and export shipments later this year.

The latest update centres on Canyon’s efforts to strengthen its integrated mine-to-port logistics strategy through strategic investments in both rail transportation and export infrastructure. The company said these initiatives are intended to improve operational coordination and support the long-term movement of bauxite from the mine site to export facilities.

During the afternoon session on 8 May 2026, Canyon Resources shares declined 7.14% to AUD 0.13. Over the past 12 months, the stock remains approximately 43% lower. The decline came despite the release of a development update highlighting ongoing progress toward first production and shipment readiness at Minim Martap.

Canyon stated that first bauxite shipment from the project remains on track for late Q3 2026, with several infrastructure and operational milestones continuing to advance in parallel.

Camrail Stake Increased to 26.9%

A key component of the update was Canyon’s decision to materially increase its ownership in Camrail, Cameroon’s primary rail transportation operator.

The company confirmed that its in-country Subsidiary, Camalco Cameroon S.A., has agreed to invest XAF 9.852 billion, equivalent to approximately A$23.8 million, to lift its Equity interest in Camrail from 9.1% to 26.9%.

According to Canyon, the expanded ownership position is expected to provide greater strategic influence over rail infrastructure associated with the transportation of bauxite from Minim Martap to export facilities. The company indicated that the increased stake should also improve visibility regarding the PQ2 rail upgrade program and help secure future transportation capacity for ore movements.

Management noted that strengthening participation within the rail network is expected to improve alignment between mining operations and logistics infrastructure as the project moves closer to production.

The latest Investment follows Canyon’s earlier entry into the Camrail share register during the first quarter of 2025. The company stated that the new share Acquisition is expected to formally complete during Q2 2026 following local administrative registration processes in Cameroon.

Port Investment Adds Further Logistics Exposure

In addition to the rail investment, Canyon also completed a strategic transaction linked to the Port of Douala, which is expected to play a central role in future export operations.

Through Camalco, the company invested CFA 347.447 million, approximately A$0.8 million, to secure a 42.8% stake in Terminal Bois du Port de Douala S.A. (TBPD), associated with port operations at Douala.

Canyon stated that the investment complements its previously announced Port Access Agreement, which provides rights relating to the export of bauxite and alumina, as well as the importation of raw materials required for mining activities.

The agreement also allows Canyon to assess and optimise logistical solutions across the port precinct, including site layouts, construction requirements and infrastructure planning associated with future production activities.

By increasing exposure to both rail and port Assets, Canyon is seeking to establish greater coordination across the broader export chain supporting Minim Martap.

Chief Executive Officer Peter Secker said the rail and port investments are designed to improve operational certainty while reducing logistical risks ahead of production ramp-up.

Trial Mining Activities Approaching

Beyond infrastructure investments, Canyon also provided an operational update on activities taking place directly at the Minim Martap Project site.

The company confirmed that a surface miner was mobilised to the Daniel Plateau area during April 2026 ahead of the commencement of trial mining operations in mid-Q2 2026.

Trial mining activities are expected to support the build-up of bauxite stockpiles at multiple locations, including the mine site, the Inland Rail Facility (IRF) and the Port of Douala, before initial export shipments begin later this year.

Canyon described the commencement of initial production as a major milestone for the project as it transitions toward commercial export operations.

The company also noted that upgrade works are continuing on the haul road connecting the Daniel Plateau mining area to the Inland Rail Facility, which will support ore transportation between the mine and rail infrastructure.

Rail and Port Construction Progressing

Several logistics-related construction activities are also continuing ahead of the planned first shipment.

Canyon stated that tracklaying works at the Inland Rail Facility are currently underway, while bulk earthworks have commenced at the Port of Douala in preparation for future rail operations and ore storage activities.

These works are intended to facilitate the movement and storage of bauxite ahead of export loading operations scheduled for later this year.

The company also outlined expected delivery timelines for additional logistics equipment. According to the update, the first seven locomotives are expected to arrive at the Port of Douala during late Q2 2026.

Rail wagons are then anticipated to arrive during July 2026, ahead of the company’s targeted first bauxite shipment in late September 2026.

The staged arrival of equipment and infrastructure readiness remains an important part of Canyon’s broader logistics strategy as it advances toward initial production.

Offtake Discussions Continue Ahead of Initial Shipments

Canyon also confirmed that discussions with prospective offtake partners remain ongoing.

The company stated that it intends to progress formal agreements following the completion of initial bauxite shipments, allowing potential counterparties to assess the quality and consistency of ore from Minim Martap.

According to Canyon, the project’s ore reserve contains approximately 51% alumina and around 2% silica, characteristics that are expected to support future commercial discussions.

Management indicated that demonstrating the quality of exported ore through initial shipments will form an important step in progressing long-term customer agreements.

Refinery Feasibility Study Targeted for Q3 2026

Alongside mining and logistics development, Canyon continues to progress Downstream processing studies linked to the project.

The company stated that the feasibility study for its proposed alumina refinery remains on schedule for completion during Q3 2026.

The refinery study forms part of Canyon’s broader value-adding strategy associated with the Minim Martap Project and future alumina production opportunities.

Minim Martap Remains Canyon’s Flagship Asset

Minim Martap remains Canyon Resources’ primary development asset and is regarded by the company as one of the larger high-grade bauxite projects globally.

According to the company, the project contains more than 1.1 billion tonnes of high-grade, low-contaminant bauxite resources with additional exploration potential.

Canyon’s September 2025 reserve update outlined total Ore Reserves of 144 million dry metric tonnes grading 51.2% alumina and 1.7% silica.

This includes Proved Reserves of 133.3 million tonnes at 51.2% alumina and Probable Reserves of 10.7 million tonnes grading 51.8% alumina.

The broader Mineral Resource Estimate stands at 1,102 million tonnes grading 45.3% alumina and 2.7% silica.

Measured resources total 394 million tonnes grading 46.8% alumina, indicated resources account for 502 million tonnes at 44.7% alumina, while inferred resources stand at 206 million tonnes grading 44.0% alumina.

Investors Watching Execution Milestones Closely

Canyon’s latest development update highlights continued progress across infrastructure, mining readiness and logistics integration as the company advances toward first production at Minim Martap.

With rail investments, port exposure, equipment mobilisation and construction activities progressing simultaneously, investors are likely to remain focused on upcoming milestones tied to production timing, export readiness and commercial execution over the coming quarters.

The company continues targeting late Q3 2026 for its first shipment, while infrastructure and logistics preparations remain ongoing across the broader project network.