Canyon Resources (CAY) is making significant progress in advancing its bauxite project, a key asset in the production of aluminium—a critical material used in defence, electrification, and everyday applications. Supported by Eagle Eye Asset Holdings, its largest shareholder, CAY is building a robust platform to achieve production in the coming years, leveraging key infrastructure and financial backing.
Approval for Inland Rail Facility:
The Cameroon government has approved CAY’s inland rail facility location, adjacent to existing rail infrastructure and within trucking distance from the mine site. This facility will serve as a hub for loading mined bauxite onto trains for transport to the port.
Bauxite Project Development in 2025
CAY has outlined several key milestones for 2025 as it progresses toward production:
Resource Expansion: Drill results in 1H 2025 are expected to significantly increase the size of the bauxite resource and enhance geological confidence.
Updated JORC-Compliant Resource Estimate: Scheduled for release in 1H 2025, this will improve mine planning and extend mine life.
Infrastructure Agreements: Port and rail access agreements are expected to be finalised in 1H 2025, enabling global export of CAY’s bauxite.
Definitive Feasibility Study (DFS): CAY will release its DFS in Q3 2025, incorporating updated bauxite pricing and demonstrating the project’s economic viability.
Offtake Agreements: CAY plans to secure contracts with buyers for bauxite production in 2H 2025.
Mining Permits: The company will pursue mining permits for its Makan and Ngaoundal deposits, potentially turning Cameroon into a leading bauxite powerhouse.
Project Financing: By year-end 2025, CAY aims to secure the financial resources needed to transition into construction and production.
Strength of Shareholder Backing
Eagle Eye Asset Holdings owns 41.72% of CAY and has consistently demonstrated its commitment to the project. This backing is a significant competitive advantage for CAY, providing access to capital and infrastructure development expertise.
In addition, Eagle Eye’s recent purchase of $4.1M in CAY shares between August and November 2024, coupled with its debt underwriting, reflects a strong belief in the project’s potential.
“That US$124M debt underwriting is a strong proof point of how good it is having Eagle Eye on CAY’s register.”
Strategic Infrastructure Developments
Infrastructure and logistics are central to CAY’s success, given that bauxite is a bulk commodity. Key developments, such as the inland rail facility, ensure efficient transport of materials to ports, minimising costs and enhancing export capabilities.
The Cameroonian government’s continued support further strengthens the project’s infrastructure prospects, ensuring CAY’s bauxite reaches global markets seamlessly.
Conclusion
With strong shareholder support, key infrastructure approvals, and a strategic focus on operational efficiency, Canyon Resources is well-positioned to lead the bauxite production market in Cameroon. Its focus on logistics, financing, and resource expansion highlights its commitment to delivering a world-class project.
2025 is set to be a significant year for CAY as it transitions closer to production, aligning itself with rising global demand for aluminium and driving Cameroon’s position as a bauxite powerhouse.
