Canyon Resources reduced its net loss to 9.48 million Australian dollars for the year ended 30 June 2026, compared with 20.18 million a year earlier, as its Minim-Martap bauxite project in Cameroon moved from the study phase to construction.
The loss narrowed by about 53%. The Sydney-listed group had 45.84 million Australian dollars in cash at year-end, compared with 11.48 million a year earlier. Its borrowings stood at 108.60 million Australian dollars, while its total assets amounted to 202.26 million.
This accounting improvement does not mean the mine is already generating revenue. Canyon says the main works for the first phase are under way, but in August the group withdrew its target of a first shipment in the fourth quarter of 2026, citing uncertainties over financing and transshipment.
Cameroonian lender AFG Bank suspended new drawdowns on a 140 million US dollar facility on 24 August, pending a review of the timetable, the financial model and a site visit. About 75 million US dollars had been drawn down as of 31 July. Canyon says no default has been identified.
On the ground, seven locomotives for the first phase were delivered to Cameroon in June. The group also raised its stake in Camrail to about 26.9%, at a cost of FCFA 9.852 billion, to strengthen its control over the rail line linking the mine to the port of Douala.
The feasibility study published in September 2025 estimates the project's pre-tax net present value at 835 million US dollars and its internal rate of return at 29%. These projections are based on reserves of 144 million dry tonnes of ore, an average grade of 51.2% alumina and a twenty-year life. They remain the company's estimates rather than observed production results.