Canyon Resources (CAY) investor relations material

Strategic funding and capital structure

• Raised approximately $215 million AUD through a two-tranche placement, including $205 million in new equity and $10 million from option exercise by a major shareholder.

• Eagle Eye Asset Holdings will maintain a 56.5% stake, while Afriland Bauxite Investment will become a 10% shareholder.

• Placement price was $0.26 per share, a 5.5% discount to the last trading price.

• Market capitalization will rise from $460 million to over $700 million AUD, with cash and equivalents increasing to about $266 million.

Use of proceeds and project development

• $150 million AUD allocated to reach first production at Minim Martap Bauxite Project by mid-2026.

• $46 million AUD to increase shareholding in CAMRAIL, supporting logistics for scaling production.

• $14 million AUD set aside for general admin and corporate costs over the next two years.

• Equity raise reduces reliance on previously arranged $140 million USD debt facility, with only $25 million drawn so far.

Production targets and financial outlook

• Initial production target of just over 1 million tons per year, ramping up to 10 million tons annually.

• 20-year mine plan uses only 13-14% of total resources, with potential to increase output to 14-15 million tons per year.

• Project NPV is $830 million USD with a 29% IRR.

• At full production, expected to generate over $170 million USD in annual free cash flow at $78/ton, with potential for higher pricing due to ore quality.