Canyon Resources (CAY) H2 2026 earnings summary

Executive summary

• Advanced the Minim Martap Bauxite Project from development into construction, nearing production, with key infrastructure milestones achieved including rail and port logistics.

• Increased strategic interests in Camrail (rail) and Terminal Bois du Port de Douala (port), strengthening logistics control.

• Faced funding uncertainty as AFG Bank Cameroon suspended further drawdowns on a US$140M facility, prompting pursuit of alternative funding.

• Received a conditional takeover offer from majority shareholder A2MP Investments FZCO, which was unanimously recommended to be rejected by the Board.

• Leadership transition occurred with the CEO stepping down and a search for a permanent replacement underway.

Financial highlights

• Net loss after tax of $9.48M for FY26, a significant improvement from $20.18M loss in FY25.

• Cash at bank increased to $45.84M (FY25: $11.48M); net assets rose to $87.19M (FY25: $45.06M).

• No dividends declared or paid.

• Basic and diluted loss per share improved to (0.48) cents (FY25: (1.42) cents).

• Share price at year-end was $0.09 (FY25: $0.25).

Outlook and guidance

• Focus for FY27 is to resolve near-term funding, complete Stage 1 works, and deliver the maiden bauxite shipment.

• Alumina refinery feasibility study progressing, with completion targeted for Q3 2026.

• Offtake discussions ongoing, reflecting strong market interest.