Canyon Resources (CAY) Q1 2027 TU earnings summary

Executive summary

• Funding uncertainty disrupted the Minim Martap development plan: the Q4 2026 first-shipment target was withdrawn after AFG suspended further loan drawdowns pending a facility review and site visit.

• Rail, road and port preparations advanced, but first shipment timing now depends on securing funding and finalising transhipping arrangements.

Financial highlights

• Cash and cash equivalents were A$30.440 million at 30 September 2026; quarterly operating cash outflow was A$3.845 million and investing cash outflow was A$11.348 million.

• Quarterly development expenditure was approximately A$11.3 million: A$10.635 million for property, plant and equipment and A$0.713 million for mine development; exploration expenditure was nil.

• No customer receipts were recorded in the quarterly cash-flow statement; interest received was A$309,000.

Outlook and guidance

• Stage 2 targets production capacity of 2 Mtpa and requires approximately US$160 million in funding, plus further rolling stock and railway upgrades.

• A combined trial of 7 locomotives and 60 wagons was planned for Q4 2026, with proposed transport capacity of approximately 35,000 tonnes of bauxite per month.

• A revised development schedule depends principally on additional funding and final transhipping arrangements; no definitive first-shipment timing was established.