Canyon Resources (CAY) Q4 2026 TU earnings summary

Executive summary

• Achieved major logistics milestones for the Minim Martap Bauxite Project, including delivery and commissioning of 7 locomotives in Cameroon, with ore wagons scheduled to arrive mid-Q3 2026.

• Increased strategic stakes in Camrail (rail operator) to 26.9% and Terminal Bois du Port de Douala S.A. (port operator) to 42.8%, enhancing control over mine-to-port logistics.

• Surface miner mobilized to Daniel Plateau; mining to commence after land compensation discussions with local communities.

• Received a conditional off-market takeover bid from majority shareholder A2MP Investments FZCO; Board is reviewing and advises shareholders to await formal recommendation.

Financial highlights

• Cash and cash equivalents at 30 June 2026 were A$45.8 million, down from A$78.8 million in the previous quarter.

• Undrawn debt facility of US$65 million and A$46 million in cash available at quarter end.

• Net cash used in operating activities for the quarter was A$3.8 million; net cash used in investing activities was A$63.6 million.

• Financing activities provided A$35.2 million net cash inflow for the quarter.

• Estimated quarters of funding available is 42.2, indicating strong liquidity.

Outlook and guidance

• First rail wagons expected in Douala by mid-August 2026; Stage 1 rail fleet to enable 35,000 wMt/month transport capacity.

• Feasibility Study for proposed alumina refinery progressing as planned.

• Stage 2 expansion contingent on securing US$160 million additional funding, aiming to increase rail capacity to 105,000 wMt/month by early Q3 2027 and annual production to 2.1 million wMt by 2029.