From GlobeNewswire: 2025-05-25 22:32:00

Canyon Resources Limited has secured a credit facility of XAF 82,000,000,000 (~US$140M) from AFG Bank Cameroon for the Minim Martap Bauxite Project in Cameroon. The funds will be used for infrastructure development and acquisitions. Key terms include an 8-year repayment period and a fixed interest rate of 8.00% per annum. The drawdown is expected in Q3, 2025. AFG Bank CM, part of Atlantic Group, is a top bank in Cameroon with expertise in structured financing. Canyon aims to make its first bauxite shipment from Minim Martap in 1H 2026, following successful project development milestones.

The credit facility will be used exclusively for designated mining rail and transport infrastructure, with security including a first-ranking mortgage over mining concessions and equipment. Canyon Resources Limited is now in a strong financial position to fund Stage One operations at Minim Martap, thanks to the credit facility and funds from Eagle Eye Asset Holdings Pte Ltd. Canyon is focused on making a Final Investment Decision for the project and completing the Definitive Feasibility Study, with a goal of growing the company in size, scale, and valuation.



Read more at GlobeNewswire: ~US$140M Credit Facility Secured for the Minim Martap