Latest news with #MinimMartapBauxiteProject
Yahoo
21-05-2025
- Business
- Yahoo
Canyon to Receive Significant Capital Injection to Support Rapid Development of Minim Martap
Major Shareholder and Long-Term Supporter Eagle Eye Asset Holdings elects to exercise 350 million options for $24.5m PERTH, Australia, May 20, 2025 (GLOBE NEWSWIRE) -- Canyon Resources Limited (ASX: CAY) ('Canyon' or the 'Company') is pleased to advise that it has received an option exercise notice to exercise 350 million options for $24.5m from its major shareholder, Eagle Eye Asset Holdings Pte Ltd ('EEA' or 'Eagle Eye'). The Company will issue of 350 million fully paid ordinary shares (New Shares) to Eagle Eye following the exercise of the 350 million unquoted options at an exercise price of $0.07 each and after the receipt of $24.5 million expected by the end of May 2025. Upon the resulting issue following the exercise of the 350 million options, EEA's total holding in Canyon will increase to 54.7% and the Company's cash reserves will increase by $24.5m. On 27 December 2023, EEA were issued 500 million options exercisable at $0.07 each and expiring 26 December 2026, following the completion of a strategic investment of $24.7 million by EEA in December 2023 and approved by shareholders at the Company's AGM held on 29 November 2023. Exercising the options was conditional on the granting of the Mining Licence for the Minim Martap Bauxite Project ('Minim Martap' or 'the Project'), and the Company entering into binding contracts for port access and rail transportation of product on terms relevant to the Project and customary in the Central African market by the Company and counterparties. The final condition was satisfied on 28 April 2025. This investment comes at a pivotal time for the Company as it continues to successfully advance its world class flagship Minim Martap Project, toward production. Eagle Eye will retain 150 million unlisted options, each with an exercise price of $0.07 and expiring on 26 December 2026, representing a potential further capital investment of $10.5m in the Company. The commitment of capital by Eagle Eye follows the critical underwriting agreement to finance the purchase of rolling stock signed in February, reflecting their strong financial and long-term support of the Company, the leadership team and the development of Minim Martap. Funds to be received from the exercised options will strengthen Canyon's balance sheet, offering optionality and flexibility in predevelopment workstreams necessary for the development of Minim Martap. Proceeds from the exercised options will be used to fund the Definitive Feasibility Study (DFS) which is on schedule for completion in Q3 2025 and complete additional key development activities ahead of FID and construction at Minim Martap. Mr Mark Hohnen, Canyon Executive Chairman commented: 'Since receiving the critical Mining Licence in September 2024, we have worked extremely hard to complete and progress key workstreams to rapidly develop our flagship Minim Martap Bauxite Project. The exercise of 350m options for $24.5m by our highly supportive major shareholder, Eagle Eye Asset Holding, which were based on several key conditions, highlights the growth we have achieved and the ongoing execution of our growth strategy at Minim Martap. 'The substantial investments into Canyon and long-term support of EEA reflects the strong relationship we've built with them as a major shareholder and appreciative of the important role they continue to play in supporting the Company's growth and development. 'This investment provides Canyon with critical funding to support the Project's initial construction works, optimise critical infrastructure as part of our Mine-to-Port strategy, and advance the DFS towards completion later this year. 'Canyon is in a strong position to deliver on major work programs scheduled for the rest of the year with the goal of achieving first bauxite shipment in 2026. Importantly, our Board, management team, and Eagle Eye, are united with a common goal of establishing Minim Martap as a sustainable, long-term operation that unlocks significant value to the Company, Cameroon's economy, and shareholders alike.' This announcement has been approved for release by the Canyon's Board of Directors. Enquiries:Jean-Sebastien BoutetChief Executive OfficerCanyon Resources LimitedT +61 8 6385 2263E: info@ Cameron Gilenko Investor Relations & Media Sodali & CoT +61 6160 4909 E: Forward looking statements This announcement contains forward-looking statements. These statements can be identified by words such as 'anticipate', 'may', 'will', 'expect', 'intend', 'estimate', 'opportunity', 'plan', 'potential', 'project', 'seek', 'believe', 'could', 'future' and other similar words that involve risks and uncertainties. These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that are expected to take place. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, its directors and management that could cause the Company's actual results to differ materially from the results expressed or anticipated in these statements. The Company cannot and does not give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements contained in this announcement will actually occur and investors are cautioned not to place undue reliance on these forward-looking statements. The Company does not undertake to update or revise forward-looking statements, regardless of whether any new information, future events or any other factors affect the information contained in this announcement, except where required by applicable law and ASX requirements.
Yahoo
21-05-2025
- Business
- Yahoo
Canyon to Receive Significant Capital Injection to Support Rapid Development of Minim Martap
Major Shareholder and Long-Term Supporter Eagle Eye Asset Holdings elects to exercise 350 million options for $24.5m PERTH, Australia, May 20, 2025 (GLOBE NEWSWIRE) -- Canyon Resources Limited (ASX: CAY) ('Canyon' or the 'Company') is pleased to advise that it has received an option exercise notice to exercise 350 million options for $24.5m from its major shareholder, Eagle Eye Asset Holdings Pte Ltd ('EEA' or 'Eagle Eye'). The Company will issue of 350 million fully paid ordinary shares (New Shares) to Eagle Eye following the exercise of the 350 million unquoted options at an exercise price of $0.07 each and after the receipt of $24.5 million expected by the end of May 2025. Upon the resulting issue following the exercise of the 350 million options, EEA's total holding in Canyon will increase to 54.7% and the Company's cash reserves will increase by $24.5m. On 27 December 2023, EEA were issued 500 million options exercisable at $0.07 each and expiring 26 December 2026, following the completion of a strategic investment of $24.7 million by EEA in December 2023 and approved by shareholders at the Company's AGM held on 29 November 2023. Exercising the options was conditional on the granting of the Mining Licence for the Minim Martap Bauxite Project ('Minim Martap' or 'the Project'), and the Company entering into binding contracts for port access and rail transportation of product on terms relevant to the Project and customary in the Central African market by the Company and counterparties. The final condition was satisfied on 28 April 2025. This investment comes at a pivotal time for the Company as it continues to successfully advance its world class flagship Minim Martap Project, toward production. Eagle Eye will retain 150 million unlisted options, each with an exercise price of $0.07 and expiring on 26 December 2026, representing a potential further capital investment of $10.5m in the Company. The commitment of capital by Eagle Eye follows the critical underwriting agreement to finance the purchase of rolling stock signed in February, reflecting their strong financial and long-term support of the Company, the leadership team and the development of Minim Martap. Funds to be received from the exercised options will strengthen Canyon's balance sheet, offering optionality and flexibility in predevelopment workstreams necessary for the development of Minim Martap. Proceeds from the exercised options will be used to fund the Definitive Feasibility Study (DFS) which is on schedule for completion in Q3 2025 and complete additional key development activities ahead of FID and construction at Minim Martap. Mr Mark Hohnen, Canyon Executive Chairman commented: 'Since receiving the critical Mining Licence in September 2024, we have worked extremely hard to complete and progress key workstreams to rapidly develop our flagship Minim Martap Bauxite Project. The exercise of 350m options for $24.5m by our highly supportive major shareholder, Eagle Eye Asset Holding, which were based on several key conditions, highlights the growth we have achieved and the ongoing execution of our growth strategy at Minim Martap. 'The substantial investments into Canyon and long-term support of EEA reflects the strong relationship we've built with them as a major shareholder and appreciative of the important role they continue to play in supporting the Company's growth and development. 'This investment provides Canyon with critical funding to support the Project's initial construction works, optimise critical infrastructure as part of our Mine-to-Port strategy, and advance the DFS towards completion later this year. 'Canyon is in a strong position to deliver on major work programs scheduled for the rest of the year with the goal of achieving first bauxite shipment in 2026. Importantly, our Board, management team, and Eagle Eye, are united with a common goal of establishing Minim Martap as a sustainable, long-term operation that unlocks significant value to the Company, Cameroon's economy, and shareholders alike.' This announcement has been approved for release by the Canyon's Board of Directors. Enquiries:Jean-Sebastien BoutetChief Executive OfficerCanyon Resources LimitedT +61 8 6385 2263E: info@ Cameron Gilenko Investor Relations & Media Sodali & CoT +61 6160 4909 E: Forward looking statements This announcement contains forward-looking statements. These statements can be identified by words such as 'anticipate', 'may', 'will', 'expect', 'intend', 'estimate', 'opportunity', 'plan', 'potential', 'project', 'seek', 'believe', 'could', 'future' and other similar words that involve risks and uncertainties. These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that are expected to take place. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, its directors and management that could cause the Company's actual results to differ materially from the results expressed or anticipated in these statements. The Company cannot and does not give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements contained in this announcement will actually occur and investors are cautioned not to place undue reliance on these forward-looking statements. The Company does not undertake to update or revise forward-looking statements, regardless of whether any new information, future events or any other factors affect the information contained in this announcement, except where required by applicable law and ASX in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
01-04-2025
- Business
- Yahoo
ASX Penny Stocks With Market Caps Over A$60M
The Australian market is poised for a rebound after a challenging start to the week, with ASX 200 futures indicating a potential rise alongside positive movements on Wall Street. In such fluctuating markets, discerning investors often look beyond established giants to explore opportunities in less conventional areas like penny stocks. Although the term may seem outdated, penny stocks represent smaller or newer companies that can offer intriguing prospects for growth and value when backed by strong financials and solid fundamentals. Name Share Price Market Cap Financial Health Rating CTI Logistics (ASX:CLX) A$1.61 A$125.6M ★★★★☆☆ Accent Group (ASX:AX1) A$1.795 A$1.02B ★★★★☆☆ EZZ Life Science Holdings (ASX:EZZ) A$1.55 A$73.12M ★★★★★★ IVE Group (ASX:IGL) A$2.39 A$369.24M ★★★★★☆ GTN (ASX:GTN) A$0.61 A$119.79M ★★★★★★ West African Resources (ASX:WAF) A$2.32 A$2.64B ★★★★★★ Bisalloy Steel Group (ASX:BIS) A$3.18 A$150.89M ★★★★★★ Regal Partners (ASX:RPL) A$2.29 A$768.06M ★★★★★★ NRW Holdings (ASX:NWH) A$2.75 A$1.26B ★★★★★☆ LaserBond (ASX:LBL) A$0.38 A$44.59M ★★★★★★ Click here to see the full list of 966 stocks from our ASX Penny Stocks screener. Here we highlight a subset of our preferred stocks from the screener. Simply Wall St Financial Health Rating: ★★★★☆☆ Overview: Canyon Resources Limited, along with its subsidiaries, focuses on the exploration and development of mineral properties in West Africa and has a market capitalization of A$327.10 million. Operations: Canyon Resources Limited does not report any specific revenue segments. Market Cap: A$327.1M Canyon Resources is a pre-revenue company focused on developing its Minim Martap Bauxite Project in Cameroon. Despite having less than a year of cash runway, the company is debt-free and has short-term assets exceeding liabilities by A$14.6 million. Recent developments include its addition to the S&P/ASX All Ordinaries and Emerging Companies Indexes, reflecting growing market recognition. The upcoming Definitive Feasibility Study aims to confirm project viability, with strategic partnerships being pursued for long-term sales agreements. However, management changes indicate an evolving leadership team as Canyon progresses towards potential production by 2026. Get an in-depth perspective on Canyon Resources' performance by reading our balance sheet health report here. Evaluate Canyon Resources' historical performance by accessing our past performance report. Simply Wall St Financial Health Rating: ★★★★★★ Overview: Dusk Group Limited operates as a retailer of scented and unscented candles, home decor, home fragrances, and gift solutions in Australia with a market cap of A$69.74 million. Operations: The company's revenue is primarily generated from retail sales in the home fragrances and accessories segment, amounting to A$136.31 million. Market Cap: A$69.74M Dusk Group Limited, with a market cap of A$69.74 million, has shown resilience in the competitive retail sector despite recent challenges. The company reported half-year sales of A$87.39 million, an increase from the previous year, and net income rose to A$9.55 million. However, earnings growth has been negative over the past year at -9.7%, and profit margins have slightly decreased to 4.2%. Dusk is debt-free and maintains strong short-term asset coverage over liabilities (A$56.5M vs A$36.2M). Recently announced dividends highlight shareholder returns but remain inadequately covered by earnings due to profitability pressures. Click to explore a detailed breakdown of our findings in Dusk Group's financial health report. Examine Dusk Group's earnings growth report to understand how analysts expect it to perform. Simply Wall St Financial Health Rating: ★★★★★★ Overview: Perenti Limited is a global mining services company with a market capitalization of A$1.24 billion. Operations: Perenti's revenue is primarily derived from Contract Mining Services, which accounts for A$2.50 billion, followed by Drilling Services at A$750.65 million and Mining Services and Idoba contributing A$229.77 million. Market Cap: A$1.24B Perenti Limited, with a market cap of A$1.24 billion, is navigating the mining services sector with mixed results. While its debt is well covered by operating cash flow and short-term assets exceed liabilities, recent earnings have declined compared to the previous year. The company has shown significant profit growth over five years but faced negative earnings growth in the past year. Return on equity remains low at 5.6%, and profit margins have dipped to 2.5%. Despite these challenges, Perenti increased its dividend from 2 cents to 3 cents per share, reflecting confidence in future cash generation potential. Jump into the full analysis health report here for a deeper understanding of Perenti. Explore Perenti's analyst forecasts in our growth report. Discover the full array of 966 ASX Penny Stocks right here. Ready To Venture Into Other Investment Styles? We've found 21 US stocks that are forecast to pay a dividend yeild of over 6% next year. See the full list for free. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include ASX:CAY ASX:DSK and ASX:PRN. Have feedback on this article? Concerned about the content? with us directly. Alternatively, email editorial-team@
Yahoo
19-03-2025
- Business
- Yahoo
Acquisition Complete for 9.1% Stake in CAMRAIL S.A
Canyon Continues to Advance its Mine-to-Port Logistics Strategy, as it Develops the Minim Martap Bauxite Project Toward Production PERTH, Australia, March 18, 2025 (GLOBE NEWSWIRE) -- Canyon Resources Limited (ASX: CAY) ('Canyon' or the 'Company') is pleased to announce that its wholly owned in-country subsidiary, Camalco Cameroon SA ('Camalco'), has acquired the 5.3% equity interest in CAMRAIL SA ('Camrail') from Total Energies Marketing Cameroun SA ('Total Cameroon'). Refer to the Company's ASX announcement dated 7 March 2025 for further information. The acquisition with Total Cameroon was finalised on 14 March 2025, following the internal approval by the Apex Committee of Total Cameroon. Camalco has now successfully secured a strategic 9.1% holding in Camrail, having previously completed the acquisition of a 3.8% interest from Societe d'Exploitation des Bois du Cameroun ('SEBC') on 28 February 2025. The total consideration for the combined acquisitions amounted to XAF 1,388,550,000 (approximately A$3.4 million), funded from the Company's existing cash reserves. Completion of these strategic transactions with Total Cameroon and SEBC provides Camalco a direct stake in Cameroon's rail infrastructure operator and importantly, secures the Company a seat on the Camrail Board. This strategic investment is a critical step in Canyon's broader objective of establishing an efficient transport and logistics network to support the development of its world-class Minim Martap Bauxite Project. Minim Martap ranks among the world's richest bauxite deposits, with an Ore Reserve of 109Mt at 51.1% Al2O3 and 2.0% SiO2 and a JORC Mineral Resource Estimate of 1,027Mt at 45.3% Al2O3. Ore (MT) Alumina (Al2O3) Silica (SiO2) Total Mineral Reserves (Proved)1 109 51.1% 2.0% Total Mineral Resources2 1,027 45.3% 2.7% Measured 382 47.3% 2.7% Indicated 597 44.2% 2.7% Inferred 48 43.2% 3.7% (1) Mineral Reserves reported as per JORC Code(2) Mineral Resources reported as per JORC Code, at a cut-off grade of 35% Al2O3 - Makan & Ngaoundal tenements not included Minim Martap Ore Reserve Statement (2022 BFS) & Mineral Resources Estimate Mr Jean-Sebastien Boutet, Canyon Chief Executive Officer commented: "We are pleased to have successfully completed our 9.1% acquisition in Camrail and to now be working alongside its existing shareholders, the State of Cameroon and Africa Global Logistics. This investment is a major step forward in de-risking the logistics pathway for Minim Martap, and I want to acknowledge the continued dedication of the Canyon and Camalco team as we push towards first production in 2026. "Minim Martap is a world-class, tier-one bauxite project, with the potential to become a long-term, low-cost supplier into a growing and supply-constrained market. With our Definitive Feasibility Study on track for completion in Q3 2025, mine planning progressing as scheduled, and Integrated Rail Facility engineering underway, we are making tangible strides toward project execution. 'Importantly, we are also advancing discussions regarding delivery schedules for rolling stock and progressing negotiations on port facilities. In addition, the initial phase of our two-stage ramp-up has successfully commenced, reflecting our commitment to ensuring a structured and efficient development pathway for the project. We remain focused on securing the remaining rail and port agreements and look forward to providing further updates as we continue to execute on our strategy.' Camrail transport route (source: This announcement has been approved for release by the Canyon's Board of Directors. Enquiries: Jean-Sebastien BoutetChief Executive OfficerCanyon Resources LimitedT +61 8 6385 2263E: info@ Cameron Gilenko Investor Relations & Media Sodali & CoT +61 6160 Forward looking statements This announcement contains forward-looking statements. These statements can be identified by words such as 'anticipate', 'may', 'will', 'expect', 'intend', 'estimate', 'opportunity', 'plan', 'potential', 'project', 'seek', 'believe', 'could', 'future' and other similar words that involve risks and uncertainties. These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that are expected to take place. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, its directors and management that could cause the Company's actual results to differ materially from the results expressed or anticipated in these statements. The Company cannot and does not give any assurance that the results, performance or achievements expressed or implied by the forward-looking statements contained in this announcement will actually occur and investors are cautioned not to place undue reliance on these forward-looking statements. The Company does not undertake to update or revise forward-looking statements, regardless of whether any new information, future events or any other factors affect the information contained in this announcement, except where required by applicable law and ASX requirements. Mineral Resources and Ore Reserves The information in this announcement that relates to the Mineral Resources and Ore Reserves at the Minim Martap Bauxite Project has been extracted from the ASX releases by Canyon entitled 'Minim Martap Mineral Resource Estimate upgrade adds Measured Resource' dated 11 May 2021, and 'Positive BFS for Canyon's Minim Martap Bauxite Project' dated 21 June 2022, available at and (Canyon Releases). Canyon confirms that it is not aware of any new information or data that materially affects the information included in the Canyon Releases and that all material assumptions and technical parameters underpinning the estimates in the Canyon Releases continue to apply and have not materially changed. A photo accompanying this announcement is available at in to access your portfolio
Yahoo
20-02-2025
- Business
- Yahoo
Canyon Bolsters Board with Appointment of Dean Horton
Appointment of Non-exec Director Dean Horton PERTH, Australia, Feb. 20, 2025 (GLOBE NEWSWIRE) -- Canyon Resources Limited (ASX: CAY) ('Canyon' or the 'Company') is pleased to announce the appointment of Mr. Dean Horton as Non-Executive Director commencing his role on 19 February 2025. Mr. Horton's appointment supports the Board's strategy of attracting and building a proven, diversified and highly-credentialed team of industry professionals who can grow and develop the Company's Minim Martap Bauxite Project, located in Cameroon, through development and into production. Mr. Horton is a senior corporate finance professional with over 25 years of international experience in the development and financing of energy, natural resource and infrastructure projects. Mr. Horton has held senior roles with leading financial institutions across Australia, Africa, the Gulf Region, Hong Kong and Indonesia. An emerging markets expert, Mr. Horton brings a network of international relationships spanning sovereigns and financial institutions across renewable energy, natural resources, and sustainable investment sectors. Mr. Horton previously served as Group Manager of Funding at Fortescue, where he led the team responsible for corporate finance solutions for decarbonisation, the global portfolio of domestic and international green energy development projects and offshore iron ore projects in Africa. Prior to his tenure at Fortescue, Mr. Horton held several positions at the National Australia Bank. As General Manager of Group Corporate Development, Mr. Horton spearheaded NAB's entry into Indonesia, obtaining regulatory approvals and leading M&A initiatives. In addition, Mr. Horton led the establishment of a Hong Kong based project finance team supporting over US$ 7 billion in infrastructure, energy and mining projects across Asia and the Gulf, and was a member of the corporate finance/ special situations team at Ahli United Bank, managing a US$3.5 billion global emerging market portfolio. Most recently, Mr. Horton was the Chief Financial Officer of Greatland Gold (LON: GGP) where he supported the significant equity and working capital raise, and associated hedging, for the US$475 million Telfer and Havieron acquisition from Newmont. A Zambian national, Mr. Horton holds a Bachelor of Commerce in Banking and Finance, with Honours, and his thesis on modelling Australian interest rates was published by the Australian Economic Review in 1999. Mark Hohnen, Executive Chairman of Canyon commented: 'We are delighted to welcome Dean as Non-Executive Director, with his appointment bringing significant project financing expertise and international leadership, which will be increasingly invaluable as we continue to grow and develop our world-class Minim Martap Bauxite Project into production. 'Attracting and appointing someone of Dean's calibre is testament to Canyon's reputation within the bauxite industry and exciting future prospects for the Company, as we make rapid progress toward production. Dean's experience across international jurisdictions and strong relationships within the global natural resources sector will provide critical support as we enter this next phase of exciting growth and set the foundations for the Company as a near-term bauxite producer. 'The Board is committed to ensuring that Minim Martap is positioned to become a tier-one, long term bauxite producer, delivering strong and sustainable value for all stakeholders. Dean's appointment further strengthens our leadership at a pivotal time and we look forward to working with him as we continue to build momentum towards production.' This announcement has been approved for release by the Canyon Resources' Board of Directors. Enquiries: Jean-Sebastien Boutet Cameron Gilenko Chief Executive Officer Investor Relations & Media Canyon Resources Limited Sodali & Co T +61 8 6385 2263 T +61 6160 4909 E: info@ A photo accompanying this announcement is available at
