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2026-11-06
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Canyon Resources Limited

DFS Unfunded Developer · Bauxite · Cameroon Rating locked: sign in to view v6.2
Last 2026-11-06
A$0.046
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$94.9M
EV
A$177.1M
Cash
A$31M
Debt
A$113.3M
4 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-07-31
Cash A$31M Unknown
Debt A$113.3M Net cash A$-82.3M
Basic shares 2.1B 2026-09-22
Runway Unknown Latest July cash A$31m; June drawn debt A$113.265m corresponds to about US$75m at the reported conversion. Nominal US$65m undrawn is excluded because AFG suspended drawdowns. Appendix 5B operating-only runway omits construction outflows and is not decision-useful.

Liquidity

Financial position

Pre-revenue with high development spending, suspended AFG drawdowns, and no binding replacement funding; liquidity depends on lender approval or new financing.

Capital structure

Ownership and dilution

Ordinary shares
2.1B
Fully diluted
2.1B

FY25 1,648,450,142 ordinary shares rose to 1,784,776,795 by 17 September 2025; plus October placement 136,923,077, Eagle Eye option exercises 137,415,183 and 3,000,000 director option exercises equals 2,062,115,055. The 2m rights lapsed; A$0.255 proposed options remain unissued. No bid acceptances survived the lapse.

Security classes2
ClassTypeQuantityStrikeExpiry
ASX ordinary fully paid sharesOrdinary Share2.1B——
Unlisted A$0.10 options expiring 8 October 2027Option15MA$0.12027-10-08

KPI history

Operating metrics

Source values by period
Operating metric source table3
MetricProjectPeriodPeriod typeValueStatus
OtherCompanyFY2025Year-20,183,870 AUD statutory lossReported
RevenueCompanyJune 2026 quarterQuarter0 AUD customer receiptsReported
OtherMinim MartapJune 2026 quarterQuarter37,195,000 AUD PP&E plus mine development spendingSource Derived
Company guidance2
MetricProjectPeriodLowHighStatus
First Shipmentminim-martapQ4 2026 previously—— dateWithdrawn
Integrated Rail Trialsminim-martapQ4 2026—— eventCurrent

Capital history

Capital events

3 events · newest first
DateEventAmountSharesPriceStatusTerms
2025-10-02Ann. 2025-09-25RaisingA$35.6M136.9M—Completed—
2026-03-09Ann. 2025-09-25RaisingA$170M——Cancelled—
2025-05-26DebtUS$140M——Ongoing—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Partial · as of 2026-09-26

FY25 annual and later ASX releases identify live strategic stakes, government interest and operating contracts. Several tariffs, volume commitments and EEA backstop status remain undisclosed; no binding offtake or hedge is evidenced.

The State takes a free 10% project interest; Canyon economics are attributed at 90%, with no second bridge deduction.

Free Carry · Active
Counterparties
State of Cameroon
Applies to
Minim Martap bauxite project · Bauxite
Economic direction
Burden
Period
Dates not stated
Key terms
State project equity: 10 percent
How it affects our valuation

No valuation treatment is available for this arrangement.

AFG debt funds infrastructure; drawn balance is a debt bridge deduction. Undrawn US$65m is suspended pending lender review.

Other · Active
Counterparties
AFG Bank Cameroon · participating lenders
Applies to
Minim Martap bauxite project · Bauxite
Economic direction
Mixed
Period
Dates not stated
Key terms
Facility: 140,000,000 USD
Drawn at July end: 75,000,000 USD
Coupon: 8 percent plus VAT
How it affects our valuation

No valuation treatment is available for this arrangement.

2025 standby underwriting was contingent on absence of third-party finance; later use or termination is not disclosed, so no duplicate funded debt is assumed.

Other · Unknown
Counterparties
Eagle Eye Asset Holdings Pte Ltd
Applies to
Minim Martap bauxite project · Bauxite
Economic direction
Benefit
Period
Dates not stated
Key terms
Maximum backstop: 123,956,539 USD
Fee: 3,718,696 USD
Contingent coupon: 12 percent
How it affects our valuation

No valuation treatment is available for this arrangement.

Minority rail-operator equity and board influence support capacity negotiations, but no independent dividend stream is evidenced.

Strategic Partnership · Active
Counterparties
CAMRAIL SA
Applies to
Minim Martap bauxite project · Bauxite
Economic direction
Benefit
Period
Dates not stated
Key terms
Equity interest: 26.9 percent
How it affects our valuation

No valuation treatment is available for this arrangement.

Port-operator minority equity supports access; distributions and market value are not disclosed.

Strategic Partnership · Active
Counterparties
Terminal Bois du Port de Douala SA
Applies to
Minim Martap bauxite project · Bauxite
Economic direction
Benefit
Period
Dates not stated
Key terms
Equity interest: 42.8 percent
How it affects our valuation

No valuation treatment is available for this arrangement.

Rail infrastructure capacity and services agreement supports mine-to-port logistics; contracted volume and tariff reset clauses are not public.

Other · Active
Counterparties
CAMRAIL SA
Applies to
Minim Martap bauxite project · Bauxite
Economic direction
Burden
Period
Dates not stated
Key terms
Long-run tariff assumption: 5.08 USD/wmt
How it affects our valuation

No valuation treatment is available for this arrangement.

Port access permits bauxite export and terminal development, subject to transhipping solution and operating costs.

Other · Active
Counterparties
Port Authority of Douala
Applies to
Minim Martap bauxite project · Bauxite
Economic direction
Benefit
Period
Dates not stated
Key terms
Port area: 65,000 sqm
How it affects our valuation

No valuation treatment is available for this arrangement.

Long-term contract mining agreement; contractor mobilised, but detailed rates are not public.

Other · Active
Counterparties
Sarvodaya
Applies to
Minim Martap bauxite project · Bauxite
Economic direction
Burden
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.

Long-term road haulage contract; detailed rates and minimum volumes are not public.

Other · Active
Counterparties
Ets Ali Baba
Applies to
Minim Martap bauxite project · Bauxite
Economic direction
Burden
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.

Long-term port operations contract reflected in the updated C1 estimate; transhipping is not yet contracted.

Other · Active
Counterparties
Africa Global Logistics
Applies to
Minim Martap bauxite project · Bauxite
Economic direction
Burden
Period
Dates not stated
Key terms
Port operating cost assumption: 2.2 USD/wmt
How it affects our valuation

No valuation treatment is available for this arrangement.

Locomotive maintenance agreement and seven delivered locomotives underpin Stage 1 rail service.

Other · Active
Counterparties
CRRC Ziyang
Applies to
Minim Martap bauxite project · Bauxite
Economic direction
Burden
Period
Dates not stated
How it affects our valuation

No valuation treatment is available for this arrangement.

Initial wagon supply signed; 400 expansion wagons remain only under letter of intent.

Other · Active
Counterparties
Texmaco Rail & Engineering
Applies to
Minim Martap bauxite project · Bauxite
Economic direction
Burden
Period
Dates not stated
Key terms
Firm initial wagons: 160 wagons
How it affects our valuation

No valuation treatment is available for this arrangement.