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2026-11-06
◂ Monitor CAY ASX

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

Narrative and provenance

Research & Sources

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Chronological evidenceSource-document inventory23 documents
Eligible local ASX CAY close, 25 September 2026Market Data · HighExtracted

Latest eligible local close selected by miners.reference_price: A$0.046 for one CAY ordinary share, volume 772,022, 25 September 2026.

Document ID
price-2026-09-25
Published UTC
2026-09-25T06:00:00Z
Projects
—
Commodities
—
Open original source ↗
Lapse of A2MP's Takeover OfferTransaction · HighPartial

Offer closed on 21 September and lapsed; all acceptances void. Registry shows 2,062,115,055 ordinary shares on 22 September.

Document ID
lapse-2026-09
Published UTC
2026-09-23T03:33:00Z
Projects
—
Commodities
—
Open original source ↗
IBC Charter undertaking to Takeovers PanelGovernance · MediumPartial

IBC amended insider access and lender communication controls during the A2MP bid.

Document ID
ibc-2026-09
Published UTC
2026-09-21T00:49:00Z
Projects
—
Commodities
—
Open original source ↗
Canyon Target Statement and independent expert reportTransaction · HighPartial

Independent board rejected A$0.05 bid; management restated DFS economics to US$538m post-tax NPV with much higher freight and lower C1 costs. Contains BDO independent expert report.

Document ID
target-2026-08
Published UTC
2026-08-31T03:30:00Z
Projects
minim-martap
Commodities
bauxite
Open original source ↗
Minim Martap UpdateFinancing · HighPartial

Lender suspended further debt drawdowns; Q4 shipment target withdrawn pending funding and transhipping. A$31m cash at July end, US$75m drawn.

Document ID
update-2026-08
Published UTC
2026-08-23T23:51:00Z
Projects
minim-martap
Commodities
bauxite
Open original source ↗
Amended Appendix 5BResults · HighPartial

Corrected item 8.5 to A$91.091m and total to A$136.909m; operating-only runway excludes construction capex and later drawdown suspension.

Document ID
amended-2026-08
Published UTC
2026-08-10T22:53:00Z
Projects
—
Commodities
—
Open original source ↗
Supplementary Bidder's StatementTransaction · MediumExtracted

Historical baseline; later disclosures supersede its decision inputs.

Document ID
bid-supp-2026-07
Published UTC
2026-07-31T08:39:21Z
Projects
minim-martap
Commodities
bauxite
Open original source ↗
Quarterly Activities/Appendix 5B Cash Flow ReportOperations · HighExtracted

Issuer or transaction disclosure reviewed for the indicated source-linked facts.

Document ID
quarter-2026-07
Published UTC
2026-07-31T01:02:09Z
Projects
minim-martap
Commodities
bauxite
Open original source ↗
Off-market takeover bid - Bidder's statementTransaction · HighExtracted

Issuer or transaction disclosure reviewed for the indicated source-linked facts.

Document ID
bid-2026-07
Published UTC
2026-07-29T01:45:15Z
Projects
minim-martap
Commodities
bauxite
Open original source ↗
Unsolicited Takeover Offer - Take No ActionTransaction · HighExtracted

Historical baseline; later disclosures supersede its decision inputs.

Document ID
issuer-bid-2026-07
Published UTC
2026-07-29T05:30:05Z
Projects
—
Commodities
—
Open original source ↗
Quarterly Activities/Appendix 5B Cash Flow ReportOperations · HighExtracted

Issuer or transaction disclosure reviewed for the indicated source-linked facts.

Document ID
quarter-2026-03
Published UTC
2026-04-22T23:24:47Z
Projects
minim-martap
Commodities
bauxite
Open original source ↗
Corporate PresentationPresentation · MediumExtracted

Historical baseline; later disclosures supersede its decision inputs.

Document ID
presentation-2026-03
Published UTC
2026-03-23T07:05:59Z
Projects
minim-martap
Commodities
bauxite
Open original source ↗
Notification of cessation of securities - CAYCorporate Action · MediumExtracted

Issuer or transaction disclosure reviewed for the indicated source-linked facts.

Document ID
cessation-2026-02
Published UTC
2026-02-18T09:23:32Z
Projects
—
Commodities
—
Open original source ↗
Quarterly Activities/Appendix 5B Cash Flow ReportOperations · MediumExtracted

Issuer or transaction disclosure reviewed for the indicated source-linked facts.

Document ID
quarter-2025-12
Published UTC
2026-01-26T22:16:53Z
Projects
minim-martap
Commodities
bauxite
Open original source ↗
Quarterly Activities/Appendix 5B Cash Flow ReportOperations · MediumExtracted

Issuer or transaction disclosure reviewed for the indicated source-linked facts.

Document ID
quarter-2025-09
Published UTC
2025-10-23T08:20:42Z
Projects
minim-martap
Commodities
bauxite
Open original source ↗
Annual Report to shareholdersResults · HighExtracted

Issuer or transaction disclosure reviewed for the indicated source-linked facts.

Document ID
annual-2025
Published UTC
2025-09-28T23:39:52Z
Projects
minim-martap
Commodities
bauxite
Open original source ↗
Definitive Feasibility Study Results and Reserves UpgradeStudy · HighExtracted

Issuer or transaction disclosure reviewed for the indicated source-linked facts.

Document ID
dfs-2025
Published UTC
2025-08-31T23:20:50Z
Projects
minim-martap
Commodities
bauxite
Open original source ↗
DFS Investor PresentationPresentation · MediumExtracted

Historical baseline; later disclosures supersede its decision inputs.

Document ID
dfs-presentation-2025
Published UTC
2025-08-31T23:32:00Z
Projects
minim-martap
Commodities
bauxite
Open original source ↗
Investor Webcast Minim Martap Definitive Feasibility StudyPresentation · LowExtracted

Historical baseline; later disclosures supersede its decision inputs.

Document ID
dfs-webcast-2025
Published UTC
2025-08-31T23:35:00Z
Projects
minim-martap
Commodities
bauxite
Open original source ↗
Acquisition Complete for 9.1% Stake in CAMRAIL S.ATransaction · HighExtracted

Issuer or transaction disclosure reviewed for the indicated source-linked facts.

Document ID
camrail-complete-2025
Published UTC
2025-03-17T23:53:56Z
Projects
minim-martap
Commodities
bauxite
Open original source ↗
Canyon to Acquire 9.1% Stake in CAMRAIL S.ATransaction · MediumExtracted

Issuer or transaction disclosure reviewed for the indicated source-linked facts.

Document ID
camrail-proposal-2025
Published UTC
2025-03-06T22:17:51Z
Projects
minim-martap
Commodities
bauxite
Open original source ↗
Canyon Signs Underwriting Agreement to Acquire Rolling StockEconomic Arrangement · HighExtracted

Issuer or transaction disclosure reviewed for the indicated source-linked facts.

Document ID
underwrite-2025
Published UTC
2025-01-27T21:59:59Z
Projects
minim-martap
Commodities
bauxite
Open original source ↗
Half Yearly Report and AccountsResults · LowExtracted

Historical baseline; later disclosures supersede its decision inputs.

Document ID
half-year-2023
Published UTC
2023-03-14T02:32:21Z
Projects
—
Commodities
—
Open original source ↗
Evidence facts67
rolling-underwriteEEA rolling stock loan underwriting

123956539 USD

2025-01-28
underwrite-feeUpfront underwriting fee

3718696 USD

2025-01-28
underwrite-interestContingent loan coupon

12 percent

2025-01-28
camrail-initial-announcedCamrail stake proposed

9.1 percent

2025-03-07
camrail-initial-completeCamrail initial stake completed

9.1 percent

2025-03-14
camrail-cost-initialCost of initial Camrail stake

3400000 AUD

2025-03-14
reserve-provedProved bauxite ore reserve

133300000 dry tonnes

2025-08-01
reserve-probableProbable bauxite ore reserve

10700000 dry tonnes

2025-08-01
resource-totalBauxite mineral resource including reserves

1102000000 dry tonnes

2025-08-01
dfs-npv-postDFS unlevered post-tax NPV6

521000000 USD

2025-09-01
dfs-npv-preDFS pre-tax NPV6

835000000 USD

2025-09-01
dfs-capexDFS total project capex

446000000 USD

2025-09-01
dfs-c1DFS life of mine C1 cost

38.56 USD/dmt

2025-09-01
dfs-priceDFS life of mine realised CIF price

78 USD/dmt

2025-09-01
fy25-cashFY25 cash

11477532 AUD

2025-06-30
fy25-lossFY25 statutory loss

-20183870 AUD

2025-06-30
fy25-sharesFY25 shares outstanding

1648450142 shares

2025-06-30
sep25-sharesSeptember 2025 shares outstanding

1784776795 shares

2025-09-17
annual-rosterCEO and company secretary baseline

Peter Secker; Kudzai Mtsambiwa None

2025-09-29
annual-camalcoCamalco subsidiary ownership at FY25

100 percent

2025-06-30
q2025-09-cashSeptember 2025 cash

30800000 AUD

2025-09-30
q2025-12-cashDecember 2025 cash

86000000 AUD

2025-12-31
oct25-placementCompleted October 2025 placement

35600000 AUD

2025-10-02
rights-lapsedPerformance rights lapsed

2000000 rights

2025-12-31
feb26-sharesOrdinary shares outstanding

2062115055 shares

2026-02-18
feb26-optionsUnlisted options outstanding

15000000 options

2026-02-18
q2026-03-cashMarch 2026 cash

78820000 AUD

2026-03-31
tranche2-rejectedProposed Tranche 2 equity rejected

170000000 AUD

2026-03-09
chair-transitionMark Hohnen transitioned to non-executive chairman

True None

2026-04-23
bid-priceA2MP conditional cash offer price

0.05 AUD/share

2026-07-29
bid-stakeBidder and associates voting power

55.56 percent

2026-07-29
bid-price-caseBidder premium price assessment

5 USD/dmt

2026-07-29
jun26-cashJune 2026 cash

45818000 AUD

2026-06-30
jun26-debtJune 2026 AFG facility drawn

113265000 AUD

2026-06-30
jun26-unusedJune 2026 undrawn AFG facility

91091000 AUD

2026-06-30
camrail-currentCamrail equity stake

26.9 percent

2026-06-30
tbpd-currentTBPD equity stake

42.8 percent

2026-06-30
project-interestCurrent project beneficial interest

90 percent

2026-06-30
stage2-fundingAdditional Stage 2 funding requirement

160000000 USD

2026-06-30
amended-fundingCorrected total available funding at June 30

136909000 AUD

2026-06-30
amended-runwayCorrected operating-only runway

36.3 quarters

2026-06-30
jul26-cashJuly 2026 cash

31000000 AUD

2026-07-31
jul26-debt-usdJuly 2026 AFG debt drawn

75000000 USD

2026-07-31
afg-suspensionAFG further drawdowns suspended

True None

2026-08-24
shipment-withdrawnQ4 2026 shipment target withdrawn

True None

2026-08-24
current-price-rangeCM Group project product price range

78-86 USD/dmt

2026-08-24
wagon-trialFirst 60 wagon and seven locomotive trials in Q4 2026

True None

2026-08-24
ceo-departurePeter Secker steps down as CEO on 30 August

True None

2026-08-30
updated-npvCompany updated post-tax project NPV

538000000 USD

2026-08-31
updated-capexUpdated project capex

494000000 USD

2026-08-31
updated-c1Updated C1 cost

34.22 USD/dmt

2026-08-31
updated-freightUpdated early freight forecast

35.6 USD/wmt

2026-08-31
updated-2027-prodUpdated 2027 wet tonnes in model

400000 wmt

2027-12-31
contracted-railContracted later rail tariff assumption

5.08 USD/wmt

2026-08-31
shares-targetOrdinary shares outstanding

2062115055 shares

2026-08-26
options-targetOptions outstanding

15000000 options

2026-08-26
ibc-undertakingIBC charter amended to restrict insider access

True None

2026-09-21
offer-lapsedA2MP bid closed and lapsed

True None

2026-09-21
sep26-sharesOrdinary shares outstanding

2062115055 shares

2026-09-22
price-closeUnadjusted ordinary-share close

0.046 AUD/share

2026-09-25
price-volumeSession volume

772022 shares

2026-09-25
prebid-closePre-bid close

0.087 AUD/share

2026-07-28
bid-day-closeBid announcement day close

0.06 AUD/share

2026-07-29
preupdate-closePre-update last eligible close

0.0525 AUD/share

2026-08-21
update-day-closeFunding-update day close

0.049 AUD/share

2026-08-24
prelapse-closePre-lapse close

0.049 AUD/share

2026-09-22
lapse-day-closeLapse announcement day close

0.05 AUD/share

2026-09-23
Conflicts requiring judgment2
  • June 2026 reported operating-only runway

    The 11 August amended Appendix 5B explicitly corrected original item 8.5 and the derived funding total and runway.

  • First bauxite shipment target

    The 24 August project update withdrew the earlier Q4 2026 first-shipment target pending funding and transhipping certainty.