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【Ferro-alloys.com】: ASX-listed Canyon Resources has received notice that a major shareholder Eagle Eye Asset Holdings (EEA) intends to exercise 350-million options, providing a $24.5-million investment in Canyon for use in advancing its Minim Martap bauxite project, in Cameroon.

Canyon says it will issue 350-million new fully paid ordinary shares to EEA 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.

Upon the resulting issue, EEA’s total holdings in Canyon will increase to 54.7%.

On December 27, 2023, EEA was issued 500-million options exercisable at $0.07 each and expiring December 26, 2026, following the completion of a strategic investment of $24.7-million.

Canyon notes that exercising the options was conditional on the granting of the mining licence for the Minim Martap bauxite project and Canyon 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 April 28 this year.

Canyon says this investment comes at a pivotal time for the company as it continues to successfully advance its flagship Minim Martap project, toward production.

EEA will retain 150-million unlisted options, each with an exercise price of $0.07 and expiring on December 26, 2026, representing a potential further capital investment of $10.5-million in Canyon.

Canyon says the commitment of capital by EEA follows the critical underwriting agreement to finance the acquisition 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 the third quarter of this year, and to complete additional key development activities ahead of final investment decision (FID) and construction at Minim Martap.

“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,” says Canyon executive chairperson Mark Hohnen.

He says the exercise of 350-million options for $24.5-million by the company’s “highly supportive” major shareholder EEA highlights the growth Canyon has achieved and the ongoing execution of its growth strategy at Minim Martap.

He adds that this investment provides Canyon with critical funding to support the project’s initial construction works, optimise critical infrastructure as part of Canyon’s mine-to-port strategy, and advance the DFS towards completion later this year.

“Canyon is in a strong position to deliver on major work programmes scheduled for the rest of the year with the goal of achieving the first bauxite shipment in 2026.

“Importantly, our board, management team and EEA 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,” says Hohnen. 

• [Editor:Alakay]