Canyon Resources Limited has withdrawn its development schedule and fourth-quarter 2026 target for first bauxite shipment from the Minim Martap Bauxite Project in Cameroon, following a lender freeze on debt disbursements and equity funding restrictions tied to an unsolicited takeover bid from A2MP Investments FZCO.

Project financier AFG Bank Cameroon notified Canyon subsidiary Camalco Cameroon SA that it has suspended all further loan drawdowns under a secured syndicated credit facility initially established in May 2025. AFG Bank requires Camalco to submit an updated project development schedule, a reviewed financial model, and financial inputs within 15 days, alongside a lender site visit within 30 days. Camalco has drawn down approximately US$75 million of the approximately US$140 million facility, up from about US$26 million previously drawn.

The suspension coincides with funding constraints triggered by A2MP Investments' unsolicited takeover bid, which restricts Canyon's ability to execute equity capital raisings under Australian Securities Exchange listing rules during the bid period. Canyon held approximately A$31 million in cash as of July 31, 2026, and is implementing disciplined capital management measures to curtail non-essential cash outflows.

To navigate the funding squeeze and support a planned ramp-up to two million tonnes per annum, Canyon and its adviser Jefferies are pursuing alternative financing options, including offtake-linked prepayment structures, asset-level partnering, and equity alternatives.

Logistical preparations continue at the project. The first 60 of 160 ordered rail wagons are scheduled to arrive in Douala over the next eight weeks, with combined trials for seven locomotives and 60 wagons anticipated in the fourth quarter of 2026. The haulage road connecting the mine to the rail terminal is nearing completion, with remaining works expected within two weeks.

Meanwhile, Canyon's independent board committee and its advisers are preparing a formal response to the A2MP takeover bid within an upcoming target statement, while Chairman Mark Hohnen has deferred his retirement until the takeover process concludes.

Read the full announcement: Minim Martap Update