Canyon Resources has established an Independent Board Committee to evaluate an unsolicited off-market takeover bid from its majority shareholder, A2MP Investments FZCO, urging shareholders to take no action while the proposal is assessed.

A2MP, which holds a 55.6% interest in Canyon, has made an offer of A$0.05 per share for the ordinary shares it does not already own or control. The Independent Board Committee noted that the bid price represents a 42.5% discount to Canyon's last traded share price of A$0.087 on 28 July 2026, the day before the bidder lodged its statement.

Given A2MP’s existing majority shareholding and board representation, the Canyon Board formed the Independent Board Committee comprising solely independent directors. The committee has appointed law firm Thomsons and global investment bank Jefferies as its advisers.

The Independent Board Committee and its advisers are conducting a detailed assessment of the takeover bid, evaluating the value of Canyon's Minim Martap bauxite project in Cameroon, its associated infrastructure interests, and available funding pathways. Canyon holds a strategic 26.9% equity interest in Camrail, Cameroon's primary rail operator, to support logistics for Minim Martap, with the first bauxite shipment scheduled for the fourth quarter of 2026.

“The independent directors who make up the IBC are committed to ensuring the interests of all Canyon shareholders are protected and all shareholders benefit from the full value of Minim Martap. It is a responsibility and duty that the members of the IBC take very seriously.”

— Rory McGoldrick, Canyon Non-executive Director and IBC Chair

The Independent Board Committee will lodge its Target's Statement responding to the takeover bid in accordance with the Corporations Act timetable. The document will include the committee's formal recommendation and an Independent Expert's Report opining on whether the bid is fair and reasonable to shareholders not associated with A2MP.

Read the full announcement: Independent Board Committee advises Take No Action