Eagle Eye Pumps $24.5m into Canyon Resources to Fast-Track Minim Martap

Capital Injection Signals Confidence

Canyon Resources Limited has received a significant capital injection from its major shareholder, Eagle Eye Asset Holdings, which has exercised 350 million options at an exercise price of 7 cents each. This move injects $24.5 million into Canyon, bolstering the company’s cash reserves as it pushes forward with the development of its flagship Minim Martap Bauxite Project in Cameroon.

Following this transaction, Eagle Eye’s ownership stake in Canyon will increase to 54.7%, consolidating its position as the dominant shareholder. This capital raise is not just a financial boost but a strong vote of confidence from a long-term supporter, underpinning the company’s strategic growth plans.

Milestones Unlock Funding

The option exercise was contingent on key project milestones, including the granting of the Mining Licence for Minim Martap and the finalisation of binding contracts for port access and rail transportation, critical infrastructure components for the project’s logistics. These conditions were met by late April 2025, enabling Eagle Eye to proceed with the option exercise.

This structured approach to funding ties capital injections directly to project progress, reducing risk and aligning shareholder interests with operational milestones. Eagle Eye still retains 150 million unlisted options, representing a potential further investment of $10.5 million, signaling ongoing support.

Advancing Toward Production

The funds raised will primarily support the Definitive Feasibility Study (DFS), which remains on track for completion in the third quarter of 2025. This study is a critical step toward the final investment decision (FID) and the commencement of construction activities at Minim Martap.

With the DFS and predevelopment workstreams funded, Canyon aims to achieve its goal of first bauxite shipment in 2026. The project’s development is expected to unlock significant value not only for the company and its shareholders but also for the Cameroonian economy, given the scale and strategic importance of the bauxite resource.

Strategic Partnership and Future Outlook

Executive Chairman Mark Hohnen highlighted the importance of Eagle Eye’s ongoing support, describing the relationship as a cornerstone of Canyon’s growth strategy. The partnership extends beyond capital, encompassing underwriting agreements and infrastructure optimisation as part of a comprehensive mine-to-port strategy.

As Canyon moves closer to production, the alignment between management, the board, and Eagle Eye suggests a unified vision for establishing Minim Martap as a sustainable, long-term operation. This capital injection marks a pivotal moment in the project’s lifecycle, setting the stage for the next phase of development.