Canyon Resources Secures $24.5M from Major Shareholder EEA to Advance Cameroon Bauxite Project

Published: May 20, 2025 10:25

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[Canyon Resources Secures $24.5M Investment from Major Shareholder to Advance Bauxite Project]
On May 20, 2025, Canyon Resources Ltd. announced it will receive a $24.5 million investment from its major shareholder, Eagle Eyeset Holdings (EEA), to support development of the Minim Martap bauxite project in Cameroon. EEA exercised 350 million unlisted options at $0.07 per share, increasing its stake in Canyon to approximately 54.7%. These options, issued in December 2023, were contingent upon Canyon securing a mining license and entering binding agreements for rail and port access, all of which were fulfilled by April 28, 2025.

The funds will strengthen Canyon’s balance sheet and support pre-development work, including completion of the definitive feasibility study by Q3 2025 and advancing toward a final investment decision. EEA retains an additional 150 million options, potentially worth another $10.5 million. Canyon aims to begin construction soon and achieve its first bauxite shipment in 2026, with EEA continuing to demonstrate strong financial and strategic backing.

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