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Canyon Resources’ Minim Martap bauxite project in Cameroon has hit a fresh financing hurdle after AFG Bank Cameroon suspended further drawdowns under the project’s loan facility, prompting the company to withdraw its previously announced first-shipment timeline. The development comes as Canyon also faces funding constraints linked to the takeover bid from A2MP Investments FZCO. Canyon said its Cameroon-based subsidiary, Camalco Cameroon, received formal notice from AFG Bank that further disbursements under the loan facility would be suspended. The lender wants to complete a review of the Minim Martap project development schedule, financial model and other financial inputs, as well as conduct a site visit, before releasing additional funds. The funding pause is significant because the project has been progressing towards mining and export infrastructure, with Canyon previously targeting its first bauxite shipment in the fourth quarter of 2026.

Canyon Resources has requested a voluntary trading halt in its securities on the Australian Securities Exchange as it prepares an update on the development schedule and funding position of its Minim Martap Bauxite Project in Cameroon. The upcoming announcement will be closely watched because Canyon’s project timeline has changed during 2026. In June, the company said mining was scheduled to begin in the third quarter of 2026, while the first bauxite shipment remained targeted for the fourth quarter. That schedule depends on several linked workstreams, including trial mining, completion of the ore haulage road and Inland Rail Facility, rail commissioning, and upgrades to port infrastructure at Douala. Canyon said in June that locomotives had arrived in Cameroon and that a six- to eight-week commissioning, testing and operator-training programme would follow. The first 60 rail wagons were scheduled to arrive in mid-August, with the remaining 100 wagons expected in the late third quarter.