Ann: Commencement of Minim Martap Mining Convention Negotiations, page-2

Looks like we're at the pointy end


Canyon’s Managing Director, Mr Phillip Gallagher and the Company’s legal counsel will attend negotiations
in Yaounde and other regional locations in Cameroon throughout November, with a final joint site visit
planned for early December 2021. Following completion of negotiations and consultations, it is expected
Canyon will have an agreed Mining Convention with the Ministry of Mines.

Commenting on the Mining Convention Negotiations, Canyon’s Managing Director, Mr Phillip Gallagher
said, “The commencement and finalisation of negotiations for the Mining Convention is an important pre construction milestone for the Minim Martap Project.

This is the culmination of the last 3 years work since
being granted the Project. Over this period of time, the Canyon and Camalco teams have achieved an
enormous amount, including identifying a JORC compliant 1 billion tonne reserve and a very high grade 100
million tonne proven reserve, along with the completion of the ESIA and logistical studies.”

“I am very proud of our team and the high quality of work completed on the Minim Martap Project.
Completing a Mining Convention this year would be a great result over what has been a very hard year with
global COVID-19 restrictions.