Key Events- Board restructure saw Mark Hohnen and Scott Phegan...

Key Events
- Board restructure saw Mark Hohnen and Scott Phegan join to replace Cliff
Lawrenson, Phillip Gallagher and Steven Zaninovich
- Positive discussions with critical government and community officials continued
during the quarter
- Several potential strategic partners have been identified and discussions
regarding partnership agreements have begun

Canyon Resources Limited (ASX: CAY) (“Canyon” or “the Company”) is pleased to report on activities at its
projects including its 100%-owned Minim Martap Bauxite Project (“Minim Martap” or "the Project”) in
Cameroon, for the quarter ended 30 September 2022.

MINIM MARTAP BAUXITE PROJECT (100% CAY)
During the Quarter, the Company continued to look to build on progress and momentum gathered by the
release of its positive Bankable Feasibility Study for the Project in June 2022.
Canyon attended meetings with senior Cameroon Government officials with a view to securing approvals
for the grant of the Mining Permit for the development of the Project as well as continuing discussions with
parties interested in pursuing joint venture and strategic partner arrangements.
Application for Mining Permit

Camalco Cameroon SA (Camalco), Canyon’s wholly owned subsidiary in Cameroon, has completed the
application process in Cameroon for the grant of the Mining Permit for development of the Project and all
applications and negotiations have been successfully completed and submitted. Canyon’s capacity to
develop the Project has likewise been accepted by His Excellency the Minister of Mines, Industry and
Technological Development. Notably, the period for the Government of Cameroon to object to the
processing and approval of the Mining Permit application has passed.

Canyon management, including Chief Executive Officer, Mr Jean-Sebastien Boutet, continue to hold
positive and constructive meetings with representatives of the Cameroon Government, including Prime
Minister Ngute, who has personally expressed his support for the Project during the latest meetings.
Canyon continues to actively lobby at all levels of government for the signing of the Mining Convention
which remains the major focus of the Company and its management.

Joint Venture and Strategic Partner Process
Since the release of the Minim Martap Buaxit Project BFS, Canyon has seen increasingly strong interest
from potential joint venture and strategic partners. The robust economics outlined by the BFS and the
mining scheduling have highlighted the world class nature of the Project to offer long term, stable, highgrade bauxite. Importantly, refinery operators who are seeking a hedge against market and political

volatility are generally seeking long term, stable, high-grade product. During the quarter, conversations
have continued with multiple potential partners who are interested in the Minim Martap Bauxite Project
with a very to securing long term supply.


The Company expects to commence a formal process of negotiations with potential partners, including off take and strategic funding or equity partners in the near term.