Ann: Minim Martap Project Update, page-6

IMO, today's notice has proved two things:

1. Management does not always update market of things it has done. The ESIA was submitted on 1 June but market is only updated today, over a week later. I think CAY management has no intention to update the market of this ESIA submission at all, otherwise today's notice would have been issued over a week ago. May be it believes the Specifications Agreement signed up with Cameroon is a far more significant news, which is, hence no need to announce the ESIA submission, but is prompted to do so by shareholders and non-holders who expressed concerns at HC or elsewhere.

2. The high level of confidence Cameroon has in Canyon because the Specifications Agreement was signed on 17 May, two weeks before the ESIA was submitted. Apparently Cameroon did not think it's necessary to wait for the ESIA before signing up of such an important Agreement. Canyon Management must have done a good job to have earned that confidence from Cameroon.

As with the ESIA, please note the third bullet point:

▪ The ESIA recommends proceeding with development of the Minim Martap Bauxite Projectgiven theidentification of positive benefits to the regional population and no significant adverse impacts from theproject.

Excellent!!

Looking forward to the next announcement. It could be the real big news we are waiting for, i.e. signed up of financial partners!

Good luck to all.