Ann: Canyon executes strategic agreement for BFS, page-153

Agree with MTB.

If you don’t meet your lease agreements in Australia you lose the rights to the lease. Same goes with any other country.

Before CAY were given the exploration rights mid 2018, you don’t think the Chinese were in there trying to cut the project out from Canyon, absolutely they were, yet the Cameroon government honoured their promised commitment to allocate it to Canyon.

Cameroon are in the early stages of developing their mining industry. If the government were to begin to corruptly and illegally swipe assets away, you can be assured most of the foreign investment, both in terms of dollars and expertise would disappear.

Remember also, this isn’t some 150k oz gold mining outfit. It’s the biggest, richest and purist grade bauxite undeveloped bauxite deposit on the planet and everyone is watching. It would be absolute stupidity to steal it away.

One more thing. This is a major game changing domestic project and it would take a big participation of figures, including high profile, to have to be involved to successfully steal the asset away. Not going to happen!!

I’ve never had an issue with the Cameroon government, always felt safe and they have been nothing but supportive and committed to Canyon, resulting in a productive and friendly working relationship.

The risks with Canyon is not sovereign or the project metrics. It’s macro markets, however in my opinion that will not unfold for some time yet.

Canyon has never been a mum’s and dads stock. Sentimentally bauxite is dismissed and the project and industry is too complex for novice investors to understand. I also believe the false perception of Cameroon being very risky just because it’s an African state plays a part in why that sector of the market has largely dismissed it as well.