Ann: Investor Webinar, page-88

(Business in Cameroon) - On March 9, Canyon Resources announced the conclusion of a service agreement with Belgian rail engineering expert Vecturis for the Minim Martap bauxite project.

Per the terms of the said agreement, Vecturis will provide its expertise to the Bankable Feasibility Study (BFS) currently underway on the project. Specifically, the company will ensure that the process being elaborated for the transport of bauxite from the production site to the port of Douala are as efficient as possible. It will particularly focus on the ore loading and unloading processes, which will have a significant impact on the volume of ore transported yearly, we learn.

 "It is a unique situation where senior Vecturis executives previously run the Camrail business and know the rail line and the operation well. The appointment of Vecturis complements the BFS team and will ensure an optimal solution for the critical rail section of the project logistics," commented James Durrant, Canyon’s Director of Projects.

Let’s note that in November 2020, Canyon Resources signed a memorandum of understanding with Camrail for the transportation of 5 million tons of bauxite from Minim Martap to the port of Douala every year. The Minim Martap deposit contains 1 billion tons of mineral resources grading 45.2% alumina.