Ann: Pre-Feasibility Study for Minim Martap Bauxite Project, page-19

· Strategicpartnerships and off-take agreement discussions underway with potential to accelerate development timeline.

· Minim MartapStage 1 Project outcomes:

· 5 million tonnesper annum production rate, exporting through Douala port1

· NPV10 of US$291M

· IRR of 37%

· Capex of US$120M

· Payback of 4.2years

· LOM Average OpexUS$35.1/t

· 2023 initialbauxite price of US$43.5/t increasing to anaverage of US$51.2/t over 20 years

· Detailed minescheduling demonstrates productionprofiles of 52% average total alumina and 2.3% average total silica for thefirst 20 years of operation

· Project willutilise 3rd party owner-operator rail infrastructure lease arrangement derived from first principles and supported by industry benchmarking and interested parties

· Stage 1 start upthrough Douala Port provides a faster route to market, with future upside underpinned by expansion potential via the larger tonnage Stage 2 development through Kribi Deep Water Port

· Canyon hasshipped bulk samples for third-party testing to support offtake, equity and development partnership discussions

· PFS underpinnedby Minim Martap’s 2019 Mineral Resource estimate of 892Mtat 45.1% Al2O3, 2.8% SiO2 (Cutoff Grade 35% Al2O3) 2

· Maiden OreReserve estimate anticipated following the PFS release

C Commercial offtakeand infrastructure access agreement processes
are advancing following theappointment of Rick Smith as Chief Development Officer.

B Bulk offtake samples are being shipped to counterparty nominated labs to support potential strategic offtake, equity and development partnerships in Europe andChina and discussions are advancing with parties in the Middle East, SEAsia, Russia andNorth Africa with additional offtake samples planned to be sent in the coming weeks. Cooperation agreements for rail and port partners have been presented and are being complemented by the Rail and Port Concept of Operations documents, setting the foundation for formal access agreements

T The seaborne bauxite market is dominated by China, which imports 100 million tonnes per annum. This represents two thirds of the global seaborne bauxite supply of 150 million tonnes. About 50% of China’s imported bauxite is from Guinea. Whilst China represents a potential offtake market, offtake and strategic partnership discussions have been developing with companies from outside of China, including companies planning the construction of new alumina refineries. The reduced costs of refining by utilising long term supply of very high grade low silica bauxite highlights the strategic value of the Minim Martap Bauxite Project and the strategic geopolitical diversification from the currently very concentrated supply jurisdictions.

P Particular interest has been expressed from new refinery builders, including those from European Middle East and SE Asian countries whose governments have mandated aluminium supply chain security. Refinery builders value the quality of the bauxite and, through the long term stable grade profile, are potentially able to reduce capital infrastructure and improve the environmental footprint of future installations where typical standard grade bauxite requires upwards of three-times the caustic soda capital infrastructure than the anticipated high-grade Minim Martap product, due to the exceptionally low silica.

Summary

SS Stand-alone economic feasibility is demonstrated, and product scheduling highlights, the ability of the Project to deliver long term, stable, high grade produce. The company believes this product quality profile will catalyse joint venture and strategic partner agreements which have been in discussions for several months. Particular interest has been shown by refinery operators who require long term, stable, high-grade bauxite and the Project offers a hedge against market and political volatility.

77 plateaux remain within the Project tenements, 62 of which have not yet been drill-tested and the 892Mt Mineral Resource estimate8 is made up of only 15 plateaux in total, highlighting the vastextent and potential of this project. There is reasonable probability that further high grade mineral resources willbe identified across the tenements and the Project will have a multi decade mine life

A great announcement highlighting theincreased stage 1 tonnage and also highlightingthe increased interest from outside of China, That can only be a good thing andobviously still a huge unexplored area with possible enormous upside