Ann: Proposed issue of securities - CAY, page-104

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CANYON RESOURCES (ASX:CAY)

CAY’s focus is the ‘Minim Martap’ bauxite project in Cameroon, which is at the pointy end of the development cycle.

Bauxite is the only raw material used in the commercial production of alumina, which can then be turned into aluminium metal.

One tonne of aluminium requires about five tonnes of dried bauxite.

Last year prices spiked when Guinea – a leading supplier of bauxite – experienced its third coup d’etat in under 40 years. Indonesia is also mulling a bauxite export ban in 2022.

A bankable feasibility study (BFS) – the most advanced of all project studies – is due for release in the current quarter, CAY says.

The $82m market cap stock is up 20% year-to-date. It had $3.8m in the bank at the end of December.