Ann: Quarterly Activities and Cashflow Report, page-2

Anothergreat report from the Canyon team , getting ready for business with best Bauxite deposit in the world.

Highlights

- Canyon remains on track to deliver Minim Martap Pre-Feasibility Study (PFS) and

maiden ore reserve in the second quarter of 2020.

- Bauxite executive Rick Smith appointed Chief Development Officer to focus on supply

chain, offtake and strategic partner negotiations for Minim Martap.

- Mr Smith helped deliver Guinea’s newest bauxite mine, a US$1.4 billion CAPEX

project.

- Canyon implemented COVID-19 management plan to mitigate virus impact while

delivering targeted milestones.

-Infrastructure negotiations and meetings continued with Camrail, the Douala Port

Authority and the Kribi Port Authority.

- Consultant and contracting site visit completed at Minim Martap to underpin the

technical and commercial elements of PFS.

The project site visit included an inspection of the entire supply chain from mine to port, including
traveling on the Camrail rail line and detailed site visits of the Douala and Kribi Ports, meetings with
key members of regulatory and governing bodies and consultation with impacted communities and
elders and chiefs.
Cameroon major news agencies covered the visit.

The consultants and experts attending the site were selected for their expertise and ability to help
expedite the development of the project and included groups currently working on the PFS. The guests
included experts in mining, logistics, rail, port, earthworks and roadbuilding as well as social and
environmental assessment consultants

Canyon presented a similar formalised path to the Douala and Kribi Port representatives, who were
also supportive of the Company’s proposal. The parties agreed to formalise the development pathway
including timelines and outcomes to expedite the process and execute access agreements.

Canyon completed a tour of Douala port, including visiting three proposed bauxite loading areas with
designed berth depths of over 7m.

The Douala port is undergoing renovations and de-silting on berths
during 2020 and 2021 including the berths proposed to Canyon.

Since the meeting Canyon has reviewed the proposed berthing points and progressed with initial
engineering designs. These have confirmed the suitability of the available berthing locations for the
Company’s development plans.

They are also being fiscally responsible by preserving cash flow and deferring part wages in lieuof shares “subject to approval”