Canyon Resources Ltd., listed on the Australian Securities Exchange, is set to receive a $24.5 million investment from its major shareholder, Eagle Eye Asset Holdings (EEA), to advance the development of its flagship Minim Martap bauxite project in Cameroon.

Canyon announced that EEA has elected to exercise 350 million unlisted options at an exercise price of $0.07 per share. In return, Canyon will issue 350 million new fully paid ordinary shares. The capital is expected to be received by the end of May and will increase EEA’s ownership stake in Canyon to approximately 54.7%.

The 350 million options were originally issued to EEA on Dec. 27, 2023, as part of a strategic investment worth $24.7 million. These options, set to expire on Dec. 26, 2026, were conditional upon Canyon securing a mining license for the Minim Martap project, as well as entering into binding agreements for port access and rail transportation — both essential logistical components of the operation. Canyon confirmed that all required conditions were fulfilled as of April 28.

"This investment comes at a pivotal time for Canyon as we work diligently to advance the Minim Martap project towards production," said Canyon Executive Chair Mark Hohnen. “Since obtaining the critical mining license in September 2024, we’ve remained focused on progressing all key workstreams required for development.”

Canyon noted that the $24.5 million from EEA will significantly strengthen the company’s balance sheet and support essential predevelopment activities. The funds will be directed toward completing the definitive feasibility study (DFS), which remains on track for completion in the third quarter of 2025. Additionally, the capital will help finalize other development initiatives necessary to reach a final investment decision (FID) and begin construction at the site.

“This investment highlights the confidence EEA continues to place in our team, our strategy, and the long-term potential of Minim Martap,” Hohnen said. “Their support reflects the progress we’ve made and our clear path to becoming a leading bauxite producer in the region.”

Following this transaction, EEA will retain 150 million unlisted options with the same $0.07 exercise price and December 2026 expiration. If exercised, these could represent an additional $10.5 million in future capital for Canyon.

Earlier this year, in February, EEA backed Canyon through a critical underwriting agreement to fund the acquisition of rolling stock — further evidence of its long-term commitment to the company’s success.

Canyon emphasized that the investment will enable it to optimize infrastructure as part of its mine-to-port logistics strategy and support initial construction works.

“We are in a strong position to execute the major work programs scheduled for the remainder of the year,” Hohnen added. “Our unified vision with EEA is to establish Minim Martap as a sustainable and long-term operation that creates significant value for Canyon, Cameroon, and our shareholders. Our goal is to achieve the first bauxite shipment in 2026 — and we are well on our way.”