CAY progresses development on 1BT Bauxite project

Published 07-NOV-2025 13:10 P.M.

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Our bauxite Investment Canyon Resources (ASX: CAY) just put out an update on mine development works for its bauxite project in Cameroon.

CAY’s project has a resource of 1.102Bnt of Bauxite - it's one of the biggest undeveloped bauxite projects in the world, but is scheduled to be producing in the near term.

CAY expects to have the project producing in the first quarter next year with first shipments in Q2-2026.

CAY recently raised $205M (plus a $10M option conversion) and after the raise is all said and done, CAY should have (source - CAY’s new presentation):

A market cap of A$705m
~A$266M in cash
~A$175M in undrawn debt facilities
Enterprise value of ~A$479M
An increase in CAY’s ownership of Camrail from 9.1% to 35% (Camrail is Cameroon’s state-owned rail operator).

And ultimately, it means CAY has the facilities in place to fully fund CAPEX of phase one.

(and even some of phase two/three)

(Source)

Overnight, Cameroon’s incumbent president was re-elected into office.

(Source)

The article above mentions some unrest in the country after the election (which seems to have come under control now).

So it was good to see CAY come out with the development update today and show that there has only been “minor delays to construction work in key areas”.

CAY’s update said:

Construction for the ore haulage road, Inland Rail Facility and site access is ongoing - CAY said there were minor disruptions but upgrades were ongoing and still on track for completion in Q1-2026.
Locomotive delivery is on schedule for Q1-2026 - Locomotives are currently being built in China and are on schedule to be delivered to site in Q1-2026. AND
The mining contractor has confirmed they would be mobilised on site in Q1-2026