CAY updates progress on 1BT Bauxite project - 1st production next quarter

Published 09-DEC-2025 13:38 P.M.

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

CAY’s project has a resource of 1.102BN tonnes of Bauxite.

It's one of the biggest undeveloped bauxite projects in the world and CAY expects to be mining on the project in Q1-2026.

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) in September. (source)

After the recent capital raises, CAY has effectively funded the project through to the third phase of ramping up the project toward full production:

(Source)

We covered that in a deeper dive: CAY secures $215M in capital - now fully funded for CAPEX - production (and revenue) in first half of 2026

Yesterday, CAY put out an update on the progress being made developing the project.

CAY confirmed that construction of the ore haulage access road is ongoing, with the first surface miner expected to arrive in Cameroon in January 2026.

(Source)

The key inland rail facility is on schedule for completion by May 2026 with earthworks now underway.

While it requires this to ship product, CAY can still start stockpiling and dialing in its processing flowsheet - while the rail infrastructure gets developed and ready to ship the bauxite to the port.

Here is the ground for the in-land rail facility being cleared:

(Source)

There has also been a recent visit to see progress on the locomotives and wagon fabrication works, which are nearing completion. CAY included a picture of these:

(Source)

CAY confirmed that the initial rail capacity would be 2Mtpa, but would increase to 10Mtpa once the PQ2 rail upgrade is completed.

The discussions to increase the investment in Camrail from 9.1% to ~35% is still progressing, which is expected to be completed in Q1 next year and would help de-risk the logistics of the project.

Some other items mentioned include Port access dredging to begin from January 2026, with the all-important first shipment remaining on schedule for Q2 - CAY explicitly mentioned June 2026.

CAY also reaffirmed that following the re-election of President Paul Biya, that things have returned and have remained back to normal so it is business as usual.