CAY’s top shareholder exercises $8.6M in options to fund bauxite project development

Our 2025 Wise-Owl Pick of the Year Canyon Resources (ASX: CAY) just banked another $8.6M in cash.

Yesterday, after the market CAY announced that major shareholder Eagle Eye had converted another ~$8.6M in 7c options.

That means, across three separate option exercises, Eagle Eye have committed another $24.5M to CAY all since the last ~45 days.

AND we note, Eagle Eye still has another ~150M 7c options they could exercise which could raise CAY another $10.5M.

Based on the last substantial shareholder notice and the options exercised yesterday, that should bring Eagle Eye’s ownership in CAY up to 56% of the company.

A huge vote of confidence by Eagle Eye, considering CAY has already started ordering long lead items for its project AND:

• Secured a US$140M credit facility from AFG Bank Cameroon (one of Cameroon’s top financial institutions). (Source)
• Ordered locomotives (train carriages) - first deliveries due Q1 2026 (trains are expensive... ordering trains is a pretty strong sign that things are progressing well). (Source)
• Appointed a contractor to start construction on the Inland Rail Facility this month. (Source)
• Appointed a contractor to start road construction this month. (Source)
• Mining contractor and Ore Haulage contractor ready to mobilise by end of the year. (Source)

All ahead of first production in “early 2026” and first shipment of bauxite in “H1-2026”...

Here is how Eagle Eye has increased its position in the company over the last few years:

We put out an updated note on CAY yesterday (before the option exercise news) which you can read here: CAY On Track to Ship First Bauxite in Early 2026