Canyon Resources Limited announced the completion of its updated JORC (2012) Ore Reserve estimate for the Minim Martap Bauxite Project (the Project) in Cameroon, West Africa. The updated Ore Reserve estimate was prepared by a Competent Person (CP) in accordance with the JORC Code (2012). The Ore Reserve estimate is based on the 2020 PFS and the recently updated Mineral Resource Estimate but with an update and improvement of the mine designs, mining scheduling and mine cost estimations, completed by Mining Plus with mining contractor input. The schedules are based on a production rate of 4 million tonnes per annum for 2 years, ramping up to 5 million tonnes of bauxite product per annum for the remaining 20-year modelling period. The Ore Reserve Estimate update is enabled by the grade definition drilling program which formed the basis of the latest Mineral Resource Estimate update and the more detailed mining scheduling and mining contractor involvement. The primary focus of the drilling programme was to improve the level of confidence of the bauxite resources contained on the priority Minim Martap plateaux - Beatrice, Raymonde and Danielle. These plateaux are now largely classified as Measured Resources. With improved certainty, knowledge and understanding of these resources, more detailed mine design, planning and scheduling has been completed. Concurrently, three external mining contractors submitted detailed cost estimates which have been used to increase the confidence in the mining cost inputs for the financial analysis of the Project. The combination of further detailed design and planning with improved cost estimates supports this revision of the Ore Reserve. The quantum of the Ore Reserve (tonnes and grades) has not materially changed, although the upgrade in Mineral Resource category from Indicated to Measured has enabled a corresponding upgrade of Ore Reserve category from Probable to Proved. Mineral Resource and criteria used for classification: The JORC code 2012 compliant Mineral Resource estimate, upon which the Ore Reserve estimate is based is 1.027 billion tonnes at 45.3% Al2O3 and 2.7% SiO2 (35% Al2O3 cut-off grade). The resource has been estimated using ordinary kriging. A contained higher-grade component (at 45% Al2O3 cut-off grade), has also been classified. Exploration was completed between 2009 and 2020. The resource is located within the mineralised Plateaux of Northern Cameroon. There is no current bauxite mining in Cameroon, a nation with little mining history or activity, however this resource is of considerable significance due to its relatively high Alumina grades and low Silica grades. Resource estimation work completed upon the bauxite ores shows all of the bauxite ore is at or near surface and contains minimal levels of lower grade bauxite within the ore profile. Strength, moisture, and density testing support the mineral resource estimate. The Competent Person has noted that all results to date in all areas indicated quantifiably that the bauxite present was of a high grade and quality, and that the estimation volumes and grades presented were robust. Mining method selected and other mining assumptions: The mine design, upon which the Ore Reserve estimate is based, is simple, edge-to-edge strip mining, open-pit and resulting in very low structural geotechnical risk. The bauxite will be mined from the tops of plateau and as such the development of significant pit walls is not a feature. As such it is not anticipated that significant structural geotechnical investigations or pit slope stability analysis will be required for this project. Mining productivity has been based on benchmarked data and equipment manufacturer input. The mine schedules updated earlier work to refine the optimal mine areas and plateau order. This resulted in a consolidated mining area about the three plateaux of Raymonde, Beatrice and Danielle. The high-grade ore and near surface nature of the bauxite deposits lends itself to simple, industry typical mining methods, at low cost and with low strip ratios. Due to the simple nature of mining it is anticipated to be conducted using conventional mechanised equipment including surface-miners, bull dozers, front end loaders, haul trucks and other typical ancillary mining equipment. Subsequent to the PFS, the mining costs have been updated to reflect cost inputs from mining contractors and the presented costs assume mining contract, rather than owner operated, mining operations. The ore presents with favourable physical properties and requires no beneficiation, washing or screening. Test-work conducted with bulk samples on wet and dry washing processes and to define material handling parameters confirms the mine can produce Direct Shipping Ore (DSO) with world-class grades, without any beneficiation. Material testing outcomes have been used to confirm the suitability of the supply chain solution and inform the physical technical specification of the product for potential off takers and shipping. Rock strength testing on over 500 samples across the priority mining areas and throughout the depth profile confirms suitability of surface miners and negates the need for drill and blast. The physical testing programme included strength testing using a point load testing machine and has confirmed the rock strength to be at the optimal range for efficient operations of surface miners. The surface miners are expected to mill thirty to fifty-centimetre (30-50cm) cuts along the highly homogenous and sub-horizontal orebody and deposit 75mm top size milled material in windrows along the mining bench. Front end loaders (FELs) will load mining trucks which will dump at plateau specific ROM pads, stockpiled in accordance with grade profiles. This method eliminates the need for blasting and decouples the on-plateau mining equipment from the road haulage trucks, whilst minimising rehandle. Groundwater conditions have been assessed from the ongoing infield water monitoring and testing programme for the assessment of pit dewatering methodologies.