Canyon Resources Limited provided an update on its Minim Martap Project (Project) Bankable Feasibility Study (BFS). The Company has identified some material opportunities to optimise the BFS and improve the project efficiency and economics. The BFS optimisation work has necessitated additional time, hence the current timing targeting BFS release in January 2022. The key drivers for this revised BFS release date centre around opportunities realised for improved rail production capacity (which directly influences project throughput), and a superior port handling facility location and capacity. As part of the BFS, Canyon engaged Vecturis, a West African-focused railway engineering consultant, to evaluate Cameroon's rail infrastructure and determine the necessary upgrades and respective costs, assess rolling stock requirements, model the rail traffic capacity, and ultimately provide an optimised operations schedule. The traffic capacity of the railway determines the throughput of the Minim Martap Project as the railway is the limiting factor in the value chain. Rail traffic capacity refers to the number of trains that can reasonably operate between two points in a particular period. The existing Cameroon railway (Camrail, operated by Bolloré Logistics) is a multi-use network transporting freight and passengers from Douala, on Cameroon's coast, through the capital city of Yaoundé, to Ngaoundéré, in the North. Following compilation of comprehensive rail traffic data, Vecturis developed a static traffic capacity model, followed by a dynamic simulation model using specialised railway modelling software. Initially targeting a 5 million tonnes per annum (Mtpa) production rate (throughput), as established in the Project's Prefeasibility Study (PFS), the Vecturis dynamic simulation model concluded that rail traffic capacity is significantly better than previously anticipated. As such, the Project's throughput has increased by more than 20% - a material improvement from the PFS assumptions. In addition to the rail studies, a review of the rail operations methodology, with the support of the Cameroon Ministry of Transport and Camrail, has identified further opportunities to increase tonnage and improve rail efficiencies. Separately, on-going negotiations with the Douala Port Authority (PAD) and Camrail have identified an alternative rail unloading and barge loading solution at the port that will facilitate operations and easily accommodate future increases in production. Parallel to the railway studies, China Minmetals Corporation (MCC) subsidiary, Zhongye Changtian International Engineering Co. Ltd. (MCC CIE), developed the mining schedule, haul road, inland rail facility (IRF) and port designs. MCC is a multinational conglomerate, active in global bauxite mining and refining, and CIE is a major engineering firm accomplished in the development of international mining projects. MCC CIE is now revisiting the mining schedule and designs to ensure capital and operating costs accurately reflect the Project's increased throughput in line with the increased rail capacity identified by Vecturis. It is anticipated that these key areas of improvement in project logistics will result in much improved project economics over the PFS and the Company looks forward to advising the outcomes in the BFS release scheduled for January 2022.