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Announcement 29 January 2021 CANYON RESOURCES - December 2020 Quarterly Activities Report Highlights Minim Martap Mineral Resource increased to more than 1 billion tonnes after incorporating Physical Testing Programme results 1.002 billion tonnes at 45.2 % Al2O3 2.8 % SiO2 at a cut - off grade of 35 % Al2O3 , with a contained high - grade portion of : 484 million tonnes at 48.8 % Al2O3 , 2.6 % SiO2 at a cut - off grade of 45 % Al2O3 Advanced metallurgical test programme completed , showing consistent + 90 % available alumina from total alumina in samples from the Minim Martap bauxite deposit , significantly differentiating the Project from many other high grade bauxites Execution of Memorandum of Understanding with Camrail , operator of the rail network in Cameroon , providing clear pathway and timeline to the completion of binding commercial rail access and rail haulage agreements for the Minim Martap project Execution of agreement with leading Chinese engineering , procurement and construction company MCC - CIE for completion of the Minim Martap bankable feasibility study Experienced mining professional Mr Cliff Lawrenson appointed as Non - Executive Chairman ESIA studies are ongoing and highlight local community support for the development of the Project . Canyon Resources Limited ( ASX : CAY ) ( Canyon or Company ) is pleased to report on activities at its projects including its 100 % -owned Minim Martap bauxite project ( Project ) in Cameroon , for the quarter ended 31 December 2020 . The December quarter focussed on the delivery of the final feasibility studies for the Minim Martap Bauxite Project in Cameroon . Ongoing work has focussed on upgrading the categorisation of the mineral resource and reserve . Environmental and social impact studies are ongoing with regular community engagement regarding the development of the Project . The local community response has been very positive and supportive of the Project . Canyon's Managing Director , Mr Phillip Gallagher , is currently in Cameroon on the Minim Martap Project site with the Minister of Mines of Cameroon and a delegation from the Ministry of Mines . Mr Gallagher is presenting the results of the exploration and studies completed by the Company to date to the Minister and local population and discussing the transition of the Project from an exploration project to the construction and mining phase . Canyon Resources Limited ACN 140 087 261 L9 / 863 Hay street Perth WA 6000 | PO BOX 7606 Cloisters Square WA 6850 | p : +61 8 6382 3342 f : +61 8 9324 1502 | info@canyonresources.com.au | www.canyonresources.com.au Page 1 of 8