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Announcement 30 July 2021 CANYON RESOURCES June 2021 Quarterly Activities Report - Highlights Minim Martap Bauxite Mineral Resource increased following grade definition drilling to over 1 billion tonnes : • • 1.027 billion tonnes at 45.3 % Al2O3 , 2.7 % SiO2 at a cut - off grade of 35 % Al2O3 , including : A high - grade resource of 500 million tonnes at 49 % Al2O3 , 2.6 % SiO2 at a cut - off grade of 45 % Al2O3 , incorporating : A Measured Resource of 268 million tonnes at 49.7 % Al2O3 , 2.6 % SiO2 at a cut - off grade of 45 % Al2O3 . Minim Martap Ore Reserve estimate update completed : 99.1 million tonnes at 51.6 % Total Alumina and 2.4 % Total Silica . Execution of a Specification Agreement ( formally a " Cahier de Charges " ) with the State of Cameroon , which will facilitate the negotiation of a Mining Convention . Completion and submission of Environmental and Social Impact Assessment ( ESIA ) , a critical component of the mining permit application process . Strengthening of Minim Martap Project Team with the appointment of experienced rail expert , André Henry . 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 30 June 2021 . The June quarter focussed on progressing studies and submissions for the receipt of a Mining Permit for the world class Minim Martap Bauxite Project in Cameroon , with several important milestones being achieved with ongoing support from the Government of Cameroon . During the period the Company released Resource and Reserves upgrades for the Minim Martap Project , providing Canyon with increased confidence with respect to the robust potential that exists at the Project . Mineral Resource Upgrade In May 2021 Canyon announced an updated Mineral Resource Estimate for the Minim Martap Project , which included 382Mt in the Measured Category with low silica¹ . The upgrade converted over one third of the Company's resource classification into the Measured Category and provides Canyon with significant confidence in its resource definition , further de - risking an already robust project and underpinning the production profile for the first 20 years of operation . 1 ASX announcements 11 May 2021. The Company is not aware of any new information or data that materially affects the information included in those announcements and all material assumptions and technical parameters underpinning the Mineral Resource in those announcements continue to apply and have not materially changed . 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