Page 1

Announcement 29 October 2021 CANYON RESOURCES September 2021 Quarterly Activities Report . - - - Highlights Execution of Strategic Partnership Agreement and MOU with MCC - CIE Receipt of strong local community support for the Minim Martap Project Successful $ 6.2 million placement to institutional and sophisticated investors to advance Minim Martap 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 30 September 2021 . The September quarter focussed on progressing matters in relation to the receipt of a Mining Permit for the world class Minim Martap Bauxite Project in Cameroon , including the firming up of the Company's balance sheet to progress further work . Pleasingly for the Company , there remains strong support for the Project at both the Cameroonian Government and local stakeholder level . Execution of Strategic Partnership Agreement and MOU with MCC On 26 August 2021 , the Company announced that it had entered into a Strategic Partnership Agreement and MOU with Zhongye Changtian International Engineering Corporation of MCC ( MCC - CIE ) , the mining engineering division of global mining giant Metallurgical Corporation of China ( MCC ) . The agreement follows the awarding of the bankable feasibility study ( BFS ) contract for the development of Stage 1 of the Project to MCC - CIE in December 2020 . The Strategic Partnership Agreement and MOU states that " In accordance with good cooperation between the parties during the BFS , Canyon and MCC - CIE shall commence a Comprehensive Strategic Partnership . MCC - CIE , as the Strategic Partner , would offer necessary assistance to Canyon in facilitating the off - taking and financing for the Project in China . MCC will also provide all necessary support to assist Canyon in technical , business off - taking and financial related issues , etc. " Post the signing of the Strategic Partnership and MOU , MCC representatives alongside the Canyon team , including Managing Director , Phil Gallagher met with officials from the Government of Cameroon to present the merits of the Strategic Partnership , with feedback received thus far being very positive . Key details of the MOU and Strategic Partnership Agreement are : ■ ■ ■ The parties have commenced a Comprehensive Strategic Partnership and will immediately hold regular meetings to promote the financing and execution of the Project . MCC - CIE will provide Canyon with all necessary support within its capacity to assist Canyon in technical , business , off - taking and financing related issues . The Strategic Partnership Agreement and MOU remains in force until 31 December 2022 unless extended . 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 7