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CAY - Canyon Resources

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System

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Canyon Resources Limited (CAY) is a gold resource development and exploration company that listed on the ASX in 2010. It has a 100% interest in a gold exploration project in the Cue gold fields, where it will undertake a drilling program to further exploration. It is also reviewing opportunities to establish exploration targets in West Africa.

http://www.canyonresources.com.au
 
CAY following similar path to Adamus in West African gold rich green-fields. Sure to prove up a decent reserve of gold but with only 33 million shares there will be capital raisings along the way. ;)
 
Canyon Resources forming a nice uptrend that commenced about 14 June. I like the move above resistance at 10c today and get the feeling this could go higher. I haven't gone through the announcements in any detail but suspect that there is news coming and this will be a catalyst for CAY.

big.chart-CAY.gif
 
Breakout for Canyon Resources this morning after announcing that it has been granted exploration permits for the Minim Martap Bauxite Project in Cameroon.



 
Canyon Resources will issue 32,258,064 new shares at 15.5c per share in a placement to institutional and sophisticated investors to raise $5 million. The proceeds will be used to further develop the Company's Minim Martap Bauxite Project in Cameroon.

Since my last post on 9 August, the CAY share price has risen from 17c to 24c today. Sellers look to be drying up.
 

This is an interesting one Greg, and shown up a couple of times in Daily Risers.

The boyz in CAY are having the blow torch put on them from the ASX over their timing with the recent sequence of events including the $5 million cap raise which was arranged over a weekend The ASX blow torch is about the equivalent of half a box of matches though!!

Boutique Melbourne corporate and investment advisory firm BW Equities has been brought on board simultaneously and will be paid $5000 per month in fees plus given 5 million Options which are already 25% in the money …. ie. A cool $250,000 in profit if they converted and sold them now … nice gig if you can get it

BW equities provide trading advice to professional and Institutional traders … but of course neither they nor their clients would have had any involvement in the current price spiking

The recent granting of CAY's Cameroon Project looks positive, but given it only has a 2004 JORC, it is a long way from being anything just yet.

It could go higher but if I owned it I'd be running a tight stop loss just in case the last person holding the parcel leaves the room ….. I'm getting more cynical and suspicious the older I get

Price spikes
 

CAY has continued to hold up well since my last post on 23 August. Volume has been consistently above average and the uptrend is still intact. Given today's price action, it looks like a break above 30c is imminent.

Those who got in at 15.5c per share in the placement last month must be laughing.

 
Well I am going to put a disclaimer here --------- I got told to buy from a work colleague !!!! -------- So that normally means stay away

But out of interest I did have a look and whilst not going to jump in it does look interesting, one to watch maybe



 

Yes, I have this stock on my radar, massive resource by the looks of it.


(https://www.canyonresources.com.au/)

The pre-feasibility study is due to be released soon also:
 
Bugger, always the way up 45% since my post.

Hopefully the work colleagues got in, but not for me as I am keeping out of this end of the stock pool.
 
Trav. said:
Bugger, always the way up 45% since my post ...
not for me as I am keeping out of this end of the stock pool.
Click to expand...

Murphey's Law

Nice looking resource, however:-

$90 mill market cap

Only about $2.5 mill in the bank (They had almost $4 mill end of January this year and raised just under $1 mill at 16 cents since, so burning a bit of cash)

West Africa

Still at PFS stage

Volume on the recent rise is not convincing ....

I think you made the right decision Trav, irrespective of whether it goes up further in the short term (I suspect it hasn't got too much left in the tank till another Cap Raise)
 
Trav. said:
Bugger, always the way up 45% since my post.

Hopefully the work colleagues got in, but not for me as I am keeping out of this end of the stock pool.
Click to expand...

CAY ticks many boxes, however I am an investor that needs continuous information which requires a management team that can provide a channel of communication that is efficient and trustworthy.

I prefer stocks like Myanmar Metals (which tick the same boxes); as I feel comfortable knowing that this team are essentially striving to do the best they can for the nation that they work in, the shareholders that are invested, and the employees that work for the entity. I am not convinced with CAY that they have these 3 major stakeholders' interests at the center of their work ethic.
 
Trav. said:
Bugger, always the way up 45% since my post.

Hopefully the work colleagues got in, but not for me as I am keeping out of this end of the stock pool.
Click to expand...

Investors today were not very happy with the PFS; it seems. Looks like Canyon need to better define the resource.
 
Something's definitely brewing with CAY.
Last couple weeks heaps more volume, MOU'S for rail and port ticked, reserve 1B tons TICK, I believe next catalyst is imminent judging by last couple days trading activity .
The share price is about to be re rated, FOMO has set in now !

WATCH THIS SPACE
 

Could be right Dep, although it has been trying to gain traction for a while.

Peter Su was in at 10 cents for a fair slice. It does worry me a bit when large Chinese Investors get involved though. Over the years I've seen a lot of promising Specs get strangled by the CI's who are happy to take an age to extract value from something, usually at the expense of less patient punters.

Not saying Peter has that agenda but I imagine he will be looking to provide value to his fellow Chinese buyers. Whether that reflects in a long term appreciating share price I have no idea. Hopefully it does for holders


barney said:
(I suspect it hasn't got too much left in the tank till another Cap Raise
Click to expand...

My above post was back on June 10 and ended up being the case. Peter Su and others got involved at 10 cents for about $10 million back in late August.

Definitely potential ... Above recent resistance at 14 will look better. 18 cents or above might get breakout traders involved. I've never had much luck timing Bauxite Co's but good luck to anyone involved.

 
At least now there are milestones set in place with Mining License by July 2021 expected.
I actually believe that a MOU for offtake is gotta be close judging by recent activity, I could be right unless there's some other development happening.
Either way within 6 months I believe the sp will be higher than 20c at least but still can't rule out a TO which I think is inevitable.
 
Are you on Hot Copper ?
 
CAY is my pick for the Feb 2025 Competition.

Canyon Resources Limited (CAY) is a gold and bauxite resource development and exploration company focusing on development of the 100% owned Minim-Martap Bauxite Project.

I picked it because it bought some railway rolling stock to transport bauxite from it's holding in Cameroon and I like the look of the chart. I don't really know all that much about it.




gg
 
The company published a report today.
I read it and could not find any encouraging statement to declare it as a rapid path way to production.
DFS is due to be finished on Q3 2025 (CY or FY 25?). DFS outcome will go through a long process of selection of FEED, approval of FID, approval of environmental hurdles and addressing gaps on DFS. That whole takes 2 years by industry standard. Oh, yes, placement of long lead capital equipments meaning a must have CR.
What I do foresee that Next Investors will ramp up the price today or tomorrow on this ASX posting .
Simple Google search says Cameroon is no where to be a world class bauxite deposit.
I could be biased having worked in Weipa, but by far, Weipa deposit is still one of the best in world in terms of quantity and quality. The production is so cheap as well.
So I will be watching to quit my speculative holding of CAY if the price rises today on this ramping news. @DrBourse @Sean K @finicky


 

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