Set for September 21, 2026 on the Sydney stock exchange, the deadline for the operation should not be extended. Despite a price maintained at 0.05 Australian dollar per share (approximately 20 FCFA), described as ultimate and definitive in the absence of a counteroffer, the bidder's stake has progressed only minimally, rising from 55.56% to 56.63% of the junior miner's capital — a level well below the 75% minimum threshold required to validate the operation.

This setback by minority shareholders primarily stems from the critical opinion issued by Canyon Resources' independent committee, backed by the expertise of BDO Corporate Finance Australia. The independent valuation had priced the share between 0.14 and 0.446 Australian dollar, targeting a central reference value of nearly six times the amount offered by the bidder. Although A2MP's offer mathematically showed a slight premium over recent market trading prices, it was deemed inadequate in light of the deposit's intrinsic potential.

Additionally, conservatory measures by the Australian stock market regulator had suspended the processing of acceptances, cementing the impasse of the takeover attempt.

This failure, falling short of consolidation ambitions, does not resolve the operational challenges of the Minim-Martap project, locally piloted by Camalco Cameroon SA.


The company is facing a temporary freeze on disbursements from its 82 billion FCFA syndicated credit facility, orchestrated by a banking pool led by AFG Bank Cameroon, pending a revision of the financial model and execution parameters. Despite these financial turbulences and the withdrawal of an initial short-term shipment target, logistical dynamics continue on the ground with the transportation of heavy rail and road equipment.


Regardless of the outcome of the stock market sequence, A2MP has signaled its intention to remain the reference shareholder, confirming its anchoring in the long-term development of one of the continent's most significant bauxite deposits.


BCN

Tags: a2mp canyon resources minim-martap bauxite offre publique d'achat cameroon gisement minier valorisation action régulateur australien camalco