A2MP Challenges Canyon's Minim-Martap Mine Valuation

A2MP Investments is challenging the valuation Canyon Resources is using to urge shareholders to reject its takeover offer. In a filing submitted to Australian regulators on September 2, 2026, A2MP criticized the assumptions used by BDO Corporate Finance Australia, which values Canyon shares at between A$0.14 and A$0.446, or about CFA57 to CFA181, with a preferred value of A$0.32, about CFA130. A2MP has kept its offer at A$0.05 per share, about CFA20. The offer is due to expire at 7 p.m. Sydney time on September 21 unless it is extended or withdrawn. The dispute centers largely on the Minim-Martap bauxite mine, Canyon’s main asset in Cameroon. Based on its assessment, BDO considers A2MP’s offer “neither fair nor reasonable.” Nearly 96% of Canyon’s valuation lies outside the production scenario Of the A$737.1 million, nearly CFA299 billion, that BDO assigns to Canyon, A$707.1 million, or about CFA286 billion, comes mainly from Minim-Martap resources that are not included in the modeled production scenario. Those resources account for 95.9% ...