Cameroon Bauxite Project: Expert Valuation Challenges Takeover Bid

An independent expert has valued Canyon Resources shares at more than six times the price offered by A2MP Investments, strengthening the case against a takeover bid that could determine who controls the private investor behind Cameroon’s Minim-Martap bauxite project. But the valuation also highlights a central challenge for the mine: most of Canyon’s estimated value rests on mineral resources that will require substantial financing to develop. BDO Corporate Finance Australia, appointed by Canyon’s independent board committee, put its preferred value at A$0.32 per share, about CFA130, compared with A2MP’s offer of A$0.05, or roughly CFA20. In Canyon’s formal response to the offer, published August 31, 2026, BDO concluded that the bid was “neither fair nor reasonable.” The assessment supports the independent committee’s recommendation that minority shareholders reject the offer. A2MP’s price is 84.4% below BDO’s preferred valuation. Put another way, BDO values each share at 6.4 times the takeover price. That gap, however, needs context. About 96% of BDO’s preferred valuation comes from mineral resources ...