natural disasters – LiveNews.co.nz

XTransfer Marks European Milestone at Money20/20 Europe 2026 with Strategic Banking Partnerships

MIL OSI — Fri, 12 Jun 2026 07:31:52 +0000

Source: Media Outreach

AMSTERDAM, NETHERLANDS – MediaOutReach Newswire – 12 June 2026 – XTransfer, the world’s leading B2B cross-border trade payment platform, marked a milestone in its growing European presence at Money20/20 Europe 2026 in Amsterdam. Building on strong engagement throughout the event, the company announced two strategic collaborations with international financial institutions BBVA and Societe Generale, reinforcing its commitment to partnering with top-tier banks to modernise cross-border payment infrastructure for SMEs worldwide.

XTransfer announced partnerships with BBVA and Societe Generale during Money20/20 Europe 2026.

XTransfer processed more than US$60 billion in total payment volume (TPV) in 2025 and, as of 31 March 2026, has served approximately 897,000 registered clients, with payment services covering more than 200 countries and regions. The platform is scaling as a critical infrastructure layer, connecting SMEs to secure and compliant cross-border payment capabilities traditionally reserved for larger corporates.

The new collaborations support XTransfer‘s long-term strategy to deepen X-Net, its unified B2B cross-border settlement network and risk management platform. X-Net links financial institutions and import-export enterprises through end-to-end, cross-bank payment connections and centralised risk controls. By combining bank-grade resilience and regulatory expertise with platform-enabled digital connectivity, XTransfer aims to deliver faster, more predictable, and easier-to-automate cross-border payment experiences across major trade corridors.

The initiatives also align with XTransfer‘s focus on addressing persistent pain points that constrain trade and cash flow for SMEs, particularly those operating in and with emerging markets. Businesses often face fragmented local collection options, limited transparency over fees and FX, lengthy and unpredictable settlement cycles, and complex onboarding and compliance processes. By expanding local-currency collection, improving FX conversion reliability, and strengthening regulated settlement connectivity, XTransfer aims to reduce friction for SMEs trading into and out of fast-growing markets, supporting a shift from informal channels to secure, compliant payment rails.

At Money20/20 Europe 2026, XTransfer brought the momentum of its partnership announcements to the official Money20/20 stage and hosted a fireside chat featuring Violas Xiao, Singapore & Latin America CEO of XTransfer, titled “Across Borders & Beyond Boundaries: Women Shaping the Next Era of Global Payments,” with speakers from BBVA, HSBC, Visa and BNP Paribas.

https://www.xtransfer.com
https://www.linkedin.com/company/xtransfer.cn

Hashtag: #XTransfer #Money2020EU2026 #Crossborder #Payment #SMEs #Partnerships

The issuer is solely responsible for the content of this announcement.

– Published and distributed with permission of Media-Outreach.com.

ACT’s rural crime crackdown spot on – Federated Farmers

LiveNews Publisher — Thu, 11 Jun 2026 04:52:28 +0000

Source: Federated Farmers

ACT Party proposals for more resources to combat crime in rural areas are right on the mark, Federated Farmers says.

“Thieves, livestock rustlers, poachers and boy racers are an absolute nuisance in our rural communities,” Feds rural crime spokesperson Karl Dean says.

“They don’t care at all about the safety of others and they feel like they can get away with it more easily in isolated parts of the country.

“We fully support today’s announcement from ACT that it wants to establish a dedicated rural crime unit within NZ Police and target an extra 100,000 extra patrol hours in rural areas.

“That’ll be music to farmers’ ears – and much better than horrible sound of burnouts and blaring music late at night.”

Dean says extra patrols must come in addition to retaining local rural police and stations in small towns.

“Last year we successfully fought back against a plan to cut rural police resources in rural North Canterbury.

“That showed just how much rural families and businesses value having local cops on the ground in their communities, who know the people and know the area.

“When you have police stationed in rural towns, the response times are faster and offenders know they don’t have the luxury of time before a cop from a distant town gets there.”

Dean also applauds ACT’s idea of extending eligibility for Text 111 services to people in rural areas with unreliable mobile coverage.

“That will ensure those people can contact emergency services via text when a voice call drops out.

“Mobile coverage in many rural areas remains patchy. A Text 111 service is worthwhile back-up and will add to rural residents’ sense of security.

“On that technology front, we’d also support investigation into reviving the Rural Lookout app that was trialled for two years in Canterbury.

“That app let farmers report thefts and other crimes, attach photos and a geolocation using their smartphone.

“It was working really well – until it was quietly slipped into oblivion.”

Federated Farmers also supports ACT’s call for a crackdown on poachers and livestock rustlers, with increased penalties.

“When people intent on this sort of crime are carrying firearms, that’s a recipe for tragedy if anyone gets in their way,” Dean says.

MIL OSI

Amnesty International – Israel accelerates ethnic cleansing in West Bank

LiveNews Publisher — Thu, 11 Jun 2026 04:46:53 +0000

Source: Amnesty International Aotearoa New Zealand

Acceleration of Israel’s ethnic cleansing of Palestinians must spur global action to halt West Bank annexation

– Significant escalation in speed and scale of annexation measures under Israel’s current government

– Ethnic cleansing campaign is state-led, and state-sponsored, not driven by rogue settlers or so-called extremist ministers

– Exponential rise in state-backed settler violence terrorizing and expelling thousands of Palestinians to annex land

– Communities still at critical risk of displacement, those uprooted must be protected

– States must halt trade, cooperation and investment relations enabling unlawful occupation, apartheid, ethnic cleansing and impose sanctions on implicated officials

The international community’s tacit or explicit support for Israeli crimes, including genocide and apartheid, or their failure to act resolutely to stop them has emboldened the Israeli authorities to escalate a brutal campaign to forcibly displace Palestinians and expand its control over land in the West Bank, said Amnesty International. In a new report, the organization details how Israeli authorities are accelerating annexation through a state-driven campaign of ethnic cleansing targeting Palestinian Bedouin and herding communities in Area C of the occupied West Bank, while committing the crime against humanity of forcible transfer.

The report, “Erasing anything Palestinian: Israel’s ethnic cleansing of West Bank Bedouin and herding communities” , exposes how the Israeli government has made formal annexation an explicit policy objective. It is implementing the settler movement’s religious nationalist agenda. It has accelerated settlement expansion and land grabs, increased financial and logistical support to settlements, and it has armed settlers, thereby enabling a brutal state-sanctioned campaign of settler violence and of forced displacement of Palestinians from Area C. This area constitutes over 60% of the occupied West Bank and has long been central to Israel’s efforts to control land and demographics, given its natural resources, vital grazing and agricultural land, and relatively small Palestinian population.

“Over the past three and a half years Israeli authorities have accelerated a state-sponsored campaign of ethnic cleansing in the West Bank, uprooting, dispossessing and forcibly transferring Palestinian communities. This is not the work of rogue actors or what the international community has repeatedly labelled as extremist settlers, organizations or one or two ministers. What we are witnessing is deliberate, state-led annexation, in complete violation of international law unfolding before the eyes of the entire world,” said Agnès Callamard, Amnesty International’s Secretary General.

“Our report exposes that these abuses are not the result of a few ‘bad apples’. Settler violence is a core component of a state-sanctioned campaign of ethnic cleansing, central to maintaining Israel’s system of apartheid.”

Amnesty International’s research shows Palestinians are being forcibly erased from their ancestral lands, cut off from their livelihoods, and terrorized into fleeing their homes amidst an unprecedented surge in settler attacks, openly condoned and actively facilitated by an Israeli government that boasts of its intent to formally annex large swathes of Palestinian land.

Communities across the Jordan Valley and South Hebron Hills facing displacement continue to resist, determined to remain on the land they have inhabited for generations. Amnesty International is calling on the international community to act urgently to protect them.

Yet despite states’ clear legal obligations to act to bring an end to Israel’s unlawful occupation and system of apartheid, the international community has repeatedly failed to act.

“The international community has either been complicit in or far too passive in the face of Israel’s repeated and gross violations of international law, and its flouting of UN General Assembly and Security Council resolutions. It must clearly signal that the era of tacit acquiescence to Israel’s ethnic cleansing and annexation is over,” said Agnès Callamard.

At least 117 predominantly Bedouin and herding Palestinian communities have faced either full or partial displacement between January 2023 and April 2026, according to OCHA. By the end of April 2026, at least 5,910 people had been forcibly displaced, according to UN data.

This has occurred amid an unprecedented surge in acts of state-backed settler violence. By the end of April 2026, Israeli settlers had established 363 outposts in the occupied West Bank, according to the NGO Peace Now. Of these, as many as 212 were created since 2023, with Israeli authorities actively encouraging them, and taking almost no action to dismantle them, even though they are illegal under both Israeli and international law. They included scores of herding outposts, which are used by settlers to take over large areas of Palestinian land through grazing. This comes on top of land grabs by the Israeli government. Nearly 58% of the land in Area C is unregistered, and by February 2026, Israeli authorities had already seized half of this unregistered land through state land declarations.

“To world leaders that have framed the annexation and settler violence as isolated acts of ‘extremist’ settlers or ministers and imposed limited sanctions against some individuals or organizations, Amnesty’s report must be a wake-up call: these limited measures are woefully insufficient to address the state campaign of ethnic cleansing and the systemic violations that have been rapidly increasing before the eyes of the international community,” said Agnès Callamard.

“To world leaders who repeatedly say they oppose annexation but do nothing to stop it: know that your inaction is directly fuelling crimes against humanity and has global consequences further eroding the rules-based international order.

“States, particularly those with influence over Israel, including the USA, the UK, Germany, as well as Italy and other EU and Arab states, must immediately ban all trade, investment and any form of cooperation or financial assistance that contribute to Israel’s unlawful occupation, system of apartheid and ethnic cleansing of Palestinians.

“In addition, all states, must impose targeted sanctions, including travel bans and asset freezes, against Israeli officials directly implicated in these acts, including Prime Minister Benjamin Netanyahu, Finance Minister Bezalel Smotrich, National Security Minister Itamar Ben-Gvir, Minister for Settlement and National Missions Orit Strock and Defense Minister Israel Katz.

Amnesty International researched 27 Bedouin and herding communities in Area C that were forcibly displaced between 2023 and 2025 or are at risk of displacement.

The research team interviewed 45 Palestinians from 12 communities, who were either displaced or at risk of displacement, as well as 19 lawyers, activists who witnessed incidents of settler violence, journalists and Israeli and Palestinian NGO representatives. The organization also verified more than 420 videos and images, and conducted analysis of official government statements, agreements, legislation, governance changes, court records, maps, satellite imagery, UN and civil society reports, and other open-source material.

The organization shared its findings with the Israeli authorities on 13 May. The Ministry of Defense responded on 23 May stating that its forces respond to incidents of settler violence, arresting suspects, when necessary, and investigating cases where forces may have failed to comply with orders or failed to intervene to stop settler violence. Evidence documented by Amnesty International presents a different reality.

Evidence of Israel’s intent to ethnically cleanse and annex Area C

Since the 1967 occupation, successive Israeli governments have – with varying degrees of intensity and transparency- pursued Judaization policies which seek to maximize Jewish control over land in the West Bank while minimizing Palestinian presence.

Israel’s 37th government, formed in late 2022 and led by Benjamin Netanyahu’s Likud party in coalition with Itamar Ben-Gvir’s Jewish Power and Bezalel Smotrich’s Religious Zionism parties, has openly and deliberately pursued formal annexation of Area C and the forcible transfer of its Palestinian residents.

The government’s coalition agreements embed settler priorities into state policy and legitimize the settler movement’s vision of “Greater Israel,” an ideology that treats the entirety of the Occupied Palestinian Territory (OPT) as an integral part of Israel. It has done so in brazen defiance of multiple UN resolutions and the International Court of Justice’s 2024 Advisory Opinion declaring Israel’s occupation of Palestinian territory unlawful.

The intent to remove Palestinians from Area C of the West Bank and annex the land is evidenced by explicit calls by Israeli officials for settlement expansion, the extension of Israeli sovereignty over the occupied territory, measures aimed at minimizing Palestinian presence in Area C and public backing for settlers by key government ministers – some of whom are themselves settlers. It is also demonstrated by annexation-oriented legislation and by measures transferring powers in the West Bank from military to civilian authorities in violation of international humanitarian law.

State intent is further reflected in a surge in state land declarations, simplified procedures for settlement approvals, accelerated settlement expansion, retroactive legalization of outposts, and increased financial and political support for settler infrastructure, alongside the demolition of Palestinian property and systemic restrictions on Palestinian movement and access to land and water.

Within the first three years of the government’s rule, the Ministry of Settlement and National Missions’ annual budget grew by 122%, reaching NIS 764 million (USD 254.5 million) by 2026.

According to Peace Now, plans for the construction of 50,785 settlement housing units were advanced by the government between 2023 and 2025. In 2025 alone, the Higher Planning Council approved 27,941 units, the highest annual figure ever recorded.

The total number of new settlements declared by the government had reached 102 by 30 April 2026. This is by far the largest number of new settlements authorized by one government in Israel’s history.

In parallel, Israeli authorities demolished 3,407 Palestinian homes and structures in Area C between January 2023 and April 2026, displacing 2,996 Palestinians, according to OCHA.

Meanwhile, settlers, often with direct state backing or the direct participation of the Israeli military, have subjected Palestinian Bedouin and herding communities to a litany of coercive and repressive measures, leaving many with no option but to abandon the lands they have lived and herded on for generations. They have been subjected to sustained state-backed settler violence, which, combined with increased demolitions and the long-standing denial of basic services by Israeli authorities, effectively renders their areas uninhabitable.

Together, these interconnected coercive measures reveal a deliberate, coordinated state strategy to expand Israeli control over Area C while driving the displacement of Palestinian communities.

One emblematic case is Khirbet Zanuta (Zanuta), a village in Area C of the West Bank, home to around 250 Palestinian Bedouins who had lived there for generations. In 2021, a group of settlers established an illegal outpost known as Meitarim Farm only 1km away from Zanuta, and initiated a sustained campaign of harassment, threats and violent attacks against the Palestinian community, including blocking access to farmland and grazing areas, eventually forcing residents to abandon their homes and livelihoods. The entire community was displaced following a series of violent settler raids that escalated after 7 October 2023. The village, surrounded by settlements and outposts had long faced demolition orders and restrictive planning policies that made legal construction nearly impossible.

Despite two rulings issued by the Israeli Supreme Court in July 2024 and February 2025 ordering authorities to facilitate residents’ return and protect them from settler violence, residents have been unable to return due to ongoing settler attacks and the destruction of key infrastructure. Adel al-Till, a former Zanuta resident, said: “The settlers were armed and kept attacking us…We were afraid, it was terror.”

Satellite imagery, interviews and video evidence reveal that today Zanuta no longer exists; it has been extensively destroyed and totally depopulated.

Exponential rise in state-backed settler violence

The long-standing campaign of settler violence against Palestinians in the West Bank surged dramatically under the current Israeli government leading to record levels of killings and injuries, displacement, property destruction and unlawful land appropriation. Israeli settlers have adopted increasingly aggressive tactics to forcibly displace Palestinian communities through attacks on homes and property; persistent harassment, threats and physical assaults; and systematic targeting of livelihoods by restricting access to grazing land and water sources, stealing or killing livestock, and destroying agricultural fields and crops. According to OCHA between 2020 and 2024 there was a nearly sevenfold increase in settler-related attacks on Palestinian Bedouin and herding communities resulting in casualties.

Videos and images verified by Amnesty International show break-ins, arson, and widespread vandalism of homes, schools, vehicles, and agricultural assets, alongside the destruction of water sources, solar panels, and food supplies. Interviewees also reported widespread physical violence, including beatings with sticks and rifle butts, stone-throwing, stabbings, and other attacks.

Despite Israel’s obligations as an occupying power to protect the lives and livelihoods of the occupied population and to prevent and investigate settler violence, Israeli authorities actively facilitate such attacks not only by arming settlers and allowing the army and police to support or participate in attacks against Palestinians but also by granting perpetrators near-total impunity.

After the Hamas-led 7 October 2023 attacks, Israeli authorities loosened criteria for private firearms licences, issuing thousands of settlers with firearms and uniforms, making it difficult for Palestinians to distinguish between soldiers and settlers. By January 2026, more than 240,000 Israeli citizens had received firearm licences – a 15-fold increase compared to the annual average of 8,000 licenses prior to the policy change. These policies resulted in a sharp increase in armed settler attacks.

Amnesty’s report documents how Israeli settler violence was used as a deliberate tool of forced displacement in three emblematic cases across Area C: Zanuta in the South Hebron Hills and Ein Samia in the central Jordan Valley-both fully displaced in 2023-and a cluster of small communities in the northern Jordan Valley – Ein al-Hilweh, Makhoul, and Al-Farisiya, which remain at real risk of displacement.

In the northern Jordan Valley, at least 38 communities – home to around 7,000 Palestinians – are threatened with displacement. Nearly 90% of the area is designated as state land, military firing zones, nature reserves, or archaeological sites- all tools Israel uses to restrict Palestinian access to grazing and water sources and coerce their displacement.

Najiyyah Bisharat, from the Makhoul herding community, said: “We face constant harassment by the settlers, but we will not give in. It’s about our love for our land and for our work. The land is our identity, and if we are forced out of it, we’ll die. Just like fish if taken out of water.”

Pervasive impunity

By failing to prevent and actively facilitating settler violence, including through the consistent failure to hold perpetrators to account, Israeli authorities have deliberately created an environment of pervasive impunity, thereby fuelling further settler violence. In several cases documented by Amnesty, Palestinians who reported settler violence were themselves interrogated, fined or arbitrarily arrested by the Israeli authorities, who under international law are obligated to protect them.

Settler and settler organizations are further emboldened by the impunity they have enjoyed for decades. Even where individual settlers or groups have been sanctioned by foreign states, they have faced little to no consequences in Israel.

For example, Yinon Levi, a settler involved in a series of documented violent attacks against Palestinian communities, who has been sanctioned by the UK and the EU, was filmed shooting dead unarmed Palestinian human rights defender and teacher Awda al-Hathaleen in Umm al-Kheir on 28 July 2025.

Although briefly arrested on suspicion of “involuntary manslaughter,” Levi was released the next day and placed under house arrest for only three days. He later was free to return to harass Palestinians and work on establishing a new outpost on the lands of Umm al-Kheir. Nearly a year after the attack, Yinon Levi has yet to be indicted.

“Without accountability, Palestinian communities across the West Bank will vanish before our eyes. For too long, the world has ignored the immense, unfathomable suffering of Palestinians being uprooted and erased from land they have inhabited for generations. States must do everything in their power to put an end to Israel’s campaign of ethnic cleansing and annexation in Area C of the West Bank. They must press the Israeli authorities to immediately to dismantle all Israeli settlements and outposts and allow all displaced Palestinians to return to their homes,” said Agnès Callamard.

“All states must support and cooperate with the International Criminal Court’s investigation into the situation in the State of Palestine, as well as open their own investigations into crimes under international law committed in the OPT. The message to Israel must be unequivocal: its long-standing impunity is over, there can be no business as usual until Israel’s apartheid, ethnic cleansing, and unlawful occupation end.”

MIL OSI

PHILIPPINES EARTHQUAKE: Children displaced following strong quake, focus must be on ensuring safe shelter

LiveNews Publisher — Thu, 11 Jun 2026 04:46:50 +0000

Source: Save the Children

About 30,000 people, including children, have been displaced in the southern Philippines following one of the strongest earthquakes to hit the country in half a century. The quake, which has killed at least 37 people- and caused extensive damage, including to homes and schools, has also left children and families in need of safe, temporary shelter.

About 1,400 classrooms have also been ‘totally’ damaged in the affected region, according to the country’s Department of Education. [1]

Faisah Ali, Humanitarian Manager, Save the Children Philippines, said:

“The shock is far from over for children in the southern Philippines. Many are living in temporary shelters and evacuation centres cannot accommodate everyone. Our teams have seen first-hand families that have been forced to sleep outside, exposed to the elements. This can be very unsafe for children, raising serious concerns about their safety and protection from violence, abuse, and exploitation. The needs now are high, but one focus must be to ensure that all children have access to safe temporary shelters.”

Save the Children, which has a presence in the affected area, and its partners on the ground are preparing to distribute household kits, which include blankets, flashlights and jerry cans for water, as well as hygiene kits, and other essential items to children and families in the coming days.

Save the Children has been working in the Philippines since 1981 with programmes in humanitarian response, health and nutrition, education, and children’s rights and protection.

-Numbers are likely to change.

References:

[1] https://www.facebook.com/photo/?fbid=1628571662612096&set=a.497316532404287

About Save the Children NZ:

Save the Children works in 120 countries across the world. The organisation responds to emergencies and works with children and their communities to ensure they survive, learn and are protected.

Save the Children NZ currently supports international programmes in Fiji, Cambodia, Bangladesh, Laos, Nepal, Vanuatu, Solomon Islands and Papua New Guinea. Areas of work include child protection, education and literacy, disaster risk reduction and climate adaptation, and alleviating child poverty.

MIL OSI

Singapore company Hydrantula develops a modular way to build coastal protection faster and at a lower cost, solution to be launched during SIWW 2026.

MIL OSI — Thu, 11 Jun 2026 02:31:28 +0000

Source: Media Outreach

The method assembles most of a structure on land before it is filled with concrete at sea and is designed to double as a habitat for marine life.

SINGAPORE – Media OutReach Newswire – 11 June 2026 – Singapore-based Hydrantula, will unveil the solution over Singapore International Water Week 2026.

Singapore company Hydrantula develops a modular way to build coastal protection faster and at a lower cost.

As Singapore and its neighbours plan decades of investment to defend low-lying coasts against rising seas, a local company is proposing a different way to build the structures that do the work − assembling most of the structures on land and finishing the final works in the water.

A coastline problem with no single answer

Singapore has more than 300km of coastline, and no single solution fits all of it. About 70 to 80 per cent is currently protected by seawalls and stone embankments, and the national water agency PUB has said the country needs solutions that are both cost-effective and multifunctional, given its limited land. Sea levels around Singapore could rise by up to about 1m by 2100, and higher still when combined with high tides and storm surges.

Conventional marine construction is slow and expensive, largely because much of the work is done in the water, using heavy equipment, divers and processes such as pile driving that disturb the seabed. Hydrantula, a Singapore-based company, has been developing a method intended to move most of that work back onto land

Building on land, finishing at sea

The system uses a lightweight, permanent formwork built from standard HDPE pipes joined by moulded plastic nodes. The frame is assembled onshore − the company estimates around 90 per cent of the work is done on land − then lowered into position and filled with reinforced concrete pumped from the bottom up, displacing the water inside. Once the concrete hardens, the result is a monolithic reinforced-concrete structure within a plastic shell.

Because the geometry is set by the pipework rather than by custom moulds, the company says the same family of parts can form a range of structures, from floating breakwaters and seawalls to jetty foundations, mooring ramps and terraced, beach-retaining shoreline structures.

Hydrantula says the approach can cut construction time by roughly two to three times, and cost to around a third of conventional methods, for equivalent reinforced-concrete structures. It also estimates the life-cycle carbon of its structures at about 5 tonnes of CO₂ per metre over 60 years, against roughly 25 tonnes for conventional reinforced concrete, based on the company’s own assessment to ISO 14040/14044. These are design targets and company estimates rather than independently certified figures.

Designed to host marine life

The open frame is intended to let wave energy pass through rather than reflect it and does not seal the seabed beneath a solid foundation. Over time, the submerged plastic surfaces are colonised by marine organisms, so the structure can also function as an artificial reef − an approach in line with the “hybrid” coastal solutions, combining hard structures with nature, that researchers in Singapore are actively studying. The company targets a service life of more than 60 years.

“Most of the cost, the risk and the environmental disturbance in marine construction comes from working in the water. If you can do the bulk of the work on land and keep the disturbance at sea short, the economics and the footprint both change. We are not trying to out-build nature − we are trying to build with it.”

− Nikita Shcherbina, Co-Founder of Hydrantula PTE Ltd

Still to be proven at scale

The technology is at an early commercial stage. Hydrantula has proposals and pilot discussions under way in Singapore, elsewhere in Southeast Asia and in California, and is pursuing research collaboration with Singapore academic partners to test its structural performance and ecological behaviour under local conditions. Its performance and durability claims have yet to be verified in long-term field use.

The company will present the system at Singapore International Water Week 2026 (SIWW2026 booth number: L1-A23), which runs from 15 to 18 June at the Sands Expo & Convention Centre, Marina Bay Sands.

Hashtag: #Hydrantula #CoastalProtection #Marineconstruction #SIWW2026

The issuer is solely responsible for the content of this announcement.

– Published and distributed with permission of Media-Outreach.com.

Tenchijin to Showcase “KnoWaterleak” and Speak as a Panelist at SIWW2026 Water Expo

MIL OSI — Wed, 10 Jun 2026 07:46:33 +0000

Source: Media Outreach

TOKYO, JAPAN – Media OutReach Newswire – 10 June 2026 – Tenchijin Inc., a space-tech innovator transforming sustainable water infrastructure management, is pleased to announce its participation in Singapore International Water Week 2026 (SIWW), one of the world’s premier platforms to share and co-create innovative water, coastal, and flood solutions to meet urban water and associated climate challenges.

Organized by Singapore International Water Week Pte Ltd, a subsidiary of PUB, Singapore’s National Water Agency, SIWW is Asia’s premier global platform for co-creating innovative water solutions. Held biennially, the event is expected to gather over 2,500 global leaders, experts, and practitioners from governments, utilities, academia, and industry to share best practices, showcase the latest technologies, and harness business opportunities.

As a cornerstone of the event, the SIWW2026 Water Expo serves as the pre-eminent marketplace for urban water technologies, innovations, and solutions tailored for municipal and industrial water users across Southeast Asia. Organized by Messe München in cooperation with IFAT, the Expo connects the full water value chain—from advanced treatment, reuse, and desalination to digital solutions and climate-resilient coastal protection. Taking place from 16–18 June 2026 at the Sands Expo & Convention Centre, Marina Bay Sands, Singapore, the Expo is expected to welcome over 24,000 trade visits, making it Asia’s leading business platform for sustainable water management.

Tenchijin will showcase “KnoWaterleak,” our water leakage assessment and management platform, at the exhibition booth. Additionally, Yohei Nishiyama, VP of Business Development, will speak as a guest panelist in the Technology Forum, sharing insights on sustainable water management solutions driven by AI and space technology.

Event Overview
■ Organizer: SIWW: Singapore International Water Week Pte Ltd／Water Expo: Messe München
■ Date: SIWW: 15–18 June 2026 / Water Expo: 16–18 June 2026
■ Venue: Sands Expo & Convention Centre Marina Bay Sands, Singapore
■ Event URL: https://www.siww.com.sg/

Tenchijin-SIWW Water Expo
■ Date: Water Expo: 16–18 June 2026

[Exhibition Booth]
■ Booth Number: B2-N08PIC

[Panel Discussion]
■ Tenchijin’s Panelist: Yohei Nishiyama, VP of Business Development
■ Date: 16 June, 1:00pm – 2:00pm (Technology Forum)
■ Venue: Hall E, Level B2
■ Discussion Theme: “Reactive to Predictive: AI Applications in Managing Aging Water Infrastructure”

With much of the world’s water infrastructure aging rapidly, the cost of reactive management is no longer sustainable. This panel examines real-world AI applications—from predictive leak detection to asset performance modeling—that help utilities anticipate failures, prioritize investments, and transition toward proactive, data-driven operations that improve efficiency and long-term infrastructure resilience.

Moderated by: Kim Demeyer, Science & Technology Counsellor, Flanders Investment & Trade

Panelists:
・Shanmugavel Subramaniam, Water and Wastewater Segment Leader, Schneider Electric
・Yohei Nishiyama, VP of Business Development, Tenchijin Inc.

https://siww2026-app.siww.com.sg/agenda/?agid=fe6fc21d07c8452c8e29

https://tenchijin.co.jp/
https://www.linkedin.com/company/tenchijin/
https://x.com/tenchijin_pr
https://www.facebook.com/tenchijin.pr

Hashtag: #Tenchijin #SIWW #KnoWaterleak #SatelliteTechnology #WaterLeakage #Sustainability #LeakageDetection #SpaceTech #Startup

The issuer is solely responsible for the content of this announcement.

– Published and distributed with permission of Media-Outreach.com.

Children surviving on leaves and water lilies as conflict drives parts of South Sudan to the brink of famine – Save the Children

LiveNews Publisher — Tue, 09 Jun 2026 23:22:52 +0000

Source: Save the Children

Families and children in South Sudan’s eastern Jonglei state are surviving on leaves and water lilies as hunger surges towards famine levels in parts of the country following three months of escalating violence, Save the Children said.

Many families in Jonglei state have been left without essential and life-saving services since an escalation in violence in March led to the suspension of aid operations in areas and government orders to aid agencies to evacuate, triggering mass displacement.

Save the Children suspended its humanitarian operations in Akobo East – a refuge for people fleeing violence across Jonglei – and relocated staff due to increased violence.

The withdrawal of services followed a similar suspension of operations in February in Walgak in Jonglei after armed gangs looted and vandalized a Save the Children office, destroyed a healthcare centre, and took three of the organisation’s vehicles.

Save the Children staff working in neighbouring counties have reported hearing horrific stories of families going without humanitarian aid while flooding worsens.

In some parts of the state, families and children are surviving on leaves and water lilies collected from swamps and seeds reserved for planting, while mothers walk for hours through floodplains to find anything edible for their children.

Save the Children said thousands of children are no longer attending school, while others are being forced into labour or early marriage as families struggle to survive. In areas where schools remain accessible, some children have stopped attending because they are too weak from hunger.

The extreme coping mechanisms come as the latest analysis by the Integrated Phase Classification (IPC) – the leading global authority on the severity of hunger crises – showed that four counties, including Nyirol and Akobo in Jonglei state, are at risk of famine.

According to the IPC, more than 7.8 million people – or six in 10 people in South Sudan – are facing acute food insecurity. About 2.2 million children under five require treatment for acute malnutrition-an increase of around 90,000 cases since the previous analysis. Nearly 700,000 children are suffering from severe acute malnutrition – the deadliest form of hunger that requires urgent medical attention and specialised treatment.

Health workers have reported children arriving at nutrition centres severely malnourished after surviving for weeks on diluted porridge or a mix of salt and flour.

This deteriorating situation has become evident at a nutrition site at Bor Hospital in Jonglei state’s Bor County, where Save the Children operates three different programmes helping to screen and treat malnourished children and breastfeeding or pregnant mothers. Tabisa Ajer, 31, a health care worker at the hospital said:

“We have over 60 children who are severely malnourished right now. Usually, we have 60 later in the wet season when malnutrition tends to spike but the number is high for this early on. The numbers have spiked due to the season and the worsening hunger crisis, flooding and insecurity. A lot of children coming here have diarrhea and vomiting.

“We are just at the start of the rainy season now, and June to August the hunger situation usually worsens. This year is more dangerous than the other years. Insecurity is impacting food cultivation.”

Chris Nyamandi, Country Director for Save the Children in South Sudan, said:

“Solutions to extreme hunger are political. This situation can be prevented and mitigated, before more children suffer. Next month South Sudan will mark 15 years of independence and greater investment in inclusive peace and social protection is needed to prevent violence amidst an escalating, underfunded humanitarian crisis response.

“In an already hyper-prioritised humanitarian system, international aid cuts continue to disproportionately impact those most vulnerable in one of the world’s most fragile states.”

Save the Children calls on all parties to the conflict to prioritize the protection of civilians, respect international humanitarian law, and ensure safe, sustained, and unhindered humanitarian access to already affected communities.

The aid agency is also calling for greater and more flexible resources needed to respond to the dire needs of the displaced populations in strained communities, with funding flows designed to reach local actors delivering principled aid.

Save the Children has worked in South Sudan since 1991, providing children with access to education, healthcare and nutrition services, and supporting families with food security and livelihoods assistance.

About Save the Children NZ:

Save the Children works in 120 countries across the world. The organisation responds to emergencies and works with children and their communities to ensure they survive, learn and are protected.

MIL OSI

New Zealand’s firefighters demonstrate life-saving extraction skills in Feilding

LiveNews Publisher — Mon, 08 Jun 2026 23:37:51 +0000

Source: United Fire Brigades’ Association

More than 110 firefighters from across New Zealand will converge on Feilding this week to demonstrate the life-saving skills used to rescue people trapped in some of the country’s most devastating road crashes.

With 2026 already recording 152 fatal road crashes, firefighters continue to be among the first emergency responders arriving at serious crash scenes throughout Aotearoa.

From 11-13 June, competitors will take part in the UFBA Road Crash Rescue Challenge, tackling realistic, high-pressure rescue scenarios designed to mirror the complex incidents they face on New Zealand roads every day.

Vehicles overturned, patients trapped, unstable hazards, limited time and critical injuries – these are the situations firefighters train for, where every decision can mean the difference between life and death.

The challenge sees teams working against the clock to safely assess, stabilise and extricate live “patients” from wrecked vehicles using specialist rescue equipment, including the well-known “Jaws of Life”.

While the competition environment is controlled, the skills on display are identical to those used at real crash scenes across New Zealand.

“People often think firefighters fight fires, but today they respond to just as many medical emergencies and road crashes,” said UFBA President, Lesina Walden.

“These rescues demand technical expertise, teamwork, calm decision-making and compassion under immense pressure. This challenge helps ensure our firefighters are ready when New Zealanders need them most.”

The event also offers a rare opportunity for the public to witness the reality of modern firefighting up close, including realistic casualty simulations created by professional moulage artists and demonstrations of cutting-edge rescue technology.

Location: Manfeild Park Stadium, 59 South Street, Feilding Date/Times: Thursday 11 June: 9am to 5pm Friday 12 June: 9am to 5pm Saturday 13 June: 9am to 3pm

– Live rescue challenges and dramatic extraction scenarios

– Firefighters, competitors and officials for interviews

– Behind-the-scenes access to casualty simulation and moulage artists

– Specialist rescue equipment demonstrations, including hydraulic cutting tools

– Content and interviews linked to National Volunteer Week (14-20 June 2026)

The prizegiving will be held on Saturday evening, this is a private function.

About the UFBA – for over 140 years the United Fire Brigades’ Association has been the leading association representing firefighters in New Zealand. Today our services support c.14,000 firefighters throughout the fire and emergency services sector by providing advocacy, skills-based challenges, workshops, and service honours.

For more information visit www.ufba.org.nz

MIL OSI

Singapore International Water Week 2026 to Convene Global Leaders and Innovators to Address Municipal Water, Industrial Water, Coastal Protection and Flood Management Challenges

MIL OSI — Mon, 08 Jun 2026 06:16:30 +0000

Source: Media Outreach

2,000 global leaders and experts, and 25,000 trade visitors expected to share best practices, exchange ideas, foster partnerships and secure deals

SINGAPORE – Media OutReach Newswire – 8 June 2026 – The Singapore International Water Week (SIWW) 2026 will bring together thought leaders, experts and practitioners from governments, cities, utilities and industry from 15 to 18 June 2026 at the Sands Expo and Convention Centre in Singapore to address some of the world’s most pressing urban water and climate-associated challenges.

Now in its 11th edition, the biennial event takes place against the backdrop of utilities and cities facing mounting pressure on aging urban water systems, higher energy costs, increasing water demand, unsustainable water extraction practices, and more frequent and extreme flooding in urban areas. Caused by rapid urbanisation and economic growth, these effects are further exacerbated by climate impacts from extreme weather patterns and rising sea levels, and growing demand from water-intensive industries such as data centres.

Addressing these challenges would require governments to adopt a holistic and integrated approach in water management, coupled with good governance, effective policies and regulations, adoption of innovative technological solutions, and active engagement of stakeholders.

To this end, SIWW2026 will focus on triple key themes of municipal water solutions, coastal and flood resilience, and industrial water solutions. In total, more than 80 sessions — ranging from high-level panels, roundtables, summits, workshops, forums and partner events — will be held over 4 days covering a wide spectrum of topics and issues related to these themes, with 2,000 global leaders and experts expected in attendance, along with 25,000 trade visitors who are expected to visit the Water Expo.

SIWW2026 at a Glance: Key Programme Highlights

Guest-of-Honour, Mr Gan Kim Yong, Singapore’s Deputy Prime Minister and Minister for Trade and Industry, will deliver the opening address at the opening of SIWW2026 on Tuesday, 16 June 2026. This will be followed by the Lee Kuan Yew Water Prize 2026 Award Ceremony, where the 2026 Laureate Professor Joan Bray Rose will receive the Prize medallion and certificate from Mr Gan.

The Ministerial Plenary will be held on the same morning after the opening, where Ms Grace Fu, Singapore’s Minister for Sustainability and the Environment and Minister-in-charge of Trade Relations, will join other invited foreign Water and Environment Ministers to share their perspectives on how countries can work together to advance the water and climate agenda.

Other programme highlights at SIWW2026 include:

Thought Leadership:High-level platforms such as the SIWW Keynotes, Titans of Industry, Coastal and Flood Resilience Leaders Summit, and the Water Leaders Summit will bring together global government, city, utility and industry leaders to exchange insights on latest trends, solutions, and case studies across various thematic areas.
Solutions and Technology: The Water Convention, TechXchange, and the Industrial Water Solutions Forum will provide water experts, technology providers, scale-ups, utilities and industrial users with platforms to share urban water management, for municipal and industrial users.
Business and Networking: The Water Expo, organised in cooperation with IFAT, will serve as a pre-eminent marketplace for the global water, coastal and flood community to converge and find opportunities in business. Featuring more than 20 pavilions and close to 500 international exhibitors, the Expo — alongside networking functions and partner events — will bring together industry players, utilities and governments to foster collaboration and partnerships.

Distinguished Leaders from Utilities, Cities and Industry at SIWW2026

More than 55 utilities around the world, including the USA, Europe, Middle East, Australia and Asia, will be participating in SIWW2026, with at least 40 represented at C-level. These senior executives will be attending the Utilities CEO Roundtable, while technical experts will be speaking in other sessions and workshops during the week.

These utilities would be joined by close to 30 cities worldwide, including Copenhagen, Rotterdam, Hong Kong, New York City, Antwerp, Dubai, Jakarta, Melbourne, Quezon City, Tokyo and Yokohama. City officials from these cities would be participating in the City Leaders Roundtable, as well as Leaders Summit.

Senior leaders from international organisations and associations, such as the Intergovernmental Panel on Climate Change (IPCC), Asian Development Bank, World Bank Group, C40 Cities, International Water Association, International Desalination and Reuse Association will also be in attendance. They are joined by global executives and experts from the water industry, including engineering consultants, technology providers, system integrators contractors, and OEMs.

For more information on SIWW2026, visit the event website at www.siww.com.sg/home or access the full programme at siww2026-app.siww.com.sg

SIWW is part of the strategic programme of the Singapore Government to grow the water industry and develop water technologies. The event also supports Go Green SG and Singapore’s Year of Climate Adaptation, reinforcing collective action towards sustainability and climate resilience.

https://www.siww.com.sg/water-expo
https://www.linkedin.com/company/siww/
https://www.facebook.com/siww.com.sg

Hashtag: #SingaporeInternationalWaterWeek #SIWW2026

The issuer is solely responsible for the content of this announcement.

– Published and distributed with permission of Media-Outreach.com.

Polls – New poll shows public know Holidays Act changes favour employers over workers – PSA

LiveNews Publisher — Sat, 06 Jun 2026 22:56:40 +0000

Source: PSA

– 41% say the changes will benefit employers more. Only 11% say workers will benefit more.

– Among part-time workers, those hit hardest by this Bill, just 10% think the changes will help them. 45% say it helps employers.

– Two in three New Zealanders (66%) say workers whose pay varies week to week should receive the same pay on holiday leave as in a typical working week.

New Zealanders can see through the Government’s spin on the latest attack on workers’ rights with a new poll showing the public knows the overhaul of the Holidays Act is taking leave off workers, particularly part-time workers.

“The public overwhelmingly believes the Government’s changes to holidays and sick leave under the Employment Leave Bill will benefit employers, not workers,” said Fleur Fitzsimons, National Secretary Public Service Association Te Pūkenga Here Tikanga Mahi.

Part-time workers, those working variable hours, sales reps earning commission, health workers and others working beyond contracted hours regularly, bear the brunt of these changes in the bill now before a select committee.

“Far from simplifying the Holidays Act as the Government claims, this Bill sets out to cut the leave of workers, How is that fair?

“This all fits the Government’s pattern of relentlessly attacking the rights of workers at every step over the past two years. This government is the most anti-worker Government that New Zealand has ever seen.

“On top of gutting pay equity, cancelling equal pay claims, it’s reinstated 90-day trials, upended personal grievance processes so workers can be fired at will, suppressed minimum wage rises, and is also trying to undermine their health and safety in the workplace.

“All this is happening to suit ACT’s anti-worker agenda.

“National is standing idly by allowing this latest erosion of rights to happen, while NZ First, so often banging the drum that it is the true party of workers, refuses to walk its talk yet again. It’s a disgrace.

“We call on National and NZ First to stop the Employment Leave Bill from progressing, no political party should cut the pay of workers during a cost of living crisis.”

Public services suffering

The same survey also found 39% of New Zealanders say public services have got worse since the Government came to office in 2023. Only 25% say they have got better.

“When you cut the workforce, services suffer and New Zealanders see it every day. This is not an accident. It is a choice. And this was all before the Government decision to axe one in seven workers, or 8,700 across the country by 2029,” said Fitzsimons.

The Public Service Association Te Pūkenga Here Tikanga Mahi is Aotearoa New Zealand’s largest trade union, representing and supporting more than 95,000 workers across central government, state-owned enterprises, local councils, health boards and community groups.

MIL OSI

Definitive Feasibility Study Results and Reserves Upgrade Confirms Minim Martap as a Tier-One Bauxite Operation

MIL OSI — Fri, 05 Jun 2026 10:22:37 +0000

Source: GlobeNewswire (MIL-NZ-AU)

PERTH, Australia, Sept. 02, 2025 (GLOBE NEWSWIRE) —

HIGHLIGHTS

Ore Reserves Estimate Upgrade

33% increase in DSO (Direct Shipping Ore) grade Ore Reserves at Minim Martap to 144DMt of ore at 51.2% Al₂O₃ and 1.7% SiO₂ over 20 year mine life
High alumina grade of >51% and low silica content will command a long-term price premium of up to US$11/t over Guinea Standard bauxite
Ore Reserves for both Makan and Ngoundal will be completed during H2, 2025

Production – Staged development to reduce initial capital

First ore production planned for Q1, 2026 and first bauxite shipment planned for H1, 2026
Existing rail capacity available prior to the PQ2 rail upgrade allows low Capex, fast track development strategy
Stage 1/Year 1 ore production target scheduled for 1.2WMt
Staged production target to 6.0 wMtpa in Year 4 and 10.0 wMtpa in Year 6 has been scheduled around PQ2 rail upgrade. Further expansion above 10.0 wMtpa will be reviewed post PQ2
The Project’s 20-year mine plan will be updated once Makan and Ngaoundal mine plans are completed
Key investment of 9.1% in Camrail ensures strategic implementation in PQ2 upgrade and discussions ongoing with Camrail to potentially increase this.

Economics¹

Stage 1 CAPEX to first ore shipment of US$96M
AFG Bank Cameroon (AFG) debt facility of US$140M (with US$26 million drawn down to date) and existing cash in excess of Stage 1 capital development costs
NPV₆ (Pre-tax) of US$835M
IRR (Pre-tax) of 29%
CAPEX to 2.1WMtpa production target (Year 2) an additional US$63M, CAPEX to 6.5WMtpa production target (Year 5) an additional US$187M and CAPEX to 10.0WMtpa production target (Year 7) an additional US$101M
C1 Operating Costs: US$34.71/wmt (average LOM) detailed as follows:


Cash Costs	US$ (WMT)
Mining	3.63
Haulage & IRF	4.15
Rail	16.68
Port	10.24
C1 Cash Cost	34.71

Infrastructure

Canyon acquired a 9.1% equity position in Camrail, the rail operator, in March 2025
The World Bank has committed US$818M to upgrade the rail corridor under the PQ2 funding program. Camrail is scheduled to complete this work in 2030.
Access to existing port infrastructure at Port du Bois (Douala) supports the Project’s low capital cost development strategy
Purchase orders for rail locomotives and wagons have been placed with first equipment deliveries scheduled for Q1, 2026
Mining, ore haulage and road upgrade contracts placed, and mining equipment scheduled to arrive on site Q1, 2026
Project construction commenced in July 2025
Project team in place with additional key hires to be made in H2, 2025

Investor Webinar/ Conference Call

The Company will host an investor webinar and conference call today at 11am AWST, with details to follow in a separate announcement

Canyon Chief Executive Officer Peter Secker commented: “The compelling Definitive Feasibility Study outcome and Ore Reserves Upgrade will add to the significant momentum Canyon has achieved at Minim Martap.

“We have a world-class bauxite Project on any measure, with scale, a quality resource, and a highly supportive jurisdiction backing a Project that represents a major economic opportunity for Cameroon.

“With a project NPV of US$835M and IRR of 29%, in combination with a high grade 51% Al2O3 Ore Reserve places our product at the premium end of the market.

“Our staged approach to the development, along with its highly competitive 1^st Stage US$96M CAPEX, efficient mining process and US$140M debt financing in place, makes Minim Martap a compelling opportunity for our investors, and we look forward to taking them on an exciting journey with us through the Project’s execution and into production in H1, 2026.”

A Media Snippet accompanying this announcement is available by clicking on this link.

ASX Chapter 5 Compliance and Cautionary Statement

The production targets referred to in this announcement are 100% based on Proved and Probable Ore Reserves estimated at the Project. The current Proved and Probable Ore Reserves utilises 144.0Mt over the 20-year mining plan, which represents a portion of 30% of current global Measured category Mineral Resources estimated at the Project.

None of the Inferred category Mineral Resources underpin the production target. It is noted that there is a low level of geological confidence associated with Inferred Mineral Resources. There is no certainty that further exploration work will result in upgrading the Inferred Resources to Indicated status or that the production target itself will be realised.

The Ore Reserve and Mineral Resource Estimate have been prepared by Competent Persons, with Competent Persons Statements in Appendix 1.

The DFS developed engineering designs to provide costs at a +/- 15% level of accuracy.

The Company has concluded that it has a reasonable basis for providing the production targets, forecast financial information and other forward-looking statements included in this announcement. The detailed reasons for that conclusion are outlined throughout this announcement and all material assumptions, including JORC modifying factors (Appendix 3, JORC Table 1, Section 4) upon which the forecast financial information is based, are disclosed in this announcement. This announcement has been prepared in accordance with the JORC Code 2012 and the ASX Listing Rules.

All material assumptions relating to production targets and financial forecasts are detailed in this report and the Ore Reserve Statement in Appendix 2 on page 47.

Refer also to the further disclaimers and cautionary statements included before the Appendices to this announcement.

Leading bauxite developer Canyon Resources Limited (ACN 140 087 261) (ASX: CAY) (‘Canyon’ or the ‘Company’) has released the updated Definitive Feasibility Study (‘DFS’) for the Company’s flagship Minim Martap Bauxite Project (‘Minim Martap’ or ‘the Project’), which confirms the Project’s strong economics and outlines a pathway for the phased development of what is planned to be a major new bauxite producer.

The release of the DFS coincides with an updated Mineral Resource and results of an Ore Reserve Update for the Project. The Ore Reserve estimate has been increased by one third to 144Mt of DSO grade ore at 51.2% Al₂O₃ and 1.7% SiO₂, and which will underpin the long-term future of Minim Martap.

Located in Cameroon, Minim Martap will be executed as a capital-efficient, staged development by Canyon, with first ore production planned for Q1 CY2026 and first shipment to take place in 1H CY2026.

Canyon has commenced early works for the Project, including the construction of the Inland Rail Facility (IRF) that will be used to transfer ore from road to rail, the upgrade of the haul road to transfer ore to the IRF and the procurement of long lead items such as locomotives for rail haul.

The Company’s recently announced funding in the form of debt from AFG Bank Cameroon (AFG) (~US$140M), and equity from an options exercise by Eagle Eye Asset Holdings Pte Ltd (EEA) (A$25.4M) will fund long lead items and the Project’s Stage 1 CAPEX of US$96M.

RESOURCE AND RESERVE UPGRADE

The Ore Reserve estimation, conducted for the Minim Martap Deposit, adheres to the guidelines set by the Australasian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves (JORC Code, 2012).

The 2025 Mineral Resource and Ore Reserve estimate for the Minim Martap bauxite deposit as reported by SRK is presented below in Table 1.

*Table 1:* Ore Reserves and Mineral Resources – August 2025
	Ore (DMT)	Alumina (Al₂O₃)		Silica (SiO₂)
Total Ore Reserves¹	144.0	51.2	%	1.7	%
Proved	133.3	51.2	%	1.7	%
Probable	10.7	51.8	%	1.7	%
Total Mineral Resources²	1,102	45.3	%	2.7	%
Measured	394	46.8	%	2.1	%
Indicated	502	44.7	%	2.9	%
Inferred	206	44.0	%	3.4	%

Pursuant to ASX Listing Rule 5.9.1, the Company provides the following summary in relation to Appendix 3 attached to this announcement.

MATERIAL DFS OUTCOMES AND ASSUMPTIONS

Economics

Minim Martap has exceptional economics, based on its low CAPEX requirements, and efficient mining and logistics that are forecast at US$35/wmt. These factors combine to provide the Project with a pre-tax NPV of US$835M and an IRR of 29%.

*Table 2:*Summary of Project Economics and Assumptions
Production	Unit	LOM	Avg (20 year)
Mine Life	Years	20
Production Target	dmt	144.0	7.2

Capital
Stage 1 CAPEX	US$M		96
Total CAPEX to 2.0Mtpa production target	US$M		158
Total CAPEX to 6.5Mtpa production target	US$M		345
Total Project CAPEX	US$M		446
Capital intensity	US$/t capacity		62.0

Operating Costs		US$M	US$/dmt
C1 costs		5,553	38.56
C2 costs (C1 plus Depn)		5,999	41.66
C3 costs (C2 plus royalty, levies & taxes)		7,123	49.46

Product Grade
Available alumina grade	%		51	%
Total silica grade	%		2	%
Reactive silica grade	%		1	%
Ore moisture content	%		10.00	%

Realised price		First Prod Yr	Avg (20 year)
Shipping cost to China	US$/dmt	17	17
GBIX price CIF China	US$/dmt	76	67
Minim Martap price premium	US$/dmt	12	11
Minim Martap price CIF China	US$/dmt	89	78

Cashflow Before tax		LOM	Avg
20-year undiscounted free cash flows	US$M	1,989	99
Steady state 10M wmt/annum undiscounted free cash flows	US$M		174

Cashflow After Tax		LOM	Avg
20-year undiscounted free cash flows	US$M	1,319	66
Steady state 10M wmt/annum undiscounted free cash flows	US$M		132
Project payback (post tax)	In year		8.00

Valuation		NPV (US$M)	IRR
Project return – pre tax		835	29%
Project return – post tax		521	22%
Discount rate – real, post tax		6%	6%

Tax and Royalty			Rate
State royalty			3%
Production sharing			5%
Development levies			2%
Corporate tax			33%

Figure 2 within the accompanying Media Snippet details the Project’s annual cashflows in real terms.

Production Target

The current 20-year mine plan and production schedule is based solely on the Proved Ore Reserve (JORC Code, 2012). The Life of Mine Plan (LOMP) provides a schedule of tonnes and grade for ore and waste over time for use in mining cost estimation and financial modelling.

The LOMP only includes Proved and Probable Ore Reserves as a source of DSO material.

Minim Martap can support elevated grades targeting 52% Al₂0₃ for the initial 3-year start-up period, before ramping up to 10 Million Wet Metric Tonnes/Annum of DSO product.

The operation will commence at the Danielle Plateau to minimise the required start-up time and capital before transitioning to Beatrice and Raymonde later in the mine life to effectively manage the SiO₂ in the product. SiO₂ is maintained below 2% total SiO₂ for the life of the mine.

The start-up period of the mine, due to low rail capacity, will require low machine utilisation from the mining fleet and therefore offer reasonable flexibility and redundancy early in the mine life.

Annual bauxite production schedule from the different plateaus of the Minim Martap Deposit is presented in Table 3.

The bauxite recovered from the surface mining process does not require any additional processing. The surface miner crushes the ore to the required size as a part of the mining process and this ore is then exported as DSO.

Mining method selected and other mining assumptions

The selected mining method for the Minim Martap Deposit is the use of surface miners, supported by front-end loaders (FELs) and truck haulage. This method is proven, efficient, and cost-effective for bauxite extraction, with successful use in similar areas like Guinea.

Run-of-Mine (ROM) ore will be transported to ROM pads and then off-site via an existing rail line. Waste material will largely be backfilled into the mined-out voids to support progressive rehabilitation, with minimal initial pre-stripping required on each plateau.

Cut-off grades were applied to meet a target product specification of 51% Al₂O₃ and ≤2% SiO₂. For the Danielle and Raymonde plateaus, Al₂O₃ cut-offs were necessary to meet the average Al₂O₃ requirement. However, as these deposits are naturally low in SiO₂, no further SiO₂ constraints were required beyond the existing resource cut-off of 15% SiO₂. In contrast, the Beatrice plateau contains high Al₂O₃ and did not require any Al₂O₃ cut-offs. However, it could not consistently meet the ≤2% SiO₂ threshold without significant losses. As a result, material from Beatrice was permitted to exceed the 2% SiO₂ target, provided it remained within the 2.5% low-quality SiO₂ limit, with blending during production ensuring compliance with overall product specifications. The cut-off grades are summarized below in Table 4:

*Table 4:* Bauxite Cut-off Grades at Different Plateaus
Plateau	Al₂O₃ Cut-off (%) (>=)	SiO₂ Cut-off (%) (
Beatrice	0	15
Danielle	46.7	15
Raymonde	46.9	15

Ore loss and dilution are applied within the mining models. The Danielle and Raymonde plateaus experienced limited impact from dilution due to their elevated Al₂O₃ cut-off; resulting in the application of a 25 cm loss and dilution approach, which aligns with the operational precision of the proposed surface miners. At Beatrice, a 0.7 m loss-only approach was applied to minimise the risk of reintroducing high-SiO₂ material through dilution. The following losses were also applied to account for operational constraints:

0.5 m ore loss is applied at the base of the deposit where the orebody comes into direct contact with the underlying clay zone.
0.5 m ore loss is also applied at the top of the deposit where the ore outcrops at surface to account for the stripping of topsoil and the potential contamination of ore by organic material during initial mining activities.

Mine to Port Infrastructure

The development and sustaining capital of the project is detailed below. It comprises a mine camp and mine site infrastructure for Camalco personnel, a haul road construction from the ROM pad to IRF, IRF, Doula Port development, and railway rolling stock.

To facilitate the start of this project, Camalco has committed to providing funding for a rail upgrade and will be reimbursed for these upfront funds through offsets against royalties and / or other charges. A working group composed of Ministry of Mines, Ministry of Finance, Ministry of Transportation, Ministry of Economy & Planning, Camrail & Camalco is being set up to finalise the form and timing of this reimbursement.

The Total Capital Expenditure for the Project is presented below in Table 5:

*Table 5:* Total Capital Expenditure
Development Capital	US$M	Split (%)
Mine and mine-site infrastructure	2	0.47%
Road Haulage	8	1.83%
Inland Rail Facility	56	12.47%
Douala Port	28	6.21%
Rail	348	77.96%
Project Delivery and Owners Costs	5	1.06%
Total	446	100.00%

Funding

The Company currently believes that there are reasonable grounds to assume that the Project can be financed as envisaged in this announcement, on the following basis:

AFG Bank Cameroon (AFG) debt facility of US$140M and existing cash in excess of Stage 1 capital development costs of US$96M;
The Company has a long-term strategic shareholder, EEA, with proven mining sector expertise, long-term development and mining experience in Africa and successfully building companies through the lifecycle. EEA has invested US$80M through placements, the exercise of options and on-market purchases since 2022 to obtain 56.5% ownership in Canyon and currently holds 137M in-the-money options, which if exercised would result in a $9.6M cash inflow. Furthermore, EEA continues to support the Company through a US$124M underwriting agreement, signed in January 2025, and the potential participation in any future capital raises should they be required in order to maintain EEA’s cornerstone investment in Canyon;
The Company and its board members have a successful track record of raising capital, whether through debt or equity, and successfully developing mining projects in Africa and globally;
Additional capital expenditure will also be funded from free cashflows from the Project; and
Canyon’s board believes that the funding requirements for the Project are manageable in relation to the Company’s current market capitalization, especially given the above mentioned facilities and existing cash balance.

Environmental Approvals

The Minim-Martap Bauxite Project involves Extraction of DSO Grade Bauxite from the Minim Martap Deposit, transportation of Bauxite through haul road from the mine stockyard to the Inland Railway Facility (IRF) in Makor for bauxite evacuation, and the establishment of a port terminal at the Autonomous Port of Douala (PAD) for bauxite export. This necessitates comprehensive Environmental and Social Impact Assessments (ESIAs) to comply with national and international regulations. Separate ESIA studies have been conducted at Mine site, Haul Road, IRF and Port Area.

Community

The local community strongly supports Minim Martap, recognising the significant long-term economic benefits of the Project.

Through the construction and operations of the Project, the Company expects to have a workforce comprised of 97 per cent local people.

Along with the macroeconomic benefits of a major resources project for the Cameroon economy, Minim Martap will also contribute to the development of new economic infrastructure and improvements to existing infrastructure facilities. This includes roads adjacent to the Project area and the 800km rail link from the Company’s Inland Rail Facility to the Port of Douala.

STUDY TEAM

The Definitive Feasibility Study was completed by Canyon with support from specialist consultants as listed below:

*Table 6:* Study Team
Study Conducted	Agency Involved
Study on Geology, Mineral Resource Estimation, Geotechnical Analysis, Mining and Ore Reserve Estimation	SRK Consulting (Australasia) Pty Ltd (SRK)
Design of Haul Road from Mine to the IRF Facility	Bhygraph Engineering Sarl
IRF Design	M. R. Technofin Consultants Ltd., Canada
Rail Capacity Studies	SYSTRA, Canada
Port Studies and Design	Grafix Engineering Consultant Pvt. Ltd.
Hydrogeology Study	Geostratum, South Africa
Bauxite Marketing Studies	CM Group.Net Pty Ltd
ESIA – Mine	Golder Associates-Africa, Rainbow Environment Consultant (Cameroon), ESS-Senegal
ESIA update – IRF	Andal & Synergy Engineering, Cameroon
ESIA update – Road	Andal & Synergy Engineering, Cameroon
ESIA update – Port	Glonar, Cameroon

BAUXITE MARKET

Canyon commissioned CM Group to provide an independent assessment of the outlook for the global bauxite market, including a price forecast for the specific grades of bauxite to be exported from the proposed Minim Martap mine in Cameroon. Forecast Prices for Minim Martap Bauxite Under Base, High and Medium Cases, 2026 to 2036 (US$/dmt real 2025, CIF China) is presented in Figure 5.

For the purpose of establishing a long-term benchmark base case price, a freight rate forecast of US$17/Dry Metric Tonnes (dmt). Using this freight rate assumption, the base case long-term price forecast for Minim Martap bauxite is US$78/dmt CIF Shandong.

NEXT STEPS

2025

Mining fleet on site (December)
Makan & Ngaoundal permits (2H)
Offtake discussions (2H)

2026

Initial fleet of new locomotives and wagons delivered (January)
First mine production (January)
First bauxite shipment (H1)
Alumina Refinery FS (Q3) and downstream value add strategy

THE MINIM MARTAP BAUXITE PROJECT DEFINITIVE FEASIBILITY STUDY OUTCOMES AND ASSUMPTIONS

1.0 Executive Summary

1.1 Introduction

Canyon Resources Limited (Canyon) is developing the Minim Martap Bauxite Project (the project) located in Central Cameroon, currently through its 100 percent owned subsidiary Camalco SA (Camalco). Following the grant of the Mining Permit for the Minim Martap mining areas, in accordance with Section 59 of the Mining Code, an entity of the State will be granted 10% ownership of the special purpose Joint Venture Company formed for that purpose, free of charge. The project is located approximately 800 km by rail, north-east of the Douala Port. The project is considered highly prospective for its high grade and low contaminant Direct Shipping Ore (DSO) Bauxite. Camalco aims to produce and export approximately 10 million tons per annum (mtpa) of bauxite utilising Cameroon’s established infrastructure facilities including railway corridor and ports.

1.1.1. Project Description

Minim Martap is a Greenfield Bauxite Development project, with mining operations proposed to be undertaken at three (3) plateaus namely Beatrice, Danielle and Raymonde, using surface miners targeting the production of DSO bauxite product with a grade of approximately 51% total alumina (Al2O3) and ≤2% total silica (SiO2).

DSO grade mined bauxite ore shall be transported by road for an approximate distance of 42 km to the rail head at the Inland Railway Facility (IRF) located at Makor. From there, the bauxite will be transported by rail to the Port of Douala before transshipment to ocean going capsize vessels. A schematic representation of the project is presented in Figure 1-1 within the accompanying Media Snippet.

The proposed project caters for the systematic extraction of Bauxite ore and its transportation, achieved by the upgrading of critical existing facilities including development of a road network from the mine to the existing rail facility 5km south of Makor, revamping of the rail network and development of port infrastructure facilities. This will have a positive impact on the Socio-Economic Development of the local inhabitants along with the generation of a significant amount of foreign exchange by selling of International standard DSO Grade Bauxite ore.

For the purpose of preparation of the Detailed Feasibility Study (DFS), Camalco has appointed various agencies to conduct relevant testworks /studies, as presented below in Table 1-1.

Table 1-1 – Agencies Involved for Conducting Various Studies

Sl. No.	Study Conducted	Agency Involved
1	Study on Geology, Mineral Resource Estimation, Geotechnical Analysis, Mining and Ore Reserve Estimation	SRK Consulting (Australasia) Pty Ltd (SRK)
2	Design of Haul Road from Mine to the IRF Facility	Bhygraph Engineering Sarl
3	IRF Design	M. R. Technofin Consultants Ltd., Canada
3	Rail Capacity Studies	SYSTRA, Canada
4	Port Studies: Planning and Design	Grafix Engineering Consultant Pvt. Ltd., India
5	Hydrogeology Study	Geostratum, South Africa
6	Bauxite Marketing Studies	CM Group.Net Pty Ltd
7	ESIA – Mine	Golder Associates-Africa, Rainbow Environment Consultant (Cameroon), ESS-Senegal

	ESIA update – IRF	Andal & Synergy Engineering, Cameroon

	ESIA update – Road	Andal & Synergy Engineering, Cameroon

	ESIA update – Port	Glonar, Cameroon

DASTUR Engineering International GmbH in association with M. N. Dastur & Company (P) Ltd. (DASTUR) has been mandated by Camalco to integrate the DFS for this project based on the studies conducted by various agencies as mentioned in Table 1-1 above.

1.1.2. Project Location

The Minim Martap Bauxite Project is made up of three (3) tenements referred to as Minim Martap, Makan, and Ngaoundal all located within the Vina and Djerem Departments of the Adamawa region in Central Cameroon.

The proposed mining areas, defined by the strategic scheduling and pit designs, are within three (3) plateaus (Danielle, Beatrice, and Raymonde) of the Minim Martap Mining/Exploitation Permit as shown in red in Figure 1-2 within the accompanying Media Snippet.

1.1 Geology, Mineral Resource and Ore Reserve Estimation

1.2.4. Geological Overview

The project area is located within the Central Cameroon Shear Zone (CCSZ), which is a major northeast–southwest trending structural feature that separates the North-West Cameroon Domain to the north from the Adamawa Domain to the south.

The bauxites were formed from the lateralization of the Cambrian granites. Subsequent erosion has resulted in the current landform of flat-topped plateaus separated by deeply incised valleys, with the bauxites occurring within remnant laterites on the plateau tops. The plateaus are very irregular in shape and, especially those in Minim Martap, are significantly elongated subparallel to the structural trend of the CCSZ. The plateau tops are generally quite flat, but the flanks are usually relatively steep.

The laterite profile typically comprises a thin soil covering, an iron-rich capping, a leached horizon where the removal of silica and iron has resulted in the residual enrichment of bauxite minerals, and a kaolinitic basal clay horizon. Most of the bauxite Mineral Resource is contained within the leached horizon, which is typically several meters thick.

The dominant mineral in the bauxite horizon is gibbsite, with an average concentration of approximately 75%. The other major minerals in order of abundance include goethite, and hematite, with lesser amounts of anatase, kaolinite, quartz, rutile. Boehmite and organic carbon concentrations are very low.

1.2.5. Mineral Resource Estimation

The Mineral Resource Estimate as reported by SRK for the Minim Martap, Makan and Ngaoundal tenements as at July 2025 is presented in Table 1-2 in the next page. The total estimated Mineral Resource considering the three (3) tenements amounts to about 1.1 Billion Metric Tonnes. The Mineral Resource estimates have been prepared to a sufficient quality standard and classified in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves (JORC Code, 2012), and SRK considers that the classifications reasonably reflect the Competent Person’s confidence in the estimates.

Based on the marketing studies commissioned by Camalco, and the mine planning work completed as part of the DFS, the following criteria have been used for resource reporting:

a) Danielle, Beatrice, Raymonde, Agnes, and Alice, which Camalco has identified as the high-grade priority plateaus, have been reported using a ≤ 15% SiO₂ cut-off grade applied to individual model cells.

b) All other plateaus have been reported using ≥ 35% Al₂O₃ and ≤ 15% SiO₂ cut-off grades applied to individual model cells.

Table 1-2 – Mineral Resource Estimate for Minim Martap – July 2025

Plateau	Measured				Indicated				Inferred				Total
	Tonnage	Al₂O₃	SiO₂	Fe₂O₃	Tonnage	Al₂O₃	SiO₂	Fe₂O₃	Tonnage	Al₂O₃	SiO₂	Fe₂O₃	Tonnage	Al₂O₃	SiO₂	Fe₂O₃
	(Million Metric Tonnes)	(%)	(%)	(%)	(Million Metric Tonnes)	(%)	(%)	(%)	(Million Metric Tonnes)	(%)	(%)	(%)	(Million Metric Tonnes)	(%)	(%)	(%)
Agnes	–	–	–	–	45.39	45.63	3.58	21.99	–	–	–	–	45.39	45.63	3.58	21.99
Alice	–	–	–	–	–	–	–	–	40.18	45.28	3.17	21.7	40.18	45.28	3.17	21.7
Aurelle	–	–	–	–	–	–	–	–	10.6	47.19	3.69	19.28	10.6	47.19	3.69	19.28
Beatrice	56.12	50.89	2.77	14.08	5.7	48	3.97	17.61	0.11	54.06	4.1	7.81	61.94	50.63	2.89	14.4
Danielle	140.5	46.2	2.05	21.72	18.09	47.57	2.76	19.19	4.96	39.48	4.13	30.08	163.54	46.14	2.19	21.69
Eulalie	–	–	–	–	–	–	–	–	18.63	41.55	3.39	27.5	18.63	41.55	3.39	27.5
Gilberte	–	–	–	–	–	–	–	–	35.38	43.72	3.07	24.21	35.38	43.72	3.07	24.21
Gregorine	24.7	44.82	2.28	25.14	50.96	44.57	2.94	24.83	11.6	42.74	3.13	27.34	87.26	44.4	2.78	25.25
Mathilde	–	–	–	–	–	–	–	–	29.61	43.85	4.68	22.93	29.61	43.85	4.68	22.93
Raymonde	85.5	49.43	2.26	16.91	25.61	46.05	3.23	21.2	0.3	41.67	12.6	16.86	111.42	48.63	2.51	17.9
Yolande	–	–	–	–	29.54	44.85	3.44	22.29	–	–	–	–	29.54	44.85	3.44	22.29
Total Minim Martap	306.82	47.85	2.26	19.26	175.3	45.53	3.25	22.32	151.37	43.92	3.55	23.76	633.5	46.27	2.84	21.18
Aicha	–	–	–	–	–	–	–	–	6.24	45.36	3.47	22.74	6.24	45.36	3.47	22.74
Anna	–	–	–	–	5.75	47.35	2.84	20.32	0.55	52.06	2.48	13.59	6.3	47.76	2.81	19.73
Bonnie	–	–	–	–	21.25	48.26	2.5	19.07	–	–	–	–	21.25	48.26	2.5	19.07
Emilie	16.21	45.12	2.17	23.56	–	–	–	–	–	–	–	–	16.21	45.12	2.17	23.56
Fabiola	–	–	–	–	12.15	45.69	2.94	22.79	–	–	–	–	12.15	45.69	2.94	22.79
Georgina	–	–	–	–	5.04	48.58	1.5	19.75	3.48	52.75	2.23	12.79	8.52	50.28	1.8	16.91
Gladys	–	–	–	–	79.44	43.19	3.04	26.09	8.83	42.2	3.36	27.06	88.27s	43.09	3.07	26.18
Hind	–	–	–	–	120.72	43.77	2.85	25.83	14.49	44	3.13	25.7	135.2	43.8	2.88	25.81
Jane	–	–	–	–	16.87	44.55	2.87	24.04	3.11	42.59	3.32	26.39	19.98	44.24	2.94	24.4
Nathalie	–	–	–	–	13.93	45.13	3.28	23.27	–	–	–	–	13.93	45.13	3.28	23.27
Pauline	–	–	–	–	12.33	47.76	2.37	20.13	0.7	46	1.4	23.33	13.03	47.67	2.32	20.31
Sienna	–	–	–	–	8.31	43.09	2.67	26.29	2.71	43.76	3.4	24.81	11.02	43.26	2.85	25.93
Sophia	3.8	48	1.84	19.95	–	–	–	–	–	–	–	–	3.8	48	1.84	19.95
Susan	–	–	–	–	5.63	41.63	2.92	28.61	11.48	43.76	2.81	26.25	17.11	43.06	2.85	27.03
Total Makan	20.01	45.67	2.11	22.87	301.42	44.37	2.85	24.7	51.58	44.41	3.07	24.66	373.01	44.45	2.84	24.6
Bridget	1.74	41.82	0.95	28.83	5.43	42.6	1.04	28.06	3.47	43.16	1.47	27.71	10.64	42.65	1.16	28.07
Judith	22.19	42.36	1.12	28.49	5.27	42.2	1.34	28.6	–	–	–	–	27.46	42.33	1.17	28.51
Simone	43	42.42	1.28	28.35	14.82	41.88	1.02	29.69	–	–	–	–	57.82	42.28	1.22	28.69
Total Ngaoundal	66.93	42.38	1.22	28.41	25.52	42.1	1.09	29.12	3.47	43.16	1.47	27.71	95.92	42.34	1.2	28.57

Total Resource	393.76	46.81	2.07	21	502.24	44.66	2.9	24.1	206.43	44.03	3.4	24.05	1102.43	45.31	2.7	22.98

1.2.6. Mining and Mining Inventory

The selected mining method for the Minim Martap Deposit considers the use of surface miners, supported by front-end loaders (FELs) and truck haulage. This method is proven, efficient, and cost-effective for bauxite extraction, with successful use in similar areas like Guinea.

Run-of-mine (ROM) ore will be transported to ROM pads and then off-site via an existing rail line. Waste material will largely be backfilled into the mined-out voids to support progressive rehabilitation, with minimal initial pre-stripping required on each plateau.

Using appropriate ore loss and dilution factors, the three plateaus considered for mining in the 20-year life of mine plan have an initial extractable mining inventory of 199.5 Mt (Table 1-3).

Table 1-3 – Total Extractable Mining Inventory for Minim Martap Deposit

Plateau	Initial Mining Inventory, Dry Metric Tonnes (Million)	Total Loss, Dry Metric Tonnes (Million)	Losses (%)	Total Extractable Mining Inventory, Dry Metric Tonnes (Million)
Beatrice	59.2	5.9	10%	53.3
Danielle	84.7	6.4	7.6%	78.3
Raymonde	74.2	6.3	8.5%	67.9
Minim Martap	218.1	18.6	8.5%	199.5

The inventory beyond the Ore Reserve estimate (20-year life of mine plan-LOMP) is expected to support further extraction beyond current LOMP, upon 1st renewal of mining permit. The additional mining inventory not considered in the LOMP will include ore from the eight (8) plateaus forming a part of the Minim Martap Mineral Resource.

1.2.7. Ore Reserve Estimation

The Ore Reserve estimation, conducted for the Minim Martap Deposit adheres to the guidelines set by the Australasian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves (JORC Code, 2012).

The 2025 Ore Reserve Statement for the Minim Martap bauxite deposit as reported by SRK, with an effective date of August 2025, is presented below as Table 1-4.

Table 1-4 – Minim Martap Ore Reserve Statement – August 2025

Plateau	Ore Reserve Classification	Dry Metric Tonnes (Million)	Al₂O₃ Total	SiO₂ Total
Beatrice	Proved	38.10	51.56	2.28
	Probable	0.10	56.59	0.88
Danielle	Proved	45.70	51.16	1.23
	Probable	6.60	52.10	1.45
Raymonde	Proved	49.4	50.97	1.73
	Probable	4.00	51.08	2.04
Minim Martap	Proved	133.30	51.20	1.72
	Probable	10.70	51.76	1.67
Total		144.00	51.24	1.71

The Ore Reserve Estimate is based on the 2025 Mineral Resource Estimate and incorporates several modifying factors, including:

a) A required direct shipping ore (DSO) grade of 51% alumina (± 1%) and b) Considerations for ore loss and dilution derived from operational practicalities.
c) An economic stripping ratio informed by current cash costs and performance metrics.

The previous Ore Reserve estimate for the Minim Martap bauxite deposit, with an effective date of June 2022, was also reported in accordance with the JORC Code (2012). The 2025 update reflects changes due to a new life of mine plan (LOMP) based on the revised inputs:

a) Updated Mineral Resource estimate.
b) Estimates for ore loss and dilution.
c) DSO specifications.

1.2 Mining

1.3.1 Mining Methodology and Mining Models

Table 1-5 – Bauxite Cut-off Grades at Different Plateaus

Plateau	Al₂O₃ Cut-off (%) (>=)	SiO₂ Cut-off (%) (
Beatrice	0	15
Danielle	46.7	15
Raymonde	46.9	15

Ore loss and dilution are applied within the mining models. The Danielle and Raymonde plateaus experienced limited impact from dilution due to their elevated Al₂O₃ cut-off; SRK applied a 25 cm loss and dilution approach, which aligns with the operational precision of the proposed surface miners. At Beatrice, SRK adopted a 0.7 m loss-only approach to minimise the risk of reintroducing high-SiO₂ material through dilution. SRK also applied the following losses to account for operational constraints:

a) 0.5 m ore loss is applied at the base of the deposit where the orebody comes into direct contact with the underlying clay zone.
b) 0.5 m ore loss is also applied at the top of the deposit where the ore outcrops at surface to account for the stripping of topsoil and the potential contamination of ore by organic material during initial mining activities.

Considering the above, the total Extractable Mining Inventory for the Minim Martap deposit is presented in Table 1-3.

1.3.2 Pit and Waste Dump Design

The Minim Martap Deposit supports a 20-year Life of Mine Plan (LOMP) based on current DSO specifications and applied modifying factors. Appropriate geotechnical and access considerations have been applied and risks relating to these are considered minimal due to the shallow nature of the ultimate pit design. External waste dumps have been provided for minimal initial pre-strip. These dumps are currently located over potential inventory outside of the 20-year life of mine and may result in some sterilization in the short term. The ultimate pit design base was left to align with the base of ore (BOO) as defined by the margin ranking exercise with no additional modification applied. There is a level of uncertainty associated with the location of this interface due to the drill spacing and potential fluctuations between the drill holes and an allowance of loss has been made within the models to account for this. This represents the largest risk to the inventory as presented in this LOMP. SRK considers the risk to the Project to be minimal as there is additional inventory available at comparable grades which can be introduced to the LOMP to supplement the feed if required. The waste material scheduled in the LOMP has an average grade of ~44% Al₂O₃ and 3.9% SiO₂ which presents the opportunity for a lower grade product for the operation. This material has not been selectively dumped or stockpiled in this study but should be considered in future study work to ascertain its future product potential and how to effectively separate the material for future use.

Waste dump locations for different plateaus are illustrated in Figure 1-3 within the accompanying Media Snippet and the Life of Mine Plan Inventory is shown in Table 1-6.

Table 1-6 – Life of Mine Plan Inventory

Plateau	Dry Metric Tonnes (Million)	Wet Metric Tonnes (Millions)	Al₂O₃ Total	SiO₂ Total	Fe₂O₃ Total
Beatrice	38.36	42.60	51.56	2.28	13.49
Danielle	52.35	58.20	51.28	1.26	14.57
Raymonde	55.50	61.70	51.02	1.78	14.92
Total	146.21	162.50	51.25	1.72	14.42

1.3.3 Life of Mine Production Schedule

The LOMP provides a schedule of tonnes and grade for ore and waste over time for use in mining cost estimation and financial modelling. The LOMP only includes Measured and Indicated material as a source of DSO material. The Minim Martap Project can support elevated grades targeting 52% Al₂0₃ for the initial 3-year start-up period, before ramping up to 10 Million Wet Metric Tonnes/Annum of product with DSO specification. The operation will commence at the Danielle Plateau to minimise the required start-up time and capital before transitioning to Beatrice and Raymonde later in the mine life to effectively manage the SiO₂ in the product, which can be maintained below 2% total SiO₂ for the life of the mine. The start-up period of the mine, due to low rail capacity, will require low machine utilisation from the mining fleet and therefore offer reasonable flexibility and redundancy early in the mine life.

The total material hauled from the mine and used as DSO product for the purpose of reporting is summarised below in Table 1-7.

Table 1-7 – Ore Summary – Hauled from Mine end as DSO Product

Plateau	Dry Metric Tonnes (Million)	Wet Metric Tonnes (Millions)
Beatrice	38.2	42.5
Danielle	52.3	58.1
Raymonde	53.4	59.4
Minim Martap	144	160

Year-wise bauxite mined along with waste removal and the stripping ratio is presented within the accompanying Media Snippet in Figure 1-4 and bauxite production schedule from the different plateaus of the Minim Martap Deposit is presented on the next page in Table 1-8.

Table 1-8 – Yearly Proposed Bauxite Production from Different Plateaus

		Mining Operation in Year
Plateau	LOMP Production	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	2036	2037	2038	2039	2040	2041	2042	2043	2044	2045
Beatrice, Dry Metric Tonnes (Million)	38.2	0.0	0.0	0.0	0.0	0.0	0.0	2.7	4.1	4.2	3.7	4.4	4.0	4.1	2.5	4.1	4.3	0.1	0.0	0.0	0.0
Danielle, Dry Metric Tonnes (Million)	52.4	1.1	1.9	1.5	1.5	5.7	6.3	6.3	4.9	4.8	5.3	4.5	5.0	3.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Raymonde, Dry Metric Tonnes (Million)	53.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	1.4	6.4	4.9	4.7	8.9	9.0	9.0	9.0
Minim Martap, Dry Metric Tonnes (Million)	144.0	1.1	1.9	1.5	1.5	5.7	6.3	9.0	9.0	9.0	9.0	9.0	9.0	9.0	9.0	9.0	9.0	9.0	9.0	9.0	9.0
Minim Martap, Wet Metric Tonnes (Million)	160.0	1.2	2.1	1.7	1.7	6.3	7.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0

1.4 Mine Site Infrastructure (MSI)

1.4.1 Purpose and Scope of MSI

The MSI is designed to provide support for all activities and services for mining operation. Its “battery limit” starts at the entrance of mining trucks from the Pit (excluding ROM stockpiles) and ends at the gatehouse at the beginning of the road towards the IRF (Inland Rail Facility).

The MSI comprises various modular, fit-for-purpose buildings and facilities, including dome shelters and transportable office modules. These include:

a) Heavy and Light Vehicle Workshops
b) HV and LV Wash Down Facility
c) Tyre Change Facility
d) Fuel Storage and Distribution
e) Bulk Lube Storage
f) Warehouse and Consumables Supply
g) Kitchen
h) Crib Rooms
i) Administration Area – Ablutions
j) Offices
k) Camp
l) Water Supply and Treatment
m) Sewage Treatment Facility
n) Waste Management
o) Weighbridge
p) Other facilities include a gatehouse, medical and emergency services, control room, and security room.
q) Accommodation for 40 Persons
s) A kitchen / mess for the residents
t) Laundry facility
u) A Club House with recreation buildings, sports facilities etc.
v) A dedicated building for CSR
w) Main Admin Building
x) Clinic and Emergency Response Building
y) A Mosque
z) A Technical Workshop

1.5 Hauling Road

The transportation logistics operation to support the mining activities consists of transportation of the bauxite from the ore stockpile at mine end to the stockpile at IRF (Inland railway facility) through trucks and from IRF to port through rail. As part of the development of the Minim Martap Bauxite project, the establishment of a functional link road between the village of Minim, the mining areas (Béatrice, Danielle and Raymonde) and the Makor station is a major strategic issue. This access road is intended to ensure the efficient transport of ore, as well as the movement of equipment and personnel. The total length of the main road is 42 km and that of the secondary branch roads is 15.81 km. The road layout envisaged is given in Figure 1-5 in the accompanying Media Snippet.

The geometry of the road has been defined to allow the safe movement of heavy machinery, with a reference speed of 40 km/h. The planned platform is 9m wide, including a 7m carriageway and two 1m shoulders. Longitudinal slopes are limited to 6% with some exceptions to 8%, with minimum radii of curvature of 100 m (80 m exceptionally).

The road development work for the road network connecting the Minim Martap Bauxite Deposit to the IRF are structured across six phases, including earthworks for the IRF, new road sections to the IRF, sections overlapping the RN15 National Highway, complementary segments linking Plateau Daniel to the IRF, and roads connecting the Béatrice, Raymonde plateaus with Minim village, all integrated into a unified network.

Alibaba has been assigned to construct the haul road. Alibaba is also responsible for loading bauxite in Truck (Total load of truck 80T) from MSI and hauling bauxite towards IRF, maintenance of road, unloading of bauxite at IRF stockpile and loading of bauxite into rail.

1.6 Rail

Minim Martap Bauxite Project is made up of 3 Explorations Permits, Minim Martap, Makan and Ngaoundal which are connected to the Douala Port through Rail Network as shown in Figure 1-6 within the accompanying Media Snippet.

Minim Martap and Makan Permits are adjacent and are located around 25 km from the Ngaoundal Permit. Overall, they cover an area of 981 Sq.Km. The bauxite ore occurs as independent plateaus. A total of 79 plateaus are recorded.

CAMALCO shall finance 4.5 billion CFA Francs (~US$8 million) to carry out the rehabilitation work and around 54 billion CFA Francs (~US$95 million) to build capacity in the existing railway infrastructure, through the construction of around 11 new crossing stations and the extension of existing crossing loops at 29 stations.

The above referred rail infrastructure development and rehabilitation expense/ financing will be carried out by CAMALCO, which will be compensated through offsets against royalties and / or other charges (Reference No 00000001/PV/MINMIDT/SG/DM/SDAM/DM/SSEM, Dated 26th June 2025). A working group composed of Ministry of Mines, Ministry of Finances, Ministry of Transportation, Ministry of Economy & Planning, CAMRAIL & CAMALCO is being set up for the above-mentioned compensation.

1.6.1 Inland railway Facility (IRF)

The nearest rail head to the Minim Martap Bauxite project is the Makor railway station, with three existing lines and a relatively flat terrain which is ideal for the establishment of the IRF. The transportation of bauxite from the mining area to the IRF location will be done by road trucks. Bauxite will be unloaded onto stockpiles adjacent to the existing rail siding prior to loading into the train ore wagons.

IRF shall be developed in stages to meet the requirement of scaling of export volume from 2,1 Mtpa to 10 Mtpa and further for handling Alumina. The development will proceed in following stages:

Stage 1
Shorter Train (570 m) with a capacity of 2.1 mtpa

Stage 2
Longer Train (1140 m) with a capacity of 10 mtpa

Stage 3
Alumina Handling Train (1200 m)

1.6.2 Railway Network

The Douala-Yaoundé-Ngaoundere railway line of Camrail connects Douala port to Ngaoundere. The line between Douala-Yaoundé -Ngaoundere is split in two sections: Transcam 1(Douala – Yaoundé, 264 km) and Transcam 2 (Yaoundé – Ngaoundéré, 620 km)

Transportation Plan by Camrail

It includes the planning of Regional Project for the Improvement of the Performance of the Douala N’Djamena Rail/Road Corridor (PCDN) and Belabo – Ngaoundere Railway Line Renewal Project (PRBN).

Purpose of the Plan

a) Douala – Yaoundé

Speed increase to 90 Km/h (for Passenger trains) (and 70 Km/h for freight trains)
Increase in train path capacity

b) Belabo – Ngaoundere

Speed increase to 90 Km/h (for Passenger trains) (and 70 Km/h for freight trains)
Modification of signage
Increase in train path capacity
Opening of stations

Axle Load

a) Current

Current axle load of Douala – Ngaoundere section is 18 T.

b) Proposed

The proposed Axle load after completion of the track renewal work all along Douala –Ngaoundere is 20 T.

Rail Connectivity to Port

The take-off of the proposed IRF Rail siding is at Camrail CH: 796+870 km which is about 5.75 km from the Makor station. The proposed IRF line no. 1 connects Camrail at two locations i.e. CH: 796+870 km and CH: 798+823 km.

The movement of Bauxite per annum will be 2.1 million tons during Complete Track Renewal (CTR) phase and 10 million tons after CTR.

Train Configuration and Loop Extension

The train configuration before and after CTR is given as below:

a) Train Configuration Before CTR 2L+50W(570 m Train length)

b) Train Configuration Before CTR 1L+50W-2L-50W-1L (1140 m Train length)

Based on the data provided, most passing loops would be able to accommodate a 539 m-long train, with an exception of Yaoundé, which has a passing loop track length of 434 m.

Provision has been made during CTR works for additional crossing loops and the lengthening of existing rail loops to allow for movement of the longer trains required to facilitate the increased ore transportation.

The Port’s Rail infrastructure begins from the Port’s right of way near Sandaga Road level crossing, about 1.5 km away from the Bessengue railway station as shown in the Figure 1-7 given in the accompanying Media Snippet.

According to the report prepared by Systra, construction of 11 new crossing loops and 29 loop extensions has been proposed for hauling operation of longer train.

The port rail network consists of two marshalling yards (Rake-forming stations). Train services run from the marshalling yards to warehouses, port terminals and port operators’ industrial facilities and logistics bases. Each of these services function in the same manner as a branch line terminal, and their rail traffic management is the responsibility of the stations of the respective marshalling yards, as below:

a) Port Amont

The Upstream Port station for the upstream part of the port.

b) Port Aval

The Downstream Port station for the downstream part of the port.

1.7 Port and Transshipment

1.7.1. Project Purpose and Location

The project aims to establish a dedicated facility at the Port of Douala for barge loading of bauxite. For this, three locations were shortlisted and finally one location has been finalized. This preference is mainly due to its readily available waterfront towards both the North and West, existing rail tracks (Corridor 1 and Corridor 2) behind the storage space, and the potential for waterfront expansion. The site is a brownfield port facility, requiring some modification work, for bauxite transportation, and is located over 800 km away from the Minim Martap Bauxite Project.

1.7.2. Bauxite Properties and Climatic Conditions

The following bauxite properties and climatic conditions have been considered at the port stockpiling facility:

Physical Properties

Bulk Density	: 1.3–1.5
Repose Angle	: 37-42 degrees (DEM) or 32 degrees (Dynamic)
Lump Size	: 90% passes through a P100 sieve
Moisture Content	: 10-14% (saturated)

Climatic Conditions

Douala experiences a tropical monsoonal climate with high humidity (99% in rainy season, 80% in dry season) and heavy rainfall from June to November. Average temperatures range from 23.33°C (August-October) to 30.56°C (March). Historical data shows average wind speeds of 6.2 km/hour in May, with maximum storm winds reaching 70 km/hour. The port has been impacted by significant storms and cyclones, such as Cyclone Eline (2000) and Cyclone Leo (2018), with Leo bringing sustained winds up to 120 mph. Tidal variation is from +0.6m (MLW) to +2.6m (MHW).

1.7.3. Site Geotechnical and Hydrographic Information

Douala’s earthquake hazard level is classified as low by the Think Hazard platform. The soil conditions of the selected plot are predominantly sandy formations with a clayey silt matrix, indicating an alluvial origin, where cohesion is not a governing criterion. The topography of the plot shows a mild slope from the North-East wood stockyard towards the South-West river-bank.

The Wouri River at Douala Port has a very gentle slope. Recent bathymetry revealed an average channel depth of 8m for navigation, though the far side has shallower drafts (5.5m to 6.5m). Periodic dredging is required for smooth navigation. The anchorage point is located 59 km away due to the mild slope of the navigational channel.

1.7.4. Traffic Projections and Operations

The project anticipates a phased increase in traffic:

a) Phase 1: Starting with 1.2 mtpa (Million Tonnes Per Annum) in 2026, increasing to 2.1 mtpa in 2027 and 1.7 mtpa in 2028 and 2029.
b) Phase 2: Further increasing to 6.3 mtpa in 2030, 7.0 mtpa in 2031, and reaching 10.0 mtpa in 2032. This 10 mtpa level will be checked during the Detailed Project Report (DPR) preparation.

The core operations at the port facility include:

a) Unloading of incoming loaded wagons.

b) Stacking of unloaded cargo.

c) Reclaiming from storage and barge loading for transshipment.

1.7.5. Rail Transportation and Wagon Handling

Bauxite will be transported exclusively by dedicated rakes from the mine to the port. The selection of wagon type will prioritize efficient unloading at the port and bulk loading at the mine, aiming to maximize operational benefits and minimize the number of wagons, maintenance, and downtime in the overall system.

Regarding wagon types, Flat Wagons and Covered Wagons are not suitable for large-scale bulk cargo transportation required for this project. For large cargo volumes, conventional discharge systems include:

a) Wagon Tippler arrangements for Top-Open Wagons.

b) Track Hoppers and associated tunnels for Bottom-Discharge type Wagons.

However, both requires considerable space, deep excavation, major civil works (especially challenging at Douala due to high water table), and a long implementation time. Both systems involve complex mechanical arrangements and control systems.

Grafix Engineering Consultant Pvt. Ltd. is conducting a detailed study to explore different options for wagon unloading, stockpiling and reclamation of DSO ore for further loading into the barges.

At the initial stage wagon unloading has been planned using crawler or tyre-mounted Mobile Crane (fitted with outriggers) having grab attachment from both sides of the rail siding. Subsequent stacking and reclaiming operation shall be done using pay loaders.

However to cater the enhanced production at a later stage, wagon unloading has been planned by using an electric-driven, rail-mounted travelling equipment with a traversing spiral (screw) type vertical unloading arm. Subsequent stacking and reclaiming operation shall be carried out using mechanised stacker reclaimer or travelling tripper and pay loader combination.

Two existing rail corridors (Corridor 1 and Corridor 2) are available near the project site. Corridor 2 is considered best suited for the project, particularly for fully mechanised handling, and offers adequate siding length to potentially accommodate a full rake without splitting in earlier stages. However, splitting loaded rakes will become unavoidable at higher traffic volumes.

1.7.6. Storage Capacity and System Efficiency

The design principle for the export facility emphasizes ensuring ships do not wait for cargo. Therefore, storage capacity will typically be at least one ship load or marginally higher, increasing with the number of ships to account for random arrivals, equipment downtime, and unforeseen rake disruptions. The conclusions in the Report prepared by Grafix Engineering Consultants Pvt. Ltd relating to the Port Studies: Planning and Design. recommend storage capacity of either 1.5 times the maximum ship size or 1/15 times the annual throughput.

Various storage options are considered, with initial stockpile capacities ranging from 0.2 MT to 0.3 MT and final capacities up to 0.5 MT. Some options involve extensive payloader and dumper operations, with stockpile heights initially limited to 6m due to soil properties and practical considerations. More mechanized options involve mobile rail-mounted unloading equipment discharging onto ground conveyors for stacking with elevated mobile tripper conveyors or rail-mounted travelling stacker/reclaimers. One option which utilizes Rail Siding Corridor-2 and a Rail Mounted Travelling type Stacker/Reclaimer, is considered best suited for fully mechanised handling.

Barge loader types vary from fixed radial movement loaders to those capable of travelling between multiple berths for greater economy.

1.7.7. Transhipment and Waterfront Operations

The facility will handle 10,000 DWT self-propelled barges for transshipment. The target ship size at anchorage is 170,000 DWT, with a loading target of 20,000 tonnes/day using Floating Cranes (provided by others). 24-hour night navigation is possible. The anchorage area is deemed tranquil enough for year-round transshipment, with 320 safe operating days per annum considered for barge movement and ship loading.

The selected plot, being at a corner of the water body, has both North and West waterfront access. The West side waterfront is initially preferred for barge loading due to an existing sheet pile front and direct access to the backup area. The existing Wood Handling Jetty on the North side may need to be dismantled to optimize waterfront utilization as traffic increases.

1.8 Environment Social and Community

The Minim-Martap Bauxite Project involves Extraction of DSO Grade Bauxite from the Minim Martap Deposit, transportation of Bauxite through haul road from the mine stockyard to the Inland Railway Facility (IRF) in Makor for bauxite evacuation, and the establishment of a port terminal at the Autonomous Port of Douala (PAD) for bauxite export. This necessitates a comprehensive Environmental and Social Impact Assessments (ESIAs) to comply with national and international regulations. Separate ESIA studies have been conducted at Mine site, Haul Road, IRF and Port Area.

1.8.1 ESMP Budget

Separate ESMP budget has been calculated for incorporation of the mitigation measures, identified for individual areas, which has been suitably considered under the cost head of respective unit operations.

1.9 Bauxite Market and Pricing

Camalco commissioned CM Group to provide an independent assessment of the outlook for the global bauxite market, including a price forecast for the specific grades of bauxite to be exported from the proposed Minim Martap bauxite mine in Cameroon. This independent assessment notes the following.

Having set record highs in 2024 and early 2025, the CM Group forecast bauxite prices to decline over the next 2 years, as new supply enters the market, particularly from Guinea, the world’s largest exporting country.
Over the medium term, CM Group forecast bauxite prices to shift structurally higher relative to historical averages, as mining costs and royalty charges increase in Guinea, pushing costs higher for marginal producers, resulting in higher FOB costs. Non-Guinean bauxite suppliers into China, such as Canyon’s proposed Minim Martap bauxite project, stand to benefit from the higher cost base in Guinea, given the positioning of Guinea’s marginal cost base at the top of the cost curve.

Forecast Priced for Minim Martap Bauxite Under Base, High and Medium Cases, 2026 to 2036 (US$/dmt real 2025, CIF China) is presented in Figure 1-8 within the accompanying Media Snippet.

1.10 Project Execution and Implementation Plan

1.10.1. Implementation Schedule

The total estimated time-period for project implementation is estimated at 12 months for stage 1 of the project development from the “Initiation of Project Construction Activities”.

This schedule assumes that all related studies (Geology, Mining, MSI, Road, Rail, Port, etc.), finalization of project details, financing arrangements, statutory government clearances, and creation of a nucleus project organization are completed before construction begins. The DFS itself is tentatively scheduled for completion by August 2025.

1.10.2. Contracting Model

The project will use an Engineering, Procurement and Construction Management (EPCM) model. The EPCM scope includes design, construction, and commissioning of equipment and facilities, encompassing mine infrastructure, transport logistics, road design, project-wide operations/maintenance infrastructure, and contract arrangements with rail/port authorities.

The implementation strategy for various packages is based on discrete turnkey mode, where contracts have been awarded to separate agencies are awarded based on their expertise (e.g., main equipment supply, civil work, structural steelwork, utilities).

This approach is chosen to balance time and cost for the project, with an optimized number of discrete turnkey packages (four identified). The four packages are: Mine Development and Operation, Hauling Road, Rail Operation, and Port Construction and Transshipment.

The total operation of mining of Bauxite, stockpiling, Rail transportation, and Transshipment has been distributed under three (3) major Packages. The Packages and the selected agencies responsible for execution of the packages are mentioned in Table 1-9 as presented below.

Table 1-9 : Operation Methodology

Sl No	Package	Description	Shortlisted Agency
1	Mining	Mining operation and transportation of ROM to Mine Stockpile.	Sarvodaya
2	Ore Hauling	Transportation of ROM from Mine Stockpile to IRF stockpile and rake loading	Alibaba
3	Rail & Port Operation	Management of Rake movement, Wagon Unloading, material handling and transshipment	Arise

1.10.3. Exclusions from EPCM Scope

Certain critical aspects remain under the Owner’s (Camalco’s) team, including mine pit design, mine road network design (except integration), procurement and management of mine pit equipment, performance of mining operations, acquisition of rights-of-way/permits, environmental/ social investigations, community programs, test work, land acquisition, and financial modeling.

1.10.4. Owner’s Execution Team and Operational Readiness

Camalco’s Owner’s Project Team will be onboarded gradually, including construction, engineering, HSEC, procurement, and management roles, to ensure a smooth transition to operations.

1.10.5. Participation of Authorities

Successful project implementation requires significant engagement and agreement with key Cameroonian stakeholders:

a) Ministry of Mines (MINMIDT) for exploitation permits and regulatory framework.

b) Ministry of Environment (MINEPDED) for environmental impact assessments, guidelines, certificates, and mine closure plans.

c) Ministry of Transportation for road use licenses and right-of-way discussions.

d) CamRail (rail service provider) for train control, track improvements, bauxite train priority, crew management, asset management, and infrastructure validation.

e) Port Authority of Douala (PAD) for access to the Wooden Terminal, dredging, right of way for conveying systems, and utility connections.

1.10.6. Engineering and Design

The EPCM Contractors will manage engineering to deliver contractual requirements within budget and schedule, complying with legislative requirements and recognized codes. The scope includes providing engineering support, participating in change management, supporting construction, providing technical input for procurement, reviewing vendor drawings, and assisting with commissioning and ramp-up. Battery limits for design are clearly defined for Mining, MSI, Road, IRF, Port, and Transshipment.

1.11 Cost and Financial Analysis

1.11.1 Operating Cost

Table 1-10 summarises the breakdown of cash costs.

Table 1-10 – Summary of Cash Costs

Cash costs	US$/dmt	Split
Waste removal	0.73	2	%
Ore mining	2.89	8	%
G&A on-site	0.41	1	%
Transport	23.15	60	%
Port	11.38	30	%
C1 Cash cost	38.56	100	%
Depreciation	3.10
C2 Cash cost	41.66
Royalty and levies	3.15
C3 Cash cost (pre-tax)	44.81
Income tax	4.65
C3 Cash cost (post-tax)	49.46

Figure 1-9 within the accompanying Media Snippet shows that transport and port operations constitute 82% of the all in sustaining costs (costs of production). Royalties and levies comprise 8%, while mining and waste removal only constitute 9% of all in sustaining costs.

1.11.2 Capital Expenses

The development and sustaining capital of the project is detailed below. It comprises of a haul road construction from the ROM pad to IRF, mine camp for Camalco personnel and railway rolling stock. To facilitate the start of this project, Camalco has committed to providing funding for rail upgrade but will be reimbursed for these upfront funds. The Total Capital Expenditure for the Project is presented below in Table 1-11.

Table 1-11 – Total Capital Expenditure

CapEx	Stage 1 US$M	LOM US$M
Mine and mine-site infrastructure	2.0	2.0
Haul Road construction	8.0	8.0
Inland Rail Facility	34.0	56.0
Douala Port	6.0	28.0
Rail	41.0	348.0
Project Delivery and Owners Costs	5.0	5.0
Total	96.0	446.0

1.11.3 Sustaining Capital

Sustaining capital costs are included in contractor costs.

Contract mining cost and haulage cost from mine to IRF are inclusive of a capital charge and as such, no separate sustaining capital expenditure for the project owner is applied.

Arise Port and Logistics, the contractor chosen for port and logistics, includes the maintenance of rolling stock.

1.11.4 Project Economics

Table 1-12 presents a summary of key outcomes in the cashflow analysis of the project in real terms and

Figure 1-10 within the accompanying Media Snippet shows the annual free cash flow in real terms.

Table 1-12 – Summary of Key Economic Assumptions

Production	Unit	LOM	Avg (20 year)
Mine Life	Years	20
Production	dmt	144.0	7.2
Capital
Stage 1 CAPEX	US$M		96
CAPEX to 2.0 Mtpa	US$M		158
CAPEX to 6.5 Mtpa	US$M		345
Total CAPEX	US$M		446
Capital intensity	US$/t capacity		62.0
Operating Costs		US$M	US$/dmt
C1 costs		5,553	38.56
C2 costs (C1 plus Depn)		5,999	41.66
C3 costs (C2 plus royalty, levies and taxes)		7,123	49.46
Product Grade
Available alumina grade	%		51%
Total silica grade	%		2%
Reactive silica grade	%		1%
Ore moisture content	%		10.00%
Realised price		First Prod Yr	Avg (20 year)
Shipping cost to China	US$/dmt	17	17
GBIX price CIF China	US$/dmt	76	67
Minim Martap price premium	US$/dmt	12	11
Minim Martap price CIF China	US$/dmt	89	78
Cashflow Before tax		LOM	Avg
20-year undiscounted free cash flows	US$M	1,989	99
Steady state 10M wmt/annum undiscounted free cash flows	US$M		174
Cashflow After Tax		LOM	Avg
20-year undiscounted free cash flows	US$M	1,319	66
Steady state 10M wmt/annum undiscounted free cash flows	US$M		132
Project payback (post tax)	In year		8.00
Valuation		NPV (US$M)	IRR
Project return – pre tax		835	29%
Project return – post tax		521	22%
Discount rate – real, post tax		6%	6%
Tax and Royalty			Rate
State royalty			3%
Production sharing			5%
Development levies			2%
Corporate tax			33%

1.11.5 Sensitivity analysis

Sensitivity for the impact of changes in key assumptions, namely bauxite price, mining and other costs, transport and capital expenditure, to the project evaluation was conducted. Each assumption was independently increased and decreased by 10% and 20% to determine the impact on the project cash flow value, as detailed in, as illustrated in Figure 1-11 within the accompanying Media Snippet.

From this sensitivity analysis, it is evident that the NPV is most sensitive to changes in the bauxite price followed by transport cost, but with much less sensitivity. Mining operating costs and capital expenditure have the least impact on project NPV.

APPENDIX 1 – COMPETENT PERSON STATEMENTS

Competent Person’s Statement – Mineral Resources

The information in this announcement that relates to mineral resources is based on information compiled or reviewed by Mr Rodney Brown, of SRK Consulting (Australasia) Pty Ltd. Mr Rodney Brown is a member of the Australian Institute of Mining and Metallurgy and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person in the terms of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012).

Mr Brown consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.

Competent Person’s Statement – Ore Reserves

The information in this report that relates to Ore Reserves is based on information compiled or reviewed by Mr Donald Elder, of SRK Consulting (Australasia) Pty Ltd, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy, Mr Scott McEwing, of SRK Consulting (Australasia) Pty Ltd, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy, Mr Tyrone Woodfin, of SRK Consulting (Australasia) Pty Ltd, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy, and Mr Mihir Malla, a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy and is currently employed by Camalco.

Mr Elder, Mr McEwing, Mr Woodfin and Mr Malla have sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a Competent Person in the terms of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012).

Mr Elder, Mr McEwing, Mr Woodfin and Mr Malla consents to the disclosure of information in this report in the form and context in which it appears.

APPENDIX 2 – ORE RESERVE STATEMENT

SRK Consulting (Australasia) Pty Ltd (SRK) has contributed to an updated Ore Reserve estimate for the Minim Martap bauxite deposit, which is part of the Minim Martap mining project located in the Adamawa Province of central Cameroon. The update to the Ore Reserve estimate is based on an updated Mineral Resource estimate, completed by Mr Rodney Brown from SRK (Australasia) Pty Ltd dated June 2025 and a DFS (Detailed Feasibility Study Minim-Martap Bauxite Project) dated August 2025, compiled by M. N. Dastur and Company (P) Ltd and a LOMP completed by SRK (Australasia) Pty Ltd. The project is owned by Camalco SA, a wholly owned subsidiary for Canyon Resources Limited.

This Ore Reserve estimate adheres to the guidelines set by the Australasian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves (JORC Code, 2012).

The 2025 Ore Reserve estimate for the Minim Martap bauxite deposit, with an effective date of August 2025, is shown in Table 1.

The Ore Reserve estimate is based on the 2025 Mineral Resource estimate and incorporates several modifying factors, including:

a required direct shipping ore (DSO) grade of 51% alumina (±1%) and
considerations for ore loss and dilution derived from operational practicalities
an economic stripping ratio informed by current cash costs and performance metrics.

The Ore Reserve estimate considers only three plateaus within the Minim Martap concession area: Danielle, Raymonde and Beatrice. There is sufficient ore, at the required product grade, to fulfill the 20-year mine plan that supports this Ore Reserve.

updated Mineral Resource estimate
estimates for ore loss and dilution
DSO specifications.

Figure 1 within the accompanying Media Snippet provides a summary of the conversion from the 2025 Mineral Resource model to the 2025 Ore Reserve estimate.

Table 1: Minim Martap Ore Reserve Statement – Effective Date 31 August 2025

Plateau	Ore Reserve category	Tonnage (Mt)	Total Al₂O₃ (%)	Total SiO₂ (%)
Beatrice	Proved	38.1	51.56	2.28
Beatrice	Probable	0.1	56.59	0.88
Danielle	Proved	45.7	51.16	1.23
Danielle	Probable	6.6	52.10	1.45
Raymonde	Proved	49.4	50.97	1.73
Raymonde	Probable	4.0	51.08	2.04
Combined	Proved	133.3	51.20	1.72
	Probable	10.7	51.76	1.67
	Total	144.0	51.24	1.71

Notes:

Unless stated otherwise, tonnes are reported as dry metric tonnes.
The information in the statement presented in Table ES.1 that relates to the Ore Reserve estimate is based on mine planning work undertaken by Tyrone Woodfin of SRK Consulting (Australasia) Pty Ltd. Tyrone Woodfin is a Member of the Australasian Institute of Mining and Metallurgy and has sufficient experience that is relevant to the style of mineralisation and mine planning systems and process he is undertaking, to qualify as a Competent Person in terms of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012 edition). The Competent Person consents to the inclusion of such information in this Report in the form and context in which it appears.
The mine planning has been reviewed by Scott McEwing of SRK Consulting (Australasia) Pty Ltd. Scott McEwing is a Fellow and Chartered Professional of the Australasian Institute of Mining and Metallurgy and has sufficient experience in Ore Reserve estimation and bauxite projects to qualify as a Competent Person in terms of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012 edition). The Competent Person consents to the inclusion of such information in this Report in the form and context in which it appears.
The Ore Reserve report and economic assessment has been compiled and supervised by Donald Elder of SRK Consulting (Australasia) Pty Ltd. Donald Elder is a Member of the Australasian Institute of Mining and Metallurgy and has sufficient experience in Ore Reserve estimation and reporting to qualify as a Competent Person in terms of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012 edition). The Competent Person consents to the inclusion of such information in this Report in the form and context in which it appears.
The information on marketing, revenue drivers, permitting and ESG², mine, rail, and port infrastructure as well as capital and cost metrics used in various sections of this estimate has been compiled, supported and supervised by Mihir Malla of Camalco SA. Mihir Malla is a Member of the Australasian Institute of Mining and Metallurgy and has sufficient experience that is relevant to the style of mineralisation and bauxite projects to qualify as a Competent Person in terms of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code, 2012 edition). The Competent Person consents to the inclusion of such information in this Report in the form and context in which it appears.

APPENDIX 3 – JORC CODE 2012 TABLE 1

Section 1: Sampling techniques and data

(Criteria in this section apply to all succeeding sections).

Criteria	JORC Code explanation	Commentary
Sampling techniques	Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling. Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.	The data used for Mineral Resource estimation were derived from drilling programs conducted between 2009 and 2024. The drilling was conducted in three periods: 2009, 2018–2020 and 2024. Of the 3,310 holes contained in the database, 2,643 were retained for resource estimation, with the remainder being twins or redrilled. Most of the samples were collected over 1 m intervals and split using a riffle or cone splitter to collect a sub-sample weighing approximately 2 kg collected for laboratory submission. Conventional sample preparation procedures (see below) were used for all programs. The samples from the 2009 and 2018–2020 programs were prepared by Afrigeolabs Group (Yaounde). The samples from the 2024 program were prepared by SGS at a mobile laboratory established at the onsite mining camp (Bobodji). The majority of the samples were assayed using fused bead XRF (see below). The samples from the 2009 program were assayed by Stewart Assaying (Ireland). The samples from the 2018–2020 program were assayed by ALS (South Africa). The samples from the 2024 program were assayed by Bureau Veritas (Perth).
Drilling techniques	Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.).	The drilling programs were carried out by a number of drilling contractors using reverse RC, AC, DD, AUG and RAB. Of the drillholes used directly for grade estimation, approximately 32% were RC, 30% AUG, 21% DD and 17% AUG. Most of the RC holes were drilled using a Schramm 850, track-mounted rig fitted with a 4.5” face sampling button bit. Most of the DD holes were drilled using HQ2 coring equipment fitted with 3 m barrels. The AC drilling is understood to have been conducted using a Wallis rig mounted on a Toyota utility (Mantis style). The AUG drilling is understood to have been conducted using solid open-flight spiral rods fitted with a 138 mm trepan bit.
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative nature of the samples. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	The majority of the samples were collected over 1 m intervals. For the core holes, recovery estimates were performed after the core had been placed in the core trays. Although the rigs were fitted with 3 m barrels, core runs of 1 m or 2 m were implemented to improve recovery. For the AC, AUG and RC holes, the samples were weighed prior to splitting. A significant number of holes were twinned during the 2024 program. This included the twinning of holes from previous programs, as well as RC-DD twins for the 2024 program. Twinned hole comparison studies do not show any evidence of significant systematic grade biases between the various drilling methods. No relationships between grade and recovery have been identified.
Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography. The total length and percentage of the relevant intersections logged.	Geological logs are available for the majority of the drill holes. The logs show differences in the information collected and the logging schemes used for the various programs. However, the level of detail is considered to be adequate to support Mineral Resource estimation and other downstream studies. The logging is qualitative in nature and data have been collected over the total lengths of the holes.
Sub-sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken. If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique. Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled.	The AC and RC samples were collected over 1 m intervals and riffle or cone split off the rig or at the onsite sample preparation facilities, with a 2 kg split collected for sample preparation. The core samples were longitudinally split using a core saw, with half core samples submitted for testing. Most of the samples collected for both the 2009 and 2018–2020 programs were prepared by Afrigeolabs Group facility in Yaounde. The samples, which typically weighed approximately 2 kg, were prepared in a conventional manner that included oven drying, crushing to 2 mm, and pulverising a 500 g split to 85% passing 75 µm, with a 100 g aliquot collected for assaying. For the 2024 program, the samples were prepared at a mobile sample preparation facility that SGS (Cameroon) set up and managed at Camalco’s onsite camp at Bobodji. Sample preparation included oven drying at 105°C to constant mass, crushing to 90% passing 2 mm, and then pulverising to 90% passing 75 µm, with a 100 g aliquot collected for assaying. The samples were submitted to Bureau Veritas (Perth) or ALS (South Africa) for assaying. Field splits and pulp duplicates were routinely collected at a nominal frequency of approximately 1 in 20. Data from these samples do not show any evidence of significant issues with the sample collection or preparation procedures. Twinned hole comparisons do not show any evidence of significant issues with sample extraction procedures for the various programs and drilling methods.
Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	The 2009 samples were assayed by Stewart Assaying (Ireland) or BRDC (India). The 2018–2020 samples were assayed by ALS (South Africa). The 2024 samples were assayed by Bureau Veritas (Perth). All samples were assayed using fused bead XRF, with TGA (1000°C) used for LOI. High- and low-temperature bomb digest test, quantitative XRD analyses, organic carbon analyses and trace element analysis were conducted on subsets of the samples. Laboratory performance was monitored using the results from the QA samples, which included coarse-crush duplicates, pulp repeats, standards, blanks and inter-laboratory checks. The database contains a significant number of twin holes, which enables comparisons of assay data from different programs and drilling methods. The QA data indicate that accuracy and precision are within industry accepted limits.
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel. The use of twinned holes. Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. Discuss any adjustment to assay data.	The nature of the mineralisation and the Mineral Resource estimation approach means that the Mineral Resource estimates are not significantly influenced by individual drill hole intercepts. The database contains over 600 pairs of twinned holes, which has enabled results from different drilling programs and drilling methods to be compared. In general, good domain thickness and grade correlation is evident in the drill hole pairs.
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. Specification of the grid system used. Quality and adequacy of topographic control.	The spatial data are reported using the WGS 84 Zone 33N coordinate system. The topographic surface models were prepared from a LiDAR survey conducted in July 2019. Drill hole collar positions were surveyed by registered surveyors using DGPS equipment. Most of the holes drilled prior to 2024 were resurveyed in 2024. The drill hole collar elevations were all adjusted to the topographic surface models prior to resource modelling. Because the majority of the holes are shallow and all are assumed to be vertical, downhole surveys were not conducted.
Data spacing and distribution	Data spacing for reporting of Exploration Results. Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. Whether sample compositing has been applied.	There is significant variation in the drill spacings over the various deposits, which largely reflects the different stages of exploration and objectives for the programs. Also, the anastomosing and elongated nature of the plateaux means that it is difficult to position holes on a regular grid. Prior to 2024, an initial section line spacing of 500 m × 250 m was used, with infill down to 100 m in selected areas. Geostatistical crosses with a nominal spacing of 50 m have been drilled on several plateaux. A nominal spacing of 150 m was targeted for the 2024 program. For the 2024 program, over 97% of the samples were collected over 1 m intervals, with the remainder collected on intervals between 0.3–0.7 m. For the pre-2024 programs, all of the samples are reported to have been collected over 1 m intervals. The desurveyed drillhole datafiles were downhole composited to 1 m interval prior to grade estimation.
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	All of the drill holes are vertical and located on a semi-regular grid, which means that the sampling is orthogonal to the sub-horizontal mineralised units. No orientation-based sampling biases have been identified or are expected for this style of mineralisation.
Sample security	The measures taken to ensure sample security.	The 2024 infill drill program was managed by Camalco staff, who were responsible for the monitoring of the samples of the rig, daily transport to the onsite preparation facilities, sample preparation, and the packaging of sub-samples for dispatch to the laboratories. Detailed descriptions of the chain-of-custody procedures for the other programs are not available for the earlier programs.
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	The sampling procedures and preparation facilities in Yaounde were reviewed by the Competent Person for the 2021 Mineral Resource estimates in 2019. In March 2024, SRK inspected and reviewed the sample collection activities and the onsite sample preparation facilities.

Section 2: Reporting of exploration results

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	Camalco holds one Exploitation Permit and two Exploration Permits in the project area. A summary of the tenement details is presented the accompanying Mineral Resource statement. All declared Mineral Resources fall within these permits.
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	Bauxites were identified in the region in the 1980s. Reconnaissance programs are understood to have commenced in the mid-2000s, with work completed by BRGM, Pechiney and Hydromine, with a significantly larger program conducted by Cameroon Alumina Limited in 2009. The next phase of exploration commenced in 2018, with Canyon conducting infill drilling programs on selected plateaux, as well as reconnaissance drilling on new plateaux.
Geology	Deposit type, geological setting and style of mineralisation.	The mineralisation in the project area is described as plateau-style lateritic bauxite. The deposits have formed from the intense weathering of Cambrian granites and the surrounding Proterozoic meta-sediments, as well as some Tertiary basalts. Bauxite development is understood to have commenced during the Miocene Epoch. The intense weathering of feldspathic minerals resulted in the removal of silica, the remobilisation of iron, and the formation and residual concentration of the bauxite minerals (mainly gibbsite). The current landform is characterised by broad plateaux separated by deeply incised valley. The bauxite is largely confined to the plateau tops, and the profile typically comprises a thin soil/ clay cover, an iron rich duricrust, a gibbsitic horizon and the underlying basal clays.
Drill hole Information	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: easting and northing of the drill hole collar elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar dip and azimuth of the hole down hole length and interception depth hole length If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	A summary of the material drill quantities made available for Mineral Resource estimation is included in the Mineral Resource statement. A significant number of holes were omitted from the grade estimation datasets because they twinned other holes, or had been redrilled in subsequent programs. This largely pertained to AC holes that had not fully penetrated the bauxite profile because of limitations with the drilling equipment.
Data aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated. Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. The assumptions used for any reporting of metal equivalent values should be clearly stated.	All relevant drill data have been used in the Mineral Resource estimates that are presented and described in this report and in Table 1 Section 3. No exploration results are separately reported.
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’).	The mineralisation occurs in sub-horizontal layers and all drill holes are vertical. As such, the drill holes are approximately orthogonal to the mineralised zones, and the reported drill hole intercepts can be considered to represent the true thicknesses.
Diagrams	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	Appropriate plans and sections are included in the Mineral Resource statement.
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	No exploration results have been reported.
Other substantive exploration data	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	A significant number of samples collected during the 2024 drilling program are currently being submitted for mineralogical, geo-metallurgical and trace element analyses. Once these datasets have been finalised, the results will be used (in conjunction with any relevant data from the early programs) to add additional parameters to the model. It is expected that these parameters will be useful for subsequent mining and processing studies
Further work	The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	SRK is not aware of any planned exploration programs for the deposits described in this report.

Section 3: Estimation and reporting of Mineral Resources

(Criteria listed in Section 1 and, where relevant, in Section 2 also apply to this section.)

Criteria	JORC Code explanation	Commentary
Database integrity	Measures taken to ensure that data has not been corrupted by, for example, transcription or keying errors, between its initial collection and its use for Mineral Resource estimation purposes. Data validation procedures used.	The datasets from the pre-2024 drilling programs were managed by Camalco and provided to SRK in spreadsheet form. The datasets from the 2024 project were managed by Camalco and provided to SRK in compiled spreadsheets. SRK also received the original assay reports and survey reports. SRK merged all of the data into an Access database. Various checks were performed against the original data sources, as well as checks for internal consistency between datasets.
Site visits	Comment on any site visits undertaken by the Competent Person and the outcome of those visits. If no site visits have been undertaken indicate why this is the case.	The Competent Person (Rodney Brown, SRK) visited the project site in March 2024. This provided an opportunity to examine and discuss the local geology with site staff, and to inspect the field activities, including RC and core drilling, sample handling and logging, and sample preparation.
Geological interpretation	Confidence in (or conversely, the uncertainty of) the geological interpretation of the mineral deposit. Nature of the data used and of any assumptions made. The effect, if any, of alternative interpretations on Mineral Resource estimation. The use of geology in guiding and controlling Mineral Resource estimation. The factors affecting continuity both of grade and geology.	The bauxite profile comprises several stratigraphic layers that exhibit different physical and geochemical characteristics. Geochemical data (primarily Al₂O₃, SiO₂, Fe₂O₃ and LOI), as well as stratigraphic relationships and ordering, were used to assign geological domain codes. Surfaces and solids representing the domain units were prepared by linking the drill hole intercept locations using a combination of implicit modelling, manual interpretation and topographic morphology to guide the interpretation.
Dimensions	The extent and variability of the Mineral Resource expressed as length (along strike or otherwise), plan width, and depth below surface to the upper and lower limits of the Mineral Resource.	Exploration has been conducted on a total of 28 plateaux in the project area. The plateaux are all of irregular shapes. They range in area from approximately 0.25 km² to 8.4 km², with the average area being approximately 2.4 km². The largest plateau is Hind. Although it has an overall strike extent of approximately 11 km and an overall width of approximately 5 km, it consists of a number of narrow lobes that rarely exceed a width of 500–600 m. The combined thickness of the bauxite horizons is typically about 10 m.
Estimation and modelling techniques	The nature and appropriateness of the estimation technique(s) applied and key assumptions, including treatment of extreme grade values, domaining, interpolation parameters and maximum distance of extrapolation from data points. If a computer assisted estimation method was chosen include a description of computer software and parameters used. The availability of check estimates, previous estimates and/or mine production records and whether the Mineral Resource estimate takes appropriate account of such data. The assumptions made regarding recovery of by-products. Estimation of deleterious elements or other non-grade variables of economic significance (e.g. sulphur for acid mine drainage characterisation). In the case of block model interpolation, the block size in relation to the average sample spacing and the search employed. Any assumptions behind modelling of selective mining units. Any assumptions about correlation between variables. Description of how the geological interpretation was used to control the resource estimates. Discussion of basis for using or not using grade cutting or capping. The process of validation, the checking process used, the comparison of model data to drill hole data, and use of reconciliation data if available.	The Mineral Resource estimates were prepared using conventional block modelling and geostatistical estimation techniques. The resource models were prepared using Datamine Studio RM and Leapfrog software. A parent cell size of 25 × 25 × 1 m (XYZ) was considered appropriate given the drill spacing, grade continuity characteristics and the expected end-user requirements of the model. The parent cell size enabled adequate representation of the domain volumes and sub-celling was not used. Prior to estimation, the model cells and drill samples were unfolded, with the upper and/or lower surface of each unit used as the datum plane(s). The interpreted lithological surfaces were used as hard boundary estimation constraints. The sample data were composited to 1 m intervals to adjust the very small number of samples (less than 5%) that had been collected over different intervals. The datasets were declustered to remove twinned or proximal holes. Probability plots were used to assess for outlier values; however, top-cuts were not deemed necessary. Local grade estimates were generated for the full set of analytes for which adequate data were available in the database. This included the following analytes: Al₂O₃, BaO, CaO, Cr₂O₃, Fe₂O₃, K₂O, LOI, MgO, MnO, Na₂O, P₂O₅, SO₃, SiO₂, TiO₂, V₂O₅, ZrO₂ The parent cell grades were estimated using ordinary block kriging. Search orientations and weighting factors were derived from variographic studies. Limits were applied to the number of samples that could be used from each drill hole to control extrapolation, clustering and downhole smearing. Estimation was performed using a three-pass search strategy. Extrapolation distances were limited to approximately half the nominal drill spacing. After estimation, the model cells were back-transformed to their original locations. Similar estimation parameters were used for all of the constituents to ensure that the grade relationships observed in the sample datasets were reproduced in the model. Default grades equivalent to the average grades of estimation datasets for each domain were assigned to any cells that did not receive estimated grades. Model validation included: visual comparisons between the input sample and estimated model grades for both the 3D models in section and accumulations over the bauxite zone thickness in plan global and local (swath plots) statistical comparisons between sample and model data checks to confirm that the grade relationships and oxide totals observed in the dataset were reproduced in the model an assessment of estimation performance measures, including the slope of regression and percentage of cells estimated in each search pass.
Moisture	Whether the tonnages are estimated on a dry basis or with natural moisture, and the method of determination of the moisture content.	The Mineral Resource estimates are expressed on a dry tonnage basis. A description of bulk density data is presented below. In situ moisture estimates have not been included in the resource models. Moisture content can show significant seasonal variation, and accurate moisture tests were not conducted on the exploration samples.
Cut-off parameters	The basis of the adopted cut-off grade(s) or quality parameters applied.	The Mineral Resource estimates for the high-grade priority plateaux in the Minim Martap tenement have been reported at a cut-off grade of 2 applied to individual model cells. The Mineral Resource estimates for all of the plateaux have been reported at a combined cut-off grade of >= 35% Al₂O₃ and 2 applied to individual model cells. The cut-off criteria were requested by Camalco based on the outcomes of marking studies completed in April 2025, as well the consideration of defining a resource that could be used as input into studies to assess the viability of a local refinery. Based on their marketing study outcomes, Camalco requested that the Mineral Resource be stated in terms of total oxide concentrations instead of available alumina and reactive silica. The cut-off criteria yield resource grades that are similar (or superior) to peer projects in Africa, with the added benefit that the materials are primarily gibbsitic and likely suitable for low-temperature refining. The mineralised zones show very good continuity and consistency at the selected cut-off grades.
Mining factors or assumptions	Assumptions made regarding possible mining methods, minimum mining dimensions and internal (or, if applicable, external) mining dilution. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential mining methods, but the assumptions made regarding mining methods and parameters when estimating Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the mining assumptions made.	The terrain is relatively flat. The deposits are near-surface and tabular. It is anticipated that the mining method will be by either conventional open pit excavators and dump trucks or by surface miners. Mining dilution assumptions have not been factored into the Mineral Resource estimates. The resource model contains a comprehensive range of analyte estimates for the full lateritic profile and it is intended that these estimates could be used to assist with dilution studies.
Metallurgical factors or assumptions	The basis for assumptions or predictions regarding metallurgical amenability. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential metallurgical methods, but the assumptions regarding metallurgical treatment processes and parameters made when reporting Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the metallurgical assumptions made.	As a part of the 2024 exploration program, approximately 3,000 samples were submitted for low-temperature bomb digest testing, and approximately 1,000 samples submitted for high-temperature bomb digest testing, quantitative x-ray diffraction, and organic carbon and trace element determination. These test programs have not yet been completed. However, the interim results, as well as the results for previous metallurgical studies, indicate that the majority of the alumina in the bauxite domains occurs as gibbsite. This means that the material should be amenable to both low-temperature and high-temperature Bayer processing.
Environmental factors or assumptions	Assumptions made regarding possible waste and process residue disposal options. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider the potential environmental impacts of the mining and processing operation. While at this stage the determination of potential environmental impacts, particularly for a greenfields project, may not always be well advanced, the status of early consideration of these potential environmental impacts should be reported. Where these aspects have not been considered this should be reported with an explanation of the environmental assumptions made.	A number of environment studies are in the process of being completed and SRK is not aware of any environmental issues that would impact upon the mineral resources. The geological datasets do not indicate the presence of any minerals that may present constraints on any mining or disposal activities. Given the strongly weathered nature of the host rocks, there is no evidence of minerals that may contribute to acid rock drainage.
Bulk density	Whether assumed or determined. If assumed, the basis for the assumptions. If determined, the method used, whether wet or dry, the frequency of the measurements, the nature, size and representativeness of the samples. The bulk density for bulk material must have been measured by methods that adequately account for void spaces (vugs, porosity, etc.), moisture and differences between rock and alteration zones within the deposit. Discuss assumptions for bulk density estimates used in the evaluation process of the different materials.	Dry in situ bulk density tests were performed on over 9,100 core samples sourced from 642 diamond core holes drilled in 2024. Over 70% of the samples were collected from Danielle, Raymonde and Beatrice, with the remainder collected from 22 other plateaux. The tests were performed at Camalco’s onsite sample preparation facility using water immersion techniques. The samples were oven dried and sealed prior to water immersion. The density data were grouped according to material type and deposit and default values approximately equivalent to the grouped averages were assigned to the cells with the equivalent material types in the model.
Classification	The basis for the classification of the Mineral Resources into varying confidence categories. Whether appropriate account has been taken of all relevant factors (i.e. relative confidence in tonnage/grade estimations, reliability of input data, confidence in continuity of geology and metal values, quality, quantity and distribution of the data). Whether the result appropriately reflects the Competent Person’s view of the deposit.	The classifications that have been applied to the Mineral Resource estimates are based on a consideration of the confidence in the geological interpretation, the quality and quantity of the input data, the confidence in the estimation techniques, and the likely economic viability of the material. No significant data quality issues were identified. Sample spacing is considered to be the primary controlling factor for the classification of the Mineral Resource estimates given its influence on grade and lithological continuity and estimation quality. For this reason, the Mineral Resource classifications have been largely defined using average drill spacing, with the following criteria applied: Measured: Model cells located in areas with a uniform coverage of 150 m or less Indicated: Model cells located in areas with a uniform coverage of 250 m or less Inferred: Model cells located in remaining areas with uniform drill coverage. The anatomosing and sinuous nature of the plateaux have meant that the drilling is not regularly gridded in most areas. Because of this, the distance criteria stated above have been used for guidance only and have not been applied in a prescriptive manner. The Competent Person considers that these classifications adequately reflect the reliability of the estimates.
Audits or reviews	The results of any audits or reviews of Mineral Resource estimates.	SRK is unaware of any external audits that may have been conducted on the Mineral Resource estimates.
Discussion of relative accuracy/confidence	Where appropriate a statement of the relative accuracy and confidence level in the Mineral Resource estimate using an approach or procedure deemed appropriate by the Competent Person. For example, the application of statistical or geostatistical procedures to quantify the relative accuracy of the resource within stated confidence limits, or, if such an approach is not deemed appropriate, a qualitative discussion of the factors that could affect the relative accuracy and confidence of the estimate. The statement should specify whether it relates to global or local estimates, and, if local, state the relevant tonnages, which should be relevant to technical and economic evaluation. Documentation should include assumptions made and the procedures used. These statements of relative accuracy and confidence of the estimate should be compared with production data, where available.	The Mineral Resource estimates have been prepared and classified in accordance with the guidelines outlined in the 2012 edition of the JORC Code. The Mineral Resource quantities should be considered as global and regional estimates only. The models are considered suitable to support feasibility-level planning studies, but are not considered suitable for detailed studies that place significant reliance on the local estimates, such as production activities.

Section 4 Estimation and Reporting of Ore Reserves

(Criteria listed in section 1, and where relevant in section 2 and 3, also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral Resource estimate for conversion to Ore Reserves	Description of the Mineral Resource estimate used as a basis for the conversion to an Ore Reserve. Clear statement as to whether the Mineral Resources are reported additional to, or inclusive of, the Ore Reserves.	The Ore Reserve estimate has used the Mineral Resource estimate by Mr Rodney Brown, a Principal Consultant from SRK (Australasia) Pty Ltd, in June 2025 as the basis of this Ore Reserve estimate. Mineral Resources are declared inclusive of Ore Reserves.
Site visits	Comment on any site visits undertaken by the Competent Person and the outcome of those visits. If no site visits have been undertaken, indicate why this is the case.	Numerous site visits have been carried out by Mr Mihir Malla, a Competent Person (CP) and co-signatory to the estimate. Mr Malla is an employee of Camalco SA with his office based at the project site.
Study status	The type and level of study undertaken to enable Mineral Resources to be converted to Ore Reserves. The Code requires that a study to at least Pre-Feasibility Study level has been undertaken to convert Mineral Resources to Ore Reserves. Such studies will have been carried out and will have determined a mine plan that is technically achievable and economically viable, and that material Modifying Factors have been considered.	The Ore Reserves estimate is supported by a DFS that includes the recently updated Mineral Resource estimate (June 2025) and new mine planning including mine designs, mining scheduling and mine cost estimation. The DFS includes study work for haulage, rail, port and marketing factors impacting the overall viability of the project and will be announced to the ASX in late July 2025, and the updated Mineral Resource estimate was released at the same time.
Cut-off parameters	The basis of the cut-off grade(s) or quality parameters applied.	The cut-off grade is established to target an average inventory tonnage with ≥51% Al₂O₃, while maintaining an SiO₂ grade below 2.5% for each plateau. All other material is considered waste. These parameters are considered by the Competent Person to be appropriate for the bauxite product to be sold, considering the nature of the bauxite deposits, their proximity to the seaborne direct-shipped bauxite market and the associated project economics. The reference point at which Ore Reserves are reported is the existing port of Douala, Cameroon.
Mining factors or assumptions	The method and assumptions used as reported in the Pre-Feasibility or Feasibility Study to convert the Mineral Resource to an Ore Reserve (i.e. either by application of appropriate factors by optimisation or by preliminary or detailed design). The choice, nature and appropriateness of the selected mining method(s) and other mining parameters including associated design issues such as pre-strip, access, etc. The assumptions made regarding geotechnical parameters (e.g. pit slopes, stope sizes, etc.), grade control and pre-production drilling. The major assumptions made and Mineral Resource model used for pit and stope optimisation (if appropriate). The mining dilution factors used. The mining recovery factors used. Any minimum mining widths used. The manner in which Inferred Mineral Resources are utilised in mining studies and the sensitivity of the outcome to their inclusion. The infrastructure requirements of the selected mining methods.	The Mineral Resource models were used in a high-level strategic scheduling optimisation process using scheduling optimisation software, in order to assess the best order of mining for the plateaus. Mining and logistics costs input to the optimisation were built up using commercial quotations received from experienced contractors. The Ore Reserves are derived from the Measured and Indicated Mineral Resources that meet the nominated DSO grade parameters and are within the DFS pit design limits. The mining method selected is open cut using surface miners to cut the bauxite, and front-end loader and truck fleets are commonly used. Bauxite will be hauled in mining trucks to a ROM pad located at each of the mining plateaus, from where it will be blended and rehandled into road trains and then hauled to a rail loading facility at Makor ~65 km away depending on the plateau being mined. From there, the bauxite will be transferred to trains for transport on an existing railway to the port at Douala. The bauxite will then be loaded onto barges for deep-sea transshipment into ocean-going vessels for shipment to overseas customers. The open pit mine will initially be developed in three plateau areas, and will employ a strip-mining style operation, with waste material being backfilled into mined-out plateau areas. Mine layouts, production schedules and cost estimates have been updated to a feasibility study standard to produce this latest Ore Reserve estimate. Mining will be at the tops of bauxite plateaus and with the majority of the maximum pit depths being less than 20 m. A series of geotechnical testing was undertaken to understand the application of surface miners at the operation. Tested parameters included Uniaxial compressive strength (UCS) Brazilian Disc (Tensile Strength) Cerchar abrasivity index (CAI) Triaxial testing. These were provided to OEMs to determine expected surface miner suitability, GET wear for costs and productivity. The range of estimated UCS results for each plateau are expected to range from 11.6 MPa to 18.5 MPa, well below the published limiting number of 80 MPa for the proposed surface miner. Short-term grade control will be based on progressive additional close-spaced drilling and pit mapping and grade control is allowed for in the mine operating costs and financial modelling. The Mineral Resource estimates presented in this report are derived from mineral resource models that SRK prepared between March and June 2025. The models were all prepared using conventional 3D block modelling and distance-weighted estimation techniques. Separate models were prepared for the five largest Minim Martap deposits (Danielle, Raymonde, Beatrice, Gregorine and Agnes) and a combined model was prepared for the other six smaller deposits. The parent block size used in the block model is 25 m in the east-west (along strike) direction, by 25 m north-south (across strike), by 1 m in the Z (vertical) direction. This results in a minimum selective mining unit (SMU) size of approximately 625 m³, or approximately 1,163 tonnes at the average bauxite dry density (1.86 t/m³). The orebody is structurally well defined, the bauxite occurs at or very near to surface and there is a noticeable clay layer at the base of the orebody, so identification of the bottom of the bauxite zone is expected to be relatively easy via grade control drilling ahead of mining. Appropriate grade control and ore mark-out and excavation control procedures will be used and have been allowed for in the project mining costs. Given the above and having regard to the type and size of mining equipment envisaged, the Competent Person considers that the minimum block size of 25 m × 25 m × 1 m used in the MRE is sufficient for use in the mining models. A higher degree of selectivity than currently in the block models should be achievable in practice, particularly in the Z-direction, given the ability of surface miners to selectively cut very thin layers. Maximum surface miner cut depth is expected to be in the order of 0.3–0.45 m and will then be selectively rehandled by front end loaders. Ore loss and Dilution was applied through a “Skinning” approach. For Raymonde and Danielle, a 50 cm mining accuracy was applied whereby 25 cm of ore is interchanged with 25 cm of waste where an interface of ore-waste occurs. At Beatrice, 70 cm of loss only was applied to counteract the high SiO₂ present in that plateau. Additional losses were applied to account for operational constraints. At the base of the pit, 50 cm of loss was assumed where DSO material transitioned into clay to minimise dilution by high silica material and for trafficability of machines above the clay as recommended by the Geotechnical Trafficability study. At the surface where ore is outcropping, 50 cm of loss was applied to account for stripping of topsoils or organic materials. A margin ranking exercise was undertaken to limit the inventory to only columns of material which were economic. However, the following differences to the financial modelling are noted: The G&A cost assumed was an estimate, the real G&A cost was not available until after the inventory definition had been undertaken. An additional 5% Production Sharing royalty was identified at the financial modelling portion of the study, which was not accounted for in the margin ranking. An additional rail access charge was identified, which was not accounted for as part of the margin ranking. The assumed shipping rate in the margin ranking was based on the CM global report benchmark rate, this was revised with a cheaper Camalco-sourced rate. The above differences were both negative and positive, resulting in a small nett difference. SRK considers the outcome of the differences given the high margin of the material and the shell restricted to the high value material within the plateaus to be immaterial to the overall inventory. The margin ranking selling price was based on a flat rate based on average LOM grades as specified by the CM Group Marketing report and not a value-in-use calculation, Therefore the outcome of the economic delineation is reliant on effective on-site blending and grade conformance. A pit design was developed for each of the plateaus, accounting for: operational limitations of the surface miners in regard to topographical gradients mining licence boundaries geotechnical constraints no additional constraints areas for social, environmental, heritage, etc. were required. A minimum mining strip width of approximately 50 m was used for the pit layouts, to allow for minimum mining width of the machines proposed as well as accesses on and off each strip. Inferred Mineral Resources are excluded from Ore Reserves estimates and the project does not rely on Inferred Mineral Resources to produce a positive economic outcome. The proposed mine site infrastructure will include waste rock dumps (mostly backfilled into mined-out areas, but with some small external dumps for waste from initial mining on each plateau area), ore stockpiles suitable for processing through a future refinery, ROM pads, surface haul roads to the rail head, water management/pumping infrastructure, workshops and fuel storage/supply facilities, technical and administration facilities, power station, mine accommodation camp facility and associated mine infrastructure. The Competent Person considers the proposed mining method to be appropriate, given the nature of the deposit’s mineralisation and the scale of the proposed operations.
Metallurgical factors or assumptions	The metallurgical process proposed and the appropriateness of that process to the style of mineralisation. Whether the metallurgical process is well-tested technology or novel in nature. The nature, amount and representativeness of metallurgical testwork undertaken, the nature of the metallurgical domaining applied and the corresponding metallurgical recovery factors applied. Any assumptions or allowances made for deleterious elements. The existence of any bulk sample or pilot scale testwork and the degree to which such samples are considered representative of the orebody as a whole. For minerals that are defined by a specification, has the ore reserve estimation been based on the appropriate mineralogy to meet the specifications?	The bauxite is sold as DSO, principally to alumina refineries in Europe, Middle East and Asia. The ORE is referenced at the existing port of Douala, Cameroon. Metallurgical recovery factors are not required for this simple DSO methodology and have therefore not been applied. The bauxite product is suitable for direct feed into alumina refineries using the low-temperature Bayer process to convert bauxite to pure alumina, and it is expected that a premium price can be obtained due to the relatively high Al₂O₃ grade and low SiO₂ grade of the product, compared to similar product available on the seaborne bauxite market. The Ore Reserve estimate is based entirely on plateau-hosted bauxite mineralisation, with appropriate product specification assumptions having been applied. The Ore Reserve estimate is based on total alumina and total silica. The resource models currently do not incorporate total available alumina and total reactive silica values.
Environmental	The status of studies of potential environmental impacts of the mining and processing operation. Details of waste rock characterisation and the consideration of potential sites, status of design options considered and, where applicable, the status of approvals for process residue storage and waste dumps should be reported.	ESIAs for the IRF, road, and port have been registered with MINEPDED, with approvals anticipated in the short term. Minutes from a meeting between Camalco SA, chaired by the Acting Minister for Mines, Industry and Technological Development with representatives from the Ministry of Industry, Mines and Technological Development (MINMIDT), Ministry of Transport (MINT), Ministry of Public Works (MINTP), Ministry of State Property, Surveys and Land Tenure (MINDCAF), MINEPDED, Sonamines, and Camrail, specifically identified the need for MINEPDED to speed up procedures to grant Camalco environmental compliance certificates for rail-related infrastructure
Infrastructure	The existence of appropriate infrastructure: availability of land for plant development, power, water, transportation (particularly for bulk commodities), labour, accommodation; or the ease with which the infrastructure can be provided, or accessed.	The proposed infrastructure to be built includes low-grade and waste rock dumps, ROM pads, surface haul roads to rail head, pumping infrastructure, workshops and fuel storage/supply facilities, technical and administration facilities, diesel-fired power station, rail head storage and loading facilities, mine accommodation camp facility, Douala port bauxite handling facilities and associated mine infrastructure. The proposed ore haulage route to Makor, a maximum distance of approximately 65 km from the mining areas, is partly along an existing unsealed road and partly along a new road route. The entire road haul route will require significant upgrading prior to commencement of operations and appropriate allowance for this has been made in the project establishment costs. Ore is to be hauled 800 km from Makor to the port at Douala via train. A railway line exists that allows for the commencement of ore transportation; however, significant upgrades to the railway line will need to be completed prior to full production targets of 10 Mtpa can be met. These upgrades have been costed and included in the economic model. The build-up in annual production rates has considered this upgrade, with full production being realised in 2032. The workforce will be made up labour and operational management staff supplied by contractors and technical and site management staff represented by the owner’s team. An appropriate camp facility will be constructed on site to provide accommodation, meals and recreation facilities for workers and a portion of the Cameroonian workers. Flights to nearby Ngaoundere, from Yaounde, are expected to be scheduled commercial flights. Additionally, a passenger train service is available between the Cameroon capital (Yaoundé) and Makor. As the operation is for a contractor-operator operation, Camalco specified in the Request for Quotation (RFQ) issued to the various contractors for both mining and haulage that tenderers need to supply, install and maintain their own infrastructure for power, water, transportation, labour, and accommodation. The cost for these elements has been included in the proposal costs as well as a schedule for site establishment.
Costs	The derivation of, or assumptions made, regarding projected capital costs in the study. The methodology used to estimate operating costs. Allowances made for the content of deleterious elements. The derivation of assumptions made of metal or commodity price(s), for the principal minerals and co- products. The source of exchange rates used in the study. Derivation of transportation charges. The basis for forecasting or source of treatment and refining charges, penalties for failure to meet specification, etc. The allowances made for royalties payable, both Government and private.	Capital cost estimates which support the Ore Reserve estimate have been compiled from contractor quotations and contractor pricing. The project has been divided into elements. Each element has been assessed and estimated to a level at least commensurate with a DFS and is in the accuracy range of -10% to -20%/+10% -+30% and is consistent with a Class 3 estimate as defined by the Association for the Advancement of Cost Engineering (AACE). Project capital costs represent the capital required for the mine, haulage, train load-out, port and transshipment. The capital cost of upgrading the existing public road for haulage purposes has been derived from studies completed on the required upgrades to the road and is to be funded by Camalco. An additional allowance for port facility upgrade in the year prior to the increase to 10 Mtpa has been included as a capital cost in 2029. The capital estimate includes appropriate contingency and growth allocation. Contingency is applied at 10% for all capital costs. Owner’s costs include the owner’s project execution team, operational readiness and environmental costs. Workforce modelling defined a project execution team onboarding at the beginning of the project execution schedule. Additionally, the modelling ramps up the operational team sequentially until the operational team is fully onboarded 3 months in advance of operations. Environmental costs were assessed based on anticipated impact of the project on the environment and communities along the haul road. Capital cost estimates are made in Q2 2025 US dollars (US$). Operating costs which support the Ore Reserve estimate have been compiled for the economic modelling period of 20 years. Operating costs have been derived from contractor proposal submissions based on a RFQs sent out by Camalco. The operating costs for mining represent an assessment based on feedback from multiple mining contractors engaged to provide pricing for the mining study update. Estimations are considered to have an accuracy of accuracy range of -10% to -20%/+10% -+30%, consistent with a Class 3 estimate as defined by AACE Estimations have been validated in reference to first principles estimations, quotations and database pricing. All costs have been prepared on a contractor operated basis. Operating cost estimates are made in Q2 2025 US dollars (US$). The main deleterious elements to be considered for product from the Minim-Martap project are silica (SiO₂)and iron oxide (Fe₂O₃). The grades of these elements in the bauxite product are considered to be very low and a maximum grade of 2.5% SiO₂ has been used as part of the sales price criteria. Ore haulage costs from the mine plateaus to the new Inland Rail Facility near Makor were supplied by haulage contractors and include costs of equipment, operating costs (labour, maintenance and fuel). Camalco has assumed that the required rail rolling stock and public access rail infrastructure will be acquired, owned and operated separately to the project. Camalco has modelled the capital and operating costs of the rail and rolling stock requirements from first principles and has included payment of a capital return and operating margin to the owner-operator. The margins to the owner-operator have been modelled and the rate of return benchmarked to similar operational arrangements. Canyon has commenced discussions with appropriate companies, including specialist rolling stock providers in Africa and logistics operators who have expressed a high degree of interest in participating in the purchase, funding and operation of the rolling stock and associated infrastructure. Transshipment costs were based on a contractor price providing the services from the berth to the transshipment operation. This includes barges, tugs and transshipment equipment and comprises fuel, labour and equipment and maintenance.
Revenue factors	The derivation of, or assumptions made regarding revenue factors including head grade, metal or commodity price(s) exchange rates, transportation and treatment charges, penalties, net smelter returns, etc. The derivation of assumptions made of metal or commodity price(s), for the principal metals, minerals and co-products.	Revenue factors have been derived based from a specific quality of ore being sold as DSO material. Specifications are Al₂O₃ at 51.0% ± 1.0% and SiO₂ at 2.0% ± 0.5%. MMP pre-bonuses FOB in US$/wmt: 2026 – 70.105; 2027 – 64.18; 2028 – 62.29; 2029 – 60.21; +2030 – 59.06. The mine planning has been completed on a Total Al₂O₃ and Total SiO₂ basis as the total available alumina and reactive silica have not yet been incorporated into the models. Therefore, the assumed reference price has been calculated through database analysis. A risk exists if the deposit does not perform as expected once available alumina and reactive silica are calculated. The DCF model has applied the MMP pre-bonus FOB price forecast and applied a bonus of US$1.50/t per percentage total alumina above the GBIX specification of 45% and US$1.20/t per percentage total silica below the GBIX specification of 3.0%. The variation in the quality of the project bauxite production is therefore captured in the evaluation.
Market assessment	The demand, supply and stock situation for the particular commodity, consumption trends and factors likely to affect supply and demand into the future. A customer and competitor analysis along with the identification of likely market windows for the product. Price and volume forecasts and the basis for these forecasts. For industrial minerals the customer specification, testing and acceptance requirements prior to a supply contract.	Over the medium term, CM Group forecasts bauxite prices to shift structurally higher relative to historical averages as mining costs and royalty charges increase in Guinea, pushing costs higher for marginal producers, resulting in higher FOB costs. Non-Guinean bauxite suppliers into China, such as Canyon’s proposed Minim Martap bauxite project, stand to beneﬁt from the higher cost base in Guinea, given the positioning of Guinea’s marginal producers at the top of the cost curve. Critical for the bauxite sector is the changing circumstances of bauxite sourcing by reﬁneries in China. With a strategic shift to imported bauxite now well established, China is continuing to consolidate its position as the major market for globally traded bauxite. Over the outlook period to 2035, bauxite imports are forecast to grow by an estimated 39 Mtpa, from 159 Mt in 2024 to a forecast 198 Mt in 2035, representing a compound annual growth rate (CAGR) 2024–2035 of 2.0%. This expanded demand presents a signiﬁcant opportunity for competitive bauxite projects to develop and grow into China’s expanding market over the next decade.
Economic	The inputs to the economic analysis to produce the net present value (NPV) in the study, the source and confidence of these economic inputs including estimated inflation, discount rate, etc. NPV ranges and sensitivity to variations in the significant assumptions and inputs.	There is standard corporate income tax rate of 30%. An additional council tax of 10% is applied, giving a total tax charge of 33%. Four royalty payments are required: mining royalty 5% of mine gate value (FOB revenue less logistics) production sharing 3% (FOB revenue less logistics) development fund 1% (FOB value) development of local capacity 1% (FOB value). Discount rate (real post-tax) 6.21% The post tax NPV for the project is US$521.3 M. NPV sensitivity to variations are most impacted by change in bauxite price with mining opex, transport opex and overall capex with the NPV range between US$-13 M and US$397 M for changes from 8% to 24%.
Social	The status of agreements with key stakeholders and matters leading to social licence to operate.	Social factors have been included and considered as part of the ESIAs noted above.
Other	To the extent relevant, the impact of the following on the project and/or on the estimation and classification of the Ore Reserves: Any identified material naturally occurring risks. The status of material legal agreements and marketing arrangements. The status of governmental agreements and approvals critical to the viability of the project, such as mineral tenement status, and government and statutory approvals. There must be reasonable grounds to expect that all necessary Government approvals will be received within the timeframes anticipated in the Pre-Feasibility or Feasibility study. Highlight and discuss the materiality of any unresolved matter that is dependent on a third party on which extraction of the reserve is contingent.	No naturally occurring risks that are material to the project have been identified. A mining licence has been issued (September 2024) granting a 20-year period to undertake mining. Development must commence within 2 years and production within 5 years of the licence being granted. The ESIA for the mine site has been approved and a certificate was issued in October 2022. Three ESIAs (road, rail, and port) have been submitted but not yet approved. In minutes from meetings with government officials it has been noted that the government agencies must accelerate their procedures to fast-track ESIA approval.
Classification	The basis for the classification of the Ore Reserves into varying confidence categories. Whether the result appropriately reflects the Competent Person’s view of the deposit. The proportion of Probable Ore Reserves that have been derived from Measured Mineral Resources (if any).	The primary basis for the Ore Reserve classifications is the Mineral Resource estimate classifications. The result appropriately reflects the Competent Person’s view of the project. No portion of Measured Mineral Resource has been apportioned to the Probable Ore Reserve category.
Audits or reviews	The results of any audits or reviews of Ore Reserve estimates.	The Ore Reserve estimate is an update of a prior Ore Reserve estimate. The most recent prior estimate had an Effective Date of June 2022. Peer review practices have taken place on the current Ore Reserve estimation and supporting processes.
Discussion of relative accuracy/confidence	Where appropriate a statement of the relative accuracy and confidence level in the Ore Reserve estimate using an approach or procedure deemed appropriate by the Competent Person. For example, the application of statistical or geostatistical procedures to quantify the relative accuracy of the reserve within stated confidence limits, or, if such an approach is not deemed appropriate, a qualitative discussion of the factors which could affect the relative accuracy and confidence of the estimate. The statement should specify whether it relates to global or local estimates, and, if local, state the relevant tonnages, which should be relevant to technical and economic evaluation. Documentation should include assumptions made and the procedures used. Accuracy and confidence discussions should extend to specific discussions of any applied Modifying Factors that may have a material impact on Ore Reserve viability, or for which there are remaining areas of uncertainty at the current study stage. It is recognised that this may not be possible or appropriate in all circumstances. These statements of relative accuracy and confidence of the estimate should be compared with production data, where available.	The relative confidence in the Ore Reserve is high and is based on the following key elements: Only 218 Mt of a total 472 Mt of the available Measured and Indicated Mineral Resource has been considered for the project as the project is constrained to a 20-year life to suit the current mining licence and steady-state production of 10.0 Mtpa to suit the railway capacity limitation. 93% of the Ore Reserve estimate is derived from Measured Mineral Resources, with the remaining 7 % derived from Indicated Mineral Resources. There are no known additional modifying factors at the time of this statement that will have any material impact on the Ore Reserve estimate. Geotechnical assessment is considered sufficient for a DFS level and supports this Ore Reserve estimate. The mine planning and scheduling assumptions are consistent with current industry practice and are considered appropriate for this level of study. The cost estimates and financial evaluation have been estimated by the project team, with input from specialist consultants and team members, and are considered sufficient to support this level of study. Further work, to finalise and formalise project construction, mining, ore haulage and port storage/handling/ship loading contracts will be completed before the commencement of mining. At the request of potential off-takers, further testwork may be completed to gain a better understanding of the physical and/or metallurgical properties of the ore as it moves through the supply chain from mine to ship, and then on to refinery. There are no production data available for comparison with estimates at this stage.

This announcement has been approved for release by the Canyon’s Board of Directors.

Forward Looking Statements and Cautionary Statements

This announcement contains “forward-looking statements” and “forward-looking information”, such as statements and forecasts which include (without limitation) financial forecasts, production targets, industry and trend projections, statements about the feasibility of the Project and its financial outcomes (including pursuant to the DFS), future strategies, results and outlook of Canyon and the opportunities available to Canyon. Often, but not always, forward-looking statements and information can be identified by the use of words such as “plans”, “expects”, “is expected”, “is expecting”, “budget”, ‘outlook”, “scheduled”, “target”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes”, or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might”, or “will” be taken, occur or be achieved. Such information is based on assumptions and judgments of Canyon regarding future events and results. Readers are cautioned that forward-looking statements and information involve known and unknown risks, uncertainties and other factors which may cause the actual results, targets, performance or achievements of Canyon to be materially different from any future results, targets, performance or achievements expressed or implied by the forward-looking statements and information.

Forward-looking statements and information are not guarantees of future performance and involve known and unknown risks, uncertainties, sensitivities, contingencies, assumptions and other important factors, many of which are beyond the control of Canyon and its directors and management. Past performance is not a guide to future performance. Key risk factors (including as associated with the DFS) are detailed (non-exhaustively) in this announcement or in Canyon’s previous ASX announcements). These and other factors (such as risk factors that are currently unknown) could cause actual results, targets, performance or achievements anticipated (including in the DFS) to differ materially from those expressed in forward-looking statements and information.

Forward-looking statements and information (including Canyon’s belief that it has a reasonable basis to expect it will be able to fund the costs of the Project for its estimated life of mine) are (further to the above) based on the reasonable assumptions, estimates, analysis and opinions of Canyon made in light of its perception of trends, current conditions and expected developments, as well as other factors that Canyon believes to be relevant and reasonable in the circumstances at the date such statements are made, but which may prove to be incorrect. Although Canyon believes that the assumptions and expectations reflected in such forward-looking statements and information (including as described throughout this announcement) are reasonable, readers are cautioned that this is not exhaustive of all factors which may impact on the forward-looking statements and information. Canyon does not undertake to update any forward-looking statements or information, except in accordance with applicable securities laws.

Investors should note that there is no certainty that the Project will be feasible and there can be no assurance of whether it will be developed, constructed and commence operations, whether the DFS results will be accurate, whether production targets will be achieved or whether Canyon will be able to raise funding when it is required (nor any certainty as to the form such capital raising may take, such as equity, debt, hybrid and/or other capital raising). It is also possible that such funding may only be available on terms that dilute or otherwise affect the value of Canyon’s shares. It is also possible that Canyon could pursue other ‘value realisation’ strategies such as sale, partial sale, or joint venture of the Project. Risk factors which are set out (non-exhaustively) in this announcement, or in Canyon’s previous ASX announcements, highlight key factors identified by Canyon which may cause actual results to differ from the DFS or may otherwise have material detrimental impacts on Canyon and its business.

Mineral Resource and Ore Reserve estimates are necessarily imprecise and depend on interpretations and geological assumptions, minerals prices, cost assumptions and statistical inferences (and assumptions concerning other factors, including mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and governmental factors) which may ultimately prove to be incorrect or unreliable. Mineral Resource and Ore Reserve estimates are regularly revised based on actual exploration or production experience or new information and could therefore be subject to change. In addition, there are risks associated with such estimates, including (among other risks) that minerals mined may be of a different grade or tonnage from those in the estimates and the ability to economically extract and process the minerals may become compromised or not eventuate. Canyon’s plans, including its mine and infrastructure plans, and timing, for the Project, are also subject to change. Accordingly, no assurances can be given that the production targets, financial forecasts or other forecasts or other forward-looking statements or information will be achieved.

Investors are advised that the assumptions and inputs to the financial model may require review as project development progresses. While the Company considers all the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the production targets or estimated outcomes indicated by the DFS (such as the financial forecasts) will be achieved. Given the various uncertainties involved, investors should not make any investment decisions based solely on the results of the DFS.

Production Targets and Financial Forecasts derived from the Production Targets

This announcement contains production targets for the Project, which are 100% underpinned by the Proved and Probable category Ore Reserves estimated at the Project pursuant to the JORC Code (2012). The estimated Ore Reserves underpinning the production targets have been prepared by a competent person in accordance with the JORC Code.

The Inferred category Mineral Resource estimates at the Project have not been included in the Ore Reserves or production targets and have not been included when determining the forecast financial information detailed in this announcement. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources (or Ore Reserves) in relation to that mineralisation.

The production targets for the Project and the financial forecasts disclosed in this announcement (including as derived from those production targets) are based on the material assumptions outlined in this announcement and are subject to various risk factors, such as those (non-exhaustively) outlined, or referred to, in this announcement and in previous ASX announcements. These include assumptions and risk factors about the availability of funding. While Canyon considers all the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the Mineral Resource and Ore Reserve estimates are accurate or that the production targets or financial forecasts as indicated in this announcement will be achieved.

Non-IFRS financial measures

This announcement contains certain financial measures (such as NPV and IRR) that are not recognised under International Financial Reporting Standards (IFRS). Although the Company believes these measures provide useful information about the Company’s financial forecasts, they should not be considered in isolation or as a substitute for measures of performance or cash flow prepared in accordance with IFRS. As these measures are not based on IFRS, they do not have standardised definitions and the way the Company calculates these measures may not be comparable to similarly titled measures used by other companies. Consequently, undue reliance should not be placed on these measures.

Not financial product advice

This announcement, and the information provided in it, does not constitute, and is not intended to constitute, financial product or investment advice, financial, legal, tax, accounting or other advice, or a recommendation to acquire any securities of Canyon. It has been prepared without taking into account the objectives, financial or tax situation or particular needs of any individual. Canyon is not licensed to provide financial product advice in respect of an investment in securities or otherwise.

Past performance

Any information regarding past performance included in this announcement is given for illustrative purposes only and should not be relied upon as (and is not) an indication of Canyon’s views, or that of any other party involved in its preparation, on Canyon’s future performance or condition or prospects.

Not an offer

This announcement is not a prospectus, product disclosure statement or other offering document under Australian law or any other law and will not be lodged with the Australian Securities and Investments Commission. This announcement is for information purposes only and is not an invitation, offer or recommendation with respect to the subscription, purchase or sale of any security in Canyon, or any other financial products or securities, in any place or jurisdiction.

No liability

The information contained in this announcement has been prepared in good faith by Canyon. However, no guarantee, representation or warranty expressed or implied is or will be made by any person (such as Canyon and its affiliates, directors, officers, employees, associates, advisers and agents) as to the accuracy, reliability, correctness, completeness or adequacy of any statements, estimates, options, conclusions or other information contained in this announcement, except as required by law.

To the maximum extent permitted by law, Canyon and its affiliates, directors, officers, employees, associates, advisers and agents each expressly disclaims any and all liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of or reliance on information contained in this announcement including representations or warranties or in relation to the accuracy or completeness of the information, statements, opinions, forecasts, reports or other matters, express or implied, contained in, arising out of or derived from, or for omissions from, this announcement including, without limitation, any financial information, production targets, financial forecasts, estimates or projections and any other information derived therefrom. Statements in this announcement are made only as of the date of this announcement unless otherwise stated and the information in this announcement remains subject to change without notice. No responsibility or liability is assumed by Canyon or any of its affiliates, directors, officers, employees, associates, advisers or agents for updating information in this announcement or to inform any recipient of any new or more accurate information or any errors or omissions of which Canyon or any of its affiliates, directors, officers, employees, associates, advisers or agents may become aware, except as required by law.

__________________________

¹ Economics are on a 100% basis. The Project is currently 100% owned by Camalco, a wholly owned subsidiary of Canyon. Following granting of the Mining Permit for the Minim Martap mining areas, in accordance with Section 59 of the Mining Code, an entity of the State will be granted 10% ownership of the special purpose Joint Venture Company formed for that purpose, free of charge.
² ESG – environmental, social and governance

– Published by The MIL Network

WORLD VISION WARNS NZ IS NOT PREPARED FOR GROWING PACIFIC CLIMATE DISPLACEMENT

LiveNews Publisher — Thu, 04 Jun 2026 22:37:58 +0000

Source: World Vision

Nearly one million Pacific people displaced by climate disasters between 2010-2021
New Zealand has no dedicated framework to manage cross-border disaster displacement
New report calls for practical, Pacific-led solutions before pressures worsen

A new World Vision report is calling for New Zealand to take practical steps to better support Pacific peoples displaced by climate disasters.

In the ten years to 2021, climate disasters resulted in the displacement of nearly one million Pacific people [i] and the humanitarian agency says this number will grow as storms, flooding and sea-level rise intensify.

The organisation today released a report, To Stay or Move with Dignity , which outlines practical steps New Zealand could take to address climate and disaster-related displacement, while helping Pacific communities to remain safely on their land if possible.

World Vision New Zealand’s Head of Advocacy and Justice Rebekah Armstrong says widespread displacement caused by climate disasters in the Pacific is no longer a future issue.

“Cyclones, floods, and rising seas are already disrupting lives across the Pacific, and children are often the first to feel the impacts through disrupted education, food insecurity, displacement, and loss of safety.

“Most Pacific peoples want to remain safely on their ancestral lands for as long as possible, but when movement becomes necessary, families should not be left navigating uncertainty or protection gaps alone,” she says.

World Vision’s report outlines a coordinated regional approach for New Zealand to offer greater support, including:

Increasing Pacific-led climate finance and disaster risk reduction support
Establishing an Emergency Protection Framework for people displaced across borders by disasters
Adapting existing migration pathways, including the Recognised Seasonal Employer scheme and Pacific Access Category, to better respond to climate and disaster pressures.

Armstrong says New Zealand’s policy settings have not kept pace with the growing realities of climate and disaster-related displacement in the Pacific, with many more people seeking to come to New Zealand for climate-related reasons than current visa quotas allow for.

“Poorly managed displacement places pressure on communities, services, and regional resilience which is why early planning early matters. We’re calling for New Zealand to do this work now so that we have systems in place that are safe, predictable, and well-supported,” Armstrong says.

The World Vision report emphasises that stronger investment in Pacific-led adaptation, resilience, climate finance, and disaster risk reduction must remain the first priority.

Manase Lua of the Pacific Leaders Forum says responses must be grounded in dignity, partnership, and Pacific priorities.

“We are people of the moana, connected by ocean, whakapapa, and responsibility to one another. Across our region, communities are already living this reality and what matters is that our people are not left without choice.

“Our people want to remain on their lands for as long as possible. But where movement becomes necessary, it must be planned and supported in ways that protect dignity, strengthen communities, and reflect Pacific leadership and partnership.”

World Vision is calling on political parties to address climate and disaster-related displacement in the Pacific as part of this year’s general election.

The organisation says immediate priorities should include strengthening Pacific disaster resilience, increasing climate finance, and establishing an independent Pacific-informed advisory mechanism to guide climate and disaster mobility policy including an emergency protection framework.

Notes:

To Stay or Move with Dignity draws on an adapted systematic review of more than 300 sources, New Zealand Immigration and Protection Tribunal case law analysis (189 Pacific cases, 2000-2025), and consultations with Tuvaluan, I-Kiribati, Solomon Islands, and Ni-Vanuatu communities in Aotearoa New Zealand.

World Vision New Zealand is a global, child-focused humanitarian organisation. We work alongside children, families, and communities to tackle the root causes of poverty and injustice, serving all people regardless of faith, ethnicity, or gender.

The report’s recommendations include:

Strengthen regional disaster risk reduction through Pacific-led, anticipatory, and integrated systems
Provide fair, adequate, and accessible climate finance to support in-place adaptation
Adapt and strengthen the Recognised Seasonal Employer (RSE) Scheme as a climate resilience and disaster response pathway
Establish an Emergency Protection Framework for disaster displacement
Develop clearer guidance for climate- and disaster-related protection claims
Adapt existing Pacific migration pathways to better reflect climate mobility
Establish a dedicated rights-based pathway for proactive movement in response to slow-onset climate risks
Establish an independent Pacific-informed mechanism to support oversight and accountability
Strengthen settlement systems to provide culturally responsive support for people displaced by disasters and climate change.

[i] Internal Displacement Monitoring Centre (IDMC) and Asian Development Bank (ADB), Disaster Displacement in Asia and the Pacific: A Business Case for Investment in Prevention and Solutions (Geneva: IDMC; Manila: ADB, 2022), https://www.internal-displacement.org/publications/disaster-displacement-in-asia-and-the-pacific/.

MIL OSI

Housing Market – Housing values tread water as buyer caution dominates – Cotality

LiveNews Publisher — Wed, 03 Jun 2026 22:52:45 +0000

Source: Cotality

New Zealand property values stalled in May, as a cautious stance from both buyers and sellers kept the housing market in neutral.

Cotality NZ’s latest Home Value Index (HVI) shows the national median value in May of $808,187 was flat compared to the previous month and -0.1% lower than three months ago. Values were also -0.6% down from a year ago and still -17.0% below the peak in early 2022 of $974,002.

Across the main centres, Ōtautahi Christchurch rose by 0.4% in May, while Ōtepoti Dunedin and Tauranga both edged up by 0.2%. Kirikiriroa Hamilton saw a minor 0.1% rise, but Tāmaki Makaurau Auckland (-0.2%) and Te-Whanganui-a-Tara Wellington (-0.3%) both fell again.

Cotality NZ Chief Property Economist, Kelvin Davidson said that May’s flat result was a continuation of the sluggish property market trends seen so far in 2026, with no clear directional change in sight.

“Property values are generally stuck in neutral at the national level, with buyers in no major rush, but sellers not having to capitulate either.”

“There are differing patterns beneath the surface. Key areas, including Auckland and Wellington are still subdued, while even ‘strong’ markets such as Christchurch or Invercargill aren’t racing away.”

“Interest rates have already lifted in recent months and there’s likely to be more to come the longer the Iran conflict continues.”

“At the same time, consumer and business confidence has been hit hard, and there are other signs of economic weakness coming through, such as falls in retail spending.”

“It all adds up to significant headwinds for sales activity and property values in the coming months.”

“The marked improvement in housing affordability in the past 4-5 years will tend to limit any further downside for the market. Nevertheless, renewed, modest declines in property values in the coming months would not be a surprise.”

Tāmaki Makaurau Auckland

The small drop in values in May for Tāmaki Makaurau Auckland as a whole reflected pretty consistent falls in each sub-market, other than Rodney (+0.2%) and Franklin (0.0%). Elsewhere, there were consistent drops of either -0.2% or -0.3%.

The gaps aren’t huge, but Auckland City has still underperformed over slightly longer horizons of three months (-0.8%) and twelve months (-4.1%), although the drops from the peak have been ever so slightly larger in Manukau (-24.5%) and Waitakere (-24.9%).

Mr Davidson said, “May brought more of the same for property values in Auckland – a general drift downwards, with market sentiment seemingly remaining very subdued.”

“It’s true that housing affordability has improved significantly and this will tend to dampen the speed or size of any further drops in values.”

“But the supply pipeline of new townhouses across the super-city remains appreciable and this means purchasers are still in the box-seat, whether they’re first home buyers, or even investors looking to expand their portfolio.”

Te Whanganui-a-Tara Wellington

It was a mixed bag across the Te Whanganui-a-Tara Wellington area in May, with Kāpiti Coast rising by 0.7%, Te Awa Kairangi ki Uta Upper Hutt seeing a 0.3% gain, and 0.2% in Porirua. Yet Te Awa Kairangi ki Tai Lower Hutt dipped by a minor -0.1%, with Wellington City itself showing a more significant -0.6% monthly decline.

That being said, only Wellington City has (just) avoided a drop over the past 12 months, while all sub-markets in this area are still showing falls of more than 21% from peak. Lower Hutt at -27.3% has seen the largest fall of any territorial authority in the country.

Mr Davidson noted, “an increase in physical property supply in some parts of the wider Wellington area will have played a role in the weakness of values in recent years. But it seems that the far bigger factors will have been the previous boom and sharp reduction in affordability, which created the scope for subsequent large falls in property values, and then just the underlying weakness of the area’s economy – as the public sector now faces even more cuts.”

“Of course, there’s always two sides to the housing market and first home buyers who are confident of their own financial resilience are taking full advantage.”

Regional results

By contrast with some of the larger centres, many provincial markets saw flat or slightly higher results for values in May. Granted, Heretaunga Hastings edged down by -0.4% and Whangārei saw a minor -0.1% dip.

But there were gains of 0.2% or slightly more in Tāhuna Queenstown, Tairāwhiti Gisborne, and Waihōpai Invercargill, while Rotorua (0.6%) and Whanganui (0.8%) recorded stronger increases.

Over a 12-month horizon, the growth in values has been at least 4% in Tairāwhiti Gisborne, Tāhuna Queenstown, and Waihōpai Invercargill, although negative in some other areas, including Whakatū Nelson, Ahuriri Napier, and Heretaunga Hastings.

“It’s not easy to put a blanket over all of these areas and say that one or two factors explain everything – after all, primary industries are generally faring well, yet parts of Hawke’s Bay are still showing sluggish property values.”

“But the strength of the farming sector no doubt helps to explain continued growth in property values in many parts of Southland, while Queenstown is probably still riding the tourism rebound and the continued wider appeal of the area to wealthy buyers.”

Property market outlook

Looking ahead, Mr Davidson noted that there’s still a tricky balancing act for the Reserve Bank to pull off, which will have effects on the property market.

“The longer the OCR stays on hold the greater the chances inflation is harder to rein back in again – which will tend to put more upwards pressure on mortgage rates.”

“But the quicker they move, the higher are the chances of a marked weakening in the economy, with associated knocks to household confidence, the labour market, and also property sales and house prices.”

“Clearly, the housing market is not a direct consideration for monetary policy anyway. But in these uncertain times, it may still be caught in the cross-fire – with an OCR rise now looking likely in July – especially as more existing borrowers start to roll off older mortgage terms and onto higher rates.”

“Of course, what’s potentially disappointing for some is great news for others, and first home buyers confident about their income and financial resilience should continue to find good opportunities in a market where listings remain elevated.”

“To some extent that applies to investors as well. But this group has other concerns, such as the looming election and scope for capital gains tax if we see a change of government, as well as interest deductibility potentially being phased out again too.”

“All in all, housing market conditions remain challenging. Having previously anticipated sales volumes rising from around 90,000 in 2025 to 100,000 this year, the market may actually do well to hold at similar levels to last year. This points to a sluggish outlook for values too,” Mr Davidson concluded.

Notes:

The Cotality Hedonic Home Value Index (HVI) is calculated using a hedonic regression methodology that addresses the issue of compositional bias associated with median price and other measures. In simple terms, the index is calculated using recent sales data combined with information about the attributes of individual properties such as the number of bedrooms and bathrooms, land area and geographical context of the dwelling. By separating each property into its various formational and locational attributes, observed sales values for each property can be distinguished between those attributed to the property’s attributes and those resulting from changes in the underlying residential property market. Additionally, by understanding the value associated with each attribute of a given property, this methodology can be used to estimate the value of dwellings with known characteristics for which there is no recent sales price by observing the characteristics and sales prices of other dwellings which have recently transacted. It then follows that changes in the market value of the entire residential property stock can be accurately tracked through time.

The detailed ‘frequently asked questions’ and methodological information can be found at: https://www.cotality.com/nz/our-data/indices

MIL OSI

MOKiN Introduces Safe Swap Programme in Malaysia to Encourage Safer Charging Habits

MIL OSI — Wed, 03 Jun 2026 10:31:32 +0000

Source: Media Outreach

KUALA LUMPUR, MALAYSIA – Media OutReach Newswire – 3 June 2026 – MOKiN Malaysia, managed by Unipro Global Sdn Bhd, has launched its Safe Swap Programme, an initiative aimed at encouraging consumers to replace old or damaged charging accessories that may pose potential safety risks during daily use.

The programme is anchored by MOKiN’s TrueGround technology, a SIRIM-certified anti-leakage charging solution designed to help reduce electrical leakage risks during charging. As the world’s first Class-1 Anti-Leakage charger, MOKiN introduces an added layer of electrical safety protection that addresses a risk often overlooked in conventional charging products, which typically prioritise charging speed and power output.

The initiative comes amid growing concerns over electrical safety in Malaysian households. According to the Fire and Rescue Department, electrical-related issues accounted for 68% of building fire cases recorded between January and September 2024, with more than 3,000 residential fire incidents linked to electrical sources such as faulty wiring, damaged electrical equipment and overloaded circuits.

“Charging has become such a routine part of daily life that many people no longer pay attention to warning signs like overheating, exposed cables or tingling sensations during charging,” said Terry Lee Hup Boon, Founder of UNIPRO GLOBAL SDN BHD.

“Many consumers tend to focus on charging speed and convenience, but electrical safety is just as important. Our anti-leakage charging technology was developed to help address safety risks that are often overlooked in everyday charging, and through the Safe Swap Programme, we hope to encourage greater awareness of safer charging practices.”

Through the Safe Swap Programme, consumers can trade in old or damaged chargers from any brand and receive a complimentary MOKiN 20W charger, while stocks last.Consumers can participate in Safe Swap activations at the following events from 1 to 30 June 2026:

Switch World Event, Gurney Plaza, Penang (4-7 June 2026)
UR Festival Fair, Sunway Square, Selangor (11-14 June 2026)

In partnership with consumer electronics retailer Gajeto, MOKiN will also be running a free trade-in campaign at selected Gajeto outlets throughout the month of June, giving consumers additional opportunities to learn more about safer charging solutions and explore MOKiN’s range of anti-leakage charging products. Customers can bring any old charger, regardless of brand, and swap in for a brand-new MOKiN 20W charger at no cost, with no purchase required, while stocks last. Participating Gajeto locations include:

Gajeto IOI City Mall (6-7 June 2026)
Gajeto The Exchange 106 (13-14 June 2026)
Gajeto 1 Utama (20-21 June 2026)
Gajeto Setia City Mall (27-28 June 2026)

Consumers may also choose to upgrade to selected higher-watt charging models ranging from 33W to 140W at promotional prices throughout the campaign period.

The Safe Swap Programme reflects MOKiN’s ongoing effort to encourage safer charging habits and greater awareness around the condition of charging accessories used daily by consumers. Consumers are encouraged to bring in old, damaged or ageing chargers during the campaign period, particularly accessories showing signs such as overheating, exposed cables, loose connections or inconsistent charging performance. All traded-in chargers collected through the programme will be removed from circulation as part of the initiative.

Complimentary MOKiN 20W chargers are available on a first come, first served basis while stocks last. For more information, visit www.mokin.my.

https://www.mokin.my/
https://www.facebook.com/mokin.my
https://www.instagram.com/mokin.my

Hashtag: #mokinmalaysia #trueground #mokin #mokinmy #safeswap

The issuer is solely responsible for the content of this announcement.

– Published and distributed with permission of Media-Outreach.com.

Galaxy Macau Kicked Off UFC Partnership Three Live Consecutive Event Nights Culminated in a Sell-Out UFC FIGHT NIGHT Macau

MIL OSI — Wed, 03 Jun 2026 07:01:29 +0000

Source: Media Outreach

Extended Fight Week Activities Brought World-Class Combat to the Ultimate Stage at Galaxy Macau

MACAU SAR – Media OutReach Newswire – 3 June 2026 – At Galaxy Macau the vision met the venue as the award-winning luxury resort played host to a resoundingly successful UFC Fight Week that featured two nights of the ROAD TO UFC Season 5 opening round, and culminated with UFC FIGHT NIGHT^®: Song vs Figueiredo on May 30 at Galaxy Arena—the largest indoor arena in Macau. Across three nights, nearly 20,000 fans packed the Galaxy Arena to witness world-class MMA action, while live broadcast in local primetime entertained audiences in Asia and beyond, further elevating Macau’s profile as a “City of Sports” and contributing to its winning tourism streak.

The excitement reached peak play on May 30 in the sold-out Galaxy Arena, when China’s Song Yadong faced Brazil’s Deiveson Figueiredo in a thrilling main event that captured the home crowd’s frenzied appreciation. Renowned actor Daniel Wu, Hong Kong action star Philip Ng and other celebrities were in attendance, joining fans in witnessing the high-stakes knockout drama inside the Octagon. In a highly anticipated stylistic clash, Song submitted the ultimate showdown against Figueiredo in a thrilling second-round finish that sparked a crowd frenzy, earning him a “Performance of the Night.”

In 2026, building on the strategic partnership between Galaxy Macau and UFC, UFC returned to Galaxy Arena for an electrifying ROAD TO UFC Season 5 and UFC FIGHT NIGHT: SONG VS FIGUEIREDO delivering three knock-out nights of MMA action to an international audience.

The co-main event light heavyweight bout between Zhang Mingyang and Alonzo Menifield was a non-stop bout that won “Fight of the Night” honours. Facing the ultimate litmus test; another noteworthy bout saw Japan’s former UFC title challenger – battle-tested Kai Asakura – move up to bantamweight, with a heavy-hitting knockout of highly touted prospect Cameron Smotherman in the first round; earning him a “Performance of the Night.”

The headline bout of UFC FIGHT NIGHT Macau on May 30 featured China’s own #5 bantamweight contender Song Yadong facing former two-time UFC flyweight champion Deiveson Figueiredo, with Song achieving a knock-out in the second round.

ROAD TO UFC Season 5 opening round on May 28 and 29 saw fireworks ignite the Octagon, as Galaxy Macau played host to athletes shifting the UFC landscape from China, India, Indonesia, Japan, Korea, Mongolia, Nepal, the Philippines, Kyrgyzstan, and Australia showcasing the deep talent pool across the region as they advanced to the semi-finals.

The opening rounds of ROAD TO UFC Season 5, held on May 28 and 29, featured electrifying competitive bouts showcasing emerging talent, serving as an adrenaline pumping platform to develop the next generation of UFC fighters.

A special UFC main event was featured each night. On Day 1, Rongzhu from Sichuan knocked out Victor Martinez in a little over a minute in the explosive first round. On Day 2, “Doctor” Shi Ming captured a highlight-worthy first-round submission victory over Puja Tomar. With the co-main event featuring the flyweight finale of RTU Season 4, where Mongolia’s Namsrai Batbayar secured the win over Yin Shuai by TKO to earn a coveted UFC contract.

The action-packed fight card saw renowned Chinese actor Daniel Wu grace the Galaxy Arena, posing alongside guest fighter – UFC’s first Chinese champion Zhang Weili. Hong Kong action star Philip Ng also witnessed the thrilling bouts live.

Beyond the Octagon, the state-of-the-art Galaxy Macau UFC experience saw a vibrant curated programme throughout Fight Week, including the official opening ceremony and open workouts at East Square, and a series of exclusive meet-and-greet and Q&A sessions with China’s first UFC champion Zhang Weili, three-time UFC women’s flyweight champion Valentina Shevchenko, former UFC interim featherweight champion Yair Rodriguez, and fan favourite UFC welterweight veteran “Leech” Li Jingliang. Plus, an immersive UFC Fan Experience at the Pearl Lobby at Galaxy Promenade featuring a gaming zone with a range of interactive activities.

In collaboration with UFC, Galaxy Macau presented Fight Week fan activities at East Square, attracting a large number of fight fans eager to battle-test their UFC heroes, alongside the UFC FAN EXPERIENCE at the Pearl Lobby at Galaxy Promenade for an exclusive experience.

An Engine for Economic Diversification
This year marked not only the highly anticipated return of UFC FIGHT NIGHT Macau to Galaxy Arena, but also the debut of ROAD TO UFC in the Macau economy. By hosting Asia-Pacific’s premier tournament pathway for the top regional athletes to make it to UFC, Galaxy Macau continues to expand the city’s appeal to a broader and more diverse international audience, while reinforcing its development as the leading sports destination.

Galaxy Macau hosted the Opening Ceremony for UFC Fight Week at East Square, welcoming an esteemed line-up of guests in attendance.

By introducing world-class sports and entertainment and bringing world-class combat to the ultimate stage, Galaxy Macau has proven effective in boosting visitor arrivals, extending the length of stay, and injecting vibrant momentum into the local economy. At the same time, hosting UFC events has created meaningful opportunities for Macau’s event management and related industries to benchmark against international standards, further enhancing local expertise in delivering world-class production to scale. Supported by extensive global broadcast coverage, the visceral thrill of UFC at Galaxy Macau has also significantly elevated Macau’s visibility on the international stage.

This marks the inaugural activation under the strategic partnership between Galaxy Macau and UFC where at least two more UFC FIGHT NIGHT Macau events will be staged in the city, delivering global notoriety to showcase Macau in the years ahead.

For more information about Galaxy Macau, please visit www.galaxymacau.com.

Hashtag: #GalaxyMacau #UFC

The issuer is solely responsible for the content of this announcement.

– Published and distributed with permission of Media-Outreach.com.

Employment and Law – PSA takes legal action to stop secure jobs turning into insecure work

LiveNews Publisher — Wed, 03 Jun 2026 02:52:47 +0000

Source: PSA statement follows:

– Kāinga Ora failed to consult workers on plan to centralise maintenance operations

– Putting full time workers onto fixed term contracts clear breach of law

The PSA has filed legal proceedings in the Employment Relations Authority to stop Kāinga Ora sacking workers in its maintenance operations division and rehiring many of them on fixed-term contracts in breach of its collective agreement.

Kāinga Ora is proposing to cut maintenance staff in regional offices across the country and centralise them in Auckland and Christchurch. This would mean a net loss of 46 permanent roles with 36 temporary fixed-term positions expiring at various dates in 2026 and 2027 offered to staff.

“Kāinga Ora has ridden roughshod over workers’ legal rights. The collective agreement is crystal clear: all change must go through the agreed change management process with proper consultation. Kāinga Ora ignored that obligation entirely,” said Fleur Fitzsimons, National Secretary for the Public Service Association Te Pūkenga Here Tikanga Mahi.

Maintenance supervisors and administrators in more than 40 regional offices could lose their jobs, with only those in Auckland and Christchurch retained and many existing workers would have to apply for fixed term roles. Workers who have provided years of loyal service would lose their job security overnight and Kainga Ora would not get the benefit of their insights into what the proposed change would mean in reality.

“Kāinga Ora ran pilot programmes and proof of concept trials in Auckland that changed its organisational structure without ever consulting workers or the PSA as required under the collective agreement. It’s now relying on those pilots to justify the restructure. Workers have been presented with a fait accompli based on decisions they were unlawfully shut out of.

“On top of that, Kāinga Ora wants to sack permanent workers and rehire many of them on temporary contracts doing the same work.

“Kāinga Ora says the fixed terms are needed because it hasn’t decided what it wants to do yet. That’s not a lawful reason for a fixed-term agreement under the Employment Relations Act. You can’t fire people and park them on temporary contracts while you make up your mind about their future.

“Fundamentally, we believe the proposal is flawed, there are better ways to deliver improvements to this critical service, but Kāinga Ora chose to ignore the views of those on ground who know how best to quickly and effectively look after the maintenance needs of tenants.”

The PSA is asking the Authority to halt the restructure, determine that the proposal breaches the collective agreement and the Employment Relations Act, and order Kāinga Ora to remove the unlawful fixed-term arrangements and consult properly.

“This is now a pattern. Government agencies are treating collective agreements as optional and workers’ rights as an inconvenience. Earlier this year the ERA ruled that FENZ broke the law by failing to consult on its restructure. MBIE backed down on its unlawful flexible working policy the day before a hearing, after wasting more than $100,000 of taxpayers’ money on outside lawyers defending its weak position.

“The PSA will oppose these bad decisions at every step. We have taken on government agencies that have tried to turn a blind eye to clear obligations in collective agreements and won. Kāinga Ora should take note.”

A hearing before the Employment Relations Authority is set down for 21, 22 July.

Previous Kāinga Ora statements – more than a thousand workers have already lost their jobs as the Government guts the social housing agency.

8 May 2026 Government proposes more job cuts at Kāinga Ora – tenants and workers in regions pay the price

21 May 2025 Govt dismantling of public housing confirmed with Kāinga Ora axing a net 620 roles

Related PSA legal actions

31 March 2026 MBIE backs down at last minute over unlawful flexible work policy

18 March 2026 ERA rules FENZ broke the law – restructure breached good faith and obligations to consult

MIL OSI

Transport – SH2 Waioweka Gorge closure shows importance of road resilience investment

LiveNews Publisher — Tue, 02 Jun 2026 08:37:52 +0000

Source: Ia Ara Aotearoa Transporting New Zealand

Road freight association Transporting New Zealand says that the ongoing closure of SH2 Waioweka Gorge highlights the importance of investing in road resilience projects.

The comments follow the Government’s commitment of $400 million for state highway resilience projects in Budget 2026, aimed at helping keep critical transport routes open during and after severe weather events.

Transporting New Zealand estimates the closure of Waioweka Gorge costs freight operators and their customers more than $500,000 a week through additional travel distance, delays and disruption to supply chains.

The Budget funding package is expected to include resilience improvements for Waioweka Gorge, including slope stabilisation, rockfall protection, drainage upgrades and targeted works at critical sites through the corridor.

Transporting New Zealand Membership Manager Lindsay Calvi-Freeman says road closures come at a significant cost to local communities and businesses.

“As well as putting people in danger, road closures and extended detours associated with natural disasters come at a serious economic cost.”

“For example, Waioweka Gorge is a critical freight corridor, carrying large volumes of heavy vehicles and connecting businesses and communities across their regions.”

“When these regional roads are closed by severe weather, there are often few practical alternatives, particularly for freight operators working within delivery schedules and driver worktime requirements.”

“Members regularly raise concerns about the reliability of these corridors and the impact repeated closures have on freight movements and local businesses.”

“Transporting New Zealand has been advocating for major resilience works on vulnerable routes for years, so it was encouraging to see resilience funding included in the Budget.”

Transporting New Zealand is working with NZTA to help minimise disruption resulting from the ongoing SH2 Waioweka Gorge closure.

Transport resilience projects from Budget 2026

Final scopes and delivery timelines for individual transport resilience projects will be confirmed following further investigation, design and procurement work. Proposed works may be refined as projects progress.

North Island

– SH2 Waioweka Gorge resilience Likely to include slope stabilisation, rockfall protection, drainage improvements, and targeted works at critical sites through the gorge.

– SH3 Awakino Gorge resilience programme Expected to include slope stabilisation, improved drainage and culverts, small retaining walls, and works to reduce river erosion alongside the road corridor.

– SH26 Kirikiri Stream bridge replacement Replacement of the existing bridge with a higher, more resilient structure, alongside raising the highway approaches and upgrading the nearby SH26/SH25A intersection.

– SH25 corridor targeted resilience Resilience improvements at multiple high-risk sites around the Coromandel, likely including retaining works, drainage upgrades, slope stabilisation and road protection works.

South Island

– SH60 Tākaka Hill resilience Likely to include retaining wall upgrades, landslide monitoring, and improved stormwater and groundwater management at key risk sites.

– SH6 Cromwell to Frankton resilience Works across multiple sites including rock scaling and bolting, drainage improvements, retaining wall strengthening, localised widening, and reinforced road shoulders.

– SH6 Frankton to Kingston resilience Proactive slope stabilisation works including rock bolting, mesh protection, soil nailing, and targeted drainage improvements.

– SH6 Haast to Hāwea resilience Improvements across high-risk sites vulnerable to landslides, rockfall, river erosion, debris flows and road dropouts.

– SH94 Milford to Te Anau resilience Likely to include rockfall protection, slope stabilisation, rock armouring, and culvert and drainage improvements at key sites along the corridor.

MIL OSI

Honours – Fire and Emergency King’s Birthday Honours

LiveNews Publisher — Mon, 01 Jun 2026 07:01:52 +0000

Source: Fire and Emergency New Zealand

Fire and Emergency New Zealand Board Chair Rebecca Keoghan congratulates six Fire and Emergency personnel from Arthur’s Pass National Park, Auckland, Dunedin, Ōmokoroa, Richmond, and Whangamatā who have been recognised in the 2026 King’s Birthday Honours List released today.

“These worthy recipients have provided years of contribution to help their communities become stronger, safer and more resilient both through their efforts for Fire and Emergency, and through all their other community contributions. It is a pleasure to see their efforts recognised.”

This year’s recipients of King’s Birthday Honours for services to Fire and Emergency are:

Mr Esitone (Leota Pauga

Esitone) PAUGA – appointed as a Member of the New Zealand Order of Merit

(MNZM)

Ms Michele Margot POOLE –

appointed as a Member of the New Zealand Order of Merit (MNZM)

Mr Ian John BLUNT – award of

the King’s Service Medal (KSM)

Mr Edward Keith (Ted) FORD –

award of the King’s Service Medal (KSM)

Mr Graeme Lawrence KATES –

award of the King’s Service Medal (KSM)

Mr Ralph Edward PITCHER – award

of the King’s Service Medal (KSM).

Fire and Emergency Board Chair Rebecca Keoghan says, “On behalf of Fire and Emergency and the people of New Zealand, thank you for your outstanding service, your communities are richer for your work.”

More information on recipients follows:

For appointment as a Member of the New Zealand Order of Merit (MNZM)

Mr Esitone (Leota Pauga Esitone) PAUGA

For services to Fire and Emergency New Zealand

Leota Pauga Esitone Pauga has served for more than 40 years with Fire and Emergency New Zealand and the preceding New Zealand Fire Service (NZFS).

Mr Pauga became a career firefighter in 1981 and served until retirement in 2025. He was an operational firefighter for 32 years before attaining the role of Assistant Commander in 2013 and Area Commander in 2015, latterly holding roles with Fire and Emergency national headquarters. He co-founded Afi Pasefika (Pacific Fire) in 1996, an initiative which has become an important part of the People Led Network and Pacific representation and advocacy within Fire and Emergency. Under his guidance Afi Pasefika has grown into a national network of career and volunteer firefighters, support personnel, and executive officers. The network works closely with Pacific communities to deliver fire safety messages, foster recruitment, and provide career advice for Pacific personnel. He was the Fire and Emergency representative on the Te Kiwi Māia Advisory Group from 2021 to 2025. His leadership has enabled firefighters and their family to access specialised wellness and recovery support. He has strengthened the relationship between Fire and Emergency and the Samoa Fire and Emergency Services Authority, establishing collaborative initiatives to enhance operational capability. Mr Pauga led a team of firefighters to Samoa as part of New Zealand’s contribution to the Commonwealth Heads of Government Meeting in 2024.

Ms Michele Margot POOLE

For services to Fire and Emergency New Zealand

Ms Michele Poole has contributed to emergency responses across New Zealand for more than 30 years.

Ms Poole is currently a Senior Regional Communications and Engagement Advisor at Fire and Emergency New Zealand. She is a member of the National Emergency Management Agency (NEMA) Emergency Management Assistance Team, the Fire and Emergency Urban Search and Rescue Command and Technical Support team, and the Maritime New Zealand National Oil Spill Response team. She represents Fire and Emergency on the Australasian Fire and Emergency Service Authorities Council Public Information and Warnings Group. She has developed and implemented Fire and Emergency’s Emergency Strategic Communications capability. She trains and supports Public Information Management around New Zealand and has built capability in emergency communication across the public communications sector and in local government. She was instrumental in establishing the New Zealand chapter of Emergency Media and Public Affairs (EMPA) and chaired the New Zealand EMPA Conference from 2014 to 2021. She has contributed to some of New Zealand’s most significant emergency responses including the 2011 Christchurch and 2016 Kaikōura earthquakes, Whakaari/White Island eruption in 2019, and Cyclone Gabrielle in 2023. She has been deployed to major emergency responses in New South Wales and Queensland in Australia. For her contributions to emergency communications, Ms Poole was made a Fellow of EMPA.

For award of the King’s Service Medal (KSM)

Mr Ian John BLUNT

For services to Fire and Emergency New Zealand and the community

Chief Fire Officer Ian Blunt has contributed more than 40 years to community service and leadership, primarily through Ōmokoroa Volunteer Fire Brigade.

Mr Blunt joined Ōmokoroa Volunteer Fire Brigade in 1984, progressing from Station Officer in 1988 to current Chief Fire Officer since 2002. He has played a key role in regional emergency preparedness and inter-agency cooperation by forging effective partnerships between Fire and Emergency New Zealand, St John, Coastguard, and local Bay of Plenty organisations. In 2015, he pioneered the establishment of New Zealand’s first dedicated Medical First Response Unit staffed solely by medical responders, separate from the firefighting team. This innovation now supports approximately 300 calls annually and is recognised nationally. He has ensured sustainable funding for the station through community and corporate partnerships, enabling the acquisition of vehicles and equipment without requiring members to fundraise. As a long-time member, Chair and Course Superintendent of the Ōmokoroa Golf Club, he has used his own equipment and time to improve the grounds and infrastructure. He has been involved with the Ōmokoroa Boat Club since the early 1980s, serving as Commodore and ensuring ongoing emergency response collaboration to enhance community safety. Mr Blunt has been involved in Ōmokoroa Point School fundraising activities as a member of the Parent Teacher Association and through the Fire Brigade.

Mr Edward Keith (Ted) FORD

For services to Fire and Emergency New Zealand and the dairy industry

Mr Ted Ford has served the Appleby community over 36 years as a volunteer firefighter and is a prominent member of the Jersey farming industry.

Mr Ford was an inaugural member of the Appleby Volunteer Rural Fire Force in 1988 and was instrumental in its transition to a Fire and Emergency New Zealand Volunteer Fire Brigade in 2017. He worked as a training coordinator and vehicle and equipment coordinator. He has had a long involvement with the Nelson Agricultural and Pastoral Association, becoming Vice President in 2018, and President from 2019 to 2021. He continues to serve as a committee member, focusing on the care and maintenance of the Association’s 100-acre park. He has volunteered with local and national Jersey groups and is a Jersey New Zealand Regional Ambassador for the Upper South Island. He was a committee member for the planning and presentation of the Top of the South New Zealand Dairy Industry Awards. He was Chair for the Top of the South Agricultural Industry Training Organisation and offered training on his farm to develop cadets’ practical and theoretical farming knowledge. Mr Ford was Chair of the Appleby School Committee from 1985 to 1987 and continues to support the school with educational farming visits.

Mr Graeme Lawrence KATES

For services to conservation and the community

Mr Graeme Kates has played a significant role in the protection of native biodiversity in the Arthur’s Pass region for more than 31 years.

In 2003, Mr Kates privately funded extensive stoat and rat traps within the Bealey Valley, a conservation initiative which led to the foundation of the Arthurs Pass Wildlife Trust (APWT). With the APWT, he undertook initial work to protect the Great Spotted Kiwi in the Arthur’s Pass National Park, where his subsequent research and data collection led to improved knowledge of the species. He helped install 106 kilometres of trap line and coordinates the volunteers that service them, resulting in over eight thousand predator species caught within the Arthur’s Pass National Park. He created and maintains a website that updates the public on track and mountain conditions, weather stations and webcams within Arthur’s Pass National Park. As an experienced mountaineer, he wrote ‘Arthur’s Pass: A Guide for Mountaineers’, published by the New Zealand Alpine Club. He voluntarily controls invasive weed species and is largely responsible for the eradication of lupins in the Bealey Valley. Mr Kates also volunteered for Arthur’s Pass LandSAR, and served for more than 29 years with the Arthur’s Pass Volunteer Fire Brigade, including five years as Fire Controller and 17 years as Deputy Fire Controller.

Mr Ralph Edward PITCHER

For services to Fire and Emergency New Zealand and the community

Mr Ralph Pitcher has served the Whangamatā community for more than 60 years.

Mr Pitcher has been a volunteer firefighter since 1965, still actively serving as part of the Whangamatā Fire Brigade. He assisted with major equipment and building changes to the Brigade and has mentored generations of firefighters. He is founding member, President, and committee member of the Moana House retirement home, where he was integral to the completion of the Wilson Wing Hospital, and five low-cost housing cottages for pensioners. He has served for more than 48 years with the Whangamatā Lions Club, including 15 years as President. He served on several committees and manages the Charitable Trust responsible for dispersing funds to community organisations. He is Trustee of Lions Investment Golf Club, committee member of the Williamson Golf Club and was involved in the establishment of Titoki Golf Club. He was a volunteer ambulance officer and later became Chair of St John’s Whangamatā Ambulance Service. He was a committee member of the Whangamatā Club for 15 years. He was President and was founding member of the Whangamatā Sports Centre and Squash Club, contributing significantly towards the Club’s redevelopment. Mr Pitcher volunteers as a Meals on Wheels driver.

MIL OSI

Defence News – NZ Army engineer awarded DSD for emergency responses in Vanuatu

LiveNews Publisher — Mon, 01 Jun 2026 07:01:49 +0000

Source: New Zealand Defence Force

A New Zealand Army warrant officer who led emergency engineering responses to both a light aircraft crash and a deadly earthquake in Vanuatu has been awarded the New Zealand Distinguished Service Decoration (DSD).

Warrant Officer Class 2 Rob Allen’s DSD, for services to the New Zealand Defence Force, was announced in the King’s Birthday Honours List, where his leadership during both incidents helped save lives and reinforced the New Zealand Defence Force’s reputation in the Pacific nation.

An emergency responder with the Royal New Zealand Engineers, he has been seconded to the Vanuatu Mobile Force (VMF) Engineer Squadron since 2023.

In July 2024, a light plane crashed into a plantation near Port Vila Airport with five passengers aboard.

WO2 Allen assembled a team of VMF engineers to extend an access road for ambulances and rescue services to reach the scene, enabling the evacuation of the five injured occupants. One passenger died later in hospital.

Five months later, on 17 December, a 7.3-magnitude earthquake struck Port Vila, killing 14 people.

WO2 Allen’s team carried out a search and rescue mission in the collapsed three-storey Billabong building while he coordinated with Vanuatu’s first responders.

Over three days he coordinated recovery efforts, provided technical guidance and organised logistical support.

His leadership was critical in immediately rescuing two trapped victims, another four survivors subsequently, and the recovery of four deceased victims.

WO2 Allen said he was humbled by his decoration and paid tribute to his VMF team and the Vanuatu locals.

“Like most soldiers I am not great at receiving awards. I feel grateful to be nominated, that someone took the time to do that.

“The crash and the earthquake highlighted the ability of people from all walks of life and professions to work together to help people in their time of need.

“The people working on the Billabong building site had all experienced the earthquake and had damaged houses and frightened families. They stayed and worked through the days and nights to extricate fellow people from the rubble.”

WO2 Allen was born and raised in Nelson. He enlisted in 1993 and has served in Timor-Leste and Iraq.

His posting to Vanuatu involves improving the capacity of the VMF Engineers and Engineering Squadron.

There was also rewarding work in community projects where they are rebuilding a school classroom, a childcare classroom and a boys’ dormitory, he said.

“The childcare classroom and dormitory were severely damaged in a cyclone and the school classroom was three-quarters completed and ran out of funding,” WO2 Allen said.

All three were due to be completed last week.

MIL OSI

Acquisitions – Completion of TYCO New Zealand and Red Wolf Acquisitions

LiveNews Publisher — Fri, 29 May 2026 01:01:39 +0000

Source: Intelligent Monitoring Group Limited (“Intelligent Monitoring”, “IMG” or “the Company”) (ASX: IMB)

COMPLETION OF BLUESKY HOLDCO ACQUISITION

On 11 December 2025, Intelligent Monitoring Group announced it had entered into a binding agreement to acquire all shares in BlueSky Holdco Limited from Johnson Control Luxembourg European Finance S.a.r.l, a subsidiary of Johnson Controls International plc (Acquisition). The Acquisition includes the purchase of Tyco NZ and Red Wolf Security, two of New Zealand’s leading fire protection service and high-end security providers. The Acquisition adds more than 300 staff and 12 branch locations to the Company’s portfolio, extending its footprint across New Zealand, now with more than 500 local staff.

IMG is pleased to advise that completion of the Acquisition will occur in New Zealand today. The purchase price is NZD45m plus customary adjustments for working capital and cash on hand, funded through the proceeds of an Acquisition Facility via the Company’s NAB banking arrangements, and cash flow.

MANAGING DIRECTOR COMMENTS

At the time, Managing Director Dennison Hambling commented:

“This acquisition represents a highly strategic opportunity for IMG to materially expand its commercial footprint and service capability across New Zealand through the acquisition of two established, market-leading service providers with strong recurring revenue profiles, long-standing customer relationships and exposure to critical infrastructure markets.

The transaction significantly enhances IMG’s scale and customer reach in New Zealand, while also providing a strong platform to support future organic growth initiatives, including the progressive expansion of IMG’s Video Guard and advanced video monitoring solutions into the commercial market.

Given the businesses’ historic alignment within the JCI ecosystem alongside ADT, IMG expects a low-risk integration process with minimal operational disruption. This acquisition is another significant, accretive step forward in building IMG into a serious industrial company with significant profitability, a strong balance sheet and material growth prospects across Australasia”.

About Intelligent Monitoring Group Limited

Intelligent Monitoring Group Limited (ASX: IMB) helps provide monitored security and IOT solutions that ensure the safety and protection of Australian businesses, homes, and individuals 24 hours a day, 365 days a year.

The Company operates with the highest security accreditation from its two-significant monitoring centres.

For more information please visit: https://intelligentmonitoringgroup.com

MIL OSI

Vietnam’s Bridge to the Global Experience Economy

MIL OSI — Fri, 29 May 2026 00:16:30 +0000

Source: Media Outreach

HANOI, VIETNAM – Media OutReach Newswire – 29 May 2026 – As traditional Asian markets such as Singapore and Thailand approach saturation, Vietnam is accelerating its rise as a new destination for the Experience Economy, with the integrated ecosystem of the Vietnam Exposition Center (VEC) emerging as a strategic bridge connecting Vietnam to the world.

Vietnam Exposition Center (VEC) will become the definitive hub for international exhibitions and world-class outdoor mega-events in Vietnam.

The rapid growth of the Experience Economy is reshaping competition across the global MICE industry, spanning meetings, incentives, conferences, and exhibitions. Against this backdrop, Vietnam is increasingly positioning itself as a new regional hub. At the center of this shift is the Vietnam Exposition Center (VEC), whose record-breaking scale and all-in-one ecosystem are redefining event infrastructure standards while creating new opportunities to bring Vietnamese culture onto the global stage.

The Rise of the Experience Economy

No longer viewed simply as entertainment, the event industry has become a major economic growth driver, a trend increasingly reflected in Vietnam’s market performance.

Speaking at the High-Level Conference connecting the Vietnam Exhibition, Event & Advertising Industry 2026 held at VEC on May 8, Jason Yan, Partner at M Square Capital, the investment fund behind the global EDM festival brand Ultra Worldwide, said Vietnam’s live entertainment market has surpassed USD 50 million in revenue. More than 700 large-scale events are now held annually, generating over USD 1 billion in economic impact from international visitors.

In 2025 alone, Vietnam hosted more than 800 music events of varying scales, while music copyright revenues grew by 200%. According to Yan, these figures indicate that Vietnam is entering a period of accelerated growth within the Experience Economy.

The momentum extends beyond live entertainment. Dr. Cấn Văn Lực, Chief Economist at BIDV, noted that Vietnam’s MICE market has reached approximately USD 6 billion, while the advertising industry has grown to USD 3.5 billion. With annual growth projected at around 12%, Vietnam is increasingly viewed as entering a “golden period” for experiential industries.

At the same time, the market itself is evolving. Consumers are no longer simply purchasing tickets to events, but seeking immersive and integrated experiences. Global brands, meanwhile, are looking beyond venues alone, prioritizing platforms capable of delivering meaningful “Return on Experience.”

VEC’s emerging role as a “strategic connector”

Capturing investment flows from the Experience Economy requires more than consumer demand alone. Large-scale infrastructure remains essential, and for many years, this was one of the limitations preventing Vietnam from hosting major international events. The emergence of VEC is increasingly changing that equation.

Located in Cổ Loa, Hanoi, VEC is a landmark development spanning 900,000 square meters, making it one of Southeast Asia’s largest exposition complexes. At the heart of the venue is the Kim Quy Exhibition Hall, a 13-hectare centerpiece designed with flexible operational capabilities capable of accommodating exhibitions and events welcoming millions of visitors.

The complex is complemented by the VinPalace conference and banquet system, parking facilities for up to 10,000 vehicles integrated with VinFast charging stations, and transportation links providing rapid access to central Hanoi. Together, these elements create a seamless experience ecosystem aligned with international standards.

Vingroup’s world-class organization and operational excellence have already been proven through legendary mega-events, most notably bringing G-Dragon’s “Übermensch” World Tour to Vietnam under the 8Wonder brand. Leveraging this proven expertise, VEC is designed to seamlessly execute the next generation of large-scale activations. Looking ahead, this operational blueprint will further expand across the Vingroup ecosystem, notably with the upcoming VEC Can Gio project in Ho Chi Minh City, the Blue Wave Theater—a 60,000-capacity venue set to become the largest in Southeast Asia.

Perspective view of the Blue Wave Theater—Southeast Asia’s largest theater, located within the Vietnam Exposition Center in Can Gio, Ho Chi Minh City (VEC Can Gio).

Building a nationwide all-in-one event ecosystem

Much of VEC’s all-in-one capability is tied directly to its integration within the broader Vingroup ecosystem. Events hosted at VEC can simultaneously leverage platforms including Vincom, Vinpearl, VinWonders, Vinhomes, and the green mobility network Green SM, which now operates across 34 provinces and four countries.

As a result, VEC is evolving beyond a standalone venue into a broader platform connecting commerce, tourism, entertainment, and culture within a unified experience ecosystem.

The broader infrastructure ecosystem also includes the 135,000-seat Hùng Vương Stadium and the 60,000-seat PVF Stadium, equipped with a retractable roof system capable of opening or closing within minutes.

While many traditional Asian venues, including Singapore National Stadium and Thailand’s Rajamangala Stadium, are increasingly facing constraints related to capacity and aging infrastructure, Vingroup’s next-generation venue network is positioning Vietnam as a more competitive player in the regional event market.

The growing presence of global MICE leaders in Vietnam is increasingly viewed as a reflection of both the market’s potential and VEC’s operational readiness.

Jason Yan described Vietnam as “a convergence point of limitless energy for the future of cultural industries,”emphasizing that realizing such potential requires operators capable of managing venues at massive scale. According to him, the ecosystem developed by Vingroup and VEC provides the operational confidence needed for Ultra Worldwide to expand major festival productions into Vietnam.

Geoff Dickinson, CEO of dmg events, shared a similar perspective, noting that decisions by global corporations and political leaders to choose a destination “are never accidental,” but rather the result of “deliberate” long-term strategies.

According to Dickinson, the emergence of VEC, combined with Vietnam’s broader development vision, is creating what he described as a “perfect storm” for international businesses seeking long-term opportunities in the market.

From that viewpoint, the launch ceremony for Vietnam’s Exhibition, Event and Advertising Ecosystem at VEC on May 8 marked more than a new partnership milestone between VEC and international partners. It also signaled a broader new phase for Vietnam’s cultural industries.

Supported by large-scale infrastructure, growing operational capabilities, and Vingroup’s integrated ecosystem, VEC is increasingly positioning itself as a strategic platform connecting Vietnam with the global Experience Economy while advancing its vision of “Bring Vietnam to the world and bring the world to Vietnam.”

Hashtag: #VEC

The issuer is solely responsible for the content of this announcement.

– Published and distributed with permission of Media-Outreach.com.

Global Filmmakers Are Leveraging Kling AI to Push the Boundaries of Storytelling, Cannes Panel Presents

MIL OSI — Thu, 28 May 2026 11:31:28 +0000

Source: Media Outreach

CANNES, FRANCE – Media OutReach Newswire – 28 May 2026 – A shift is underway in the global film industry as creators across the globe embrace Kling AI to produce cinematic-level visuals and push the boundaries of storytelling.

Native 4K Generation for Cinematic-Level Output

“For House of David, we did it for a third of what the studios told us we needed,” said Jon Erwin, the writer and producer of House of David, founder and Chief Creative Officer of Wonder Project.

For House of David, Kling AI has served as its core foundation model and benchmark tool. Across both season one and two, Kling AI has generated the vast majority of its production shots, leading the share of its AI workflows for the show. While Season One of House of David incorporated 72 shots invovling the use of AI, its second season used more than four times as many AI shots compared to the first season.

Emotional Expressiveness for Feature Film

Raphael, South Korea’s first full-length feature created entirely using generative AI, is a large-scale production being developed by Mateo AI Studio. Currently in production with the goal of a theatrical release in 2026, this project is leveraging Kling AI’s powerful video model throughout the production process to maximize distinctive visual effects and deliver a differentiated cinematic experience.

Realism and Visual Quality for Theatrical Screens

Born of the Tide, the first AI-generated cinematic epic exploring China’s Tanka community, often referred to as “sea nomads” for their long-standing floating way of life, leverages Kling AI’s 4K capabilities to present its sweeping, high-stakes spectacles, such as massive dragon boat races, explosive fish market bombings, and sprawling mountain battles.

“Kling AI faithfully preserves the director’s intended color tones without losing stylistic consistency during the video generation process. The platform also delivers rare realism in rendering waves, torrential rain, and the intricate, glistening reflections of firelight across wet wooden ship planks—textures that stand out as unmatched among AI models,” said Wei Li, director of Born of the Tide and Executive Director for Big Fish & Begonia.

Kling AI is one of the world’s leading AI creative platforms, focused on next-generation tools for visual storytelling, cinematic workflows and creative production innovation. Since its launch, It has empowered over 60 million creators worldwide.

Hashtag: #KlingAI

The issuer is solely responsible for the content of this announcement.

– Published and distributed with permission of Media-Outreach.com.

Budget 2026 – Federated Farmers welcomes investment in provincial highway resilience

LiveNews Publisher — Thu, 28 May 2026 03:22:56 +0000

Source: Federated Farmers

Government investment in roading resilience in the face of an increase in severe weather events is sound thinking, Federated Farmers infrastructure spokesperson Mark Hooper says.

“Federated Farmers has been calling for more funding for rural roads and key regional freight and access routes.

“It’s very pleasing that in a tight Budget the Government has found $400 million to tackle drainage, slope stabilisation and rockfall protection at known weak spots, such as the Waioweka Gorge in Gisborne and SH60 Tākaka Hill in Tasman-Nelson.

“This is in line with the truism that ‘a stitch in time, saves nine’. Building in better resilience ahead of the next flood or storm makes sense.

“We can’t continue to see communities like the East Coast or Golden Bay cut off every time a major rain event occurs.”

Ultimately, however, if experience shows a route or piece of public infrastructure continues to be highly vulnerable to weather events, investigation and funding of alternatives is needed.

“The cost of repeated highway and rural road patch-ups quickly mount.

“As the Infrastructure Commission has pointed out, New Zealand needs an agreed, prioritised 30-year pipeline of infrastructure upgrading to build and retain a skilled workforce.”

MIL OSI

Northland News – Kāeo river realignment works shut down for Winter

LiveNews Publisher — Wed, 27 May 2026 23:26:49 +0000

Source: Northland Regional Council

A $1.5 million project to re-route a 500-metre section of the Kāeo River to better protect Kaeo township from flooding has shut down for the wet Winter months.

Northland Regional Council member Colin ‘Toss’ Kitchen, who chairs the Kāeo-Whangaroa River Working Group, says the project – which began last December – will resume in Spring with the onset of warmer, drier weather.

Councillor Kitchen says ongoing rainfall through March and last month had resulted in multiple wet-weather stand-down days and elevated groundwater levels, significantly slowing construction progress.

“Ground conditions prevented safe operation of heavy machinery without causing site damage.” There had also been a number of archaeological discoveries.

Despite the delay, the project was still due for completion before Christmas, weather permitting. The winter break would allow the newly-constructed channel to stabilise over winter and for grass to establish on banks. At this point it was hoped water would begin flowing through the new channel by Christmas.

Councillor Kitchen says the project involves the construction of flood protection works for Kāeo township and adjacent portions of State Highway 10 for resilience to home and business owners and main roading routes.

It will shift the junction of the Waikara Stream and Kāeo River 500 metres downstream, with a new 500-metre long deflection bank constructed alongside Kāeo township.

Once complete, the project is expected to reduce the depth of floodwaters in Kāeo during a one in a hundred-year flood event by up to half a metre.

Councillor Kitchen says regional councils play a critical role in flood risk management and the Kāeo scheme is one of several flood management schemes in place across Taitokerau to reduce risk to life, property and infrastructure.

This project is being funded through a combination of targeted and regionwide flood infrastructure rates and central government funding from National Infrastructure Funding and Financing (formerly Crown Infrastructure Partners).

MIL OSI

Economy – Reserve Bank Full Statement: The Monetary Policy Committee today voted to hold the OCR at 2.25 percent

LiveNews Publisher — Wed, 27 May 2026 02:23:13 +0000

Source: Reserve Bank of New Zealand

Annual consumers price inflation was 3.1 percent in the March quarter. The Middle East conflict is increasing near-term inflation and weakening economic activity. Inflation is expected to peak at 4.3 percent in the September quarter and to return to the 2 percent target mid-point in mid-2027. Currently, core inflation, wage growth, and medium- to long-term inflation expectations remain consistent with inflation returning to the 2-percent target mid-point over the medium term.

The global economic backdrop remains uncertain. Supply chain disruptions, higher prices for petrochemicals, and a more fragmented global trading environment are impacting the outlook. Growth will vary across countries, reflecting differences in energy intensity, fiscal support, and exposure to AI investment. On balance, New Zealand’s trading partners are expected to see weaker growth and higher inflation.

Domestically, business contacts and surveys indicate weaker confidence and spending. For some firms, rising costs are squeezing profit margins and curbing investment and hiring intentions. Consumer confidence has fallen sharply, and the housing market remains weak. Economic conditions continue to differ across regions and sectors, with high commodity prices supporting incomes in regional New Zealand.

The outlook for medium-term inflation pressures is also uncertain. These could remain elevated if households and businesses expect higher costs in future and build those expectations into price- and wage-setting decisions today. However, weak demand and elevated unemployment will dampen medium-term inflation pressures.

The Committee remains focused on ensuring that increased costs do not lead to elevated inflation over the medium term, while avoiding unnecessary economic volatility. On balance, the OCR will most likely need to increase sooner and by more than envisaged in the February Monetary Policy Statement. The pace of OCR increases will depend on the relative influence of persistent wage- and price-setting behaviour versus weaker economic activity on medium-term inflation pressures.

Summary record of meeting – May 2026

The ongoing conflict in the Middle East is weakening economic activity and increasing near-term inflation. The Committee remains focused on ensuring that higher costs do not lead to elevated inflation over the medium term, while avoiding unnecessary economic volatility. A prolonged period of weak economic growth and elevated unemployment is expected to dampen medium-term inflationary effects. The Committee judges that the balance of risks is to the upside for inflation and to the downside for growth.

Conflict in the Middle East is disrupting global supply chains

The Middle East conflict has severely disrupted the supply of oil, gas and other petroleum products transiting through the Strait of Hormuz. The decline in oil supply has so far been mitigated through inventory drawdowns, rerouting, increased production elsewhere, and demand adjustment in some countries. This helped contain oil price increases over April and May, despite no resolution to the conflict. Nevertheless, prices for petroleum products have increased substantially since the conflict began, increasing prices for fuel and other petrochemical-intensive inputs such as plastics and fertilisers.

The Committee noted that the outlook for energy prices depends on how the conflict evolves, the extent of damage to energy infrastructure in the Middle East, and the speed with which global supply chains adjust. Members noted that these events will encourage firms to permanently reconfigure their supply chains to reduce exposure to the region. Along with stronger global demand for renewable energy, this may place further upward pressure on global energy prices in the near term.

Pricing in oil futures markets is consistent with a resolution to the conflict over coming months and shipping resuming through the Strait of Hormuz. However, given damage to energy infrastructure and the need to rebuild inventories, oil prices are expected to remain elevated over the medium term.

Trading partner inflation is increasing

The Committee noted that higher energy prices have increased headline inflation in many of New Zealand’s trading partners in recent months. Trading partner inflation is expected to increase further as the direct and indirect effects of higher costs emerge. Members noted that the pass-through of higher costs to near-term inflation will vary across economies, depending on factors such as energy intensity, price controls, subsidies, or tax changes. Differences in current economic conditions, including the degree of capacity pressure, will influence the extent of medium-term inflation pressures across trading partners.

The Middle East conflict poses downside risks to global economic activity. High-frequency indicators suggest that higher petrochemical prices are weighing on sentiment and real incomes in many economies. The impact is expected to be largest for economies with greater reliance on imported energy and energy-intensive manufacturing, including many of New Zealand’s Asian trading partners. In some cases, these headwinds may be partly offset by continued strong demand for artificial intelligence exports and fiscal support.

The New Zealand economy was recovering prior to the conflict

The Committee noted New Zealand was in the early stages of an economic recovery. GDP growth of 0.2 percent in the December 2025 quarter was lower than expected, but timely indicators suggest the economy continued to expand in the March 2026 quarter. For example, strength in retail spending broadened across industries and businesses reported increasing capacity constraints, consistent with the economic recovery gaining momentum.

There has been significant spare capacity in the New Zealand economy for some time. This is reflected in a range of indicators, with the output gap estimated to be -1.3 percent of potential output in the March 2026 quarter, broadly in line with the estimate in February.

The labour market was stabilising, with employment growing modestly and annual wage inflation remaining at 2 percent in the March 2026 quarter. Net migration has increased materially since late 2025. Unemployment remains elevated, indicative of spare capacity in the labour market.

Annual headline inflation remained at 3.1 percent in the March 2026 quarter, which was higher than expected in the February Statement largely due to fuel price increases over March. Underlying inflation has continued to gradually ease, with measures of core inflation declining on average to 2.3 percent.

Near-term inflation is expected to increase and economic growth to weaken

First round direct and indirect effects from higher petrochemical prices will increase inflation this year. Direct effects, through higher fuel prices for businesses, are expected to occur slightly faster than the indirect effects of higher prices of petrochemical-intensive inputs. Intelligence from business engagements indicates that some firms have implemented temporary fuel surcharges, although the extent of this varies across sectors. Some businesses are absorbing cost increases into margins given weak demand, while others are embedding higher costs into price changes.

The Committee noted elevated uncertainty around its near-term inflation forecast. The forecast incorporates current oil futures pricing, which assumes Dubai oil prices fall to USD96 by the end of the year. Annual headline inflation is expected to increase to a peak of 4.3 percent by the September 2026 quarter and to return to the target mid-point in mid-2027. While shorter-term inflation expectations have increased, medium- to longer-term expectations remain close to 2 percent.

Near-term economic activity is likely to be weaker than assumed in the February Statement because of the Middle East conflict. Higher fuel prices are increasing costs, lowering profit margins for many businesses, and reducing real incomes and household purchasing power. High frequency data, including electronic card transactions and measures of business and consumer confidence, are pointing to weak demand in the near term. With weaker consumption and investment, annual GDP growth in 2026 is now expected to be 0.9 percentage points lower than assumed in the February Statement. These forecasts indicate a slower economic recovery in the near term, with the pace of economic growth increasing by the end of the year.

Financial conditions have tightened

Market expectations for central bank policy rates have increased, both domestically and abroad. The Committee discussed how differences in economic starting points, fiscal and structural policy responses to higher fuel prices, and reliance on imported energy will influence the monetary policy response required to contain medium-term inflation across countries.

The Committee noted that financial conditions in New Zealand have tightened through higher wholesale interest rates passing through to higher fixed-term mortgage rates and, to a lesser extent, term deposit rates. The average interest rate on outstanding mortgages declined to 4.9 percent in March but is expected to increase to 5.3 percent over the next 12 months.

Global financial market volatility increased materially in March because of the Middle East conflict but declined following the ceasefire in early April. Global risk appetite has subsequently improved, in part due to strong upward revisions to earnings growth among US technology firms pushing up global equity prices. There has been some volatility in the trade-weighted New Zealand dollar exchange rate, but it is currently little changed since the start of the year.

The Committee was also briefed on financial system stability and agreed this poses no material trade-off to meeting its inflation objective.

The Committee discussed risks to the inflation outlook

Members noted uncertainty around the scale and duration of the global economic consequences of the Middle East conflict and how the shock will propagate through the New Zealand economy and influence medium-term inflation pressures.

The Committee discussed the risk of higher near-term inflation feeding through to medium-term inflation. Members noted that firms’ price-setting behaviour could be more persistent because of generally elevated inflation since the pandemic and the cost-push nature of the current shock. This would lead to stronger second-round inflation effects than currently assumed. This risk is accentuated by low profit margins for some businesses given weak activity and higher costs, limiting the degree to which they can absorb further cost increases. Wage pressures could also arise from labour shortages in some sectors and regions. However, if the recent increase in net migration continues, this would help to offset this risk.

Members noted that spare capacity in the domestic economy and weaker global demand could constrain firms’ ability to pass on higher costs by more than assumed in the central projection. Lower spending by households in response to lower real income growth, persistently elevated unemployment, a weak housing market, and reduced resilience due to repeated shocks collectively pose downside risks to domestic economic activity. However, economic activity could recover faster than assumed if a resolution to the Middle East conflict leads to lower domestic fuel prices.

The Committee discussed risks to the global growth outlook. To the downside, members noted that high and increasing global government debt ratios, alongside greater geopolitical fragmentation, could push up long-term bond yields, tightening financial conditions and weighing on global growth. The Committee also noted that earnings expectations and valuations in US equity markets remain elevated and that if revenues from AI products fail to meet expectations, this could lead to a shock that would pose downside risks to global growth.

To the upside, members agreed that demand for New Zealand’s exports could remain stronger than expected if our Asian trading partners continue to benefit from strong manufacturing investment. Greater investment from large technology firms, alongside stronger investment in economic and military security, may also continue to provide a tailwind to the global economy through stronger economic activity in Asia, Europe and the US.

The Committee noted the three alternative scenarios in the May Statement. These informed the trade-offs influencing the Committee’s discussions and decisions. The scenarios represent just three of many plausible paths for the domestic economy and inflation. In practice, monetary policy decisions depend on a broad range of factors, including prevailing economic conditions, the outlook for medium-term inflation pressure, and the Committee’s secondary objectives of avoiding unnecessary instability in the economy while having regard to financial system stability.

The Committee voted to leave the OCR unchanged at 2.25 percent

The Committee emphasised that it remains focused on ensuring core inflation, wage growth and medium- and long-term inflation expectations remain consistent with inflation at 2 percent over the medium term. It discussed the monetary conditions required to achieve the medium-term inflation mandate. Members noted that financial conditions have tightened materially this year, helping to guard against the risk of second-round price effects.

All Committee members agreed that the central projection for the OCR was appropriate and a good reflection of the trade-offs currently faced. However, members differed in their preferred timing for the initial increase in the OCR.

Three members (Anna Breman, Karen Silk, Paul Conway) judged that holding the OCR at 2.25 percent was appropriate at this meeting. These members emphasised that core inflation and wage growth remain contained and medium- and long-term inflation expectations remain around 2 percent. Indicators of economic activity have deteriorated, in some cases more quickly than anticipated. Tighter financial conditions and economic uncertainty are already weighing on household and business sentiment, which is reducing consumption and investment. Spare capacity in the economy is likely to dampen second-round inflationary pressure.

With inflation pressures increasing in coming months, these members agreed that OCR increases would be required to ensure inflation returns to target over the medium term. These members noted the wide range of estimates for the neutral interest rate, making it difficult to assess the extent to which current monetary conditions are accommodative. They emphasised that the timing of OCR increases should depend on the evolving data, the outlook, and the balance of risks. Close attention needs to be paid to global developments, supply chain normalisation, core inflation, wage dynamics, and inflation expectations. These data, as well high-frequency indicators, will clarify whether stronger second-round inflation effects are emerging.

Three members (Carl Hansen, Hayley Gourley, Prasanna Gai) preferred to increase the OCR by 25 basis points, to 2.5 percent at this meeting. These members emphasised that, given the breadth of critical inputs that have been impacted by the conflict, first round indirect price increases could become more broad-based, feeding through to a greater risk of second round price increases. These members noted that 2-year inflation expectations have risen across a range of surveys. Firms may reset prices based on a shared belief about the persistence of the shock and prices would remain elevated even if the shock were to fade. In addition, should domestic fuel prices decline faster than expected it may lead to stronger demand as confidence responds more quickly. These members noted that monetary conditions remained accommodative. Further, inflation in New Zealand’s trading partners could increase faster than expected due to both the Middle East conflict constraining supply and AI-related spending boosting demand.

These members judged that removing stimulus now, while observing domestic economic developments, would help reduce medium-term inflation risks. Moving earlier was viewed as preferable, given upward pressure on neutral rates and that it may also limit the overall magnitude of the increase in the OCR and the negative impact on output. One member (Carl Hansen) emphasised that raising the OCR at this meeting would also create optionality for further monetary policy tightening in July.

All Committee members agreed that increasing the OCR at upcoming meetings would likely be necessary to ensure higher near-term inflation does not feed through to higher medium-term inflation. The Committee judges that this is a proportionate response to bring inflation to target in a reasonable timeframe without creating unnecessary volatility in output. The pace of OCR increases will depend on the relative influence of persistent wage- and price-setting behaviour versus weaker economic activity on medium-term inflation pressures.

On Wednesday 27 May, three Committee members (Anna Breman, Karen Silk, Paul Conway) voted to leave the OCR on hold and three members (Carl Hansen, Hayley Gourley, Prasanna Gai) voted for a 25-basis point increase. In this instance, the chairperson has a casting vote, meaning the OCR remains on hold at 2.25 percent. The Committee remains focussed on bringing medium-term inflation back to target and expect that OCR increases will be required this year.

Attendees:
MPC members: Anna Breman (chairperson), Carl Hansen, Hayley Gourley, Karen Silk, Paul Conway, Prasanna Gai
Treasury Observer: James Beard
MPC Secretary: Elliot Jones

MIL OSI