CANYON RESOURCES LIMITED — Capital/Financing Update 2014

Nov 19, 2014

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Canyon Resources Limited ACN 140 087 261 353 Rokeby Road Subiaco WA 6008 www.canyonresources.com.au

20 November 2014

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• Canyon undertaking strategic placement to Sophisticated and Professional Investors

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• $470,000 to be raised from new and existing shareholders to advance Canyon’s transformative Birsok Bauxite project

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Capital raising heavily oversubscribed with strong support from leading stockbrokers and professional resource investors

The Directors of Canyon Resources Ltd (ASX:CAY) are pleased to announce a placement of 10,444,444 shares to Sophisticated and Professional Investors to raise $470,000 (before costs) for application to continuing infrastructure studies and fieldwork on the Company’s transformative Birsok Bauxite Project in Cameroon.

The raising was priced at $0.045, an approximate 3% discount to Canyon’s one week volume weighted average price, with an attaching options entitlement.

The placement was heavily oversubscribed with the raising strongly supported by professional investors and leading stockbrokers in Perth and Sydney. Amery Partners (Corporate Advisory) served as advisor to Canyon.

Initially targeting $450,000, Canyon’s directors agreed, in response to investor demand, to accept certain oversubscriptions to increase the raising size to $470,000, the maximum permitted under the Company’s existing placement capacity.

Pursuant to the terms of the placement, participants shall receive options over ordinary shares in the Company exercisable at $0.06 expiring January 31[st] , 2017, on a 2:1 basis (20,888,888 options). 25% of the options will be issued subject to shareholder approval at a general meeting to be held on or around 27 February, 2015.

Directors and advisors of Canyon have indicated they will subscribe for approximately $50,000 of additional stock in the Company on the same terms as the placement, subject to shareholder approval at the aforementioned general meeting. Directors and advisors have elected to voluntarily forego the attaching options entitlements to further align their interests with those of fully-paid equity holders.

Canyon’s Managing Director, Phillip Gallagher, is currently in transit in Cameroon. For further information, please contact:

Rhod Grivas	Philip Amery
Chairman	Executive Director
Canyon Resources Limited	Amery Partners (Corporate Advisor)
T: +61 419 919 321	+61 402 091 180
E: rhod@grivas.com.au