CANYON RESOURCES LIMITED — Capital/Financing Update 2014

Mar 2, 2014

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

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3 March 2014

The Manager Australian Stock Exchange Limited (“ASX”) Company Announcements Office

$1.15M RAISED THROUGH ENTITLEMENT ISSUE AND SHORTFALL PLACEMENT

Canyon Resources Limited (“ Company ” or “ Canyon ”) is pleased to advise that further to its recently completed non-renounceable entitlement issue which raised approximately $840,000 (“ Entitlement Issue ”), the Company has received commitments for a further $313,000 on the same terms as the Entitlement Issue (“ Placement ”), increasing the total amount raised to approximately $1.15 million before costs.

Canyon’s Managing Director, Mr Phil Gallagher said,

“We wish to take this opportunity to thank our supportive shareholders, and welcome new investors that are supporting Canyon as it embarks on its strategy of earning up to a 75% interest in the Birsok Bauxite Project in Cameroon, and continuing to advance its gold and base metal projects in Burkina Faso”.

Canyon will issue approximately 6.96 million shares at $0.045 each and 6.96 million attaching listed options with an exercise price of $0.06 each and expiry date of 31 January 2017 pursuant to the Entitlement Issue prospectus and supplementary prospectus dated 24 December 2013 and 27 December 2013 respectively, in which the Company reserved the right to place any shortfall shares and options within 3 months from the closing date of the Entitlement Issue. Hartleys Limited was Broker to the Offer in respect of the Placement and the Entitlement Issue.

This announcement effectively lifts the trading halt requested by Canyon on Thursday 27 February 2014. Canyon is not aware of any reason why the ASX should not allow trading to commence immediately.

For further information please contact:

Phil Gallagher Phil MacLeod Managing Director Company Secretary Canyon Resources Limited Canyon Resources Limited Phone: +61 8 6143 4256 +61 8 9389 7050