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Canyon Resources Limited ( (AU:CAY) ) has issued an update.
Canyon Resources Limited has successfully completed the first tranche of its equity raising, securing A$35.6 million from institutional and professional investors through the placement of new shares. This move is part of a larger strategy to raise approximately A$170 million, pending shareholder approval and regulatory clearances, which will bolster the company’s financial position and support its ongoing projects.
The most recent analyst rating on (AU:CAY) stock is a Buy with a A$0.40 price target. To see the full list of analyst forecasts on Canyon Resources Limited stock, see the AU:CAY Stock Forecast page.
More about Canyon Resources Limited
Canyon Resources Limited operates in the mining industry, focusing on the exploration and development of bauxite resources. The company is engaged in advancing its projects to supply raw materials for the aluminum industry, targeting markets that demand high-quality bauxite.
Average Trading Volume: 622,029
Technical Sentiment Signal: Buy
Current Market Cap: A$473M
See more insights into CAY stock on TipRanks’ Stock Analysis page.