The All Ordinaries Index (ASX: XAO) has gained a respectable 10.61% over the past year, but this ASX All Ords mining stock has left those gains wanting.
The fast-rising stock in question is bauxite miner Canyon Resources Ltd (ASX: CAY).
Bauxite, if you're not familiar with it, is the world's main source of aluminium production.
As for Canyon Resources, shares in the ASX All Ords mining stock closed yesterday trading for 27.0 cents apiece.
That sees shares in the ASX All Ords miner up an eye-popping 275% since 3 July last year, when shares closed the day at 7.2 cents each.
And according to the analysts at Canaccord Genuity, there could be a lot more outperformance to come.
What's been sending the Canyon Resource share price surging?
Canyon Resources is developing the world-class Minim Martap Bauxite Project, located in Cameroon.
According to the company's website, the project contains more than one billion tonnes of high-grade, low contaminant bauxite, "with strong exploration upside". An initial 20-year Life of Mine (ore reserve) was defined in June 2022.
The most recent price-sensitive news from the ASX All Ords mining stock was released on 26 June. Shares have marched higher since that release, after Canyon Resources reported that it had secured project financing and key long lead contracts, confirming its target of shipping the first bauxite in the first half of calendar year 2026.
"Since we received our mining licence in late 2024, we have moved quickly to deliver on our vision of moving the Minim Martap Bauxite Project into production," Canyon executive chairman Mark Hohnen said on the day.
The ASX All Ords mining stock said it had ordered 22 locomotives, with the first delivery expected to arrive in Q1 2026. Canyon has also appointed the main road construction contractor to upgrade the haulage road from Minim Martap.
Why this booming ASX All Ords mining stock could keep outperforming
In a report released on 24 June, following a site visit to Minim Martap, Canaccord analyst Timothy Hoff said the ASX All Ords mining stock "is well capitalised to begin development of Minim-Martap".
That follows on Canyon securing a US$140 million credit facility through the AFG Bank Cameroon, and AU$24.5 million from Eagle Eye Asset Holding, exercising its options.
According to Hoff:
The company is now able to progress with the acquisition of rolling stock (locomotives and wagons) and the development of ore transport infrastructure, including rail and port facilities.
With a staged deployment of capital, we believe the funds currently available will allow the company to set up operations to ultimately achieve the 6.4Mtpa BFS run rate. CAY plans to release a DFS in SepQ'25 with updated economics, optimised operational efficiencies, and confirmation of the preferred pathway to production.
We believe this may allow the company to attract further partnerships by way of further funding investments and/or offtake agreements. Once in production, we believe that any progressive expansion of the operation can be funded through generated cash flow.
Canaccord rates Canyon Resources as a speculative buy.
The fund manager has a 35-cent price target on the ASX All Ords mining stock. That represents a potential upside of nearly 30% from Thursday's closing price.
