Canagold Drills 30.46% Antimony (Sb) and 49.10 Gold (Au) over 1.21m; Within 13.2m Averaging 3.83% Sb and 19.38 Au at New Polaris

Canagold Resources Ltd. (CCM) has released assay results for five of the fourteen holes completed in its "resource infill and expansion" program at the 100%-owned New Polaris gold-antimony project in northwestern BC. The program, which has concluded after drilling 7,277 m in 14 holes, reported intercepts as core length with no cutoff grade disclosed.

• NP26-01: 13.20 m at 3.83% Sb and 19.38 g/t Au from 451.75 m downhole, including 1.21 m at 30.46% Sb and 49.10 g/t Au.
• NP26-02: 6.06 m at 3.90% Sb and 14.97 g/t Au from 477.44 m, including 0.83 m at 24.68% Sb and 29.00 g/t Au; plus a separate 2.85 m at 0.11% Sb and 17.10 g/t Au from 487.50 m.
• NP26-03: 3.91 m at 3.30% Sb and 15.08 g/t Au from 451.19 m, including 1.81 m at 6.99% Sb and 26.30 g/t Au.
• NP26-05: 4.73 m at 1.50% Sb and 5.76 g/t Au from 488.83 m, including 0.73 m at 8.50% Sb and 12.80 g/t Au.
• NP26-06B: 8.22 m at 0.01% Sb and 16.47 g/t Au from 472.60 m (gold-only intercept).

The company states these are "the highest Sb grades over the greatest widths encountered at the Project to date," noting that the scale of antimony mineralization "may be substantially larger than we originally understood." Canagold added that antimony has the potential to become a "meaningful contributor" to project economics. Collar coordinates, azimuth, dip and depth are given for all five holes. True width/dip/strike orientation is explicitly not determined.

Canagold Resources Ltd. (CCM) is a pre-revenue feasibility-stage developer with a permitted-in-progress project and an explicit going-concern qualification in its MD&A. The company reported a H1 2026 net loss of US$428,000 and operating cash flow of -US$684,000. As of June 30, 2026, Canagold held US$2.64 million in cash and US$1.64 million in working capital. Financing activity included roughly C$9.2 million raised in February 2026 and C$7.1 million closed in September 2026. The latter was a related-party placement with insider Sun Valley Investments AG taking the majority stake, raising its ownership to 49.75%.

A feasibility study released in July 2025 outlined a gold-only revenue model with no antimony revenue modelled. The study projected an after-tax NPV (5%) of C$793 million, an after-tax IRR of 47.3%, and a payback period of 1.7 years. The project requires approximately US$181 million in pre-production capex and features an 8.3-year mine life. The indicated resource contains 5,630 tonnes of contained antimony at 0.6% Sb, with 5,173 tonnes of Sb included in the mine plan.

The recent drilling programme constitutes an infill and near-mine expansion effort rather than a discovery or major step-out. The results serve as confirmations of the resource grade, which is 0.6% Sb, alongside the gold grade implied by the feasibility study. The reported intercepts include:

• 3.30–3.90% Sb over 3.9–13.2 m
• 5.8–19.4 g/t gold over 2.9–13.2 m

These antimony grades are several times the resource grade, while the gold grades are at or above typical orogenic resource grades. Re-derived composites indicate that the antimony grade in three of the four reported holes is dominated by a single narrow sub-interval. The case for "grade above resource grade over a meaningful width" is strongest for gold and for the antimony halo in hole NP26-01, and weaker for the other antimony intervals.

The equity has re-rated into the news, with the stock bottoming at C$0.50–0.52 in mid-July 2026 and closing at C$0.70 on September 30, 2026, a rise of roughly 37%. The 52-week high of C$0.77 was set on September 18. The market has been pricing in the drilling programme, which was announced on February 25 and March 16, 2026, and drilled between June and August. The company is trading near its 52-week high at the time of the release.

The results marginally support resource conversion and expansion around the mine plan, as well as the potential for antimony to eventually be added to the feasibility study economics as a second revenue stream. However, the contained antimony inventory is small in absolute terms, with 5,630 tonnes indicated against a global antimony market of roughly 100,000–130,000 tonnes per year. Only five of 14 holes are reported, true widths are unknown, and the antimony revenue line in the feasibility study still does not exist. Against a C$150 million equity with a gold-only NPV of C$793 million, the value event remains the updated resource and economics rather than these five holes.

Canagold Resources Ltd. (TSX: CCM; OTCQB: CRCUF; FSE: CANA) is a Vancouver-based, pre-revenue project developer. Its single material asset is the 100%-owned New Polaris gold-antimony project in northwestern British Columbia, roughly 100 km south of Atlin, BC and 60 km northeast of Juneau, Alaska.

The company completed a feasibility study in July 2025, which indicated an after-tax NPV of C$793 million at a 5% discount rate, an after-tax IRR of 47.3%, and a payback period of 1.7 years. The study projected approximately US$181 million in pre-production capex and an 8.3-year mine life, based on gold revenue only.

In March and April 2026, Canagold submitted an Environmental Assessment application to the BC Environmental Assessment Office. The project was designated a priority by the Province of British Columbia in May 2026, added to the federal critical-metals advanced projects map in March 2026, and included in the Canada Investment Summit prospectus in September 2026.

Ownership is concentrated, with insider Sun Valley Investments AG holding approximately 49.75% following a related-party placement in September 2026. Management has stated an intention to expand the asset base by acquiring advanced projects. The company is explicitly reliant on equity markets to fund itself and carries a going-concern qualification in its latest MD&A.

The shares outstanding were 213,949,766 at June 30, 2026. The September 2026 financing added approximately 14.17 million shares, consisting of 5,319,149 common shares at C$0.47 and 8,846,154 flow-through shares at C$0.52, bringing the pro forma count to roughly 228 million.