Canagold Successfully Produces Physical Antimony Metal Grading over 99% Sb from New Polaris Concentrate

Canagold Resources Ltd. (CCM) successfully produced physical antimony metal grading greater than 99% Sb from concentrate generated at its New Polaris project. Refining conducted at Core Metallurgy in Australia achieved 99.7% antimony leach extraction using an alkaline sulphide leach followed by electrowinning. The concentrate used in the process assayed 59.1% Sb and 98.3 g/t Au.

The milestone demonstrates a viable pathway to bypass traditional smelter discounts and treatment charges, targeting North American and allied end-users for this critical mineral. Next steps include ongoing process optimization, engineering studies, and evaluation of transportation logistics, off-take arrangements, and facility requirements.

Canagold Resources Ltd. (CCM) released results on October 6, 2026, validating the metallurgical pathway announced in February 2026, during which the company committed to evaluating antimony production economics. The release confirms that New Polaris concentrate can be upgraded to refined metal, a process that would theoretically improve margins by avoiding smelter treatment charges and discounts.

This development represents an expected, incremental technical follow-up rather than a market-moving surprise. No new offtake agreements, financing, or revised feasibility study economics were announced alongside the release. Consequently, the strategic implication remains theoretical until logistics and commercial terms are finalized. While the news aligns with the company's stated goal of capturing more value in the supply chain, it does not alter the immediate capital requirements or permitting timeline.

Canagold Resources Ltd. is advancing its 100%-owned New Polaris Gold-Antimony Project in northwestern British Columbia. The company completed a positive feasibility study in July 2025, which outlined an $181M US pre-production CAPEX, an 8.3-year mine life, and strong economics including a 30.9% after-tax IRR at $2,500/oz Au.

In April 2026, the company filed its BC Environmental Assessment application, and the Province of British Columbia designated the project a "Priority Project" in May 2026. Inclusion in the Canada Investment Summit Prospectus and the Canadian Critical Metals Advanced Projects Map highlights the project's strategic importance for domestic gold and antimony supply. Logistics de-risking was advanced with successful shallow-draft landing craft trials on the Taku River in June 2026, validating an alternative freight corridor to Juneau, Alaska.