Canagold Drills 79.3 g/t Gold (Au) and 8.76% Antimony (Sb) over 1.96 m; Within 4.62 m Averaging 37.7 g/t Au and 4.57% Sb

Canagold Resources Ltd. (CCM) has released assay results from four additional holes—NP26-10A, NP26-11, NP26-12, and NP26-13—completing its 14-hole, 7,277-meter New Polaris resource infill and expansion program. While the company provided data for three of the holes, it noted that both NP26-12 and NP26-13 were abandoned before reaching targeted mineralization.

Key reported intervals from the program include:

• NP26-10A: 4.62 m at 37.7 g/t Au and 4.57% Sb from 489.00 m, including 1.96 m at 79.3 g/t Au and 8.76% Sb, and 0.66 m at 145.7 g/t Au and 18.57% Sb.
• NP26-11: 9.44 m at 21.1 g/t Au and 0.66% Sb from 250.41 m, including 4.88 m at 37.2 g/t Au and 1.29% Sb, and 0.84 m at 42.3 g/t Au and 5.81% Sb.
• NP26-11 second interval: 2.85 m at 14.4 g/t Au and 0.05% Sb from 405.15 m.
• NP26-13: 8.64 m at 5.4 g/t Au and 0.01% Sb from 287.80 m, though the hole was abandoned before target depth.

The company stated that all intervals are reported as core length, with true dip and strike orientation not established. No cutoff grade was specified, and the "including" intervals are subsets of the broader intervals rather than additive measurements. Canagold’s CEO noted that most of these intercepts fall outside the company’s current mineral resource model and mine plan, though no tonnage, true width, resource estimate, or economic update was provided.

Canagold Resources Ltd. (CCM) is an advanced development company that released a feasibility study in July 2025 and is currently undergoing an active environmental assessment process. As such, the company is evaluated against resource and mine-plan expansion and permitting de-risking rather than as a grassroots discovery explorer.

Prior high-grade intersections have already established the project's narrative. On October 1, hole NP26-01 reported 13.20 m at 19.38 g/t Au and 3.83% Sb, equating to approximately 255.8 gram-metres Au. On October 22, hole NP26-08 reported 4.64 m at 52.8 g/t Au and 0.83% Sb, or about 245.0 gram-metres Au.

The latest results include holes NP26-11 and NP26-10A, which reported 199.2 gram-metres and 174.2 gram-metres, respectively. While these figures are strong in absolute terms, they fall below the prior anchor holes in gram-metres. NP26-10A was narrower, while NP26-11 was longer but lower grade. These results do not represent a collapse, but they also do not constitute a clear step-change beyond what the market has already seen.

The stock closed at C$0.71 on October 1, C$0.61 on October 22, and C$0.61 on November 2, following a September high of C$0.77. The market has not re-rated the stock upward on the October drill results, indicating that the current price already reflects a substantial high-grade gold-antimony story.

The latest release offers positive optionality for resource expansion, particularly regarding the high-grade antimony in NP26-10A and the shallower interval in NP26-11. However, the data does not yet update the resource, mine plan, reserves, recovery assumptions, or project NPV. A move of 15% or more on this release alone is unlikely, with a modest positive bias considered more plausible.

Canagold Resources Ltd. is a TSX-listed advanced development company focused on the 100%-owned New Polaris gold-antimony project in northwestern British Columbia, located about 100 km south of Atlin and 60 km northeast of Juneau, Alaska. The project has been designated a priority project by British Columbia and included in the Canada Investment Summit Prospectus. New Polaris has a July 2025 feasibility study and an Environmental Assessment application submitted in April 2026.

Prior-period feasibility context indicates an after-tax NPV of about C$793M, a mine life of about 8.3 years, and an initial capex of about US$181M. The MD&A cites a 30.9% after-tax IRR at US$2,500/oz Au, while earlier release language cited 47.3%. These figures serve as prior-period context and are not new information in this release.

The company completed a 14-hole, 7,277 m resource infill and expansion program in 2026. The release under analysis covers four additional holes from that program.

Insider Sun Valley Investments AG owns about 49.75% after the September 2026 financing. Shares outstanding are about 213.9M.

The balance sheet at June 30, 2026, shows cash of US$2.64M, a working capital surplus of about US$1.64M, no revenue, and a going-concern flag in the MD&A. The September 2026 C$7.1M financing improved liquidity after the period, but the company remains dependent on further equity.