Canagold plans 7,000 m drill program at New Polaris

Executive Summary

• Canagold Resources Ltd. announced a fully financed 2026 work program at its 100%-owned New Polaris project, focusing on expanding gold-antimony resources and advancing technical studies to evaluate the financial benefits of incorporating antimony production.
• The program includes approximately 7,000 metres of diamond drilling scheduled for June and July 2026, targeting expansion of high-grade gold-antimony mineralization within and adjacent to the current mine plan defined in the July 2025 feasibility study.
• Parallel metallurgical testwork and preliminary engineering studies will optimize flotation and refining processes for saleable antimony metal, aiming to quantify the impact on project cash flow, operating margins, and after-tax returns.

Key Details

• Drilling Program: Approximately 7,000 metres of diamond drilling planned for June–July 2026.
• Drilling Objective: Expand high-grade gold-antimony mineralization within and adjacent to the current mine plan outlined in the feasibility study completed in July 2025.
• Goal: Define and potentially increase the gold-antimony resource base to positively impact early production and overall project economics.
• Metallurgical Studies: Additional testwork and preliminary engineering to optimize flotation and refining process flowsheets for saleable antimony metal.
• Sample Source: Drill core from the 2026 program will provide fresh material for detailed metallurgical characterization, recovery optimization, and product specification testing.
• Cost Structure: Majority of mining, crushing, grinding, and processing costs for antimony recovery are already incorporated into the existing gold-focused mine plan.
• Economic Impact: Addition of saleable antimony is expected to provide meaningful incremental revenue with limited additional capital or operating cost requirements.
• Financial Studies: Planned engineering and financial studies will quantify the potential impact of antimony revenue on overall project cash flow, operating margins, and after-tax returns.
• Strategic Context: Integration of antimony production aims to enhance the strategic and economic profile of New Polaris amid growing global demand for secure and diversified critical mineral supply.
• Qualified Person: Garry Biles, PEng, President and Chief Operating Officer.

Notable Quotes

• "The objective is to further define and potentially increase the gold-antimony resource base in areas expected to have a direct and positive impact on early production and overall project economics."
• "As a result, the addition of a saleable antimony product is expected to represent a meaningful incremental revenue stream with limited additional capital or operating cost requirements."
• "The company believes that integrating antimony production, enhances the strategic and economic profile of New Polaris, particularly in light of growing global demand for secure and diversified critical mineral supply."