Canagold Successfully Completes Taku River Landing Craft Trials for the New Polaris Project

Canagold Resources Ltd. successfully completed landing craft trials on the Taku River between June 11 and June 19, 2026, utilizing the shallow-draft, self-propelled vessel Inlet Raider, which measures 98 feet with a 100-ton capacity. The trial demonstrated a viable freight transportation alternative from Juneau, Alaska, to the New Polaris project site near the Tulsequah River confluence, addressing environmental and community concerns raised by the Taku River Tlingit First Nation.

Preliminary environmental monitoring regarding water quality, noise, and shoreline wake showed no significant negative effects, with full data to be compiled for project planning. This milestone provides flexibility in finalizing the long-term logistics strategy and de-risks the project’s transport plan.

Canagold Resources Ltd. (CCM) has completed a landing craft trial, an operational step that resolves one component of the permitting and infrastructure requirements for its project. The trial supports engagement with the Tl’azt’en Nation (TRTFN) and addresses environmental concerns highlighted in previous releases, including the November 2025 collaboration announcement with TRTFN, the April 2026 Environmental Assessment application, and the Province’s priority project designation.

The successful trial is consistent with management’s previously stated plans to advance the project through the regulatory phase. It does not alter the project’s fundamental economics or timetable, nor does it change gold/antimony resource estimates, capital expenditures, or funding needs. The stock price has been rangebound near $0.50–$0.55, and this release is unlikely to cause a breakout.

Canagold Resources Ltd. is a pre-revenue junior explorer and developer focused on its 100%-owned New Polaris gold-antimony project in British Columbia. According to a feasibility study released in July 2025, the project holds a probable reserve of 2.83 million tonnes grading 9.94 grams per tonne of gold for 904,000 contained ounces. The life-of-mine diluted grade is projected at 9.94 grams per tonne of gold, with an expected recovery of 805,589 ounces.

The study outlines a pre-production capital expenditure of $250 million and an all-in sustaining cost of US$1,247 per ounce. Under a base case scenario with gold priced at US$2,500 per ounce, the project yields an after-tax net present value at a 5% discount rate of C$425 million, an internal rate of return of 30.9%, and a payback period of 2.4 years. In an upside case with gold at US$3,300 per ounce, the after-tax net present value rises to C$793 million, the internal rate of return reaches 47.3%, and the payback period shortens to 1.7 years.

The project also contains an antimony resource of 5,630 tonnes in the Indicated category, which has not yet been incorporated into the economic model. Recent flotation tests produced a high-grade concentrate containing 59.1% antimony and 98.3 grams per tonne of gold, indicating potential for additional revenue. The New Polaris project is situated within the traditional territory of the Taku River Tlingit First Nation, and collaboration with the nation is ongoing.