Canagold Files Feasibility Study Report for the New Polaris Project

VANCOUVER, British Columbia--(BUSINESS WIRE)--Canagold Resources Ltd. (TSX: CCM, OTC-QB: CRCUF, Frankfurt: CANA) (“Canagold” or the “Company”) is pleased to announce that it has filed the Technical Report (the “Report”) for the Feasibility Study for its 100% owned New Polaris gold-antimony project (“New Polaris” or the “Project”) located in northwest British Columbia, Canada.

The Report, titled “New Polaris Project, NI 43-101 Technical Report & Feasibility Study” is compliant with National Instrument 43-101 Standards of Disclosure for Mineral Projects. The key highlights from the Report were initially announced by press release on July 21, 2025, and are summarized below.

A copy of the full Report has been filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov and is also available on Canagold’s website.

Feasibility Study Highlights

• After-tax net present value (“NPV”) of $425 million generating an after-tax internal rate of return (“IRR”) of 30.9%, with a project payback of pre-production capital expenditures (“CAPEX”) of 2.4 years, assuming a discount rate of 5.0% and a US$2500 base case Gold Price per ounce (“Gold Price”).
• After-tax NPV of $793 million generating an after-tax IRR of 47.3 %, with a project payback of pre-production CAPEX of 1.7 years, assuming a discount rate of 5.0% and a US$3300 spot Gold Price
• Life of mine (“LOM”) after-tax free cash flow of $649 million at a US$2,500 base case Gold Price
• LOM after-tax free cash flow of $1.1 billion at a US$3,300 Spot Gold Price.
• Estimated pre-production capital expenditures CAPEX of $250 million,
• LOM all-in sustaining cost (“AISC”) per payable gold US$1247/oz.
• High-grade underground mine averaging a LOM diluted grade of 9.94 g/t gold containing 904,000 ounces of Gold
• LOM mill recovered gold production of 805,589 ounces

Qualified Persons

In accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects, Garry Biles, P.Eng, President & COO is the Qualified Person for the Company and has prepared, validated, and approved the technical and scientific content of this news release. The Company strictly adheres to CIM Best Practices Guidelines in conducting, documenting, and reporting activities on its projects.

About Canagold

Canagold Resources Ltd. is an advanced development company dedicated to advancing the New Polaris Project through feasibility, permitting, and production stages. Additionally, Canagold aims to expand its asset base by acquiring advanced projects, positioning itself as a leading project developer. With a team of technical experts, and a solid ownership structure, the Company is poised to unlock substantial value for its shareholders.

“Catalin Kilofliski”

_____________________

Catalin Kilofliski, Chief Executive Officer
CANAGOLD RESOURCES LTD
Catalin@canagoldresources.com, 604-685-9700

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking-Statements