Mr. Catalin Kilofliski reports

CANAGOLD SUCCESSFULLY PRODUCES PHYSICAL ANTIMONY METAL GRADING OVER 99% SB FROM NEW POLARIS CONCENTRATE

Canagold Resources Ltd. has produced physical antimony metal from concentrate, generated at its New Polaris gold-antimony project in northwestern British Columbia, Canada. This major technical milestone demonstrates that New Polaris has the potential to deliver not only gold, but also a finished, refined critical metal, marking a key step in advancing the company's antimony production and value enhancement strategy.

Building on previous locked-cycle flotation testwork that generated a high-grade gold-antimony concentrate assaying 59.1 per cent antimony and 98.3 grams per tonne gold (see news release dated Oct. 1, 2025), refining testwork was conducted at Core Metallurgy Pty. Ltd.'s laboratory in Australia. Using an alkaline sulphide leach followed by electrowinning, the program achieved 99.7-per-cent-antimony leach extraction and produced antimony metal grading greater than 99 per cent Sb, demonstrating a pathway to take New Polaris concentrate all the way to high-purity refined metal.

Antimony metal production highlights:

• Physical antimony metal produced: Refining testwork converted high-grade New Polaris antimony-gold concentrate into physical antimony metal grading greater than 99 per cent Sb, using an alkaline sulphide leach and electrowinning process.
• High leach extraction: There was 99.7 per cent of the antimony extracted from the concentrate in the leach stage, demonstrating efficient recovery of antimony into solution ahead of electrowinning.
• Concentrate-to-metal pathway demonstrated: This confirms the technical viability of converting New Polaris concentrate into a refined, marketable antimony metal product, creating an alternative to relying solely on the sale of concentrate to third party smelters.
• Continuing optimization: Additional metallurgical testwork and technical evaluations are planned to optimize process assumptions and generate the data required for engineering and feasibility-level studies.

"Producing physical antimony metal from our own New Polaris gold-antimony concentrate is an important milestone for Canagold," stated Canagold's chief executive officer, Catalin Kilofliski. "Antimony concentrate is typically sold to a limited number of smelters, most of them overseas, before it ever becomes usable metal. Demonstrating that we can take New Polaris concentrate all the way to refined metal gives us the potential to capture more of the value chain and to supply a critical metal directly to North American and allied end-users. Our feasibility study already demonstrates robust gold economics, and antimony metal represents meaningful additional upside potential. We are now working through the logistics, commercial terms, additional testing and operational details required to firm up this execution plan."

Why physical antimony metal matters

Antimony is designated a critical mineral by both Canada and the United States, and is essential for defence and military applications, energy storage, flame retardants, semiconductors, and solar glass. Global refining capacity is highly concentrated, with China historically accounting for the majority of the world's refined antimony supply, and recent export restrictions have exposed the vulnerability of Western supply chains. End-users are therefore increasingly seeking secure sources of refined metal from stable jurisdictions. Antimony concentrates are generally sold to a limited pool of smelters at a discount to contained metal value and can be subject to treatment charges and penalties. By demonstrating that New Polaris concentrate can be refined into physical antimony metal, Canagold has opened the potential to capture a greater share of the antimony value chain, broaden its range of potential customers and contribute to a secure North American source of this critical metal.

Next steps

While further metallurgical testwork will continue to optimize processing assumptions, this program demonstrates that physical antimony metal can be produced from New Polaris concentrate. The company will continue its metallurgical testwork and technical evaluations to integrate antimony metal production into the broader project model, and is actively studying the transportation logistics, processing and refining options, potential offtake arrangements, and facility requirements needed to firm up its commercial plan.

Qualified person

In accordance with National Instrument 43-101 (Standards of Disclosure for Mineral Projects), Garry Biles, PEng, president and chief operating officer, 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 Canadian Institute of Mining, Metallurgy and Petroleum Best Practices Guidelines in conducting, documenting and reporting activities on its projects.

About Canagold Resources Ltd.

Canagold is an advanced development company focused on advancing the New Polaris gold-antimony project in northwestern British Columbia through permitting and toward production. The company completed a feasibility study for New Polaris in 2025, and continues to advance the project through environmental assessment, permitting, technical studies and stakeholder engagement.

Canagold's objective is to responsibly develop New Polaris into a significant gold and antimony operation while creating long-term value for shareholders and meaningful benefits for indigenous nations and local communities.