CANAGOLD RES LTD - CRCUF STOCK NEWS

Canagold Resources Ltd. has announced a Rights Offering to shareholders of record as of November 10, 2022. Each shareholder will receive one right for each common share held, with two rights enabling the purchase of one share at $0.175. The company aims to raise approximately $7,985,215 through this offering. Sun Valley Investments AG, the largest shareholder, plans to exercise its rights and has a standby guaranty to purchase any unsubscribed shares. The Rights will trade on the Toronto Stock Exchange from November 9, 2022, until December 9, 2022, with an expected closing date around December 13, 2022.

Canagold Resources Ltd. (TSX: CCM, OTC-QB: CRCUF) announces a guaranteed rights offering to raise approximately $7,985,215. Shareholders can acquire rights on a 1:1 basis, enabling them to purchase shares at $0.175, reflecting a 25% discount to the 5-day volume-weighted average price. The offering seeks to support the feasibility study of the New Polaris project and advance permitting processes. Key investor Sun Valley Investments AG plans to exercise its rights and has a standby agreement to cover any unexercised rights.

Canagold Resources Ltd. (TSX: CCM, OTC-QB: CRCUF) reported high-grade gold assay results from the first four drill holes of its 8,000-metre drill program targeting the Y-veins at New Polaris. Key findings include:

• 22.1 gpt Au over 4.3 m in P22Y04 (Y19 vein)
• 22.9 gpt Au over 3.0 m in P22Y03 (Y19 vein)
• 9.39 gpt Au over 7.3 m in P22Y03 (Y20 vein)

The drilling is ahead of schedule and under budget, indicating Canagold's commitment to enhancing shareholder value. The feasibility study is underway with Ausenco Engineering.

Canagold Resources Ltd. (OTC-QB: CRCUF) has engaged Ausenco Engineering Canada Inc. to conduct a feasibility study on their New Polaris gold project in British Columbia. This study aims to update the resource model, calculate mining reserves, design infrastructure, and evaluate renewable power options. It is set to conclude in approximately 18 months. The New Polaris project has shown promising economic viability, with a PEA indicating significant after-tax NPV of CA$469 million and an IRR of 56%. Canagold remains committed to collaborating with the Taku River Tlingit First Nation throughout this process.

Canagold Resources Ltd. announced plans for additional financing to support the feasibility study, permitting, and drilling at the New Polaris project. The Company is exploring various financing options, including private placement and rights offerings, following a $1.5M Charity FT financing announced on September 1, 2022. Anticipated participation from Sun Valley or its affiliates in future financing plans is in accordance with TSX policies. Canagold aims to advance the New Polaris project while seeking to expand its asset base through future acquisitions.

Canagold Resources Ltd. has secured up to $4 million in financing to support its drilling activities through 2022. This includes a $1.5 million charity flow-through financing priced at a premium to the market. Additionally, Sun Valley Investments provided a $2.5 million unsecured credit facility at 5.5% interest. Sun Valley is expected to increase its ownership to over 20%, prompting a Special General Meeting for shareholder approval. These transactions are related party dealings necessitating exemptions under Multilateral Instrument 61-101.

Canagold Resources Ltd. has initiated a tender request for a feasibility study on its New Polaris project in Northwestern BC. A Preliminary Economic Assessment from February 2019 indicated strong economic potential with after-tax NPV of C$469 million and an IRR of 56% based on a US$1,500 gold price. Recent drilling has expanded resource estimates, including 586,000 oz Au indicated and 485,000 oz Au inferred. The company aims to complete the feasibility study in about 18 months, with a focus on improving project economics.

Canagold Resources Ltd. (OTCQB:CRCUF) announced the passing of its founder and former chairman, Mr. Bradford Cooke, on August 19, 2022. Mr. Cooke founded the company in 1987, serving as CEO until 2014 and as chairman until July 2022. Under his leadership, Canagold focused on gold mining projects in the Americas. Cooke had a notable career in mineral exploration, founding Endeavour Silver Corp. and serving as chairman of Aztec Minerals Corp. The company extends condolences to his family and friends.

Canagold Resources Ltd. (OTCQB:CRCUF) announced the mobilization of drill crews to restart drilling at the New Polaris Gold project in British Columbia. The 2022 drilling program aims to conduct 8000 meters of drilling, primarily targeting the high-grade Y-vein system to upgrade resources from Inferred to Indicated categories. Past drilling yielded impressive gold intercepts, including up to 30.6 grams per tonne over 3.2 meters. CEO Catalin Kilofliski emphasized the commitment to expedite the project towards feasibility while building gold resources.