Canagold Resources Ltd. Corrects Dissident Minority Shareholder's Multiple False and Misleading Statements; Shareholders Encouraged to Vote FOR Canagold's Management Nominees Using Only the Yellow Proxy

• Dissident Minority Shareholder's press release is rife with false and inaccurate statements that only serve to mislead shareholders
• The Dissident is attempting to seize control of Canagold, its board of directors, and the New Polaris gold mine project without paying any premium to shareholders.
• Canagold's board and management team have a proven track record of success and a project development plan to operate the Company in a manner that creates value for ALL Canagold Shareholders.
• Questions or require need assistance with voting our YELLOW Proxy? Contact Laurel Hill Advisory Group at 1-877-452-7184 or by e-mail at [e-mail].

VANCOUVER, BC / ACCESSWIRE / June 23, 2022 / Canagold Resources Ltd. ("Canagold" or the "Company") (TSX:CCM, OTCQB:CRCUF, Frankfurt:CANA) today addresses multiple false and misleading statements made by a dissident minority shareholder, SunValley Company DMCC ("SunValley" or the "Dissident"). The Dissident has nominated three new directors out of five total directors (the "Dissident Nominees") in an attempt to seize control of the Company's board of directors and assets without paying any premium to shareholders. SunValley, based in Dubai, UAE, made multiple statements that are either FALSE, INACCURATE, MISLEADING OR LACK CONTEXT.

It is clear the Dissident is willing to promote misinformation to cloak their true intention: that being to take control of your company. While we believe that their baseless accusations have absolutely no merit, we find it necessary to inform our shareholders of the FACTS and TRUTH of these matters.

False Statement - Directors Rejected Multiple Financing Offers

FACT - Canagold received one offer a week ago, did not reject it, and will consider it in the final review of all of their financing alternatives

Canagold received ONE offer from the Dissident seven days ago, and it was NOT rejected. Canagold simply reminded the Dissident that we have a process underway to generate and evaluate offers of financing and we would get back to them. It is our fiduciary duty to complete that process so as to select the best offer for the Company, one which would benefit ALL shareholders, not just ONE shareholder. The Dissident demanded that your board immediately accept their offer, which would result in them owning over 35% of the company, and abandon our process to generate multiple offers, all while they are running a HOSTILE TAKEOVER ATTEMPT TO CONTROL THE COMPANY, BOARD AND NEW POLARIS PROJECT.