Canagold Resources Appoints Financial Advisor to Assist in Generating, Evaluating and Negotiating Financing Alternatives

The Company Highlights the Strengths of its Board Nominees,

Provides Shareholders with Facts Not Falsehoods

The Dissident's "Strategic Plan" for New Polaris is Fatally Flawed,

It Displays Their Ignorance of Industry Standards for a Feasibility Study and the Permitting Process

You Can Defend Your Company and Your Investment by Voting FOR Canagold's Board Nominees Using ONLY the YELLOW Proxy

• VOTE ONLY THE YELLOW PROXY - Questions or assistance with voting the YELLOW Proxy? Contact Laurel Hill Advisory Group at 1-877-452-7184 or by e-mail at [e-mail].

VANCOUVER, BC / ACCESSWIRE / July 5, 2022 / Canagold Resources Ltd. (TSX:CCM) (OTC-QB:CRCUF) (Frankfurt:CANA) ("Canagold" or the "Company") urges Canagold shareholders to ignore and discard the SunValley Company DMCC ("SunValley" or the "Dissident") information circular and blue proxy issued on June 27, 2022.

APPOINTMENT OF FINANCIAL ADVISOR

Canagold is also pleased to announce the appointment of PI Financial Corp. as its financial advisor in connection with the generation, evaluation and negotiation of Canagold's financing alternatives with strategic and other investors.

WHO IS THE DISSIDENT, SUN VALLEY COMPANY AND SUN VALLEY INVESTMENTS?

We understand some shareholders have confused SunValley Company or SunValley Investments with the reputable, institutional investor Sun Valley Gold based in Idaho, USA. The Dissident, Sun Valley Company and Sun Valley Investments are unknown private equity funds, led by Managing Director Vikram Sodhi, based in Dubai, United Arab Emirates and with a branch office in Antioquia, Colombia.

THE DISSIDENT DOES NOT DESERVE YOUR VOTE

The Dissident's continued false attacks on Canagold's management team and directors only emphasizes their ignorance of what is needed to advance the Company. Shareholders are encouraged see through the Dissident's sensationalized barrage of falsehoods. Consider the following when determining if the Dissident deserves your vote to allow it to seize 60% control of your board, your Company, and your project:

The Dissident's Real Agenda: SunValley's real agenda is to bombard shareholders with falsehoods and misinformation as a smoke screen to hide their hostile creeping take-over attempt to seize 60% control of your board, your Company, and your project with initially 9% and now 17% of Canagold's shares.

Debunking Dissident Allegations: In our last news release dated June 30, 2022, we debunked two key allegations by the Dissident as completely untrue,