Canagold Resources Appoints Financial Advisor to Assist in Generating, Evaluating and Negotiating Financing Alternatives - Seite 2

1) their lie that Canagold's board was trying to sell an NSR royalty on the New Polaris project, and

2) their lie that Canagold rejected multiple premium offers of financing.

In this news release, we lay bare four more SunValley fictions as completely misleading,

3) New Polaris has been stagnant for 28 years,

4) Mr. Cooke destroyed 98% of the value of Canagold since 1994,

5) Vikram Sodhi's's board nominees are superior to management's board nominees, and 6) the Dissident's "strategic" plan is superior to management's project development plans.

New Polaris Has NOT Been Stagnant. As per a news release dated May 20, 2020, New Polaris has an estimated Net Present Value of US$333 million at a US$1500 gold price, whereas New Polaris had a Net Present Value of US$0 in 1994, exposing the Dissident's lies that the project was stagnant since 1994 and Mr. Cooke destroyed 98% of the value of Canagold over the past 28 years. Canagold's management team and board of directors have been able to accomplish the following at New Polaris since 1994:

• Financed and invested $33.6 million directly on the New Polaris gold mine project since 1995
• Discovered a 1.1 million oz gold deposit (news release dated May 20, 2020) through multiple exploration drill programs
• Dewatered, remapped and resampled the historic underground mine workings twice
• Conducted multiple metallurgical testing campaigns to improve gold recoveries
• Carried out several seasonal environmental baseline studies to prepare for project permitting
• Established positive and ongoing community relations with the local TRT First Nation
• Completed several early economic studies to assess the gold mining potential
• Modeled the project unsuccessfully as a seasonal barge operation shipping gold concentrates to processing facilities in North America and Asia because New Polaris has a metallurgically challenging, refractory gold ore that is not amenable to conventional cyanide leaching
• In 2018, investigated unsuccessfully the economic potential to use autoclave pre-oxidation of gold concentrates onsite to produce dore bars
• In 2019, investigated successfully the economic potential to use bacterial pre-oxidation of gold concentrates onsite to produce dore bars, this turned out to be the metallurgical key to unlock economic value of the refractory gold ore at New Polaris
• In 2019, completed a preliminary economic assessment using the BIOX process to generate robust economics for a small, high grade, underground gold mine producing dore bars
• In 2021-22, completed a 30,000 metre, 54 hole infill drill program to expand and upgrade the historic indicated and inferred gold resources and recommenced environmental baseline studies to prepare for project permitting

New Polaris Has Advanced Under Mr. Cooke. The Dissident states that, "Mr. Cooke destroyed 98% of Canagold's value since 1994"; however, under Mr. Cooke's guidance, the New Polaris gold mine project at a US$1500 per oz gold price, a $0.71 CAD: USD exchange rate and a 5% discount rate has an estimated after tax Net Present Value of US$333 million with an after-tax Internal Rate of Return of 56%.