BC Gold Developer Reports Highest Grade Yet From 2026 Drill Program

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1. Ownership and Share Structure Information

Ownership percentages, named holders, share count, market capitalization, and the 52-week range for Canagold were compiled from company public filings and investor materials, exchange notices, insider-trade reports (SEDI / equivalent), and third-party data providers. Figures are as of 2026-11-05 unless a source was dated earlier. Pie slices are normalized to 100% of basic shares outstanding; retail is the residual after disclosed institutions, management, insiders, and strategic holders. Warrant terms are current outstanding series only. Restructures are historical consolidations, splits, and symbol or name changes. Insider buying and selling covers open-market trades from the prior six months through 2026-11-05 and excludes option exercises. These are public-source estimates and can differ from a later official register.

• Canagold Resources Ltd. reported high-grade gold-antimony intercepts from four more holes at its New Polaris Gold Project, including 4.62 meters of 37.7 g/t gold and 4.57% antimony in hole NP26-10A.
• CEO Catalin Kilofliski said most of the intercepts fall outside the current mineral resource model and mine plan, which he described as an opportunity to expand the project's high-grade resources.
• The 14-hole, 7,277-meter program targeted the high-grade gold and antimony zone, and results from 12 of the 14 holes have now been reported, according to Atrium Research.
• Refining tests produced antimony metal grading more than 99% from New Polaris concentrate, and the leach extracted 99.7% of the antimony.
• Canagold is evaluating whether to add antimony production and revenue to the project's economics.
• The July 2025 feasibility study showed an after-tax net present value of CA$793 million and a 47.3% internal rate of return at US$3,300 gold, and the company announced that it had filed its Environmental Assessment application on April 1.
• Atrium Research maintained its Buy rating on Canagold in a November 3 note and expects Environmental Assessment approval in the first half of 2027.
• Central banks and other official institutions added an estimated net 321.2 tonnes of gold to reserves in the third quarter, up 42% from a year earlier, according to the World Gold Council.

Canagold Resources Ltd. (CCM:TSX; CRCUF:OTCQB; CANA:FSE) reported high-grade gold-antimony intercepts from four more holes in its recently completed 2026 drill program at the 100%-owned New Polaris Gold Project in northwestern British Columbia.

The standout hole was NP26-10A, according to the company's November 3 release. From 489 meters downhole, it returned 4.62 meters grading 37.7 grams per tonne (g/t) gold and 4.57% antimony. That included 1.96 meters of 79.3 g/t gold and 8.76% antimony, and within that, 0.66 meters of 145.7 g/t gold and 18.57% antimony.

Hole NP26-11 returned 9.44 meters of 21.1 g/t gold and 0.66% antimony from 250.41 meters, including 4.88 meters of 37.2 g/t gold and 1.29% antimony. A second interval in the same hole returned 2.85 meters of 14.4 g/t gold. Hole NP26-13 returned 8.64 meters of 5.4 g/t gold. All intervals are core lengths, and true widths are not yet known.

"We are now seeing multiple high-grade intervals across successive drill holes," said CEO Catalin Kilofliski. "Importantly, most of these intercepts fall outside our current mineral resource model and mine plan." He said this is an opportunity to expand the project's high-grade gold and antimony resources.

The 14-hole, 7,277-meter program targeted the high-grade gold and antimony zone at New Polaris, and earlier holes had already shown strong antimony grades. On October 1, the company reported that hole NP26-01 returned 13.2 meters of 3.83% antimony and 19.38 g/t gold, including 1.21 meters of 30.46% antimony, Mining News North reported. On October 22, it reported that hole NP26-08 returned 4.64 meters of 52.8 g/t gold and 0.83% antimony.

The drilling is part of a strategy Canagold outlined in February: expand gold-antimony resources and evaluate adding antimony production to the project. The company said most of the mining, crushing, grinding, and processing costs for recovering antimony are already built into the gold-focused mine plan. It said a saleable antimony product "is expected to represent a meaningful incremental revenue stream."

The metallurgical work has also advanced. On October 6, Canagold said refining tests at Core Metallurgy Pty Ltd. in Australia produced antimony metal grading more than 99% from New Polaris concentrate. The process used an alkaline sulfide leach followed by electrowinning, and the leach extracted 99.7% of the antimony from the concentrate.

"Producing physical antimony metal from our own New Polaris gold-antimony concentrate is an important milestone," Kilofliski said.

New Polaris lies about 100 kilometers south of Atlin, BC, and 60 kilometers northeast of Juneau, Alaska. The historical underground mine produced 232,000 ounces of gold during intermittent operations from 1938 to 1951, according to Mining News North. Canagold plans to mine continuations of the historically mined veins.

Canagold's July 2025 feasibility study outlined an underground mine averaging 950 tonnes per day, feeding a 1,000-tonne-per-day processing plant and producing 805,600 ounces of gold over an estimated 8.3-year mine life. At a gold price of US$3,300 an ounce, the study showed an after-tax net present value (5% discount) of CA$793 million, an after-tax internal rate of return of 47.3%, and a 1.7-year payback.

Atrium Research analysts Ben Pirie and Nicholas Cortellucci maintained their Buy rating and CA$1.20 target price on Canagold.

On April 1, Canagold announced it had filed its Environmental Assessment application with the BC Environmental Assessment Office on March 31, which moved the project into formal provincial review. "The submission of our EA application is a pivotal moment for the New Polaris project," Kilofliski said.

Looking ahead, Canagold plans more metallurgical test work and technical evaluations to optimize its antimony process. It is also reviewing logistics, refining options, and potential buyers. The company has said the results should give it enough data to decide whether to include antimony production and revenue in the project's economics.

In a November 3 research note, Atrium Research analysts Ben Pirie and Nicholas Cortellucci maintained their Buy rating and CA$1.20 target price on Canagold. The target implied a 97% return from the CA$0.61 share price at the time. The analysts noted that NP26-10A's 145.7 g/t gold over 0.66 meters was the highest gold grade reported from the program so far, and that 12 of the 14 holes have now been reported.

The analysts said management's statement that most intercepts fall outside the current resource and mine plan "continu[es] to point to resource expansion potential."

Before the program, they had expected little change to the resource as the project moved toward a construction decision, so they called the results "near-term upside for the story." They also noted that the mine plan contains approximately 5,173 tonnes of antimony, which is not included as revenue in the feasibility study's economics. They described this as embedded upside if the company establishes a commercially viable recovery process. They expect Environmental Assessment approval in the first half of 2027.

Gold's long-term support is coming from the world's central banks and other official institutions. They added an estimated net 321.2 tonnes to reserves in the third quarter, up 42% from a year earlier. Reported net purchases accounted for 120 tonnes, with the remainder attributed to estimated unreported activity, according to the World Gold Council's Q3 2026 Gold Demand Trends report, released November 3. That brought central bank purchases for the year to 675 tonnes, 6% ahead of the same period in 2025. 

Investors have been adding to their holdings too. Gold exchange-traded funds took in about 210 tonnes in the quarter, investingLive reported, citing the council's data.

Prices are moving higher again. Spot gold climbed 1.49% to about US$4,119.50 an ounce on November 5 and earlier hit US$4,146.63, its highest since October 20, Kitco News reported. Kitco said falling Treasury yields and softer labor costs supported the metal.

Those prices matter for developers like Canagold, whose feasibility study assumed US$3,300 gold. At the November 5 spot price of approximately US$4,119.50 per ounce, gold was about 25% above the US$3,300 price assumption used in the feasibility study. Canagold is also evaluating antimony, which the company calls a critical mineral, as a potential second revenue stream that isn't included in the study's economics.

What did Canagold's latest drill results show?

Hole NP26-10A returned 4.62 meters of 37.7 g/t gold and 4.57% antimony, including 0.66 meters of 145.7 g/t gold and 18.57% antimony. Hole NP26-11 returned 9.44 meters of 21.1 g/t gold and 0.66% antimony. True widths are not yet known.

Why does it matter that the intercepts are outside the mine plan?

Kilofliski said most of the intercepts fall outside the current resource model and mine plan, which gives the company an opportunity to expand its high-grade gold and antimony resources. Atrium said it had expected little change to the resource before this program.

What is Canagold's antimony strategy?

Canagold is working to expand its gold-antimony resources and is evaluating adding antimony production to the project. The company said most of the costs to recover antimony are already built into its gold-focused mine plan.

Has Canagold produced antimony metal?

Yes, in testing. On October 6, the company said refining tests at Core Metallurgy Pty Ltd. produced antimony metal grading more than 99% from New Polaris concentrate. The process used an alkaline sulfide leach followed by electrowinning.

What does the feasibility study show?

The July 2025 study outlined an underground mine producing 805,600 ounces of gold over 8.3 years. At US$3,300 gold, it showed an after-tax net present value of CA$793 million, a 47.3% internal rate of return, and a 1.7-year payback.

Where does permitting stand?

Canagold filed its Environmental Assessment application with the BC Environmental Assessment Office on March 32, and announced submission on April 2, which moved the project into formal provincial review. Atrium Research expects approval in the first half of 2027.

What comes next?

Results from 12 of the 14 holes have been reported. Holes NP26-12 and NP26-13 were abandoned before reaching their targeted mineralization, although NP26-13 returned 8.64 meters of 5.4 g/t gold. Results from the remaining two holes are still outstanding. Canagold also plans more metallurgical and technical work to decide whether to include antimony production and revenue in the project's economics.