Canagold Resources is a Canadian junior gold exploration and development company with a single material asset: the New Polaris Gold Project in northwestern British Columbia. The project is a high-grade underground gold deposit located roughly 100 km south of Atlin, BC, historically mined from 1938 to 1951. Canagold has no revenues and funds itself entirely through equity issuances, primarily flow-through share placements. In July 2025, Canagold completed a NI 43-101 feasibility study for New Polaris, its most significant development milestone to date. The study outlines a fully mechanized underground operation with an 8.3-year mine life, ~340,000 tonnes per year throughput, probable reserves of ~904,000 oz at 9.94 g/t gold, and average annual production of ~85,700 oz. Pre-production capex is estimated at C$250M, with an all-in sustaining cost of ~US$1,247/oz. At a base case gold price of US$2,500/oz, the project generates an after-tax NPV of C$425M and a 30.9% IRR. Ore will be processed on-site into a gold concentrate, then flown to Juneau and shipped to third-party smelters. New Polaris entered British Columbia's Environmental Assessment process in 2023 and is currently in the Application Development and Review phase, with First Nations engagement ongoing. Canagold's path to production requires closing a substantial financing gap — the C$250M capex dwarfs its current market cap — meaning the company will likely need a strategic partner, project debt, or an outright sale of the asset.