12:19 PM EDT, 07/21/2025 (MT Newswires) -- (Updates shares.)

Canagold Resources ( CRCUF ) on Monday reported positive results for a feasibility study on the New Polaris gold-antimony project in British Columbia.

The project generated an after-tax net present value of $425 million, a 30.9% internal rate of return and a 2.4-year payback period, based on a 5% discount rate and a base case gold price of US$2,500 per ounce.

Pre-production capital expenditures were projected at $250 million. The project is expected to produce 85,700 ounces per year of gold over an 8.3-year mine life.

The study did not include any revenue contribution or reserve estimate for antimony, a mineral deemed critical due to global supply shortages and sharply rising prices.

The company said it is undertaking additional metallurgical testing and economic evaluations to support the inclusion of antimony in the project's financial model.

"While we continue to refine and optimize the project aimed at unlocking additional revenue from antimony metal and reduction of power costs and emissions through potential run-of-river green power generation, our primary focus is now shifting toward completing the permitting process, in order to advance New Polaris toward a construction and production decision," chief executive Catalin Kilofliski said.

Canagold shares were last seen up $0.05 to $0.40 on the Toronto Stock Exchange.

Price: 0.40, Change: +0.05, Percent Change: +14.29