Canagold's Antimony Discovery: A New Revenue Stream and Strategic Advantage

Canagold Resources Ltd. (TSX: CCM, OTC-QB: CRCUF) has announced a significant discovery at its New Polaris Gold Project, with an estimated 5,630 tonnes of antimony within the indicated gold resource and 1,195 tonnes within the inferred gold resource. This discovery presents an opportunity for Canagold to diversify its revenue streams and strengthen its strategic position in Canada's critical mineral supply chain.

The presence of antimony at New Polaris has been known since the early days of mine production, but its potential has largely been overlooked due to China's dominant global supply. However, with antimony now classified as a critical mineral and limited global production outside of China, Canagold is committed to evaluating the potential for antimony production alongside its ongoing gold development plans.



The global antimony market is expected to reach $1,493.3 million by 2030, growing at a CAGR of 5.7% during the forecast period (2024-2030). The market is driven by the increasing demand for antimony in various applications, such as fire retardants, lead batteries and lead alloys, chemicals, ceramics and glass, and others. The largest market share is held by China, with Europe and North America also being significant markets.

The discovery of antimony at New Polaris comes at a time when the metal's price has surged due to shifting global supply and demand dynamics. This price increase, coupled with the imposition of export restrictions by China, the world's largest producer of antimony, creates an opportunity for Canagold to capture a larger share of the market by producing antimony domestically.

Canagold's metallurgical testwork conducted in 2022 showed high antimony recovery rates (92%) into the New Polaris concentrate, with an average antimony grade of 3.07%. This high recovery rate indicates that the antimony can be extracted efficiently and cost-effectively, with minimal additional costs for antimony production.

The integration of antimony production into Canagold's existing gold development plans at New Polaris has the potential to enhance the project's overall economics by creating a new revenue stream, minimizing additional costs, enhancing project value, and strategically positioning the company in Canada's critical mineral supply chain.

In conclusion, Canagold's discovery of antimony at the New Polaris Gold Project presents a significant opportunity for the company to diversify its revenue streams, strengthen its strategic position, and contribute to Canada's critical mineral supply chain. With the global antimony market expected to grow and the metal's price surging, Canagold is well-positioned to capitalize on this new revenue stream and enhance the overall value of the New Polaris project.