Overwhelming votes for Sun Valley’s nominees prove Canagold shareholders wanted meaningful change and are ready for The New Canagold

Sun Valley Investments (“Sun Valley”), a strategic and long-term focused investor of Canagold Resources Ltd. (TSX: CCM) (“Canagold” or the “Company”), is pleased to announce that all three of its nominees, Dr. Carmen Letton, Sofia Bianchi and Andrew Trow, were elected to Canagold’s board of directors (the “Board”) at the Company’s Annual and Special General Meeting (the “Meeting”) held on July 19, 2022. Additionally, two other nominees proposed by Canagold, namely Dr. Kadri Dagdelen and Mr. Scott Eldridge, have also been elected to the Board.

“Sun Valley is pleased that all three of our nominees were elected by shareholders,” commented Vikram Sodhi, Managing Director and Co-Founder of Sun Valley. “The overwhelming votes show that, like us, Canagold shareholders are seeking meaningful changes and that they are ready for the New Canagold. As the largest shareholder of Canagold, Sun Valley strongly believes in the potential of the Company. Our highly experienced nominees are fully committed to good governance and advancing the New Polaris project.”

Following the leadership change, Canagold will be well-positioned to prioritize value creation for the benefits of all shareholders. The new Board is focused on turning Canagold around, and by proceeding with the financing options and focusing on the feasibility study of New Polaris, their immediate goal is to salvage this year’s drilling season and recommence drilling at New Polaris as fast as reasonably possible. Sun Valley is confident that the new leadership at Canagold will help drive long-term growth and effect positive changes in the Company.

Advisors

Kingsdale Advisors is acting as strategic shareholder and communications advisor to Sun Valley. McMillan LLP is acting as legal counsel to Sun Valley.

About Sun Valley

Sun Valley is a private equity firm focussed on the precious metals industry with portfolio companies and branch offices in the Americas, Europe and Asia. Sun Valley seeks to invest in sustainable development projects and operations with growth potential, low cash costs of production, or the operating flexibility to insulate against volatility in the commodity markets.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking information within the meaning of applicable securities laws. In general, forward-looking information refers to disclosure about future conditions, courses of action, and events. All statements contained in this press release that are not clearly historical in nature or that necessarily depend on future events are forward-looking, and the use of any of the words “anticipates”, “believes”, “expects”, “intends”, “plans”, “will”, “would”, and similar expressions are intended to identify forward-looking statements. These statements are based on current expectations of Sun Valley and currently available information. Forward-looking statements are not guarantees of future performance, involve certain risks and uncertainties that are difficult to predict, and are based upon assumptions as to future events that may not prove to be accurate. Sun Valley undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable securities legislation.

Disclaimer

The information contained or referenced herein is for information purposes only in order to provide the views of Sun Valley and the matters which Sun Valley believes to be of concern to shareholders described herein. The information is not tailored to specific investment objectives, the financial situations, suitability, or particular need of any specific person(s) who may receive the information, and should not be taken as advice in considering the merits of any investment decision. The views expressed herein represent the views and opinions of Sun Valley, whose opinions may change at any time and which are based on analyses of Sun Valley and its advisors.

Sun Valley Daniel Henao Partner / VP Business Development Phone: 604-260-7046 Email: dhenao@sunvalleyinv.com

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