Mr. Catalin Kilofliski reports

CANAGOLD APPOINTS VICE PRESIDENT, SUSTAINABILITY

Canagold Resources Ltd. has appointed Tim Caldwell as the company's vice-president, sustainability.

Mr. Caldwell has over 25 years of experience in the province of British Columbia and around the globe having worked for companies such as: Teck Resources, Anglo American, Centerra Gold and most recently Kinross Gold. His career has taken him across Western Canada and globally, and has allowed him to gain expertise in the areas of sustainability, permitting, environmental stewardship, engagement and closure.

Mr. Caldwell will be primarily responsible for managing Canagold's permitting and stakeholders engagement efforts for the New Polaris gold project.

He has vast experience and knowledge of environmental and social sustainability (ESS) at all levels that including meaningful engagement at a project level with affected indigenous nations and local communities while developing sustainable benefits for everyone involved.

In addition to his background in the environmental sector, Mr. Caldwell also holds certification from the University of Victoria in the field of health and safety.

"As we move the New Polaris project through permitting and meaningful stakeholder engagement, we are thrilled to bring to our team someone who has many years of experience in B.C. and the globe in the areas of sustainability, permitting and stakeholders engagements," said Canagold chief executive officer Catalin Kilofliski. "He compliments well our technically focused and socially driven team as we plan to advance Canada's next high-grade gold mine, here in British Columbia in partnership with the Taku River Tlingit First Nation."

Adoption of omnibus equity incentive compensation plan

The company also wishes to announce that it has adopted an omnibus equity incentive compensation plan, effective Jan. 1, 2023, to replace the company's previous stock option incentive plan.

The plan is subject to Toronto Stock Exchange approval, and any required shareholder approval. Grants under the plan are limited in aggregate to 10 per cent of the issued and outstanding share capital of the company and any equity incentive grants pursuant to the plan will be issued with a view toward aligning shareholder interest with the long-term vision of the board and management.

Under the plan, the company has granted a total of 1,537,255 deferred share units (DSUs) priced at 25.5 cents, to company's independent directors and a total of 1,724,082 restricted share units (RSUs) priced at 24.5 cents, to company's management team. Both grants will be subject to TSX and shareholder approval of the plan. The RSUs will vest over two years and will be subject to individual performance objectives established by the company's board of directors.

About Canagold Resources Ltd.

Canagold is a growth-oriented gold exploration company focused on advancing the New Polaris project through feasibility and permitting. Canagold is also seeking to grow its assets base through future acquisitions of additional advanced projects. The company has access to a team of technical experts that can help unlock significant value for all Canagold shareholders.

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