Canagold Resources Ltd T.CCM

Peer Based PEA Shows Polaris Grossly Undervalued

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		PEA
Stock	New Polaris	Granite Creek	Val D Ore
Market cap ( MC)	$49 m	$610 m	$250 m
POG	$1500.00	$1650.00	$1500.00
Mine Life	9	9	12. 5
Grade	10.3	1.46	1.88
Capex	$140 m	$90 m	$353.00
Annual Production	80,000	139,000	205,000
AISC  / ounce	$500.00	$963.00	$965.00
NPV5	$469 m	$245m	$598m
Total Mine Production	696,000	1,250,000	2,58,000
Value per ounce	$675.00	$195.00	$230.00
MC / NPV	0.10	2.5	0.42

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              PEA               Stock

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Val D Ore has 4 times the market cap of CCM yet its gold grade is only a fraction of New Polaris. Very few yet know about this Diamond in the rough. Those who do will get a 5-10 bagger when everyone discovers such profitable grades..

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Here is an even more startling comparison. Augusta Gold recently announced its initial 43-101 for its flagship gold deposit. That deposit has 1.01 million ounces at an average grade of just 0.54 gms per ton. Augusta market cap is $120 million. CCM new Polaris has 1.1 m ounces at a world class average grade of 10.1 gms per ounce and a current market cap of just $35 m

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Given infill and extensional drilling success along with premium grades todate, there is a decent chance that the new 43-101 could increase to 1.5 million ounces. This would have a major impact on New Polaris asset value. A few quick calculations a la PEA technical report shows that production could rise to 100,000 ounces per year for 11 years. This would boost the NPV5 to over $700 million