Past year: ▲ 54%(42.0c – 71.0c CAD)
Each one in plain English, with the numbers worked through for a shareholder.
23 June 2022other▼ BadMajor
Named the dissident as SunValley Company DMCC of Dubai and its managing director Vikram Sodhi, and accused it of trying to seize the board and the New Polaris project without paying shareholders a premium. Proxy fights of this shape are usually about control of an asset rather than about governance.
16 June 2022other▼ BadMajor
A minority shareholder based in Dubai nominated three of five directors in an attempt to take control of the board. Management called it a hijacking and asked shareholders to vote its own slate on the yellow proxy at the 19 July annual and special meeting. The first public sign of a control fight over New Polaris.
14 June 2022drilling result▲ GoodMajor
Seven holes returned intercepts in three veins including, for the first time, a new vein below the 600-metre limit of the current resource: hole 22-1844E2W1A gave 7.54 g/t gold over 18.6 metres down-hole in that new vein, along with 7.41 g/t over 3.5 metres in C-10 and 7.70 g/t over 2.2 metres in the main vein. Hole 22-1844E2W2A returned 5.27 g/t over 22.6 metres in C-10 and 16.0 g/t over 6.1 metres in the main vein. A new vein deeper than anything modelled is a genuine addition, not infill.
21 Apr 2022drilling result▲ GoodMajor
Six more holes, including 42.5 g/t gold over 2.0 metres in hole 22-1665E1 with 69.7 g/t over 0.8 metres inside it - drilled into a known gap in the resource model rather than into existing blocks, so it fills a hole in the model rather than extending it. Also 19.3 g/t over 4.3 metres in 21-1675E1A and 10.4 g/t over 5.8 metres in 21-1755E1.
21 Mar 2022drilling result▲ Good
Five holes returned paired intercepts in both the C-10 and C-West Main veins, showing the two are consistently drilled through together: 21-1875E3W1 gave 14.2 g/t gold over 2.9 metres in C-10 and 5.99 g/t over 2.1 metres in the main vein, and 21-1844E4 4.10 g/t over 12.5 metres in C-10 with 5.16 g/t over 1.9 metres in the main vein. C-10 is carrying the wider intervals; the main vein the higher grades over narrower widths.
24 Feb 2022drilling result▲ Good
Six more infill holes in the C-West Main vein, all narrow and high grade: 21.1 g/t gold over 2.2 metres in 21-1700E2A, 19.5 g/t over 3.7 metres in 21-1615E1A, 22.8 g/t over 1.7 metres in 21-1760E1 and 12.2 g/t over 1.8 metres in 21-1635E1. The stated purpose is tightening drill spacing so inferred resources can be upgraded to indicated - category conversion, not expansion.
26 Jan 2022drilling result▲ GoodMajor
Five more infill holes in the C-West Main vein, two of them with visible gold. Hole 21-1700E1A returned 20.7 g/t gold over 3.8 metres including 38.1 g/t over 1.8 metres, 21-1725E1 gave 27.1 g/t over 2.9 metres, 21-1750E1 13.5 g/t over 8.0 metres, and 21-1715E1 8.79 g/t over 3.5 metres. These are infill holes inside a known vein, drilled to move inferred material into the indicated category rather than to find anything new.
19 Jan 2022capital raising announcement● Neutral
Closed the second and final tranche of the flow-through placement at C$2.03 million on 4.05 million shares at C$0.50, taking the oversubscribed raise to C$2.3 million.
What it means for a shareholder
4.0m new shares at C$0.500 to raise about C$2.0m. That's 5.5% dilution: every existing holder's slice gets 5.5% smaller. If you held C$1,000 of shares (2,000 at the issue price), your slice goes from 0.00285% to 0.00269% of the company. To keep it you'd need 115 more shares - about C$58 at the issue price.
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12 Jan 2022drilling result▲ Good
A year-in-review release covering 2021 and 2022 plans. The substance is that roughly 30,000 metres of infill drilling has repeatedly hit thick high-grade intervals in the C-9 and C-10 veins that lie parallel to and outside the C-West Main vein, which management says is prompting a rethink of the whole stacked vein system's economics. No new assay numbers beyond those already released.
5 Jan 2022asset acquisition disposition● Neutral
Took delivery of 9,841,371 Damara Gold shares, worth a deemed C$787,310 at C$0.08 each, as the consideration for assigning Damara the Princeton Gold option Canagold had negotiated down in 2019. Canagold exits Princeton entirely and holds paper in a small company instead.
22 Dec 2021capital raising announcement● Neutral
Announced a non-brokered flow-through placement of up to 4 million shares at C$0.50 for up to C$2.0 million, in two tranches.
What it means for a shareholder
4.0m new shares at C$0.500 to raise about C$2.0m. That's 5.4% dilution: every existing holder's slice gets 5.4% smaller. If you held C$1,000 of shares (2,000 at the issue price), your slice goes from 0.00285% to 0.00269% of the company. To keep it you'd need 114 more shares - about C$57 at the issue price.
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30 Nov 2021drilling result▲ GoodMajor
Infill drilling for the 24,000-metre, 47-hole programme found two hanging-wall veins, C-9 and C-10, sitting outside the C-West Main vein that holds almost all of the current resource. Nine C-9 and thirteen C-10 intercepts are now known, counting 1995 and 2006 holes: hole 21-1905E2 gave 11.1 g/t gold over 17.8 metres down-hole, one of the widest intervals ever drilled at New Polaris, and 21-1890E1 17.1 g/t over 8.4 metres. True widths have not been calculated because the vein attitude is not yet resolved, and neither vein is in the resource.
28 Oct 2021capital raising announcement▲ Good
The flow-through placement closed oversubscribed at C$5.3 million against the C$5.0 million sought, issuing 10.6 million shares at C$0.50.
What it means for a shareholder
10.6m new shares at C$0.500 to raise about C$5.3m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held C$1,000 of shares (2,000 at the issue price), your slice goes from 0.00285% to 0.00247% of the company. To keep it you'd need 302 more shares - about C$151 at the issue price.
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24 Sept 2021capital raising announcement▲ Good
Announced a brokered flow-through placement of up to C$5.0 million through Red Cloud at C$0.50 a share - more than six times the C$0.08 unit price of the 2020 raise, on a post-consolidation basis - to fund New Polaris drilling.
14 Jan 2021drilling result● NeutralMajor
A year-in-review release rather than fresh assays. Canarc renamed itself Canagold, consolidated its shares five to one, raised C$8.4 million and updated the New Polaris economics to a US$333 million after-tax net present value and 56% return at US$1,500 gold. It also closed out two failures: Hard Cash returned only narrow low-grade gold and the option was terminated, and at Windfall Hills the best 2020 holes were 0.75 g/t gold-equivalent over 33 metres and 0.25 g/t over 78 metres, with the company saying it may seek a partner rather than continue alone. The Princeton earn-in right was sold to Damara Gold for 9.9% of Damara.
7 Dec 2020other● Neutral
Received approval to change its name from Canarc Resource Corp to Canagold Resources Ltd, alongside a five-to-one share consolidation, marking the shift from a scattered Nevada and Canada exploration portfolio to a single focus on New Polaris.
24 Nov 2020drilling progress report▲ GoodMajor
Received a multi-year exploration permit from the BC ministry for New Polaris and readied the existing camp - bunkhouses, kitchen, core shack - for environmental baseline work and the infill drilling needed to move toward a feasibility study. The permit is the gate that lets the whole New Polaris programme start.
18 Nov 2020drilling result▲ Good
Ophir Gold, which is buying the Lightning Tree property from Canarc, reported surface rock samples grading up to 69 g/t gold and 27.5 g/t silver and identified two new anomalous areas. These are selective surface grab samples on ground Canarc is selling, so the benefit to Canarc is limited to the payments and royalty on the sale.
17 Nov 2020drilling result▼ Bad
A miss, and the company reported it plainly: seven reverse-circulation holes over 1,019 metres at Hard Cash in Nunavut hit only narrow, low-grade gold - the best being 3.12 g/t over 3.0 metres and 5.04 g/t over 1.5 metres - and failed to confirm a shear-hosted orogenic gold system worth pursuing. Canarc terminated its option with Silver Range Resources rather than pay for a second phase.
16 Nov 2020capital raising announcement▲ GoodMajor
Closed the second and final C$5.2 million tranche - 65 million units at C$0.08 - completing the C$8.4 million raise, with Eric Sprott as lead investor and Chairman Bradford Cooke taking 2.0 million units on top of 3.0 million in the first tranche to hold his roughly 4% stake. The company issued 105 million units in total at eight cents, a very heavy dilution, but it now has money for New Polaris.
21 Oct 2020capital raising announcement● Neutral
Shareholders approved upsizing the placement from C$3.2 million to C$8.4 million by adding 65 million units at C$0.08, and disinterested holders separately approved 5.4 million of those units going to insiders for C$432,000.
8 Oct 2020capital raising announcement● NeutralMajor
Closed the first C$3.2 million tranche of a private placement: 40 million units at C$0.08, each unit one share plus half a warrant exercisable at C$0.13 for two years, accelerable if the shares trade at C$0.20 for ten days. Eight cents a unit is the price at which this company could raise money in 2020.
15 Sept 2020asset acquisition disposition● Neutral
Sold the Lightning Tree property in Idaho to Minkap Resources for 2,500,000 shares and 2,500,000 warrants issued over two years plus C$137,500 of cash spread over three years, with TSX Venture approval received. Another small non-core disposal for paper rather than meaningful cash.
8 Sept 2020drilling progress report▲ Good
Getchell Gold began a six-hole, 2,000-metre programme at Fondaway Canyon under the four-year option it signed in January 2020 - five holes on the Central target and one on the Pediment target. Canarc is not paying for it and has no results of its own to report.
17 Oct 2019material agreement▲ Good
Optioned the Fondaway Canyon and Dixie Comstock properties in Nevada to Getchell Gold, which can buy 100% over four years for US$4 million in total compensation plus minimum work commitments, with Canarc keeping a 2% smelter royalty on each. Getchell commits US$1.45 million of exploration over the four years. This is Canarc converting Nevada ground it will not drill itself into someone else's spending.
15 Oct 2019drilling progress report● Neutral
A maiden four-hole, 1,375-metre core programme began at Corral Canyon in Nevada, testing two of four identified targets - the NW and SW targets - for both shallow disseminated gold and deeper high-grade feeder veins. The SW target is a gold-silver area Canarc found itself during the summer. No results yet.
13 Aug 2019joint venture update● Neutral
Renegotiated the Princeton Gold option with Universal Copper and Sydney Wilson, cutting Canarc's exploration commitment from C$900,000 to C$490,000 and stretching the timetable, in exchange for earning 75% rather than 80%. Reducing a spending commitment before drilling has begun is a sign of a company managing its cash, not of confidence in the ground.
18 Apr 2019resource reserve update▲ GoodMajor
Filed the NI 43-101 technical report behind the February 2019 preliminary economic assessment of New Polaris, the underground high-grade gold project 100 kilometres south of Atlin. As restated in the company's own later releases, the study used US$1,500 gold to give cash costs of US$400 an ounce, an after-tax net present value of about C$469 million at a 5% discount, a 56% after-tax return, and an indicated resource of 586,000 ounces at a 4 g/t cut-off. A preliminary economic assessment is conceptual and contains no reserves.
21 Nov 2018drilling result● Neutral
Staked 92 claims over 742 hectares in northwestern Nevada to create the Corral Canyon project, wholly owned with no underlying royalties. The case for it is historical drilling including 10.7 metres at 2.6 g/t gold and a position on the trend that hosts the past-producing Sleeper mine 72 kilometres south. This is a staking announcement with historic numbers, not new drilling by Canarc, and the immediate plan is only mapping and sampling.
