Canagold’s New Polaris gold-antimony project has a feasibility study, but the materials available do not establish that construction has been approved or that a decision is imminent. The company says it still needs a consent decision from the Taku River Tlingit First Nation and a British Columbia Environmental Assessment Certificate; further permits may follow the environmental assessment.
This is a sponsored corporate video. The project status and financial figures below are attributed to Canagold and its technical report, not presented as independently verified outcomes.
What the video’s headline means—and does not mean
“Nears construction decision” describes the framing of the sponsored video, not a confirmed authorization to build. Canagold’s 2025 feasibility technical report recommends further work to reduce project risks before a construction decision. The company’s stated approval pathway also includes steps that are not established as complete in the materials cited here.
Canagold describes New Polaris as its 100%-owned gold-antimony project in northwest British Columbia. It filed the project’s feasibility technical report on September 3, 2025. Canagold’s feasibility study page provides the company’s project summary and links to the study materials.
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What the feasibility study estimates
Canagold’s 2025 feasibility study models the following figures. They are projections based on the study’s assumptions—not mine operating results, independent forecasts or guarantees. In particular, the NPV, IRR and payback estimates below use an assumed gold price of US$2,500 per ounce.
| Measure | Canagold’s 2025 feasibility estimate | Important context |
|---|---|---|
| Pre-production capital | US$250 million | Estimated project capital before production. |
| After-tax net present value (NPV) | US$425 million | Modeled at an assumed gold price of US$2,500 per ounce. |
| After-tax internal rate of return (IRR) | 30.9% | Modeled at an assumed gold price of US$2,500 per ounce. |
| Payback period | 2.4 years | Modeled at an assumed gold price of US$2,500 per ounce. |
| Life-of-mine all-in sustaining cost (AISC) | US$1,247 per payable gold ounce | An estimate in the feasibility study, not a realized production cost. |
These values depend on assumptions, including metal prices, and actual results could differ. The study’s projections do not show that financing, permitting or a construction decision has been completed. Canagold’s feasibility study materials should be read alongside the technical report’s recommendation for additional risk-reduction work.
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Approvals and decisions still relevant to construction
Canagold says New Polaris is subject to a consent decision from the Taku River Tlingit First Nation (TRTFN) and a British Columbia Environmental Assessment Certificate under the province’s Environmental Assessment Act. The company says applications for construction and operating permits may be made after the environmental assessment process is completed, with permits governed by applicable provincial and federal legislation. The company’s project page describes these dependencies.
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What Canagold has announced about the project timeline
Environmental assessment engagement
Canagold said its Initial Project Description submission in March 2023 formally began the early-engagement phase of British Columbia’s environmental assessment process. That is a dated company-reported milestone; it does not establish the assessment’s exact later stage.
Federal map and planned drilling
In a March 16, 2026 announcement, Canagold said New Polaris had been added to the Canadian government’s advanced gold-antimony projects map. The same update said a fully funded 7,000-metre diamond-drilling program was planned to begin in June 2026. The announcement establishes what the company planned at that time; it does not confirm whether the program subsequently began or finished. Neither the map listing nor the drilling plan is construction authorization. Read Canagold’s March 16, 2026 announcement.
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Earlier company schedule
Canagold’s March 2025 corporate presentation showed a timeline for permitting, feasibility and financing decisions across 2025 and 2026. It was a company plan at that date, not evidence that financing or permits were completed or that a construction decision followed. View the March 2025 corporate presentation.
What the company and Nation spokespersons have said
On its feasibility page, Canagold quoted CEO Catalin Kilofliski as saying that the company’s “primary focus is now shifting toward completing the permitting process, in order to advance New Polaris toward a construction and production decision.” He also referred to continued project optimization, including potential revenue from antimony and potential run-of-river power generation. These are the CEO’s statements about the company’s priorities and possibilities, not confirmation that those outcomes have been secured. The statements appear on Canagold’s feasibility page.
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The same page attributes a statement about traditional territory and a consent-based agreement to TRTFN spokesperson Charmaine Thom: “Canagold’s land acknowledgement of Taku River Tlingit First Nation’s traditional territory and the willingness to work toward a partnership through a Consent Based Agreement, is a true testament of what reconciliation looks like.” This is the company’s presentation of the spokesperson’s statement; it should not be treated as an account of the Nation’s position on every project issue.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to read the current status
The dated materials support a feasibility study, company-reported process milestones and a planned drilling program. They do not establish the precise environmental assessment stage or the status of the consent decision and Environmental Assessment Certificate as of October 9, 2026. For a definitive current status, consult the applicable official regulator records and current statements from the Nation and company. Until those records establish otherwise, the project should not be described as approved for construction.
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