diff --git a/CHANGELOG.md b/CHANGELOG.md
index 7ca70dc8a..121e1afba 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -2,6 +2,24 @@
 
 All notable changes to this project are documented in this file.
 
+## 1.0.0-rc.5
+
+**Release date:** 2023-06-01
+
+This release candidate fixes a regression introduced in `1.0.0.-rc.4` where
+support for Git servers that exclusively use v2 of the wire protocol like Azure
+Devops and AWS CodeCommit was broken.
+
+Lastly, the controller's dependencies were updated to mitigate CVE-2023-33199.
+
+Improvements:
+- build(deps): bump github.com/sigstore/rekor from 1.1.1 to 1.2.0
+  [#1107](https://github.com/fluxcd/source-controller/pull/1107)
+
+Fixes:
+-  Bump `fluxcd/pkg/git/gogit` to v0.12.0
+  [#1111](https://github.com/fluxcd/source-controller/pull/1111)
+
 ## 1.0.0-rc.4
 
 **Release date:** 2023-05-26
diff --git a/config/manager/kustomization.yaml b/config/manager/kustomization.yaml
index dcdc7f5aa..4f55d9dbf 100644
--- a/config/manager/kustomization.yaml
+++ b/config/manager/kustomization.yaml
@@ -6,4 +6,4 @@ resources:
 images:
 - name: fluxcd/source-controller
   newName: fluxcd/source-controller
-  newTag: v1.0.0-rc.4
+  newTag: v1.0.0-rc.5
diff --git a/go.mod b/go.mod
index 40a7bab7f..6a574c3b3 100644
--- a/go.mod
+++ b/go.mod
@@ -47,7 +47,7 @@ require (
 	github.com/fluxcd/pkg/tar v0.2.0
 	github.com/fluxcd/pkg/testserver v0.4.0
 	github.com/fluxcd/pkg/version v0.2.2
-	github.com/fluxcd/source-controller/api v1.0.0-rc.4
+	github.com/fluxcd/source-controller/api v1.0.0-rc.5
 	github.com/go-git/go-billy/v5 v5.4.1
 	github.com/go-git/go-git/v5 v5.7.0
 	github.com/go-logr/logr v1.2.4