Mr. Roger Moss of Labrador Gold reports

LABRADOR GOLD ANNOUNCES UPSIZE OF NON-BROKERED PRIVATE PLACEMENT TO UP TO $7 MILLION

Due to strong investor interest, Labrador Gold Corp. has increased the size of its previously announced non-brokered private placement from a maximum of $4-million to a maximum of $7-million. The offering was originally announced in the company's news release dated Sept. 17, 2026.

The offering will consist of: (i) common shares of the company issued on a non-flow-through basis (the HD shares); and (ii) common shares of the company that will qualify as flow-through shares within the meaning of Subsection 66(15) of the Income Tax Act (Canada), each at a price of five cents per share, for aggregate gross proceeds of a minimum of $2-million and a maximum of $7-million, representing the issuance of between 40 million and 140 million shares.

The offering is being led by Matachewan Consolidated Mines Ltd. and McChip Resources Inc. The offering will be completed in two tranches. The first tranche will consist solely of the subscriptions of the lead investors for $2,133,790.45 of FT shares, representing 42,675,809 FT shares. The participants in, and the number of HD shares and FT shares to be issued under, the second tranche will be determined by the company and the lead investors, provided that the aggregate gross proceeds of the offering will not exceed $7-million. In the second tranche, the lead investors will be entitled to subscribe for HD shares such that, together with the FT shares acquired in the first tranche, the lead investors collectively hold up to 19.99 per cent of the issued and outstanding common shares of the company following completion of the offering.

The gross proceeds from the sale of the FT shares will be used to incur eligible Canadian exploration expenses that qualify as flow-through mining expenditures, as those terms are defined in the tax act, on the company's mineral properties in Canada. The company will renounce the qualifying expenditures in favour of the subscribers of the FT shares with an effective date no later than the date permitted under the tax act, in an aggregate amount not less than the gross proceeds raised from the issuance of the FT shares. The net proceeds from the sale of the HD shares will be used for exploration and development activities, working capital, and general corporate purposes.

All securities issued under the offering will be subject to a hold period of four months and one day from the date of issuance in accordance with applicable Canadian securities laws and the policies of the TSX Venture Exchange. The first tranche of the offering is expected to close on or about Oct. 15, 2026, and the second tranche is expected to close on or about Oct. 23, 2026, or such other date or dates as the company and the lead investors may agree. The offering is subject to customary conditions, including the receipt of all necessary corporate and regulatory approvals, including the acceptance of the TSX-V. The company does not intend to pay finders' fees in connection with the offering.

Four insiders of the company intend to subscribe for 8.7 million FT shares and three million HD shares for an aggregate of $585,000. The insider private placements are exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 by virtue of the exemptions contained in sections 5.5(a) and 5.7(1) (a) of MI 61-101 in that the fair market value of the consideration for the securities of the company which will be issued to the insiders will not exceed 25 per cent of its market capitalization.

About Labrador Gold Corp.

Labrador Gold is a Canadian-based hybrid mining and investment issuer focused on the acquisition and exploration of prospective mineral projects in Canada and on strategic investments in mining companies and assets that the company believes have the potential to generate long-term value.

The Mariposa project covers 16,000 hectares in the White gold district and is 40 kilometres southeast of the White gold project and 30 kilometres east-northeast of Fuerte's Coffee gold project. Mariposa shares many geological similarities to both the Golden Saddle (part of the White gold project) and Coffee gold deposits including host lithologies, mineralization style and structural control. The property occurs at the headwaters of significant placer gold-producing creeks with historic placer production of 73,000 ounces from Scroggie Creek indicative of significant bedrock gold mineralization yet to be fully defined. Six significant gold occurrences have been delineated by over 13,000 soil samples to date, including the most advanced Skookum Main and Skookum West prospects.

The Watson project, a joint venture with Nemo Resources Inc., represents the largest landholding in the Fort Hope greenstone belt, which is significantly underexplored compared with other greenstone belts (that is, Red Lake and Pickle Lake) in Northwestern Ontario. While the exploration focus will be on gold, the Watson project also hosts significant potential for critical minerals (that is, antimony, nickel, copper and zinc). The proposed road to the Ring of Fire, expected to begin construction in mid-2026, runs through the Watson property and, once complete, will significantly reduce exploration and development costs.

The Hopedale property covers much of the Archean-age Florence Lake greenstone belt, which extends over 60 kilometres. While typical of greenstone belts globally, the area has been underexplored. LabGold's work to date has identified gold anomalies in rocks, soils and lake sediments across a three-kilometre section of the northern portion of the belt. Five gold occurrences lie along this trend, four of which were discovered by LabGold. Additional anomalous gold values occur across approximately 40 kilometres of the southern portion of the belt. Recent exploration has also demonstrated potential for copper, nickel and cobalt.

The Borden Lake project near Chapleau, Ont., lies immediately southeast of Discovery Silver Corp's Borden gold mine. Past exploration by LabGold identified two anomalous gold zones based on geochemistry and geophysics.

The company has 170,809,979 common shares issued and outstanding and trades on the TSX Venture Exchange under the symbol LAB.

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