Mr. Kal Malhi reports

COLOURED TIES CAPITAL REQUISITIONS A SHAREHOLDER MEETING OF LABRADOR GOLD CORP. TO BRING THE COMPANY INTO COMPLIANCE WITH CORPORATE LEGISLATION AND ADDRESS NECESSARY LEADERSHIP CHANGES

Coloured Ties Capital Inc. has, together with Kulwant (Kal) Malhi and Rauni Malhi (the concerned shareholders), a group of shareholders holding more than 5 per cent of the issued and outstanding common shares of Labrador Gold Corp., requisitioned a special meeting of shareholders of Labrador pursuant to Section 105 of the Business Corporations Act (Ontario).

In addition to Labrador's current board and management's continued failure to execute on any viable commercial opportunity in the resource sector, Labrador is also in significant breach of its obligations under applicable corporate legislation. Labrador's last annual meeting of shareholders was held on June 27, 2024. Under Subsection 94(1)(a) of the OBCA, the corporation was required to hold its next annual meeting no later than Sept. 27, 2025. Despite this, the corporation announced on Aug. 13, 2025, that it intended to hold an annual general and special meeting of shareholders on Dec. 2, 2025, well past the statutory deadline.

Further, Labrador has failed to fix a record date for the proposed meeting, and has not delivered a notice of meeting or accompanying materials to shareholders in advance of the announced Dec. 2, 2025, meeting date, for which the deadline for mailing proxy materials has passed. The only conclusion from this inaction is that Labrador did not intend to hold the proposed meeting. The failure to hold any meeting of shareholders for more than 16 months constitutes a breach of the OBCA and reflects a broader pattern of non-compliance and negligence of basic fiduciary duties by Labrador and an entrenchment of Labrador's leadership.

The meeting requisition requests that a meeting of shareholders be held as soon as practicable and in any event no later than Jan. 18, 2025, to bring Labrador in compliance with corporate legislation and shareholder meeting obligations while ensuring that Labrador can pursue a credible plan to enhance value for all shareholders. This date reflects both the seriousness of Labrador's continuing statutory non-compliance and the urgency of restoring proper corporate governance, while still providing Labrador with adequate time to prepare and deliver all required meeting materials.

The meeting has been requisitioned by the concerned shareholders for the following purposes: (a) to remove the incumbent directors of Labrador, being James Borland, Trevor Boyd and Roger Moss, as well as any directors who may be appointed to the board of Labrador prior to the meeting; and (b) to elect four new directors to the board, being Mr. Malhi, Ronald Wortel, Jean Lafleur and Tara Asfour.

Upon Labrador's initiation of the required steps to schedule the meeting, set a record date and distribute meeting materials to shareholders, the concerned shareholders will present the broader shareholder base with a comprehensive plan to advance Labrador's economic objectives going forward. This plan will outline a commercially viable strategy for deploying the company's cash reserves and project acquisitions and will provide shareholders with a clear opportunity to vote on a defined economic path forward for Labrador.

Concerned shareholder nominees' profiles

Mr. Malhi is a Canadian entrepreneur, venture capitalist and retired law enforcement officer with a distinguished background in financial markets and innovation. A former member of the Royal Canadian Mounted Police, Mr. Malhi served in the drug enforcement and organized crime divisions, where he gained critical expertise in investigation, strategic operations and leadership under pressure. In 2008, he founded BullRun Capital Inc., a venture capital and private equity firm that has since become a driving force in financing and guiding early-stage ventures with transformative potential. Over the course of his career, Mr. Malhi has raised and deployed more than $150-million in capital, with a record of identifying high-value opportunities, building world-class teams and advancing projects into successful public companies. Through BullRun, Mr. Malhi has played a pivotal role in advancing ventures across natural resources, biotechnology, cannabis and security technology. His work includes vending the SPAR potash property into Raytec Metals, which later merged with Africa Oil (now Meren Energy); acquiring the Graphite Creek property, now being developed by Graphite One; founding Cannabix Technologies, which created a marijuana breathalyzer and reached a market capitalization of more than $400-million; and founding Patriot One Technologies, which achieved over $600-million in market value within two years and now operates as Xtract One on the Toronto Stock Exchange. He also led a successful shareholder action at Growmax Resources, restructuring the company into Coloured Ties Capital, and more recently founded Lafleur Minerals, which acquired the Beacon gold mill and the Swanson gold deposit with plans to restart gold production in 2026. Mr. Malhi's entrepreneurial vision extends beyond resource development and capital markets. He has consistently focused on fostering innovation at the intersection of academia and industry, supporting research initiatives with strong commercialization potential in biomedical, agricultural and technology sectors. Leveraging his extensive network of investors, scientists and industry leaders, he continues to assemble high-impact teams dedicated to unlocking the commercial potential of cutting-edge advancements.

Mr. Wortel is a seasoned finance executive with over 30 years of experience in the resource industry, specializing in project analysis, transaction due diligence and financing. He began his career in 1997, providing equity research coverage on the mining sector for sell-side investment banks, including National Bank, Dundee Capital and Northern Securities Inc. Initially focused on major gold companies, he later shifted to the junior resource sector with an emphasis on near-term production stories. In 2006, he joined Pathway Asset Management, a resource-focused fund providing flow-through financing to exploration companies. During his tenure, he reviewed hundreds of gold and other resource projects as the fund deployed over $1-billion into the sector. Currently, Mr. Wortel serves as a senior mineral and mining equity research analyst at Zacks Small-Cap Research, and also operates as a business strategies consultant and research analyst through GOLDENi Investment Intelligence while acting as a technical and market adviser to Tartisan Nickel Corp. Prior to joining Zacks in 2023, he served as president and qualified person for Silver Bullet Mines Inc., executive vice-president of mining investments at MineralFields Group and Marquest Asset Management, and a gold and base metal equity research analyst with Northern Securities and Dundee Securities Corp. He began his career as a project engineer at Golder Associates Ltd. His commentary and insights have appeared in publications such as The Wall Street Transcript, The Northern Miner and various small-capitalization investment platforms. Mr. Wortel holds an MBA in finance and international management from the Ivey School of Business in London, Ont., and a BASc (honours) in geological engineering from the University of Waterloo. He is a licensed professional engineer (PEng) in the province of Ontario and is a qualified person under National Instrument 43-101 standards.

Mr. Lafleur is a professional geologist with 45 years of experience in mineral exploration and geology, both in Canada and internationally, including the United States, Mexico, Latin America, Ireland, Spain and Africa. He has held C-suite executive roles with a number of junior exploration companies, leading exploration programs in Quebec, Ontario, Mexico and Africa. Early in his career, Mr. Lafleur worked with major companies such as Newmont, Falconbridge, Dome Mines and Placer Dome, where he gained foundational experience in exploration for precious and base metals, nickel, and platinum group elements, uranium, and iron. Since the early 2000s, he has remained active as a technical, management and financing consultant for junior explorers through his private consultancy firm. His expertise spans corporate and project evaluations, audits, technical reporting, and exploration program planning and execution, as well as investment presentations across Canada, the U.S. and Europe. Mr. Lafleur holds BSc and MSc degrees in geology from the University of Ottawa and has consistently demonstrated strong leadership, strategic planning and a proven record in guiding teams toward successful mineral discoveries. He currently serves as a senior consultant, North America, for Appian Capital Advisory LLP, a mining-focused private equity firm based in London, United Kingdom, where he leverages his extensive professional network to source and evaluate potential mining investment opportunities in North America. In addition to his work with Appian, Mr. Lafleur is engaged as a mineral exploration consultant and contractor with Explo-Logik Inc. and Dolomite International, continuing to contribute his expertise to exploration efforts worldwide.

Ms. Asfour is a capital market executive with over 12 years of experience specializing in investor relations, fundraising, business development, corporate communications and marketing. She has built her career across the resource and technology sectors, advising both public and private companies on capital market strategy and growth. Ms. Asfour currently serves as an adviser on communications and investor relations at LaFleur Minerals Inc. and director of investor relations at Fancamp Exploration Ltd. Throughout her career, she has held progressive leadership roles, including director business development at Central America Nickel Inc., investor relations manager at Red Pine Exploration Inc., director business development at Partners Capital Group, adviser at FairGreen Capital Partners and communications director at Prime Drink Group Corp, among others. Across these mandates, Ms. Asfour has led over $550-million (U.S.) in fundraising and strategic development initiatives, in addition to $250-million (U.S.) in financial guarantee products and multiple commodity offtake negotiations. Her work spans North American and international markets, where she has advised issuers on capital formation, corporate visibility, strategic partnerships and investor engagement. She holds an MBA from Herzing University, a certificate in financial markets from Yale and a certificate in alternative investments from Harvard Business School. Ms. Asfour also earned the Institute for Governance (IGOPP) certification in governance, ethics in business environment and corruption prevention. Known for her strategic insight, disciplined execution and deep capital market expertise, Ms. Asfour is recognized as an effective adviser to growth-stage and emerging companies seeking to strengthen their market presence, investor networks and strategic positioning.

Additional information

The information contained in this news release does not and is not meant to constitute a solicitation of a proxy within the meaning of corporate or securities laws. At this time, the company does not currently intend to publicly solicit proxies or to acquire additional shares before the meeting, but reserves the right to reconsider these positions in compliance with applicable securities laws.

The company emphasizes its commitment to elevating Labrador's transparency, governance and operational excellence within the global mining and resource sector. The board nominees intend to reposition Labrador for long-term success through prudent capital allocation, leadership renewal and the pursuit of value-accretive opportunities, guided by a professional and shareholder-focused approach.

About Coloured Ties Capital Inc.

Coloured Ties is a publicly traded Canadian-based venture capital firm focused on early-stage investments in companies in the junior resource and breakthrough and disruptive technologies. Coloured Ties' investment strategy is to invest early in multiple private and public companies across a variety of sectors that merit investment to advance promising ventures globally. Coloured Ties invests in early-stage promising projects, serving as the founding or early-stage investor and providing investees with advisory services and access to the company's ecosystem.

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