Mr. Roger Moss reports

LABRADOR GOLD CLOSES $5.76M NON-BROKERED PRIVATE PLACEMENT

Further to Labrador Gold Corp.'s press releases of Sept. 17, 2026, Oct. 13, 2026, Oct. 20, 2026, and Oct. 21, 2026, Labrador Gold closed, on Oct. 23, 2026, its non-brokered private placement offering, for aggregate gross proceeds of $5,760,115.45.

The non-brokered private placement offering consisted of: 61,326,500 common shares of the company issued on a non-flow-through (hard-dollar) basis; and 53,875,809 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 $5,760,115.45 representing the issuance of 115,202,309 shares.

The closing of the final tranche of the offering comprised subscriptions for 61,326,500 hard-dollar shares and 11.2 million flow-through shares and included subscriptions by Matachewan Consolidated Mines Ltd. and McChip Resources Inc. (collectively, the lead investors) for $726,325 of hard-dollar shares, representing 14,526,500 hard-dollar shares.

All securities issued pursuant to the final tranche are subject to a statutory hold period expiring Feb. 24, 2027, in accordance with applicable Canadian securities laws and the policies of the TSX Venture Exchange.

In addition to the statutory hold period expiring Feb. 24, 2027, the hard-dollar shares issued to the lead investors are subject to a one-year contractual lock-up, expiring Oct. 23, 2027, subject to customary exceptions. See the company's Oct. 20, 2026, press release for more details.

The gross proceeds from the sale of the flow-through 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 flow-through 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 flow-through shares. The net proceeds from the sale of the hard-dollar shares will be used for exploration and development activities, working capital and general corporate purposes.

The offering remains subject to final acceptance of the TSX-V. The company did not pay any finders' fees in connection with the offering.

Five insiders of the company subscribed for 8.7 million flow-through shares and 17,526,500 hard-dollar shares for an aggregate of $1,311,325 on the closing of the final tranche. 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 were issued to the insiders does 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 (for example, 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 (for example, 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. Labrador Gold'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 Labrador Gold. 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 Labrador Gold identified two anomalous gold zones based on geochemistry and geophysics.

The company has 286,012,288 common shares issued and outstanding and trades on the TSX-V under the symbol LAB.

We seek Safe Harbor.