TORONTO, Oct. 26, 2026 (GLOBE NEWSWIRE) -- Matachewan Consolidated Mines, Limited (TSXV: MCMA) (“Matachewan”) and McChip Resources Inc. (TSXV: MCS) (“McChip” and, together with Matachewan, the “Acquirors”) announce that, on October 23, 2026, they acquired an aggregate of 14,526,500 common shares (the “Common Shares”) of Labrador Gold Corp. (the “Company”) in connection with the closing of the second tranche (the “Second Tranche”) of the Company’s non-brokered private placement (the “Offering”). The Company’s head office is located at the Canadian Venture Building, 82 Richmond Street East, Toronto, Ontario M5C 1P1. The address of each of Matachewan and McChip is 1 Adelaide Street East, Suite 801, Toronto, Ontario M5C 2V9. 

The Second Tranche consisted of the issuance by the Company of 72,526,500 Common Shares on a non-flow-through basis at a price of $0.05 per Common Share, for aggregate gross proceeds of $3,626,325. Matachewan acquired ownership of 7,263,250 Common Shares for total consideration of $363,162.50, and McChip acquired ownership of 7,263,250 Common Shares for total consideration of $363,162.50, in each case at a price of $0.05 per Common Share pursuant to a subscription agreement with the Company. The Common Shares were issued from treasury by way of private placement, and the acquisitions did not take place on any marketplace. 

Immediately prior to closing of the Second Tranche, Matachewan and McChip owned and controlled 21,337,905 and 21,337,904 Common Shares, respectively. Immediately following closing of the Second Tranche, Matachewan owns and controls 28,601,155 Common Shares and McChip owns and controls 28,601,154 Common Shares, each representing approximately 9.995% of the issued and outstanding Common Shares on a non-diluted basis. The Acquirors are joint actors and together own and control 57,202,309 Common Shares, representing approximately 19.99% of the issued and outstanding Common Shares on a non-diluted basis. 

The Acquirors hold their Common Shares as part of a strategic investment in the Company. In connection with the Offering, Raymond D. Harari was appointed as a director. The Acquirors were entitled to, and subscribed for Common Shares on a non-flow-through basis in the Second Tranche of the Offering pursuant to their subscription agreements with the Company and the investor rights agreement among the Company and the Acquirors dated October 19, 2026 (the "Investor Rights Agreement"), such that they collectively hold 19.99% of the issued and outstanding Common Shares after closing of the Second Tranche, subject to the cap in the Investor Rights Agreement, TSXV acceptance and applicable law.

Each Acquiror intends to review its holdings in the Company on a continuing basis and may purchase or sell Common Shares in the future, including in private transactions (and, if applicable, through a marketplace), in each case depending on a number of factors. The Acquirors may formulate other purposes, plans or proposals regarding the Company or any of its securities or may change their intentions with respect to any and all matters. The Acquirors, in consultation with the Company, may also propose or seek to effect certain corporate transactions involving the Company. 

The acquisition of the Common Shares did not constitute a formal bid, and the Acquirors did not rely on any exemption from the formal bid requirements in connection with the acquisition. 

Each of Matachewan and McChip will file an early warning report in accordance with applicable securities laws, which will be available under the Company’s profile on SEDAR+ at www.sedarplus.ca. A copy of each early warning report may also be obtained by contacting Zachary Goldenberg, Chief Executive Officer of Matachewan and McChip, at 647-987-5083. 

About Matachewan Consolidated Mines, Limited 

Matachewan is a Canadian natural resource company incorporated in 1933 and headquartered in Toronto, Ontario. Matachewan maintains exposure to the natural resource sector through investments in mineral and other resource-related opportunities. Its common shares trade on the TSXV under the symbol MCMA.

About McChip Resources Inc. 

McChip is a Canadian natural resource company incorporated in 1935 and headquartered in Toronto, Ontario. McChip maintains exposure to the natural resource sector through investments in mineral and other resource-related opportunities. Its common shares trade on the TSX Venture Exchange under the symbol MCS.

For additional information, please contact: 

Matachewan Consolidated Mines, Limited: Zachary Goldenberg, Chief Executive Officer, T: 647-987-5083, E: zach@libertyvp.co

McChip Resources Inc.: Zachary Goldenberg, Chief Executive Officer, T: 647-987-5083, E: zach@libertyvp.co

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 

Forward-Looking Statements 

This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws, including statements regarding the Acquirors’ future intentions to purchase or sell Common Shares and the potential for future corporate transactions involving the Company. Forward-looking information is based on assumptions and is subject to risks and uncertainties, many of which are beyond the control of the Acquirors, that could cause actual results to differ materially. Readers are cautioned not to place undue reliance on forward-looking information. Except as required by applicable securities laws, the Acquirors disclaim any obligation to update or revise any forward-looking information.