Labrador Gold Corp. (TSX-V: LAB) (FNR: 2N6) is pleased to announce that further to the Company’s press releases of September 17, 2026, October 13, 2026, October 20, 2026 and October 21, 2026, LabGold closed, on October 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 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 $0.05 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 HD Shares and 11,200,000 FT Shares and included subscriptions by Matachewan Consolidated Mines, Limited and McChip Resources Inc. for $726,325 of HD Shares, representing 14,526,500 HD Shares.

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

In addition to the statutory hold period expiring February 24, 2027, the HD Shares issued to the Lead Investors are subject to a one-year contractual lock-up, expiring October 23, 2027, subject to customary exceptions. See the Company’s October 20, 2026, press release for more details.

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 (the “Qualifying Expenditures”), 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.

The Offering remains subject to final acceptance of the TSXV. The Company did not pay any finder’s fees in connection with the Offering.

The securities referred to in this news release have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any state of the United States, and may not be offered or sold in the United States absent registration or an available exemption from the registration requirements of the U.S. Securities Act and applicable securities laws of any state of the United States. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction.

Five insiders of the Company subscribed for 8,700,000 FT Shares and 17,526,500 HD 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% of its market capitalization.

About Labrador Gold

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 ha 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 oz from Scroggie Creek (3) 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 to other greenstone belts (e.g. 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 (e.g. 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 kilometers. 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-kilometer 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 kilometers of the southern portion of the belt. Recent exploration has also demonstrated potential for copper, nickel, and cobalt.

The Borden Lake project near Chapleau, Ontario 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 286,012,288 common shares issued and outstanding and trades on the TSX Venture Exchange under the symbol LAB.