Dr. Roger Moss reports

LABRADOR GOLD ANNOUNCES OPTION AGREEMENT WITH PACIFIC RIDGE TO ACQUIRE MARIPOSA AND EUREKA DOME GOLD PROJECTS IN THE PROLIFIC WHITE GOLD DISTRICT, YUKON

Labrador Gold Corp. (LabGold) has signed an option agreement dated May 8, 2026, with Pacific Ridge Exploration Ltd. to acquire a 100-per-cent interest in the Mariposa and Eureka Dome gold projects in Yukon.

Mariposa project highlights

The 16,000-hectare Mariposa project consists of 795 claims situated in the White gold district, approximately 120 kilometres southeast of Dawson City and is accessible by fixed-wing aircraft and winter road. The project lies approximately 15 kilometres east of the proposed Northern Access Route (NAR), an all-season road being constructed from Dawson City to the Coffee gold project.

The property is 40 kilometres southeast of White Gold's White Gold project (indicated resources of 1.73 million ounces gold and inferred resources of 1.27 million ounces gold) and 30 kilometres east-northeast of Fuerte's Coffee property (measured and indicated resources of 2.96 million ounces and inferred resources of 800,000 ounces).

Mariposa shows geological similarities to both the Golden Saddle (part of the White Gold project) and Coffee deposits, including host lithology, style of gold mineralization and structural control.

The age of gold mineralization at Mariposa (approximately 155 million years old) is consistent with that at Golden Saddle (163.5 million years old to 155.5 million years old) and other prospects in the district, indicating that the mineralization is associated with a widespread orogenic gold event.

The property occurs at the headwaters of significant placer-producing creeks. Historic placer gold production of 73,000 ounces from Scroggie Creek, which cuts the Mariposa property, is indicative of significant bedrock gold mineralization yet to be fully defined.

Past exploration on the property was largely completed between 2010 and 2015, with only limited work since, representing an opportunity for LabGold to re-evaluate the extensive database and further explore the project using modern technology and with a better understanding based on results of recent work elsewhere in the district.

Six significant gold occurrences, delineated by over 13,000 soil samples, include:

• Skookum Main: 0.6-kilometre-by-1.1-kilometre gold-in-soil anomaly with significant drill intercepts (see Table 1);
• Skookum West: 0.8-kilometre-by-1.5-kilometre soil anomaly with anomalous values in antimony, bismuth, copper and molybdenum; trenching returned 1.40 grams per tonne gold over 40 metres, including 1.83 grams per tonne gold over 20 metres in SWTR12-11;
• Maisy May and Gertie associated with a northwest-trending quartz muscovite schist zone traced for 14 kilometres across the property;
• Big Alex: two 100-metre-by-300-metre gold-in-soil anomalies within a one-kilometre-long-by-0.5-kilometre-wide zone along a northerly trending structure;
• Hackly Gold: a 700-metre-by-400-metre gold-in-soil anomaly with bismuth and molybdenum; quartz vein float sample from upper Mariposa Creek returned 102.9 grams per tonne gold, but source has not yet been found;
• Alberta Creek: covers a northwest-trending, discontinuous, three-kilometre-long gold-in-soil anomaly; the main southeastern portion of the anomaly is 200 to 400 metres wide by 750 metres long.

Drilling on the project includes 8,636 metres in 55 diamond drill holes in 2011 to 2012 and 655.3 metres in 12 rotary air blast (RAB) holes in 2015, most of which was focused on Skookum Main. Highlights are shown in the table below.

Eureka Dome highlights

Eureka Dome is located approximately 62 kilometres north-northwest of the Mariposa project, 55 kilometres northeast of the White Gold project and is road accessible from Dawson City.

Limited soil sampling has identified two main target areas on the property:

• A possible epithermal system based on anomalous arsenic-antimony-mercury with erratic gold values spread over a 2.5-kilometre-by-one-kilometre area;
• A porphyry-like signature of strong copper-molybdenum-gold-zinc with possible zonation to lead.

Dr. Roger Moss, president and chief executive officer of Labrador Gold, stated: "The acquisition of the Mariposa and Eureka Dome properties gives LabGold an entry into the prolific White Gold district with two projects that have been idle for some time, despite increased exploration activity in the Yukon. Mariposa is well mineralized with several geological characteristics similar to other gold deposits in the district yet remains comparatively underexplored. These are exactly the kind of projects where LabGold's systematic exploration can lead to discoveries as previously demonstrated at our Hopedale and Kingsway projects."

Ryan Weston, vice-president, exploration, commented: "Mariposa is a rare opportunity to acquire a highly prospective asset in one of Canada's most active gold exploration camps. Past exploration confirms the presence of White Gold district-style orogenic gold mineralization across a 12-by-five-kilometre footprint with multiple large-scale gold-in-soil anomalies and confirmed bedrock mineralization returning up to 2.44 grams per tonne gold over 38.9 metres. Despite this, historic drilling is largely confined to the Skookum Main and West showings; several anomalies remain untested or drill tested by only a handful of holes, and roughly two-thirds of the property has never been covered by a soil survey. The discovery methodology in the White Gold district is now well established, and we intend to apply it systematically across the Mariposa property this summer."

Geology and mineralization

The Mariposa project is primarily underlain by metamorphic rocks of the Yukon-Tanana terrane. The central property area, which hosts the main showings, is underlain by biotite-quartz-feldspar gneiss of probable metasedimentary origin (Snowcap assemblage) with lesser bands of intermediate mafic hornblende-bearing gneiss (Finlayson assemblage), intruded by Permian felsic orthogneiss (Sulphur Creek plutonic suite), with mafic to intermediate orthogneiss of the Simpson Range plutonic suite in the southern property area, south of Mariposa Creek and possibly in the Hackly Gold area. Marble locally occurs within the metasedimentary package, with a significant band evident in the Alberta Creek area. A northwesterly trending body of ultramafic to mafic rocks (pyroxenite and gabbro) also occurs in the Alberta Creek area, which continues just to the northeast of the property through Pyroxene Mountain. A quartz-muscovite (plus or minus pyrite), schist fault zone trends northwest-southeast over 14 kilometres across the property. The schist is characterized by anomalous arsenic soil geochemistry, with local gold, bismuth, lead, tellurium and zinc.

Structurally, the central property area is dominated by an east-northeasterly sinistral strike-slip fault system, which appears to be related to mineralization typical within the White Gold district. The Skookum and Maisy May showings occur within the two-kilometre-wide Mariposa structural corridor, with the Skookum Jim fault system forming the southern boundary and the Cabin Creek fault forming the northern boundary. A second, parallel corridor to the south contains the Gertie, Hackly and Skookum East zones.

Gold mineralization at Mariposa is predominantly hosted within the felsic orthogneiss (meta-intrusive) with some mineralization also hosted by the metasedimentary rocks. Mineralized zones generally trend east-northeast and appear to be structurally controlled by sinistral strike-slip faults. Mineralization is found associated with quartz veins, stockwork and breccia zones. Gold is typically associated with anomalous bismuth, tellurium, molybdenum, mercury, silver, antimony and lead (plus or minus copper, plus or minus arsenic).

Next steps

LabGold is currently planning a summer field program following the same systematic exploration approach that has been successful elsewhere. The program is anticipated to consist of: (1) airborne magnetic and radiometric surveying across the south of the property; (2) lidar surveying across the entire property; and (3) grid soil sampling in the Alberta Creek area and ridge-and-spur sampling in untested parts of the property.

An application for a Class 1 permit to execute the planned work was submitted in early April. The airborne magnetic survey will provide critical geophysical data to assist in structural and geological interpretation where only coarse government magnetic data currently exist. The lidar survey is expected to provide excellent resolution on subtle lineament features that may be tied to brittle structures hosting gold mineralization on the property and will also assist field crews in rapidly identifying and examining outcrop in the field this summer.

Soil sampling will aim to extend existing gold-soil anomalies in the Alberta Creek area as well as to infill the area between Alberta Creek and Hackly Gold. Reconnaissance ridge-and-spur sampling in the south, where very little work has been performed to date, aims to identify anomalous trends in an area of possible porphyry copper potential.

Option terms

Subject to receipt of TSX Venture Exchange approval of the option agreement, LabGold will have the option to acquire a 100-per-cent undivided interest in the Mariposa and Eureka Dome projects, for total consideration of $500,000 in cash and 6.67 million common shares of LabGold to be paid to Pacific Ridge in incremental amounts over a four-year period, which may be accelerated at the discretion of LabGold. An initial cash payment of $100,000 and an initial payment of 800,000 common shares in LabGold will be made following TSX-V acceptance of the transaction. All shares issued under the option agreement will be subject to a four-month hold period from the date of issuance in accordance with applicable securities laws.

In order to exercise the option, LabGold is also required to incur exploration expenditures on the Mariposa and Eureka Dome projects totalling $5.4 million over four years, including $150,000 before the first anniversary date. On the filing of a positive feasibility study in respect of any part of the properties, LabGold shall pay to Pacific Ridge the sum of $1-million.

The Mariposa project is subject to a 2-per-cent net smelter return royalty and the Eureka Dome project is subject to a 1-per-cent net smelter return royalty.

Qualified person

Dr. Roger Moss, PhD, PGeo, president and chief executive officer of LabGold, a qualified person in accordance with Canadian regulatory requirements as set out in National Instrument 43-101, has read and approved the scientific and technical information that forms the basis for the disclosure contained in this release.

About Labrador Gold Corp.

LabGold is a Canadian-based mineral exploration company focused on the acquisition and exploration of prospective gold projects in Canada. The recently announced 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. 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 170,009,979 common shares issued and outstanding and trades on the TSX-V under the symbol LAB.

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