Mr. Roger Moss reports

LABRADOR GOLD ANNOUNCES INVESTMENT IN SAN CRISTOBAL MINING

Labrador Gold Corp. has completed a $1.41-million (U.S.) ($1,964,835 (Canadian) at 1.3935) investment in San Cristobal Mining Inc. (SCM), a private Canadian mining company that owns a 100-per-cent equity interest in Minera San Cristobal SA, operator of the San Cristobal silver-zinc-lead mine in Bolivia.

The investment was completed through a secondary purchase of common shares of San Cristobal Mining. This investment is made in accordance with the company's business plan and investment policy and reflects Labrador Gold's strategy of allocating a portion of its treasury to high-quality private mining investments that are not presently accessible in the public markets and have the potential to generate long-term value.

San Cristobal Mining is the owner of the San Cristobal mine, a world-class silver-zinc-lead operation located in the Potosi department of southwestern Bolivia. Based on 2025 production, the operation was the fourth-largest silver-producing mine globally, according to the Silver Institute, and ranks among the largest zinc-producing mines globally. The mine is supported by extensive infrastructure, including a modern processing facility with a throughput capacity of approximately 52,000 tonnes per day, established transportation networks, and access to power and water infrastructure developed over more than two decades of operation.

The San Cristobal mine was originally developed by Apex Silver Mines and commenced commercial production in 2007. Over the years, the operation has established a reputation as one of Latin America's premier polymetallic mining assets, producing significant quantities of zinc and lead concentrates with high silver content for international markets. Since acquiring the operation from Sumitomo Corp. in 2023, San Cristobal Mining has continued to focus on operational excellence, responsible mining practices and the advancement of long-term growth opportunities within the broader San Cristobal district.

In 2025, the San Cristobal mine produced approximately 17.6 million ounces of silver, 184,000 tonnes of zinc metal and 50,000 tonnes of lead metal, reinforcing its position as one of the world's leading silver-producing operations.

San Cristobal Mining is evaluating several opportunities to further unlock value within its extensive land package. These include advancing a silver oxide development project located within the district, continuing exploration programs and the assessment of additional growth initiatives designed to enhance the long-term value of the operation. SCM is also recognized for its strong commitment to environmental stewardship, water management, renewable energy initiatives and community engagement programs that support local communities throughout the region.

"We welcomed the opportunity to make this investment in San Cristobal Mining," said Roger Moss, president and chief executive officer of Labrador Gold. "The company owns a world-class producing asset with a long history of successful operations, significant silver exposure and a strong balance sheet. We believe San Cristobal Mining represents a unique opportunity to gain exposure to one of the most important silver-producing mining operations in the world with significant room to grow. We are pleased to make this the cornerstone of our portfolio."

The investment was made for investment purposes only. Leonidas Karabelas, a director of Labrador Gold, is also a director and officer of San Cristobal Mining. None of the selling shareholders is a non-arm's-length party of Labrador Gold within the meaning of the policies of the TSX Venture Exchange, and the transaction does not constitute a related party transaction within the meaning of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The board of directors of the company approved the transaction on the recommendation of the investment committee, with Mr. Karabelas declaring his interest and abstaining from deliberations and voting on the transaction.

Labrador Gold has no involvement in the management or operations of San Cristobal Mining and may, from time to time, increase or decrease its investment depending on market conditions and other factors.

About San Cristobal Mining Inc.

San Cristobal Mining operates one of the world's largest silver, zinc and lead mines through its wholly owned subsidiary, Minera San Cristobal SA, which is recognized for its scale, operational efficiency and commitment to responsible mining practices.

San Cristobal Mining's vision is to become the world's premier silver producer through the continued optimization and expansion of its operations in Bolivia, alongside the strategic acquisition and development of high-quality assets globally.

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 170,809,979 common shares issued and outstanding and trades on the TSX Venture Exchange under the symbol LAB.

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