Mr. Kal Malhi reports

COLOURED TIES VIEWS LABRADOR GOLD'S CHOICE OF NEMO PROJECT AS VALUE-DESTRUCTIVE

Coloured Ties Capital Inc., one of the largest shareholders of Labrador Gold Corp., together with Kal Malhi and Rauni Malhi (the concerned shareholders), thank shareholders for the support they have received to date. The concerned shareholders are gratified that their case for change has been validated by so many fellow shareholders. It is clear that shareholders hold the board and management accountable for years of value destruction and strategic blunders. It is also clear that shareholders are not prepared to compound this abysmal record with a risky and pointless change of business -- for which the board has no experience or credible credentials for execution.

Highlights:

• Shareholder support: The concerned shareholders are gratified by the shareholder support they have seen to date -- clearly a groundswell wanting a meaningful shift from the board-led blunder-fest.
• Opportunities abound: Since making its case for change public, Coloured Ties has been presented with numerous, credible investment prospects. Credible leadership can find quality investment opportunities, the current board cannot.
• Remote grassroots exploration: The announced JV with Nemo Resource is a recipe for treasury destruction. Nemo pitched this deal to Coloured Ties in November, 2025, and it was rejected as it simply does not make economic sense for a junior mining company. This is further evidence of the board's inability to source and evaluate projects. The concerned shareholders believe this commodities cycle is crying for brownfield exploration projects to be developed in the short term, not in 20 to 30 to 40 years.
• Ignore board distraction; facts speak for themselves: As the harsh light of scrutiny has shone on the board, it has become dazed and desperate, resorting to flippant attempts to distract shareholders from the facts. Ignore the noise; facts speak for themselves. The board is responsible for value destruction and serial strategic blunders -- period.
• It is time for change: More of this leadership team equals more strategic blunders and value destruction. Only by voting the gold proxy or gold VIF (voting information form) will change ever occur at Labrador.

Prior to launching its public campaign for board change, the concerned shareholders were already under confidentiality agreements and in data rooms reviewing some attractive brownfield investment targets with very credible counterparties. Since their campaign started, the concerned shareholders have been approached by several other parties with similar, advanced-stage projects. Contrast this to the board being unable to find a single investment in 18 months. It goes to show that credible leadership can generate credible opportunities. Failed leadership tries to recycle failed opportunities, like the investment in Northern Shield Resources.

Case in point is the recently announced Moose Pasture investment and joint venture with Nemo Resources in Northern Ontario's Ring of Fire. There is no doubt that the Ring of Fire is a vast and prospective region for mineral exploration covering more than 5,000 square kilometres. Ryan Weston, PGeo, at Labrador was the lead geologist on the Eagle's Nest deposit, which has been under development since 2016. It is held by Wyloo Pty. Ltd., part of a multibillion-dollar diversified mining group, which can wait out the 20-to-30-year potential infrastructure timeline for the area. This underexplored, extremely remote region is not suitable for a junior miner, which is better suited to develop a near-term project than making a generational bet on a copycat project of a multibillion-dollar company. The Ring of Fire is also 500 kilometres north of Thunder Bay with scant infrastructure. The investment required to open up the region is estimated to exceed at least $2-billion. It is a generational opportunity for entities with massive capital reserves and patient investment horizons. It is wholly inappropriate for a junior company like Labrador and, like all greenfields, totally unnecessary when more advanced projects are available. Shareholders should consider the following points:

1. Coloured Ties evaluated the Watson project from Nemo Resources in the fall of 2025 and deemed it unsuitable for a junior exploration company to undertake.
2. The Watson project is a significant land package comprising 6,354 land claims. Exploration is required to maintain land claims and shareholders should be skeptical about Nemo's ability to do so and/or how much cash this will consume.
3. The initial investment of $2-million might cover the airborne aspect of exploration. Beyond that is hope, decades-long infrastructure build, and extremely expensive exploration with fly-in remote camps and limited exploration seasons. Shareholders should be skeptical that any infrastructure (roads, power and fuel supplies) will reach the Watson lands in the near term. Labrador's new release misleadingly refers to a road project commencing in 2026. Shareholders should be aware that this is just a $62-million upgrade to roads near the gateway to the Ring of Fire; it gets the shareholders nothing meaningful.

The board and management are clearly desperate and ill qualified to lead. As this campaign for meaningful change has unfolded, the board has become increasingly desperate to deflect attention away from its abysmal performance record. It has done so with wave after wave of personal attacks, voter intimidation tactics that border on vote rigging, and a lot of legal smoke and mirrors. In contrast to this frantic flapping, Coloured Ties remains calm, resolute and eager to defend its rights and those of all shareholders in court. The facts remain: This board, and no one else, is responsible for destroying the value of your investment and should not be trusted to continue to do so, or to pursue a reckless investment strategy for which they lack credible credentials. Only by voting the gold proxy or gold VIF can the concerned shareholders stop the path Labrador is on and restore it to a respected exploration and development company.

If you have any questions or require any assistance with your vote, please contact the concerned shareholders' strategic adviser, Advisense Partners, at 1-866-207-4819 (toll-free in North America), 1-437-783-3139 (outside North America) or by e-mail at engage@advisensepartners.com.

Disclaimer

The information contained or referenced herein is for information purposes only in order to provide the views of the concerned shareholders and the matters which the concerned shareholders believe to be of concern to shareholders described herein. The information is not tailored to specific investment objections, the financial situations, suitability or particular need of any specific person(s) who may receive the information, and should not be taken as advice in considering the merits of any investment decision. The views expressed herein represent the views and opinions of the Concerned Shareholders, whose opinions may change at any time and which are based on analyses of the concerned shareholders.

About Coloured Ties Capital Inc.

Coloured Ties is a publicly traded Canadian-based venture capital firm focused on early-stage investments in companies in the junior resources and breakthrough and disruptive technologies. Coloured Ties' investment strategy is to invest early in multiple private and public companies across a variety of sectors that merit investment to advance promising ventures globally. Coloured Ties invests early-stage in promising projects, serving as the founding or early-stage investor and providing investees with advisory services and access to the company's ecosystem.

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