Labrador Gold provides update on sale of Kingsway Project

Labrador Gold announces that further to its press release dated April 22, 2024, the Company is providing an update on the sale of the Kingsway Project as required by the policies of the TSX Venture Exchange. Pursuant to the Definitive Agreement with New Found Gold, NFG, NFG will acquire a 100% interest in the Kingsway Project, including all property and mining rights associated with the property, in exchange for $20,000,000 CAD payable and satisfied by the delivery to LabGold of such number of NFG Common Shares determined by dividing the Purchase Price by the closing price of the NFG Common Shares on the last trading day prior to the closing of the Transaction. The Consideration Shares will be subject to a resale restriction of four months and one day from the closing of the Transaction.