Coloured Ties Files Circular and Sets the Record Straight

Executive Summary

• Coloured Ties Capital Inc., a major shareholder of Labrador Gold Corp., filed a dissident circular and will solicit proxies for the Feb. 24, 2026 shareholders’ meeting to replace the board and reject the proposed change of business.
• The Concerned Shareholders (Kal Malhi, Rauni Malhi, and Coloured Ties) own/control >8% of Labrador’s common shares and allege $2 M of cash was spent in two months on professional fees related to the Change of Business.
• They urge shareholders to vote FOR director removals, AGAINST the Change of Business resolution and name change, and FOR their nominated directors (Kulwant Malhi, Ronald Wortel, Jean Lafleur, Tara Asfour).

Key Details

• The dissident circular targets the annual and special shareholders meeting scheduled for February 24, 2026.
• Concerned Shareholders control >8% of Labrador’s outstanding common shares.
• They claim the board has destroyed shareholder value, citing negative total shareholder returns (TSRs) at all companies where directors have served.
• Alleged cash burn: $2 M spent since November 2025 on professional fees (lawyers, proxy solicitors) tied to the Change of Business.
• The proposed “Change of Business” would convert Labrador into an investment issuer—a strategy the Concerned Shareholders label risky, ill‑advised, and without economic justification.
• They criticize a planned private placement in Northern Shield Resources (NRN) at a 33 % premium to market, noting NRN’s history of write‑downs (10 times since 2014) and $11 M of asset impairments.
• The Concerned Shareholders assert no cash will be diverted to LaFleur Minerals or any related‑party transactions if their nominees are elected.
• Voting recommendations:
• FOR Director Removal resolution
• AGAINST Change of Business resolution and name change
• FOR fixing the board size at five directors
• FOR nominated directors: Kulwant Malhi, Ronald Wortel, Jean Lafleur, Tara Asfour
• Contact information for proxy assistance provided (Advisense Partners).

Notable Quotes

“Shareholders should remember: The Board has overseen massive value destruction… By contrast the Concerned Shareholders expect to have well‑advanced brownfield assets available from highly credible majors that are a better, less risky strategy.” – Kal Malhi, CEO, Coloured Ties Capital Inc.