Labrador Uranium Inc. (CNSX:LUR) entered into an agreement to acquire Angilak Property located in Nunavut Territory, Canada from ValOre Metals Corp. (TSXV:VO) for CAD 43 million on March 13, 2023. ValOre will receive CAD 3,000,000 in cash and 100,000,000 common shares of LUR at a deemed price of CAD 0.40 per share. As of April 5, 2023, Labrador Uranium has appointed John Jentz as Chief Executive Officer, Philip Williams will be stepping down as Interim Chief Executive Officer, effective immediately but will continue to serve as Executive Chairman and a Director of the Company. In addition to shareholder and court approvals, closing of the Arrangement is conditional upon the completion of the Concurrent Private Placement (as described below), receipt of applicable regulatory and stock exchange approvals and the satisfaction of certain other closing conditions customary in transactions of this nature. The Arrangement Agreement has been unanimously approved by the Board of Directors of each of LUR and ValOre, including, in the case of ValOre, following, among other things, the receipt of the unanimous recommendation of a special committee of independent directors of ValOre. Canaccord Genuity provided an opinion to the Board of Directors of ValOre. Under the terms of the Arrangement Agreement, LUR and ValOre have agreed to nominate two directors of ValOre, one of which shall include Mr. Jim Paterson, the current Chairman and Chief Executive Officer of ValOre, for election to the Board of Directors of LUR at the next annual general and special meeting of holders of LUR Shares (the “LUR AGM”), which is anticipated to be held during the second quarter of 2023, such election to be conditional upon completion of the Arrangement. In addition, at the LUR AGM, LUR will also seek approval from LUR shareholders to authorize LUR to change its name to “Latitude Uranium Inc.” (the “Name Change”), conditional upon completion of the Arrangement. As of May 15, 2023, ValOre Metals shareholders approved the acquisition. As of April 5, 2023; Labrador Uranium Inc. has closed the Concurrent Private Placement of gross proceeds CAD 12.566 million, which will be used to complete the 2023 exploration program of the Angilak Property and for working capital and general corporate purposes. On May 17, 2023, ValOre received the final approval of the Supreme Court of British Columbia for the Transaction. As of June 13, 2023 regulatory approval has been received. The transaction is expected to close in the second quarter of 2023. As of June 13, 2023, The closing of the Transaction is anticipated to occur on June 19, 2023. Lawson Lundell LLP acted as Nunavut counsel to LUR. Farris LLP acted as legal advisor to ValOre Metals Corp. Canaccord Genuity Corp. acted as financial advisor and provided fairness opinion to ValOre Metals Corp. Cathy Mercer, Tera Li Parizeau and Davit Akman of Cassels Brock & Blackwell LLP acted as legal advisors for LUR.

Labrador Uranium Inc. (CNSX:LUR) completed the acquisition of Angilak Property located in Nunavut Territory, Canada from ValOre Metals Corp. (TSXV:VO) on June 19, 2023. In addition, in connection with the completion of the Arrangement, Labrador Uranium intends to change its name to “Latitude Uranium Inc.”. As on June 27, 2023, Labrador Uranium Inc. changed it's name to Latitude Uranium Inc. and it will commence trading on the Canadian Securities Exchange under the new name effective as of the open of markets two or three business days. The Name Change was approved by the Company’s shareholders at the Meeting. As a result of the completion of the Arrangement, Jim Paterson, ValOre’s Chairman and Chief Executive Officer, and Robert Carpenter, have been appointed to the board of directors of Labrador Uranium (the “Board”). Each of Jim Paterson and Robert Carpenter were elected to the Board at the annual and special meeting of the Company’s shareholders held on May 31, 2023 (the “Meeting”), subject to completion of the Arrangement. Cassels Brock & Blackwell LLP acted as legal counsel to Labrador Uranium and Red Cloud Securities, Inc. acted as financial advisor to Labrador Uranium in connection with the Arrangement. In connection with closing of the Arrangement, Labrador Uranium has paid Red Cloud an advisory fee of CAD 600,000, satisfied through the payment of CAD 300,00 in cash and the issuance of 709,219 common shares of LUR at a deemed price of CAD 0.423 per share.