Dr. Rebecca Hunter Joins Forum Exploration Team; Gravity Survey Completed on Nunavut Uranium Project (2022)

Labrador Uranium Inc. (" LUR ", " Labrador Uranium ", or " the Company ") (CSE: LUR, OTCQB: LURAF, FRA: EI1) is pleased to announce that it has signed a definitive purchase agreement (the "Agreement") with Beaconsfield Ventures Ltd. ("Beaconsfield") to acquire (the "Acquisition") 100% interest in the Anna Lake Project (License No. 34834M) and the Moran Lake B-Zone prospect (License No. 027543M), (together, the "Assets"). The Assets are two strategically located properties within the Central Mineral Belt ("CMB") that provide LUR with new exploration targets with known mineralization (Figure 1).

Pursuant to the Agreement signed on October 13, 2022, LUR has agreed to acquire the Assets in exchange for the issuance of 5,000,000 common shares of LUR (the "Common Shares"). Price per share shall be determined on the closing date of the acquisition, currently anticipated to be November 1, 2022. As part of the Acquisition, LUR will also assume Beaconsfield's obligations to pay an existing 2% net smelter royalty with respect to the Assets to a third party. The Common Shares issued pursuant to the Acquisition are subject to approval of the Canadian Securities Exchange and will be subject to a hold period expiring four months and one day from the date of issuance.

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