Business Plan
Transforming LabGold from a mining issuer to a mining/investment issuer
LabGold is well-capitalized with a strong balance sheet that creates a unique opportunity to transition LabGold from a pure mining issuer to a mining/investment issuer focused on the resource space. The Company intends to make resource investments in public and private companies and projects where appropriate, combining core positions with opportunistic earlier-stage investments to create long-term shareholder value.
The Company will leverage the industry knowledge of its Board, management and advisors to identify opportunities with significant upside potential and structure investments and transactions to create value for shareholders. Investments will be made across the project development spectrum with a focus on management team, safe jurisdictions, quality of project and industry relationships.
Access to Unique Investment Opportunities
One of LabGold’s central objectives is to provide Shareholders with access to opportunities that are
not easily available in the public markets. These include:
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Private Companies: Select investments in private resource businesses where LabGold can negotiate attractive entry points and favorable structures.
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Early-Stage Opportunities: Investments in exploration-stage companies where LabGold can participate on terms comparable to founders, creating founder-level upside for Shareholders.
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Undervalued Public Companies: Targeting listed resource companies trading at deeply discounted valuations, where LabGold’s capital and activist engagement can help surface hidden value.
By combining exclusive early-stage access with public market investments, LabGold’s activist
investments will give Shareholders exposure to a mix of liquid, undervalued public equities and higherupside
private or early- stage opportunities — a combination that is typically only available to
institutional or private fund investors.
Competitive Advantage
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Liquidity with Stability: Investors retain liquidity via LabGold shares, while LabGold’s capital
base remains permanent.
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Structured Growth: Start with an initial $4M allocation into at least two investee companies,
with a plan to raise additional capital to scale the model.
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Thought Leadership: Leverage the Company’s research and social media following to amplify
visibility and attract investors.
Funding Mechanics
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Initial deployment of $4M from existing cash balance will be allocated into at least two resource company investments, establishing LabGold’s role as an active investment company.
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These initial investments will demonstrate the approach and provide proof of concept.
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After the first deployment, additional capital will be raised to replenish the treasury.
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With expanded capital, LabGold will make equity investments in a core of resource companies where deemed appropriate, continue exploration on its projects and seek other properties for acquisition, option or joint venture.
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Up to 20% of available funds will be allocated to opportunistic, higher-risk juniors or structured opportunities.
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10–15% of available funds will be maintained for corporate expenses and tactical moves.
Holding Periods
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Core positions are expected to be multi-year investments subject to market conditions and possible liquidity events.
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Opportunistic positions may be shorter in duration but focused on high upside.
Value Creation Approach
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Active Engagement: Take meaningful stakes and act as a catalyst for value
realization.
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Activist Investor Role: Use board influence, governance improvements, and technical expertise
to unlock hidden value.
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Expert Network: Leverage network of industry specialists (geologists, financiers strategists) for due diligence and deal sourcing.
Expected Outcomes
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Transition of LabGold into a mining/investment issuer focused on the resource space.
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Deploy $4M from current cash into at least two investee companies to prove concept, then raise additional capital to scale.
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Build core investment and property holdings while maintaining up to 20% of available funds for opportunistic junior and early-stage deals.
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Provide investors with a liquid, transparent, and diversified platform for participation in the Company’s resource assets and investments.
Bolstered Combined Management Team Along with Key Board Additions
Upon closing, several members of the New Gold management team are expected to join Coeur to create a stronger and more resilient organization. Additionally, current New Gold President, Chief Executive Officer and Director, Patrick Godin, and one other current New Gold Director will join Coeur's board of directors upon closing of the Transaction.
"This transaction provides clear and compelling benefits for New Gold and Coeur shareholders by bringing together two companies with similar cultures to create a stronger, more resilient, and larger scale precious metals mining company," said Mitchell J. Krebs, Coeur's Chairman, President and Chief Executive Officer. "Both companies are in the early stages of generating significant cash flow after several years of heavy investment. We believe this is an extraordinary opportunity to create an unrivaled North American-only, mining powerhouse at just the right time.
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"With the addition of New Gold's two Canadian operations to our five current operating mines we expect to generate approximately $3 billion of EBITDA and approximately $2 billion of free cash flow in 2026 at significantly lower overall costs and higher margins. Just two years ago, Coeur's full-year EBITDA totaled $142 million and its free cash flow was ($297) million. Even comparing to our expected approximate $1 billion of EBITDA and $550 million of free cash flow in 2025 highlights the extent to which this transaction helps accelerate Coeur's ongoing repositioning as a larger, more resilient, lower cost, and lower risk company. ​​
Patrick Godin, President, Chief Executive Officer and Director of New Gold said "Today is a monumental day for New Gold and the culmination of diligent focus by the team on operational and development work that has transformed New Gold into the financially strong and significant free cash flow generating company it is today. A combination with Coeur unlocks the next level of potential for our shareholders, uniting with a company of similar financial strength and cash flow generation while also gaining exposure to a larger scale, diversified portfolio with new long-life assets and immense exploration potential. Together, we will be a cash flow powerhouse, leaping above larger peers, with significant exploration upside and the potential to significantly extend mine life and grow net asset value per share.
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"The combination will provide New Gold shareholders with value from combined operational synergies including rapidly unlocking the potential of K-Zone at New Afton and the exploration potential of Rainy River while also diversifying our asset base by adding five high quality precious metals operations with significant upside. I strongly believe in the potential of the pro forma company, which is why I am keen to join the Board, as we embark on the next stage in the evolution of both companies as a new, all North American senior precious metals company, one that is unique in our industry."
The current services provided by Gore will not change. The insurance products and services you currently receive will continue to be offered as they are now.
Why am I receiving these proxy voting materials?
As a longstanding mutual policyholder of Gore, you are a Member, and Members have the right to receive notice of Member meetings, attend Member meetings, and vote on matters at Member meetings.
When and where is the Meeting being held?
The Meeting of Members is being held on October 30, 2025 at 3:00 p.m. (Eastern Daylight Time) at Gore’s Head Office at 252 Dundas Street North, Cambridge, Ontario.
How did I become a member?
Gore customers who have been with Gore for ten (10) consecutive years or more and who hold a homeowners’, condo and/or tenants’ policy with Gore automatically become Members. Members govern Gore by electing directors, appointing an auditor and voting on other business and have the option of receiving notices to Member meetings and receiving materials.
Who is eligible to vote at the meeting? 
Only the Company’s Members of record at the close of business on September 30, 2025 are entitled to receive notice of, and to vote at, the Meeting and any adjournment or postponement thereof. 
How can I vote?
Enclosed with your Circular is a form of proxy. You can vote:​
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By internet at the following website www.MyProxyOnline.com/gore and enter your control number
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On your smartphone by scanning the QR code on your form of proxy
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By telephone by contacting Kingsdale Advisors at 1-866-581-1479; or
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By mail by returning the completed, dated and signed proxy form to Kingsdale Advisors, in the envelope provided for that purpose.
If you have any questions or need assistance voting, please contact Kingsdale Advisors at 1-866-581-1479 (toll free in North America), or at 647-251-9741 (call or text), or by email at goremember@kingsdaleadvisors.com.
How do I get my control number if I don’t have it?
Your control number is located on your form of proxy at the top of the page on the right-hand side. If you no longer have your form of proxy, please contact Kingsdale Advisors at 1-866-581-1479 (toll free in North America), or at 647-251-9741 (call or text) or via email at goremember@kingsdaleadvisors.com and a Member Engagement Specialist will assist you with retrieving your control number.
When do I have to vote by?
Your completed proxy must be received by mail, voted online or by telephone on or before 5:00 p.m. (Eastern Daylight Time) on October 20, 2025, or if the Meeting is adjourned, no later than 5:00 p.m. (Eastern Daylight Time) on the day that is the tenth day preceding the day to which the Meeting is adjourned.
How many votes is a Member entitled to vote at the meeting?
Each Member, regardless of the number of mutual policies held, is entitled to one (1) vote at the Meeting. If one or more Qualifying Policies is/are issued in the joint names of two or more Members, one (and only one) of the joint Members may cast one vote in respect of the joint Qualifying Policy or Policies held between them. The Company’s By-laws provide that any one of the joint Members present at the Meeting, or represented by duly appointed proxy, may vote in the absence of the other or others, but that if more than one of them is present at the Meeting, either in person or by duly appointed proxy, only the person whose name first appears on the policy, or the duly appointed proxy of such first-named person, as the case may be, is entitled to vote.
What happens if I send in my proxy without specifying what/for whom to vote?
If no choice is specified in the proxy with respect to a matter to be acted upon and the Member has appointed one of the designated persons named in the form of proxy, the proxy confers discretionary authority with respect to that matter upon the designated persons named in the form of proxy and it is intended that the designated persons will vote the proxy in favor of all matters identified in the proxy and any other matters proposed by the Company at the Meeting.
Who can help answer my questions?
If you have any questions or need assistance voting, please contact Kingsdale Advisors at 1-866-581-1479 (toll free in North America), or at 647-251-9741 (call or text), or by email at goremember@kingsdaleadvisors.com.