08:17 AM EDT, 04/04/2025 (MT Newswires) -- Labrador Gold ( NKOSF ) said Friday that it is pursuing a gold project after boosting its cash position to $18.1 million.

Labrador said it reviewed more than 40 projects primarily in Canada and has narrowed its search to a select group of promising candidates.

"With a strong cash position of approximately $18.1 million, LabGold is in a highly advantageous position to execute on its strategy of securing a significant gold project and advancing it through methodical and value-driven exploration," CEO Roger Moss said.

The company raised $12.2 million from the sale of New Found Gold ( NFGC ) shares that the company acquired from the sale of the Kingsway project to New Found Gold ( NFGC ) in 2024.

Labrador said it sold the full 5.3 million shareholding at an average price of $2.322 per share over four months.

Labrador also received $126,804.71 from the Newfoundland and Labrador government's Mineral Incentive Program - Junior Exploration Assistance following its successful 2024 exploration program at the Hopedale project in Canada.

"We remain enthusiastic about the opportunities ahead and are committed to delivering value to our shareholders," Moss said.