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On February 9, 2026, Labrador Gold Corp. signed an agreement with Nemo Resources Inc. to create a joint venture through Elementary Minerals Inc. for exploring the Watson Project in the Fort Hope Greenstone Belt, covering 127,100 hectares. This area is less explored compared to the Red Lake and Pickle Lake belts.

The focus will be on gold, but there is potential for critical minerals like antimony, nickel, copper, and zinc. The planned road to the Ring of Fire is expected to start construction in mid-2026, significantly lowering exploration costs.

Nemo will operate the joint venture, with a board comprising representatives from both companies. Labrador Gold will invest $1.5 million in Elementary for exploration.