Mr. Ian Klassen reports

GRANDE PORTAGE ANNOUNCES IMPORTANT DEVELOPMENTS FOR DIRECT ORE SHIPPING AT THE PROPOSED CASCADE POINT MARINE TERMINAL SITE NEAR JUNEAU, ALASKA

The Alaska Department of Transportation & Public Facilities (DOT&PF) is advancing infrastructure development at Cascade Point, the site of Grande Portage Resources Ltd.'s proposed ore shipping terminal as well as a proposed passenger ferry terminal.

The Cascade Point property is owned by Goldbelt Inc., an Alaska native corporation based in Juneau. Goldbelt and Grande Portage have an existing letter of intent to co-operate on advancing a freight barge terminal facility at the site, which would be utilized for transportation of ore from the company's new Amalga gold project to a third party processing facility (see Grande Portage press release dated Sept. 10, 2024).

Goldbelt also has an existing memorandum of understanding with the Alaska DOT&PF for advancing development of an Alaska Marine Highway System (AMHS) passenger ferry terminal at the site, which would significantly shorten the ferry route between Juneau and nearby communities.

Last week, the Alaska DOT&PF announced that it is initiating a design-build contracting process for phase 1 of the Cascade Point Passenger Ferry Terminal. The scope of work includes all earthworks and site preparation for the uplands area, procurement of materials for development of the marine area, construction of a replacement bridge to enable heavy equipment access to the site and construction of a new access road suitable for year-round use. Total value for this contract is estimated at $20-million (U.S.) to $30-million (U.S.).

Development of the ore terminal is not contingent on development of the passenger ferry terminal -- it can be developed prior to (and independently of) the passenger ferry facility. However, having the ferry terminal proceed first is highly advantageous as it would result in the development of infrastructure that will also be necessary for the ore terminal, particularly the new access road and bridge. This reduces the time and cost required for future ore terminal development.

Ian Klassen, president and chief executive officer, comments: "We are extremely pleased to see the State of Alaska advancing the Cascade Point Passenger Ferry Terminal towards construction. In the future, Grande Portage and Goldbelt intend to further develop the site by adding a freight barge terminal for transportation of ore from the new Amalga gold project to a third party processing facility. This dual use of the site will maximize the benefits to the local economy and create long-term job opportunities for the community of Juneau."

Kyle Mehalek, PE, is the qualified person within the meaning of National Instrument 43-101 and has reviewed and approved the technical disclosure in this release. Mr. Mehalek is independent of Grande Portage within the meaning of NI 43-101.

About Grande Portage Resources Ltd.

Grande Portage Resources is a publicly traded mineral exploration company focused on advancing the new Amalga mine project, the outgrowth of the Herbert gold discovery situated approximately 25 kilometres north of Juneau, Alaska. The company holds a 100-per-cent interest in the new Amalga property. The New Amalga gold system is open to length and depth and is host to at least six main composite vein-fault structures that contain ribbon structure quartz-sulphide veins. The project lies prominently within the 160-kilometre-long Juneau gold belt, which has produced over eight million ounces of gold.

The company's updated NI 43-101 mineral resource estimate (MRE) reported at a base case mineral resources cut-off grade of 2.5 grams per tonne gold (g/t Au) and consists of: an indicated resource of 1,438,500 ounces of gold at an average grade of 9.47 g/t Au (4,726,000 tonnes); and an inferred resource of 515,700 ounces of gold at an average grade of 8.85 g/t Au (1,813,000 tonnes), as well as an indicated resource of 891,600 ounces of silver at an average grade of 5.86 g/t Ag (4,726,000 tonnes); and an inferred resource of 390,600 ounces of silver at an average grade of 7.33 g/t silver (1,813,000 tonnes). The MRE was prepared by Dr. David R. Webb, PhD, PGeol, PEng (DRW Geological Consultants Ltd.), with an effective date of July 17, 2024.

About Goldbelt Inc.

Founded in 1973 and officially incorporated in 1974, Goldbelt is the urban corporation that represents the Juneau area. Goldbelt is an Alaska native corporation with a deep connection to both our ancestors and our children -- it remembers the stories and traditions of the past, while working to build a bright future for the company's shareholders in southeast Alaska and beyond.

Goldbelt's businesses are diverse and feature both federal government contracting and commercial operations, which serve the tourism, transportation and security industries. Goldbelt's government contracting subsidiaries offer solutions services in high-skill areas including information technology and cybersecurity, health care, and medical services.

We seek Safe Harbor.