Mr. Ian Klassen reports

GRANDE PORTAGE RESOURCES ANNOUNCES C$5MILLION INVESTMENT BY ERIC SPROTT

Grande Portage Resources Ltd. has arranged a non-brokered private placement offering of 20 million units of the company at a price of 25 cents per unit for aggregate gross proceeds of $5-million to be completed with Eric Sprott, through 2176423 Ontario Ltd., who will subscribe for the entire offering. Each unit will consist of one common share and one-half of one common share purchase warrant, with each whole warrant being exercisable to purchase one common share at a price of 35 cents per common share for a period of two years from the date of grant.

The company intends to use the net proceeds raised from the offering for exploration and development of the New Amalga gold deposit as well as general working capital. The securities issued under the offering will be subject to a four-month-plus-one-day hold period. Closing of the offering is subject to customary closing conditions, including final approval of the TSX Venture Exchange. In addition, Mr. Sprott will covenant not to exercise any of the warrants if such exercise will result in him holding in excess of 19.99 per cent of the outstanding common shares of the company, until the company has obtained the shareholder approval for him to become a new control person (as such term is defined in the policies of the TSX Venture Exchange).

Ian Klassen, president and chief executive officer, commented: "We are very pleased to see Mr. Sprott increase his equity position in Grande Portage, where he continues to be our largest shareholder. His ongoing support has enabled the company to advance our high-grade gold project through successive drilling campaigns, baseline pre-NEPA [National Environmental Policy Act] studies, and preparations for next quarter's PEA [preliminary economic assessment]. This latest capital infusion is significant, positioning the company to end the year with approximately $10-million in working capital -- our strongest financial position to date -- as we continue to advance the development of the New Amalga gold project in southeast Alaska."

The New Amalga gold project remains open to expansion in multiple directions and hosts an indicated resource of 1,438,500 ounces of gold at an average grade of 9.47 grams per tonne gold (4,726,000 tonnes) and an inferred resource of 515,700 ounces of gold at an average grade of 8.85 grams per tonne gold (1,813,000 tonnes) with an effective date of July 17, 2024. The current development concept envisions a small-footprint underground mining operation with third party off-site processing, eliminating the need for an on-site mill or tailings storage facility.

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 property 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 reported at a base-case mineral resources cut-off grade of 2.5 grams per tonne gold and consists of: an indicated resource of 1,438,500 ounces of gold at an average grade of 9.47 grams per tonne gold (4,726,000 tonnes) and an inferred resource of 515,700 ounces of gold at an average grade of 8.85 grams per tonne gold (1,813,000 tonnes) as well as an indicated resource of 891,600 ounces of silver at an average grade of 5.86 grams per tonne silver (4,726,000 tonnes) and an inferred resource of 390,600 ounces of silver at an average grade of 7.33 grams per tonne silver (1,813,000 tonnes). The mineral resource estimate was prepared by Dr. David R. Webb, PhD, PGeol, PEng (DRW Geological Consultants Ltd.) with an effective date of July 17, 2024. Additional information on the New Amalga mine project is available in the technical report titled "Technical Report of the Herbert Gold Property, Juneau District, Southeast Alaska," dated July 17, 2024, which is available under Grande Portage's SEDAR+ profile.

We seek Safe Harbor.