Mr. Ian Klassen reports

GRANDE PORTAGE RESOURCES FINANCING UPDATE

Grande Portage Resources Ltd. is clarifying that, further to its news release dated Feb. 5, 2020, it has now issued 4,297,122 units, as opposed to 4,290,537 as previously announced, at a price of 12 cents per unit for gross proceeds of $515,655 with all securities issued having a four-month hold period, which expires on June 6, 2020.

As such, the company paid an aggregate of $14,920 in cash and issued 128,419 finders' warrants in connection with this offering. Each finder's warrant entitles the holder to acquire one common share of the company at 16 cents per share for 18 months from the date of closing. The finders' warrants are issued on the same terms and conditions as the private placement warrants.

The net proceeds of the offering will be used to advance exploration activities at the company's Herbert gold property, located in southeast Alaska, as well as for general working capital.

In addition, the company announces that, subject to TSX Venture Exchange approval, it has granted incentive stock options to a consultant to purchase up to 50,000 common shares exercisable on or before Feb. 20, 2023, at a price of 25 cents per share.

About Grande Portage Resources Ltd.

Grande Portage is a publicly traded mineral exploration company focused on the Herbert gold discovery, situated approximately 25 kilometres north of Juneau, Alaska. The company holds a 100-per-cent interest in the Herbert property.