Mr. Ian Klassen reports

GRANDE PORTAGE RESOURCES DEVELOPS CONCEPTUAL MINING PLAN

Further to its recently filed updated National Instrument 43-101 mineral resource estimate, Grande Portage Resources Ltd. has developed a conceptual mining plan to determine the optimal development pathway for its Herbert gold project located in southeastern Alaska.

To that end, earlier this year, the company engaged the services of OreLogic LLC, a consulting firm providing mine planning and project development services. OreLogic is led by Kyle Mehalek, formerly chief mining engineer at Hecla Mining's Greens Creek mine in southeastern Alaska, one of the largest and lowest-cost primary silver mines in the world.

The company's gold deposit, formerly known as the Herbert gold project, has been renamed the New Amalga mine project in recognition of the gold mining heritage of the local project area. The historic Amalga gold camp, located approximately four miles (6.5 kilometres) from the project site, produced tens of thousands of ounces of lode gold during the early 20th century. Today, little evidence remains from this once-bustling hub of mineral production, the site having been overtaken by the rapidly advancing temperate forest.

The conceptual mining plan evaluates the development of a selective underground mining operation that would extract high-grade material with minimal dilution. Due to the project's location near tidewater and less than four miles (6.5 kilometres) from existing paved highway, the company considers off-site processing to be the most favourable configuration and is investigating numerous business opportunities, including strategic partnerships, potential use of third party facilities around the Pacific Rim and direct shipment to smelters in East Asia.

The company's board of directors, management and its advisers assess that an offsite-processing configuration for the New Amalga mine is the optimal development pathway, providing a number of potential benefits, including:

• Elimination of the requirement to develop a tailings disposal facility near the mine; no tailings would be generated at the site;
• Elimination of the requirement for permanent waste rock storage facilities; all waste rock generated from mine access development would be returned to the underground workings for stope backfill;
• No use of gold processing reagents at the site;
• Dramatically reduced land usage and overall environmental footprint;
• Greatly simplified postmining closure and reclamation;
• Derisking of the environmental review and permitting process;
• Minimization of project construction capex (capital expenditure).

The scope of the company's conceptual mine plan includes underground mine design, underground development and production scheduling, surface facilities design and layout, ore transportation and logistics planning, ore marketing evaluation, and internal financial modelling. Use of real-world inputs and benchmarking against existing mining operations has been extensively applied.

Ian Klassen, president and chief executive officer, commented: "We are extremely pleased to deliver a few key milestone developments thus far in 2024. Our updated mineral resource estimate continues to confirm that the deposit has grown and is open to future expansion. Importantly, the deposit has continued to mature and expand whilst maintaining world-class high gold grades. The now completed conceptual plan was a comprehensive and time-consuming undertaking. The company wishes to thank OreLogic and Kyle Mehalek, in particular, for his vision, common-sense approach and underground mining development expertise. The plan is an important step forward to better understand how to best maximize this gold asset whilst continuing to focus on what's in the best interests of the local community and the regulatory regimes in southeast Alaska. Our commitment is to exceed all regulatory requirements and environmental expectations while also contributing to the local economy and creating valuable, long-term job opportunities for the hard-working residents of the Juneau area."

Grande Portage intends to continue to advance the New Amalga mine project using a direct shipping ore (DSO) platform, and, to that end, it expects to announce further steps in due course.

Kyle Mehalek, PE, is the qualified person within the meaning of NI 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 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. The Herbert 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 seven 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).

We seek Safe Harbor.