Mr. Ian Klassen reports

GRANDE PORTAGE ANNOUNCES BINDING COMMERCIAL OFFTAKE AGREEMENT WITH C$6 MILLION EQUITY FINANCING AND US$25 MILLION CONSTRUCTION LOAN, WELCOMES OCEAN PARTNERS AS NEW STRATEGIC CATALYST FOR THE NEW AMALGA GOLD PROJECT

Ocean Partners U.K. Ltd. has entered into binding term sheets with Grande Portage Resources Ltd. to provide a commercial offtake agreement and equity investment and make available a construction loan and overrun facility to assist with advancing the New Amalga gold project. This partnership presents Grande Portage with greater certainty and flexibility as the project is advanced to production.

Strategic partnership components:

• Commercial offtake agreement for up to 100 per cent of production for first seven years of commercial operation;
• Equity investment of $6-million at an above-market financing price;
• Construction loan and overrun facility of up to $25-million (U.S.), subject to formal documentation and financing/development milestones being met.

Ian Klassen, chief executive officer of Grande Portage, commented: "We are delighted to advance this partnership with Ocean Partners. Moving to a definitive commercial offtake agreement solidifies our mutual recognition and commitment to responsible development at the high-grade New Amalga gold project in southeast Alaska. This is strong validation of our project's robust economics as outlined in our recently filed PEA [preliminary economic assessment] and our vision to develop the mine using a direct-ship platform. The substantial above-market equity infusion and the construction loan and overrun facility further unite our two companies with the common goal of responsibly developing Alaska's next underground gold mine."

Brent Omland, chief executive officer of Ocean Partners, remarked: "We are delighted to forge this important partnership with Grande Portage Resources. Their New Amalga gold project has all the right ingredients for success: a direct shipping ore platform that avoids an onsite processing plant and tailings facility to minimize capex and expedite permitting, an expandable high-grade gold resource, and the potential for rapid return on investment capital. We are excited to be working with the team at Grande Portage and look forward to seeing the New Amalga gold project emerge as one of Alaska's next underground gold mines."

Structure of the partnership

The Grande Portage partnership provides significant synergies with Ocean Partners' metal trading operations. The sorted mine production will be sold directly to Ocean Partners, eliminating the need for a processing and tailings disposal facility at the New Amalga mine site. This reduces operating cost, capital cost and regulatory complexity.

To fortify the partnership, the two companies have signed a binding term sheet, subject to definitive documentation, which includes an equity investment in Grande Portage of $6-million and a $25-million (U.S.) construction loan and overrun facility, in return for the seven-year commercial offtake agreement. The equity stake will make Ocean Partners the second-largest shareholder of the company after Eric Sprott.

The construction loan and overrun facility of $25-million (U.S.) is intended to be utilized for late-stage construction, working capital and cost-overruns. The commercial offtake agreement provides certainty regarding metal payabilities and deductions at various product grades, which can be used to optimize economic studies (PEA to FS (feasibility study)) and also includes flexible termination rights.

Construction loan and overrun facility

The $25-million (U.S.) construction loan and overrun facility key features include:

• Term: 24 months from initial drawdown period;
• Availability within six months of commercial production;
• Repayment: nine-month grace period followed by 15 equal monthly instalments;
• Interest rate: 12-month SOFR (secured overnight financing rate) plus 7 per cent;
• Early repayment fee of 1 per cent;
• Subject to conditions precedent, including completion of confirmatory due diligence and legal documentation.

New Amalga gold project development schedule

The company's New Amalga gold project has entered its second year of comprehensive environmental studies with an intention to formally initiate the U.S. federal environmental review process (NEPA) in early 2027. Concurrently with State of Alaska permitting and consultation with Alaska native tribal governments, the project seeks to obtain all authorizations by mid-2029 and then promptly begin construction, targeting initial production in 2031.

Equity investment

Ocean Partners has agreed to subscribe for $6-million in units of the company. The units will be issued pursuant to a subscription agreement at a price of 45 cents per unit, with each unit to comprise one common share of Grande Portage and one-half of one common share purchase warrant of Grande Portage. The warrants will have an exercise price of 60 cents per common share, will have a term to expiry of 24 months from the date of issue, and will accelerate and automatically expire within 10 business days if the Grande Portage common shares close for trading on the TSX Venture Exchange at 70 cents or higher for five or more consecutive trading days.

All common shares of Grande Portage issued to Ocean Partners, including those issued on exercise of the warrants, will be subject to a 24-month contractual hold period and shall not be traded, subject to certain customary exceptions.

The net proceeds from the sale of the units pursuant to the equity financing are expected to be used for development activities, study work, permitting activities, and working capital and general corporate purposes. The equity financing is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals, including the acceptance of the TSX-V. The securities issued pursuant to the equity financing will be subject to a statutory four-month hold period.

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 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 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 MRE 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 "Preliminary Economic Assessment for the New Amlga Gold Project, Juneau District, Southeast Alaska," dated Feb. 11, 2026, which is available under Grande Portage's SEDAR+ profile.

We seek Safe Harbor.