Grande Portage Initiates Preliminary Economic Assessment and Receives Gold Payability Terms of Up to 87%

On October 20, 2025, Grande Portage announced two major advancements for its New Amalga Gold Project in Alaska. First, the company has formally initiated a National Instrument 43-101 Preliminary Economic Assessment (PEA), with a final report targeted for completion in mid-to-late February 2026. Second, it has received an indicative, non-binding term sheet from a leading global concentrate trading firm for the offtake of its gold ore. The key terms include gold payability ranging from 72% to 87%, with specified treatment and refining charges.

This news is materially positive and represents a significant de-risking milestone for Grande Portage. The initiation of a PEA is the logical next step after the 2024 resource update and successfully moves the project from the exploration stage towards economic evaluation.

More importantly, the indicative offtake terms provide critical third-party validation for the company's Direct-Ship Operation (DSO) strategy. Receiving strong payability terms (72% to 87% is considered excellent for a concentrate) from a major trading firm confirms the marketability of the New Amalga ore. This greatly increases the confidence in the potential revenue assumptions that will be used in the PEA, reducing a key variable in the economic model.

This announcement is a direct and successful follow-through on the company's stated strategy over the past year. The progression has been logical: 1. Update the resource estimate (June 2024). 2. Develop a conceptual DSO mining plan (September 2024). 3. Validate the DSO concept with positive ore-sorting results (April 2025). 4. Secure logistics partnerships (LOI for port access, September 2024). 5. Advance permitting and baseline studies (mid-2025). 6. Secure indicative offtake terms and launch the PEA (this news).

This consistent execution demonstrates management's ability to advance the project methodically. While the offtake terms are non-binding, they are a crucial input for the PEA and a very strong signal to the market that the DSO model is viable.

Grande Portage Resources Ltd. is a Canadian-based junior exploration company focused on its 100%-owned New Amalga Gold Project (formerly Herbert Gold Project) located near Juneau, Alaska. The project is situated within the prolific Juneau Gold Belt, which has historically produced over eight million ounces of gold. The project hosts a high-grade NI 43-101 compliant resource of 1,438,500 ounces of gold in the indicated category (at 9.47 g/t) and 515,700 ounces in the inferred category (at 8.85 g/t). The company's strategy is to advance the project as a low-capex, small-footprint, underground Direct-Ship Operation (DSO), avoiding the need for an on-site processing plant and tailings facility.