Grande Portage Signs Definitive Commercial Agreement with Ocean Partners (UK) Limited for New Amalga Gold Offtake
Grande Portage advances the New Amalga project toward 2031 with an Ocean Partners offtake agreement and a $25 million credit facility.
Grande Portage Resources Ltd. has entered into a definitive commercial agreement with Ocean Partners (UK) Limited for the sale of up to 100% of production from the New Amalga property for the first seven years of commercial operation. The deal includes a US$25 million revolving credit facility, which is subject to conditions precedent including confirmatory due diligence and legal documentation.
The New Amalga project is currently in the final stages of baseline studies, with the company intending to submit a mining Plan of Operations to the US Forest Service in Q1 2027 to initiate the federal NEPA environmental review. This direct shipping ore (DSO) platform strategy avoids an onsite processing plant and tailings facility to minimize CAPEX and expedite permitting. Mineral resources remain at 1,438,500 oz Indicated Au @ 9.47 g/t and 515,700 oz Inferred Au @ 8.85 g/t (effective July 17, 2024).
Grande Portage Resources Ltd. (GPG) announced on October 1, 2026, the definitive closing of the binding term sheet originally announced on June 25, 2026. The market was already aware of the Ocean Partners partnership, the $6 million equity investment, and the $25 million construction loan/offtake structure. This announcement confirms the execution of previously disclosed terms and adds legal certainty to the offtake and credit facility. No new strategic shifts, pricing changes, or unexpected milestones are introduced. The news is expected, incremental, and serves as a procedural follow-up to the June announcement. Impact on stock price is likely contained within current consolidation ranges unless accompanied by significant volume or broader market catalysts.
Grande Portage Resources Ltd. is a pre-revenue junior explorer focused on the New Amalga Gold Project in Southeast Alaska, approximately 20 miles north of Juneau. The flagship project utilizes a small-footprint underground mining concept with sensor-based ore sorting and third-party offsite processing. This direct-shipping ore (DSO) model eliminates the need for an onsite mill, tailings storage facility, and permanent waste rock storage.
A preliminary economic assessment (PEA) dated February 11, 2026, projects a 7-year mine life with 1.05 million ounces of gold production. At a base case gold price of $3,200/oz, the project yields an after-tax net present value (NPV) of $721 million and an internal rate of return (IRR) of 56%. The development timeline targets a National Environmental Policy Act (NEPA) submission in the first quarter of 2027, state and federal authorizations by mid-2029, and initial production in 2031.