Grande Portage upbeat about New Amalga "payability"

Executive Summary

• Grande Portage Resources has initiated a NI 43-101 Preliminary Economic Assessment (PEA) for its New Amalga gold project in southeast Alaska, following the receipt of strong indicative offtake terms.
• The company received indicative ore offtake terms from a global concentrate trading firm, confirming gold payability of 72% to 87% (typically 80% to 85% with sensor-based sorting), validating the marketability of the ore for third-party processing.
• The development concept envisions a small-footprint underground mining operation with third-party offsite processing, eliminating the need for an on-site mill or tailings storage facility, which aims to reduce capital costs and de-risk regulatory approvals.

Key Details

• Resource Estimate: The project hosts a high-grade mineral resource of 1.4 million ounces of gold (indicated) and 500,000 ounces (inferred), remaining open to expansion.
• Offtake Terms:
  • Gold payability ranges from 72% to 87% depending on shipment grade.
  • Typical payabilities expected between 80% and 85% when incorporating sensor-based ore sorting.
  • Marketability confirmed for Asian base metal smelters, custom concentrate facilities, roasting operations, and leach plants.
  • Treatment and Refining Charges (TC/RCs): Copper benchmark treatment charge plus $95 per tonne and a $10 per contained gold ounce refining charge.
• PEA Timeline:
  • Initial draft PEA anticipated in early to mid-January.
  • Final completion targeted for mid- to late-February 2026.
• Consultant Team:
  • Core Geoscience LLC: Environmental, permitting, social, and community impacts.
  • DRW Geological Consultants Ltd.: Geological setting, mineralization, and resource estimates.
  • Mine Development Associates (Respec Inc.): Capital and operating costs.
  • OreLogic LLC: Mining methods, recovery, infrastructure, market studies, and economic analysis.
  • SRK Consulting Inc.: Geotechnical and hydrogeological studies.
• Technical Personnel: Kyle Mehalek, PEng, is the Qualified Person (QP) who has reviewed and approved the technical disclosure.

Notable Quotes

• "The excellent gold payabilities in this indicative term sheet attest to the marketability of the New Amalga ore as a highly desirable feedstock for third party processing facilities. This validates our strategy for developing the deposit as a DSO direct-ship operation, which will greatly reduce capital costs by avoiding the need to construct a processing plant at the site, while de-risking the regulatory approval process by eliminating the requirement for a tailings storage facility." — Ian Klassen, President and CEO