Quarterly Report for the Period Ended July 31, 2025

Index Page

Management's Responsibility for Financial Reporting 2

Condensed Consolidated Interim Statements of Financial Position 3

Condensed Consolidated Interim Statements of Comprehensive Loss 4

Condensed Consolidated Interim Statements of Changes in Equity 5

Condensed Consolidated Interim Statements of Cash Flows 6

Notes to the Consolidated Financial Statements 7 - 14

MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING

The financial statements and all information in the quarterly report are the responsibility of the Board of Directors and management. These financial statements have been prepared by management in accordance with International Financial Reporting Standards. Management maintains the necessary systems of internal controls, policies and procedures to provide assurance that assets are safeguarded and that the financial records are reliable and form a proper basis for the preparation of financial statements.

The Board of Directors ensures that management fulfils its responsibilities for financial reporting and internal control through an Audit Committee. This committee, which reports to the Board of Directors, meets with the independent auditors and reviews the financial statements.

The financial statements for the nine-month period ended July 31, 2025 and 2024 are unaudited and prepared by Management.

The Company's independent auditor has not performed a review of these condensed consolidated interim financial statements in accordance with standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditor.

"Ian Klassen" (signed) "Michele Pillon" (signed)

Ian Klassen Michele Pillon

President, CEO and Director Chief Financial Officer

Vancouver, British Columbia September 26, 2025

(Expressed in Canadian Dollars)

"Ian Klassen" Director "Alistair MacLennan" Director Ian Klassen Alistair MacLennan

The accompanying notes are an integral part of these consolidated financial statements.

(Expressed in Canadian Dollars)

The accompanying notes are an integral part of these consolidated financial statements.

(Expressed in Canadian Dollars)

The accompanying notes are an integral part of these consolidated financial statements.

(Expressed in Canadian Dollars)

The accompanying notes are an integral part of these consolidated financial statements.

1. NATURE OF OPERATIONS AND GOING CONCERN

   Grande Portage Resources Ltd. (the "Company") was incorporated under the Business Corporations Act of British Columbia. The Company is an exploration-stage public company, whose principal business activities are the exploration for and development of natural resource properties, namely gold in Alaska. The Company's shares are listed for trading on the TSX Venture Exchange under the symbol GPG, on the OTCQB (symbol: GPTRF), and on the Frankfurt exchange (symbol: GPB).

   The address of the Company's corporate office and principal place of business is #1050 - 1090 West Georgia Street, Vancouver, British Columbia, V6E 3V7.

   The Company is in the process of exploring its exploration and evaluation assets and has not yet determined whether they contain reserves that are economically recoverable. The recoverability of amounts shown for exploration and evaluation assets is dependent upon the discovery of economically recoverable reserves, confirmation of the Company's interest in the underlying mineral claims, the ability of the Company to obtain necessary financing to complete the development and upon future profitable production or proceeds from the disposition thereof.

   The Company incurred a net loss and comprehensive loss of $823,274 (2024 - $828,167) for the nine months ended July 31, 2025, and has an accumulated deficit of $25,117,175 (October 31, 2024 - $24,293,901) which has been funded primarily by the issuance of equity. The Company's ability to continue as a going concern is dependent upon the generation of profits from exploration and evaluation assets, obtaining additional financing or maintaining continued support from its shareholders and creditors. These factors indicate the existence of a material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern. While the Company has been successful in obtaining financing in the past, there is no assurance that such financing will continue to be available or be available on favourable terms in the future. An inability to raise additional financing may impact the future assessment of the Company as a going concern. In the event that additional financial support is not received or operating profits are not generated, the carrying values of the Company's assets may be adversely affected.

   These consolidated financial statements do not give effect to any adjustments which would be necessary should the Company be unable to continue as a going concern and therefore be required to realize its assets and discharge its liabilities in other than the normal course of business and at amounts different from those reflected in the accompanying consolidated financial statements. In assessing the appropriateness of the going concern assumption management is required to consider all available information about the future, which is at least, but not limited to, twelve months from the year end date. Management has carried out an assessment of the going concern assumption and has concluded that it is appropriate that the consolidated financial statements are prepared on a going concern basis. Accordingly, these consolidated financial statements do not reflect any adjustments to the carrying value of assets and liabilities, or the impact on the consolidated statements of loss and consolidated statements of financial position classifications that would be necessary were the going concern assumption not appropriate.

2. BASIS OF PREPARATION

   These condensed consolidated interim financial statements, including comparatives, have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board applicable to the preparation of interim financial statements, including IAS 34, Interim Financial Reporting. As such, certain disclosures included in the annual financial statements prepared in accordance with IFRS have been condensed or omitted. Accordingly, these condensed consolidated interim financial statements should be read in conjunction with the Company's audited consolidated annual financial statements for the year ended October 31, 2024. In preparation of these condensed consolidated interim financial statements, the Company has consistently applied the same accounting policies as disclosed in note 2 to the audited consolidated annual financial statements for the year ended October 31, 2024.

   These unaudited condensed consolidated interim financial statements were approved by the Board of Directors on September 26, 2025.

3. RECLAMATION BONDS

   The Company placed Guaranteed Interest Certificates ("GICs") in trust as reclamation deposits pursuant to a condition of receiving consent from a government agency to explore its resource property interests. As at July 31, 2025, the Company held GICs totaling $72,153 (2024 - $72,153).

4. EXPLORATION AND EVALUATION ASSETS

The Company holds a 100% interest in the New Amalga Gold Project pursuant to an agreement dated June 16, 2010, as amended on June 12, 2012, (the "Option Agreement") with Quaterra Alaska, Inc. ("Quaterra"), the Company was granted and exercised an option to acquire a 65% interest in a mining lease dated November 1, 2007 (the "Mining Lease") for the New Amalga Gold Project, consisting of 84 unpatented mining claims (now 91 unpatented mining claims pursuant to the area of interest provisions of the Mining Lease), located 20 miles north of Juneau, Alaska. The Company was required to incur at least USD$1,250,000 (incurred) under the Option Agreement in exploration expenditures on the property to acquire its 65% interest.

Pursuant to a purchase agreement with Quaterra to acquire Quaterra's remaining 35% interest in the Mining Lease in exchange for the issuance of 1,182,331 common shares (issued) on a non-diluted basis, equal to 9.0% of the Company's outstanding common shares and, a cash payment of $250,000 USD. The Company issued the 1,182,331 common shares during the year ended October 31, 2016, but these were held by the Company until such time that the assignment of the remaining 35% interest to the Company was completed during the year ended October 31, 2017.

The New Amalga Gold Project is subject to a 5% net smelter returns royalty reserved to the underlying lessor, plus minimum annual advance royalties of $30,000 USD due every November 1. All advance royalties will be credited towards any net smelter returns royalty paid upon the commencement of commercial production.

1. EXPLORATION AND EVALUATION ASSETS (continued)

   Realization of assets

   The investment in and expenditures on exploration and exploration assets comprise a significant portion of the Company's assets. Realization of the Company's investment in these assets is dependent upon the establishment of legal ownership, the attainment of successful production from the properties or from the proceeds of their disposal.

   Resource exploration and development is highly speculative and involves inherent risks. While the rewards if an ore body is discovered can be substantial, few properties that are explored are ultimately developed into producing mines.

   There can be no assurance that current exploration programs will result in the discovery of economically viable quantities of ore. The amounts shown for acquisition costs and deferred exploration expenditures represent costs incurred to date and do not necessarily reflect present or future values. These costs will be depleted over the useful lives of the properties upon commencement of commercial production or written off if the properties are abandoned or the claims allowed to lapse.

   Environmental

   Environmental legislation is becoming increasingly stringent, and costs and expenses of regulatory compliance are increasing. The impact of new and future environmental legislation on the Company's operations may cause additional expenses and restrictions.

   If the restrictions adversely affect the scope of exploration and development on the resource property interests, the potential for production on the property may be diminished or negated.

   The Company is subject to the laws and regulations relating to environmental matters in all jurisdictions in which it operates, including provisions relating to property reclamation, discharge of hazardous material and other matters. The Company may also be held liable should environmental problems be discovered that were caused by former owners and operators of its property interests and properties in which it has previously had an interest. The Company conducts its mineral exploration activities in compliance with applicable environmental protection legislation. The Company is not aware of any existing environmental problems related to any of its current or former property interests that may result in material liability to the Company.

2. SHARE CAPITAL

   1. Authorized - Unlimited number of common shares without par value.

   2. Issued

      As at July 31, 2025, there were 151,779,997 common shares issued and outstanding (2024: 119,801,276).

      1. On November 13, 2024, the Company closed a non-brokered private placement with the issuance of 3,470,000 Units at a price of $0.30 per Unit for gross proceeds of $1,041,000. Each Unit consisted of one common share and one common share purchase warrant. Each warrant is exercisable at a price of $0.45 for a period of two years. The Company paid $70,770 in cash and issued 235,900 warrants for finder's fees in conjunction with this non-brokered placement. The broker warrants have the same terms as the subscriber warrants.

      2. On June 12, 2025, the Company closed a non-brokered private placement with the issuance of 22,500,000 Units at a price of $0.20 per Unit for gross proceeds of $4,500,000. The Offering was carried out pursuant to Part 5A of National Instrument 45-106 - Prospectus Exemptions to purchasers resident in Canada, other than Quebec, and in jurisdictions outside of Canada in compliance with the applicable securities laws of those jurisdictions. Each Unit consisted of one common share and one common share purchase warrant. Each warrant is exercisable at a price of $0.26 for a period of three years. The Company paid $285,600 in cash and issued 1,428,000 warrants for finder's fees in conjunction with this non-brokered placement. The broker warrants have the same terms as the subscriber warrants

      3. During the year ended October 31, 2024, the Company closed a non-brokered private placement with the issuance of 5,600,000 Units at a price of $0.20 per Unit for gross proceeds of $1,120,000. Each Unit consisted of one common share and one half of a share purchase warrant. Each whole warrant is exercisable at a price of

         $0.24 for a period of two years. The Company paid $34,680 in cash and issued 167,400 warrants for finder's fees, with a fair value of $20,200, in conjunction with this non-brokered placement. The broker warrants have the same terms as the subscriber warrants.

         The Company also closed a non-brokered private placement with the issuance of 5,886,221 Units at a price of

         $0.18 for gross per unit for gross proceeds of $1,059,520. Each unit in this offering consisted of one common share in the capital of the company and one share purchase warrant. Each warrant entitles the unit holder to purchase one additional common share at a price of $0.25 per share at any time within 24 months of the closing. The fair value allocated to warrants issued as part of the units is $117,724.

         The Company paid an aggregate of $22,858 in cash and issue 119,210 Finders Warrants with a fair value of

         $4,900 in connection with this offering. Each Finder's Warrant entitles the holder to acquire one common share of the Company at $0.25 per share for 24 months from the date of closing. The Finder's Warrants are issued on the same terms and conditions as the private placement Warrants. All finder's fees are subject to compliance with applicable securities legislation and TSX Venture Exchange policies.

         The Company issued 500,000 shares for the exercise of options priced at $0.13 for gross proceeds of $65,000. The Company also issued 122,500 shares for the exercise of warrants priced at $0.24 for gross proceeds of

         $29,400.

         5. SHARE CAPITAL (continued)

   3. Stock options

      Effective October 31, 2012, the Company adopted a revised rolling stock option plan under whereby a maximum of 10% of the issued shares will be reserved for issuance under the plan. The stock option plan provides for the granting of stock options to directors, officers, employees, consultants, consulting company or management company employees, and eligible charitable organizations. Shares issuable under the plan to insiders as a group, or to any one optionee, consultant, and investor relation person are restricted up to a limit of 10%, 5%, 2% and 2%, respectively, of the Company's total number of issued and outstanding shares per year. An option shall be granted as fully vested, unless a vesting schedule is imposed by the board as a condition of the grant date and provided that if the option is being granted to an eligible person who is providing investor relating activities to the Company, then the option must vest in stages over at least a one-year period and not more than ¼ of such options may be vested in any three-month period.

      Details of the status of the Company's stock options as at July 31, 2025 and 2024 are as follows:

      	Number of Options	Weighted-Average Exercise Price ($)
      Balance, October 31, 2023	7,185,000	$0.32
      Exercised	(500,000)	0.13
      Expired	250,000	0.38
      Expired	900,000	0.15
      Granted	2,600,000	0.20
      Balance, July 31, 2024	8,135,000	$ 0.31
      Balance, October 31, 2024	8,135,000	$ 0.31
      Granted	250,000	0.30
      Expired	(360,000)	0.35
      Balance, July 31, 2025	8,025,000	$0.31

      The Company applies the fair value method using the Black-Scholes Option Pricing Model in accounting for stock options granted to employees. Stock options granted to employees are valued using the Black-Scholes Option Pricing Model as the fair values of services received were not reliably measurable.

      The fair value of the options granted was calculated using the following weighted average assumptions:

      	2025	2024
      Expected life (years)	5.00	5.00
      Risk-free interest rate	3.09%	2.87%
      Expected annualized volatility	112.13%	99.83%
      Dividend yield	N/A	N/A
      Stock price at grant date	$0.22	$0.185
      Exercise price	$0.30	$0.20
      Weighted average grant date fair	$0.26	$0.1734

      1. SHARE CAPITAL (continued)

         As at July 31, 2025, the following stock options were outstanding and exercisable:

         Outstanding Number of Options	Expiry Date	Exercise Price
         725,000	May 3, 2026	0.38
         1,950,000	May 2, 2027	0.45
         1,900,000	April 6, 2028	0.30
         600,000	April 27, 2028	0.25
         2,600,000	July 30, 2029	0.20
         250,000	November 25, 2029	0.30
         8,025,000

         The weighted average remaining contractual life of stock options outstanding at July 31, 2025 is 2.70 years (2024 - 3.81 years).

   4. Warrants

The following table summarizes the continuity of the Company's warrants:

Option pricing models require the input of highly subjective assumptions regarding volatility. The Company has used historical volatility to estimate the volatility of the share price.

As at July 31, 2025, the following warrants were outstanding and exercisable:

The weighted average remaining contractual life of warrants outstanding at July 31, 2025 is 2.63 years (2024 -

2.77 years).

(1) During the period, the Company received TSX Exchange approval to extend the expiry date for one year. The original expiry date was May 10, 2025.

1. RELATED PARTY TRANSACTIONS AND KEY PERSONNEL COMPENSATION

   Included in Prepaid expenses is $25,000 (2024 - $Nil) advanced to a company controlled by the president of the Company. This amount is unsecured, non-interest bearing and due on demand.

   During the nine months ended July 31, 2025, the Company incurred the following related party transactions:

   1. $228,246 (2024 - $178,962) in management fees to a company controlled by the President and CEO of the Company;

   2. $3,500 (2024 - $17,250) in management fees to a company controlled by a Director of the Company;

   3. $91,342 (2024 - $72,692) in accounting fees to a company controlled by the CFO of the Company.

   4. $30,000 (2024 - $30,000) in directors' fees to members of the Board of Directors.

   The Company has identified its directors and senior officers as its key management personnel. No post-employment benefits, other long-terms benefits and termination benefits were made during the nine months ended July 31, 2025 and 2024. Short-term key management compensation consists of the following for the nine months ended July 31, 2025 and 2024:

   	2025	2024
   Management fees	$ 231,746	$ 196,212
   Accounting fees	91,342	72,692
   Directors' fees	30,000	30,000
   Share-based compensation	-	304,150
   	$ 353,088	$ 603,054

   The Company entered into management fee agreements for a term of two years with a Director, the President, and the CFO of the Company ("Contractors") in the amounts of annual compensation of $198,000, and $84,000 per annum, respectively. The Company is committed to make monthly payments of $23,500.

2. CAPITAL MANAGEMENT

   The Company defines capital as all components of shareholders' equity. The Company manages its capital structure and makes adjustments to it based on the funds available to the Company, in order to support the acquisition, exploration and development of exploration and evaluation assets. The Board of Directors does not establish quantitative return on capital criteria for management, but rather relies on the expertise of the Company's management to sustain future development of the business. The Company is not subject to any externally imposed capital requirements.

   The properties in which the Company currently has an interest are in the exploration stage, as such the Company is dependent on external financing to fund its activities. In order to carry out the planned exploration and pay for administrative costs, the Company will spend its existing working capital and raise additional amounts as needed. The Company will continue to assess new properties and seek to acquire an interest in additional properties if it feels there is sufficient geologic or economic potential and if it has adequate financial resources to do so.

   Management reviews its capital management approach on an ongoing basis and believes that this approach, given the relative size of the Company, is reasonable. There have been no changes to the Company's approach to capital management during the nine months ended July 31, 2025.

3. SEGMENTED INFORMATION

   The Company operates in one reportable operating segment, being the acquisition and exploration of resource properties. The Company's head office is located in Canada with its exploration assets located in the U.S.A. The Company's exploration and evaluation assets in geographic locations are as follows:

   July 31, 2025 October 31, 2024

   U.S.A. $ 21,316,677 $ 20,641,539

4. COMMITMENTS AND CONTINGENCIES

   1. Commitments

      The Company entered into management fee agreements with a Director, the President, and the CFO of the Company (see Note 9). The agreements can be terminated by the Company upon providing twelve months of notice, based on the mutual agreement or with no notice for just cause. In case of the absence of just cause of or the mutual agreement, the Company is required to pay a full twelve months of additional compensation upon termination. The Company is committed to make monthly payments of $23,500.

   2. Contingencies

      From time to time, the Company is engaged in various legal proceedings and claims that have arisen in the ordinary course of business. The outcome of all the proceedings and claims against the Company is subject to future resolution, including the uncertainties of litigation. The Company believes that the probable ultimate resolution of any such proceedings and claims, individually or in aggregate will not have a material adverse effect on the financial condition of the Company.

5. RIGHT-OF-USE ASSET AND LEASE LIABILITY

   In July 2023, the Company entered into an office lease agreement for a period of three years from January 1, 2024 to December 31, 2026. The Company is committed to pay $43,248 per annum in years one and two and $44,520 in basic rent per annum in year three. The Company is also responsible for all applicable operating costs plus GST beginning on January 1, 2024.

   The lease also included a fixturing period beginning on August 1, 2023 through to December 31, 2023 for the purpose of carrying out installation of cabling and moving goods into the premises and to commence its business operations during which the Company will have free basic and additional rent with the exclusion of utilities.

   Lease liability consists of a lease for office space.

   Balance at October 31, 2024 Additions Interest expense	$	135,890 -8,338
   Lease payments		(22,968)
   Balance at July 31, 2025	$	104,584
   Current portion of the lease liability	$	74,484
   Non-current portion of the lease liability		30,100

   As at July 31, 2025, the balance of the right-of-use asset is as follows:

   Balance at October 31, 2024 Additions Depreciation	$	52,945 -(18,324)
   Balance at July 31, 2025	$	34,621

   On July 7, 2023, the Company entered into a three-year sublease agreement with a third-party Springhouse Investment Corp. ("Springhouse") for sub-leasing two-thirds of the office space. Springhouse will reimburse half the total lease payments to the Company. The Company received a security deposit of $13,000 during the year. At commencement of the sublease, the Company recognized an investment in sublease of $90,810 and derecognized ROU assets by the same amount. The reconciliation of the Company's net investment in sublease for the nine months ended July 31, 2025 is as follows:

   Balance at October 31, 2024 Additions Lease payments received	$	61,400 -(22,968)
   Interest income		2,756
   Balance at July 31, 2025	$	41,188

6. SUBSEQUENT EVENTS

There are no subsequent events to report.