Grande Portage Resources : Management Discussion & Analysis for the Nine-month Period Ended July 31, 2021

GRANDE PORTAGE RESOURCES LTD.

MANAGEMENT DISCUSSION & ANALYSIS OF

RESULTS OF OPERATIONS AND FINANCIAL CONDITION

For the Nine Months Ended July 31, 2021 and 2020

GRANDE PORTAGE RESOURCES LTD.

MANAGEMENT DISCUSSION & ANALYSIS

For the Nine Months Ended July 31, 2021 and 2020

MANAGEMENT DISCUSSION AND ANYLYSIS (Dated September 29, 2021)

This Management Discussion and Analysis ("MD&A") of Grande Portage Resources Ltd. (the "Company" or "Grande Portage") provides analysis of the Company's financial results for the nine months ended July 31, 2021 and should be read in conjunction with the accompanying unaudited condensed consolidated interim financial statements and the notes thereto for the nine months ended July 31, 2021 and the audited consolidated financial statements and notes thereto for the year ended October 31, 2020, which are available on SEDAR at www.sedar.com.

The July 31, 2021 condensed interim financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") applicable to the preparation of interim financial statements. The Company's significant accounting policies are the same as those applied in the Company's annual financial statements as at and for the year ended October 31, 2020. All amounts are expressed in Canadian dollars, unless otherwise stated.

This MD&A is current as at September 29, 2021, the date of preparation, and includes certain statements that may be deemed "forward-looking statements". We direct investors to the sections "Forward-Looking Information" and "Risk and Uncertainties" included within this MD&A.

Additional information relating to Grande Portage is available on the SEDAR website at www.sedar.com and on the Company's website at www.grandeportage.com.

IMPACT OF COVID-19

Grande Portage is carefully monitoring the public health impact of the coronavirus (COVID-19) on a daily basis. Our first priority is the health and safety of our communities, shareholders, contractors, employees and other stakeholders. The Grande Portage team has been working closely to ensure all the correct protocols and safety precautions are in place. Management continues to work remotely and they have kept in regular contact with our stakeholders (who remain safe at home with their families), our investors and interested parties.

Our business continuity plans have been fully mobilized in response to the COVID-19 global pandemic and the Company is working closely with the State of Alaska and the federal regulators and health experts to protect our workforce and nearby communities. The Company will continue to monitor the evolving COVID-19 situation and will continue to act proactively to protect the health of its workforce.

DESCRIPTION OF BUSINESS

The Company is an exploration stage company whose shares trade on Tier II (effective June 16, 2016) of the TSX Venture Exchange. The Company holds a 100% leasehold interest in the Herbert Gold Project, consisting of 91 mining claims located 20 miles north of Juneau, Alaska, subject to minimum annual advance royalties of US$30,000 and a 5.0% net smelter returns royalty.

The Company is in the process of exploring its principal mineral property and has not yet determined whether the property contains ore reserves that are economically recoverable. The recoverability of amounts shown for mineral properties and related deferred exploration costs 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 of $1,102,963 (2020 - $851,348) for the nine months ended July 31, 2021 and had an accumulated deficit of $20,839,298 (October 31, 2020 - $19,736,335) which has been funded primarily by the issuance of equity. The Company's ability to continue as a going concern is uncertain and is dependent upon the generation of profits from mineral properties, obtaining additional financing or maintaining continued support from its shareholders and creditors. 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.

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GRANDE PORTAGE RESOURCES LTD.

MANAGEMENT DISCUSSION & ANALYSIS

For the Nine Months Ended July 31, 2021 and 2020

FORWARD LOOKING STATEMENTS

This MD&A contains "forward-looking information" (also referred to as "forward-looking statements") within the meaning of applicable Canadian securities legislation. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans and allowing investors and others to get a better understanding of the Company's operating environment. All statements, other than statements of historical fact, are forward-looking statements.

In this MD&A, forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies that may cause the Company's actual financial results, performance, or achievements to be materially different from those expressed or implied herein. Some of the material factors or assumptions used to develop forward- looking statements include, without limitation, the uncertainties associated with: regulatory and permitting considerations, financing of the Company's acquisitions and other activities, exploration, development and operation of mining properties and the overall impact of misjudgments made in good faith in the course of preparing forward-looking information as well as other risks and uncertainties referenced under "Risks and Uncertainties" in this MD&A.

Forward-looking statements involve risks, uncertainties, assumptions, and other factors including those set out below and including those referenced in the "Risks and Uncertainties" section of this MD&A, and, as a result they may never materialize, prove incorrect or materialize other than as currently contemplated which could cause the Company's results to differ materially from those expressed or implied by such forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as "expects", "is expected", "anticipates", "believes", "plans", "projects", "estimates", "assumes", "intends", "strategy", "goals", "objectives", "potential", "possible" or variations thereof or stating that certain actions, events, conditions or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of fact and may be forward-looking statements.

Selected Annual Financial Information:

For the year ended		October 31,		October 31,		October 31,
		2020		2019		2018
Total revenues	$	Nil	$	Nil	$	Nil
Net Loss
Total for the year		(1,036,935)		(881,345)		(1,297,135)
Per share (basic and diluted)		(0.02)		(0.02)		(0.04)
Working capital (deficit)		1,119,532		120,510		128,054
Total assets		12,429,108		8,158,105		8,019,482
Exploration & Evaluation Assets		10,787,096		7,752,235		7,488,138

No cash dividends have been declared or paid since the date of incorporation and the Company has no present intention of paying dividends on its common shares. The Company anticipates that all available funds will be invested to finance the growth of its business.

The Company's recorded loss for the financial years ended October 31, 2020, 2019 and 2018 is comprised mainly of general and administrative expenses. The reported net loss for 2020, 2019 and 2018 includes share-based compensation expense of $243,600, $175,500, and $476,400, respectively.

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GRANDE PORTAGE RESOURCES LTD.

MANAGEMENT DISCUSSION & ANALYSIS

For the Nine Months Ended July 31, 2021 and 2020

Results of Operations for the three months ended July 31, 2021 and 2020

During the three-month period, the Company incurred $617,298 (2020 - $475,286) in operating costs which included $307,200 (2020 - $169,300) in share-based compensation, recorded an unrealized loss on investments of $77 (2020 - Gain of $244), recorded $102 in interest revenue (2020 - $68), and a gain on foreign exchange of $5,359 (2020 - Loss of $3,603) for a net loss of $611,914 (2020 - $221,146). The Company incurred increases in management fees, legal and accounting fees, and office expenses during the current three-months over the prior period while in the process of raising equity capital. These increased costs were offset by a decrease in investor and shareholder relations.

During the three-month period, there was a total of $694,710 (2020 - $799,440) incurred for exploration expenditures on the Company's Herbert Gold Project in Alaska as the Company for its current drill program. The majority of costs were for drilling, helicopter cost, and geological consulting.

Results of Operations for the nine months ended July 31, 2021 and 2020

During the nine-month period, the Company incurred $1,099,477 (2020 - $852,792) in operating costs which included $447,000 (2020 - $243,600) in share-based compensation, recorded an unrealized gain on investments of $257 (2020 - Loss of $362), recorded $102 in interest revenue (2020 - $68), and a loss on foreign exchange of $3,845 (2020 - Gain of $1,738) for a net loss of $1,102,963 (2020 - $851,348). The Company incurred increases in management fees, legal and accounting fees, and office expenses during the current three-months over the prior period while in the process of raising equity capital. These increased costs were offset by a decrease in investor and shareholder relations.

During the nine-month period, there was a total of $938,714 (2020 - $899,245) incurred for exploration expenditures on the Company's Herbert Gold Project in Alaska on its current drill program. The majority of costs were for drilling, helicopter rentals, and geological consulting.

Selected Quarterly Financial Information:

	3rd	2nd	1st	4th
	Quarter Ended	Quarter Ended	Quarter Ended	Quarter Ended
	July 31, 2021	April 30, 2021	January 31, 2021	October 31, 2020
Revenue	Nil	Nil	Nil	Nil
Loss (gain) for period	$611,914	$195,127	$295,922	$186,905
Loss (gain) per share	$0.00	$0.00	$0.00	$0.01
	3rd	2nd	1st	4th
	Quarter Ended	Quarter Ended	Quarter Ended	Quarter Ended
	July 31, 2020	April 30, 2020	January 31, 2020	October 31, 2019
Revenue	Nil	Nil	Nil	Nil
Loss (gain) for period	$478,577	$221,146	$150,307	$153,710
Loss (gain) per share	$0.00	$0.00	$0.00	$0.00

LIQUIDITY AND CAPITAL RESOURCES

At July 31, 2021, the Company's primary asset was its investment in exploration and evaluation assets of $11,725,810 (October 2020 - $10,787,096).

During the nine months ended July, 2021, the Company experienced a cash outflow of $1,236,715 (2020 - $330,800) from operating activities. Investing activities used cash of $938,714 (2020 - $899,245) which was spent on the Company's Alaskan property. The Company realized cash inflows of $6,226,064 (2020 - $4,754,053) from financing activities.

At July 31, 2021, the Company held cash and cash equivalents of $5,542,781, had working capital of $5,750,919, has not yet achieved profitable operations, has commitments due in the coming fiscal year, and had an accumulated deficit of $20,839,298 since inception and expects to incur further losses in the development of its business, all of which indicate the existence of a

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GRANDE PORTAGE RESOURCES LTD.

MANAGEMENT DISCUSSION & ANALYSIS

For the Nine Months Ended July 31, 2021 and 2020

material uncertainty that may cast significant doubt upon the Company's ability to continue as a going concern and, therefore , that it may be unable to realize its assets and discharge its liabilities in the normal course of business.

The Company's ability to continue as a going concern is dependent upon its ability to obtain the necessary financing to advance its mineral property interests, meet its ongoing levels of corporate overhead and discharge its liabilities as they come due. Although the Company has been successful in the past in obtaining financing, there is no assurance that it will be able to obtain adequate financing in the future or that such financing will be on terms advantageous to the Company.

The Company does not derive any revenues from operations and does not expect to generate any revenues from operations in the foreseeable future. The Company has no material income from operations.

The Company's mineral exploration activities have provided the Company with no sources of income and a history of losses and deficit positions. However, given the nature of its business, the results of operations as reflected in the net losses and losses per share do not provide meaningful interpretation of the Company's performance and valuation.

The Company is dependent on raising funds through the issuance of shares and/or debt instruments or disposing of interests it has in exploration and evaluation assets in order to finance further acquisitions, undertake exploration and development activities on exploration and evaluation assets and meet general and administrative expenses in the long term.

There is no assurance that additional funding will be available to allow the Company to fully explore its exploration and evaluation assets. Failure to obtain financing could result in the delay or indefinite postponement of further exploration and the possible partial or total loss of the Company's interest in certain properties. The Company may be unable to meet its obligations under agreements to which it is a party and the Company may consequently have its interest in the properties subject to such agreements jeopardized.

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, 2021, the Company held GICs totaling $72,153 (US $54,177) (2020 - $54,759; (US $42,472)).

STATEMENT OF EXPLORATION AND EVALUATION ASSETS

	Herbert Gold
Balance, October 31, 2020	$10,787,096
Acquisition costs:
Cash payments and other	41,315
Deferred exploration costs:
Assaying	48,223
Consulting	3,102
Drilling	383,623
Field expenses	47,321
Food and lodging	38,093
Geological consulting	137,078
Helicopter rentals	196,668
Legal fees	12,789
Site personnel	16,810
Travel costs	8,480
Vehicle rentals	5,212
Total additions	938,714
Balance, July 31, 2021	$11,725,810
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