Project Information

Project Title

New Amalga Gold Project

Sector

Mining

Project Location

Location Type: Coordinates

• Latitude: 58.524756
  Longitude: -134.727859
• Latitude: 58.698686
  Longitude: -134.939779

Project Sponsor Contact Information

• Company Name/Agency: GPG Alaska Resources Inc
  Project Sponsor: Grande Portage Resources Ltd
  Street Address 1 : 510 L Street, Suite 500
  City: Anchorage
  State: Alaska
  Zip Code: 99501
  POC Name: Ian Klassen
  POC Title: CEO
  POC Phone: 604-290-5762
  POC Email Address: ian@grandeportage.com

Project Purpose

Grande Portage Resources Ltd (“Grande Portage” or the “company”), under its subsidiary GPG Alaska Resources Inc., intends to develop the New Amalga Gold Project (“New Amalga”) at a location in Southeast Alaska within the Tongass National Forest approximately 25 miles north of Juneau. 
Once operational, this underground mine would generate an estimated 277 direct jobs and 565 new positions of total employment (direct, indirect, and induced) plus hundreds of millions of dollars paid in federal, state, and local taxes over the mine life, based on a Preliminary Economic Assessment and Socioeconomic Study completed in 2026. 

Project Description

The New Amalga Gold Project is located in Southeast Alaska within the Tongass National Forest approximately 25 miles north of Juneau and four miles east of Glacier Highway, a paved state-maintained road.
The project includes 101 federal mineral claims and 64 “millsite” (surface infrastructure) claims filed progressively over the past 40 years, with the core of the deposit covered by an initial set of 17 claims originally filed in 1986. Over this time, the project has had multiple owners, with Grande Portage’s involvement beginning in 2010. 
The project, previously known as the “Herbert Gold Project” until 2025, involves the development of an approximately 4-mile single-lane gravel access road through State of Alaska land and Tongass National Forest, leading to a roughly 30-acre surface facilities site. This site would host infrastructure such as equipment shops, electrical generation, water treatment plants, ore sorting facilities, and temporary rock staging pads. 
The underground mine would be accessed via an entry portal in the hillside. The mining method would selectively target the ore veins, and the mined-out voids would be progressively backfilled utilizing cemented waste rock generated from mine development and from ore sorting. This results in all waste rock and sorter reject rock to be returned to the underground workings, leaving no permanent waste stockpiles requiring management on surface. 
No grinding or chemical processing would take place at the site. Mechanically sorted ore would be loaded into containers and trucked over the mine access road and Glacier Highway to Cascade Point, a privately owned parcel where a simple barge dock would be developed enabling ore transport and sale to an existing third-party processing facility. No tailings would be stored at the site, and no tailings dams or tailings landfills would be constructed. 
This “direct-ship” offsite processing configuration results in a much smaller surface footprint compared to a conventional onsite-processing setup, with the disturbance acreage reduced by approximately 85%. The lack of a tailings facility or permanent waste rock disposal facilities also greatly simplifies long-term water treatment and erosion control requirements for closure and reclamation once the resource is depleted. 
The New Amalga project has been designed to be protective of local environmental, cultural, and historic resources. The ruins of the historic Amalga Gold Camp, from which New Amalga derives its name, are located approximately three miles to the northwest and would not be impacted by the project. The project vicinity contains recreational infrastructure, most notably the Herbert Glacier Hiking Trail which is located on the opposite side of the Herbert River from the mine facilities. The mine facilities have been strategically located behind topography and timber in order to minimize visual and noise impacts to the hiking trail. 
Water pumped from the underground mine, as well as runoff water collected from the relevant areas of the mine surface facilities, would be collected and treated at a Water Treatment Plant prior to being discharged to the Herbert River. 

Technical and Financial Ability

Regarding Technical Ability: 
Grande Portage has engaged numerous consultants with expertise in mine permitting and development in Alaska. 
The project has also engaged several highly-qualified consulting firms to perform specific work towards advancing baseline environmental studies and engineering design. Grande Portage intends to partner with local construction contractors for development of the mine access road and facilities once permits are received. 

Regarding Financial Ability: 
Grande Portage is a publicly traded company listed on the TSX-Venture Exchange with a market capitalization of approximately US$52 million and a treasury of approximately US$14 million as of July 2026. 
The company’s management team, with decades of financing experience, is confident that it will be able to continue to attract sufficient equity and debt capital for this project as it meets various milestones in its pathway to production. 
Grande Portage has also signed a Letter of Intent with Goldbelt Inc, an Alaska Native Corporation, to collaborate on the design and development of an ore barge dock facility at Cascade Point, a private parcel owned by Goldbelt. Goldbelt had revenues of approximately $500 million in 2025. 
In April 2026 Grande Portage released a Preliminary Economic Assessment (PEA) for the project. Estimated pre-production capital expenditures (CAPEX) are US$255 million inclusive of US$46 million contingency. Estimated financial outcomes are as follows: 
At $3,200/oz gold price: 
-After-tax Net Present Value (NPV) of US$721 million 
-After-tax Internal Rate of Return (IRR) of 56% 
At $5,000/oz gold price: 
-After-tax Net Present Value (NPV) of US$1.6 billion 
-After-tax Internal Rate of Return (IRR) of 91% 
These are very strong financial outcomes for a gold mining project and the company anticipates the ability to raise debt financing for construction from several parties. 

Summary of Financing, Reviews and Authorizations

The project is located in the Tongass National Forest administered by the United States Forest Service (USFS). The deposit is located in a Roadless Area under the 2001 Roadless Rule, however USFS must allow “reasonable access” based on the company’s “valid pre-existing rights” originating from its Federal Mineral Claims dating from 1986 which were staked in alignment with the 1872 Mining Act. 

Federal Authorizations and Environmental Reviews are expected to include: 
US Forest Service – the project intends to submit a mine Plan of Operations (PoO) to USFS in late Q1 2027, which will trigger a NEPA review. Approval of the Plan of Operations will also require a Financial Assurance MOU with USFS in cooperation with the State of Alaska and the City and Borough of Juneau (CBJ). 
US Army Corps of Engineers (USACE) – the project is anticipated to require a Clean Water Act (CWA) Section 404 Permit (Dredge and Fill) and/or a Section 404 National Permit (NWP), Harbors and Rivers section. These permits relate to development in tidelands for the ore barge dock at Cascade Point as well as a small acreage of wetlands impacts for the other facilities construction. 
National Marine Fisheries Service (NMFS) – the project is anticipated to require a Marine Mammal Incidental Harassment Authorization (IHA) related to underwater noise from pile driving activities for ore dock construction. 
U.S. Fish and Wildlife Service (USFWS) –  the project is anticipated to require Endangered Species Act Section 7 consultation for potentially affected threatened and endangered species.
Environmental Protection Agency (EPA) – the project is anticipated to require a Spill Prevention Control and Countermeasures (SPCC) approval. 
US Coast Guard (USCG) – the project is anticipated to require a Facility Security Plan (FSP) under the Maritime Transportation Security Act (MTSA) as well as a Notice to Mariners (NTM) during construction and a Private Aids to Navigation (PATON) permit for buoys and markers. 
Federal Communications Commission (FCC) – the project is anticipated to require a Private Land Mobile Radio Services (PLMRS) permit for the facility’s communications infrastructure 
Advisory Council on Historic Preservation (ACHP) – the ACHP is anticipated to advise the Tongass National Forest on efforts to “identify and resolve issues that could delay completion of an environmental review or an authorization required for the project under applicable law” per FAST-41 guidance and to advise regarding steps necessary for compliance with Section 106 of the National Historic Preservation Act and its implementing regulations at 36 CFR 800.

The project is also expected to require various state and local authorizations including: 
Alaska Department of Natural Resources (ADNR) – Reclamation Plan Approval, Temporary Water Use Authorization (TWUA) 
Alaska Department of Natural Resources Office of History and Archaeology – National Historic Preservation Act Section 106 concurrence
Alaska Department of Fish and Game (ADFG) – Fish Passage and Fish Habitat Permit 
Alaska Department of Environmental Conservation (ADEC) – Integrated Waste Management Permit, Air Quality Permit Tier II (for construction), Air Quality Permit Tier V (for operations), Alaska Pollution Discharge Elimination System (APDES) Permit (including stormwater permit), Section 401 Certification 
City and Borough of Juneau – Large Mine Permit, Flood Plain Permit 

Project Assessment

Grande Portage assesses that the New Amalga Gold Project meets the definition of a covered project as follows: 
-The project involves construction in the mining sector 
-The project will be subject to review under the National Environmental Policy Act (NEPA) 
-The total project investment is expected to exceed US$200 million 
-The project is not expected to qualify for an abbreviated environmental review process under any different pathway