Grande Portage Resources : Management Discussion & Analysis for the Year Ended Oct 31, 2021

GRANDE PORTAGE RESOURCES LTD.

MANAGEMENT DISCUSSION & ANALYSIS OF

RESULTS OF OPERATIONS AND FINANCIAL CONDITION

For the Years Ended October 31, 2021 and 2020

GRANDE PORTAGE RESOURCES LTD.

MANAGEMENT DISCUSSION & ANALYSIS

For the Years Ended October 31, 2021 and 2020

MANAGEMENT DISCUSSION AND ANYLYSIS (Dated February 28, 2022)

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 year ended October 31, 2021 and should be read in conjunction with the accompanying audited consolidated financial statements and the notes thereto for the year ended October 31, 2021 which are available on SEDAR at www.sedar.com.

This MD&A is current as at February 25, 2022, 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 $1,180,488 (2020 - $1,036,935) for the year ended October 31, 2021 and had an accumulated deficit of $20,916,823 (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 Years Ended October 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,
		2021		2020		2019
Total revenues	$	Nil	$	Nil	$	Nil
Net Loss
Total for the year		(1,180,488)		(1,036,935)		(881,345)
Per share (basic and diluted)		(0.01)		(0.02)		(0.02)
Working capital (deficit)		3,060,688		1,119,532		120,510
Total assets		17,880,103		12,429,108		8,158,105
Exploration & Evaluation Assets		14,313,483		10,787,096		7,752,235

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, 2021, 2020 and 2019 is comprised mainly of general and administrative expenses. The reported net loss for 2021, 2020 and 2019 includes share-based compensation expense of $375,300, $243,600, and $175,500, respectively.

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GRANDE PORTAGE RESOURCES LTD.

MANAGEMENT DISCUSSION & ANALYSIS

For the Years Ended October 31, 2021 and 2020

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

During the three-month period, the Company incurred $147,727 (2020 - $186,317) in operating costs which included a credit adjustment of $71,700 (2020 - an expense of $169,300) in share-based compensation, recorded an unrealized loss on investments of $501 (2020 - Gain of $24), and a loss on foreign exchange of $1,498 (2020 - $612) for a net loss of $77,525 (2020 - $186,905). 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 $2,587,701 (2020 - $2,207,794) 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, field expenses, and geological consulting.

During the three-month period, the Company issued 291,668 shares for the exercise of warrants priced at $0.16.

Results of Operations for the years ended October 31, 2021 and 2020

During the year, the Company incurred $1,175,003 (2020 - $1,037,791) in operating costs which included $375,300 (2020 - $243,600) in share-based compensation, recorded an unrealized loss on investments of $244 (2020 - $337), recorded $102 in interest revenue (2020 - $68), and a loss on foreign exchange of $5,343 (2020 - Gain of $1,125) for a net loss of $1,180,488 (2020 - $1,036,935). The Company incurred increases in management fees, legal and accounting fees, and office expenses during the current year 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 year, there was a total of $3,528,755 (2020 - $3,052,255) 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, field expenses, and geological consulting.

On June 10, 2021, the Company closed a non-brokered private placement with the issuance of 7,813,073 Units at a price of $0.48 per Unit for gross proceeds of $3,750,275. Each Unit consisted of one common share and one half of a share purchase warrant. Each whole warrant is exercisable at a price of $0.72 for a period of two years. The Company paid $55,570 in cash and issued 112,020 warrants for finders' fees in conjunction with this private placement. The Finder warrants have the same terms as the subscriber warrants.

On May 5, 2021, the Company closed a non-brokered private placement with the issuance of 1,106,715 Units at a price of $0.28 per Unit for gross proceeds of $309,880. Each Unit consisted of one common share and one half of a share purchase warrant. Each whole warrant is exercisable at a price of $0.45 for a period of two years.

During the year ended October 31, 2021, the Company issued 13,700,613 shares for the exercise of warrants priced at $0.15 and $0.16 and issued 775,000 shares for the exercise of options priced at $0.15.

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GRANDE PORTAGE RESOURCES LTD.

MANAGEMENT DISCUSSION & ANALYSIS

For the Years Ended October 31, 2021 and 2020

Selected Quarterly Financial Information:

	4th	3rd	2nd	1st
	Quarter Ended	Quarter Ended	Quarter Ended	Quarter Ended
	October 31, 2021	July 31, 2021	April 30, 2021	January 31, 2021
Revenue	Nil	Nil	Nil	Nil
Loss (gain) for period	$77,525	$611,914	$195,127	$295,922
Loss (gain) per share	$0.00	$0.00	$0.00	$0.00
	4th	3rd	2nd	1st
	Quarter Ended	Quarter Ended	Quarter Ended	Quarter Ended
	October 31, 2020	July 31, 2020	April 30, 2020	January 31, 2020
Revenue	Nil	Nil	Nil	Nil
Loss (gain) for period	$186,905	$478,577	$221,146	$150,307
Loss (gain) per share	$0.01	$0.00	$0.00	$0.00

LIQUIDITY AND CAPITAL RESOURCES

At October 31, 2021, the Company's primary asset was its investment in exploration and evaluation assets of $14,313,483 (October 2020 - $10,787,096).

During the year ended October 31, 2021, the Company experienced a cash outflow of $838,097 (2020 - $558,090) from operating activities. Investing activities used cash of $3,528,755 (2020 - $3,052,255) which was spent on the Company's Alaskan property. The Company realized cash inflows of $6,272,731 (2020 - $4,798,112) from financing activities.

At October 31, 2021, the Company held cash and cash equivalents of $3,400,393, had working capital of $3,060,688, has not yet achieved profitable operations, has commitments due in the coming fiscal year, and had an accumulated deficit of $20,916,823 since inception and expects to incur further losses in the development of its business, all of which indicate the existence of a 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.

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