Mr. Simon Dyakowski reports

GSP CLARIFIES COPPER EQUIVALENCY CALCULATIONS OF RECENT ALWIN MINE COPPER-SILVER-GOLD PROJECT DRILL RESULTS

GSP Resource Corp. has released a correction to the copper equivalency (CuEq) calculation of its Feb. 7, 2024, news release regarding the assay results of the recently completed surface diamond drill program at the Alwin mine project. The previous disclosure had incorrectly calculated the conversion of tonnes to ounces, thereby understating the equivalent copper grade. There are no changes to the reported primary assay results or intervals of the individual metals. The updated equivalency table is presented in the table entitled "Alwin 2023 diamond drilling significant assay results with corrected CuEq."

As previously reported, all drill holes intersected copper-gold-silver mineralization at shallow depths, with hole AM23-01 reporting some of the highest grades of copper and precious metals drilled at the Alwin property in the project's history (see news release dated Feb. 7, 2024).

Drill hole AM23-01 intersected 2.42 per cent copper (Cu), 47 grams per tonne (g/t) silver (Ag) and 0.57 g/t gold (Au) over 12.8 metres, including a 5.7 m interval averaging 5.21 per cent Cu, 103.1 g/t Ag and 1.22 g/t Au.

The results of this drilling demonstrates the high-grade potential for the Alwin property and reinforces the polymetallic upside with significant gold and silver values. GSP's data compilation exercise completed in 2023 suggests that many of the historic drill holes in the pre-2008 exploration of the property did not include assays for gold and silver.

The drill program, completed in November, 2023, was designed to target high-grade copper zones at the Alwin property located in the Highland Valley copper camp of British Columbia. A total of five HQ-size diamond drill holes were completed, totalling 640 metres (see the company's news release dated Nov. 22, 2023). Drilling was completed from three sites over a 100-metre strike length targeting the upper and lower levels of the historic Alwin mine's 4 zone.

All five 2023 drill holes intersected sulphide mineralization, with multiple intervals encountered in drill holes AM-23-01, -02 and -03 targeting the historic 4 zone at depth. Drill holes AM-23-04 and -05 targeted the historic 4 zone near surface (see the table entitled "Alwin 2023 diamond drilling significant assay results with corrected CuEq").

Mineralization appears structurally controlled, comprising chalcopyrite, minor bornite and pyrite, and associated varying intensity of sericitic, potassic and chloritic alteration.

About the Alwin mine project

The Alwin mine copper-silver-gold property is approximately 575.72 hectares and is located on the semi-arid, interior plateau in south-central British Columbia. The historic underground mine was developed over 500 m long by 200 m wide by 300 m deep. Production took place between 1916 and 1981 from five major subvertical high-grade copper mineralization zones totalling 233,100 tonnes that milled 3,786 tonnes of copper, 2,729 kilograms of silver and 46.2 kilograms of gold. The average diluted head grade was 1.5 per cent copper.

The Alwin property is adjacent with the western boundary of Teck Corp.'s Highland Valley mine, the largest open-pit porphyry copper-molybdenum mine in Western Canada. Alteration and mineralization of the Highland Valley hydrothermal system extends westward from the Highland Valley mine onto the Alwin property (see GSP's news release dated Jan. 30, 2020).

Methodology and quality assurance/quality control (QA/QC)

The analytical work reported on herein was performed by ALS Global, Vancouver, Canada. ALS is an ISO-IEC 17025:2017 and ISO 9001:2015 accredited geoanalytical laboratory, and is independent of GSP Resource and the qualified person (QP). Drill core samples were subject to crushing at a minimum of 70 per cent passing two millimetres (mm), followed by pulverizing of a 250-gram split to 85 per cent passing 75 microns. Base and precious metals were determined via four-acid digestion, 33-element ICP-AES (inductively coupled plasma atomic emission spectroscopy) geochemistry, and overlimit values for copper (over 1 per cent) and silver (100 g/t) were analyzed via four-acid digestion ICP-AES or AAS (atomic absorption spectroscopy).

GSP Resource follows industry-standard procedures for the work carried out on the Alwin mine project, with a quality assurance/quality control program. Blank, duplicate and standard samples were inserted into the sample sequence sent to the laboratory for analysis. GSP Resource detected no significant QA/QC issues during review of the data. GSP Resource is not aware of any drilling, sampling, recovery or other factors that could materially affect the accuracy or reliability of the data referred to herein.

Qualified person

The scientific and technical information contained in this news release has been reviewed and approved by Kristopher J. Raffle, PGeo (British Columbia), principal and consultant of APEX Geoscience Ltd. of Edmonton, Alta., a consultant to the company and a qualified person as defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. Mr. Raffle has verified the data disclosed, which includes a review of the sampling, analytical and test data underlying the information, and opinions contained herein. Mineralization hosted on nearby properties is not necessarily indicative of mineralization that may be hosted on the Alwin property.

About GSP Resource Corp.

GSP Resource is a mineral exploration and development company focused on projects located in southwestern British Columbia. The company has an option to acquire a 100-per-cent interest and title to the Alwin mine copper-gold-silver property in the Kamloops mining division, as well as an option to acquire a 100-per-cent interest and title to the Olivine Mountain property in the Similkameen mining division, in which it has granted an option to earn a 60-per-cent interest to a third party.

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