Mr. Simon Dyakowski reports

GSP ANNOUNCES INITIAL OPEN PIT & UNDERGROUND MINERAL RESOURCE ESTIMATE FOR ALWIN PROJECT, BRITISH COLUMBIA, CANADA

GSP Resource Corp. has completed its initial mineral resource estimate with respect to the Alwin copper-silver-gold project in southwestern British Columbia, Canada. The 2024 Alwin MRE provides the first comprehensive analysis of the Alwin project's potential as an open-pit resource, which is a significant advancement of the project, which had previously only been considered for underground mining. The Alwin project is situated in the Highland Valley copper (HVC) camp, surrounded by mineral title controlled by Teck Resources' HVC operations, which comprise several presently and past-producing open-pit mining operations.

Highlights:

• Inferred mineral resource comprising 1.46 million tonnes tonnes, average grading of 1.08 per cent copper, yielding 34.6 million pounds of copper;
• Multiple high-grade zones; with 66 per cent of the contained copper amenable to open-pit mining and 34 per cent by underground mining;
• Significant potential for resource expansion of underexplored surface zones within pit, along strike and at depth below the pit;
• Potential for significant gold-silver contribution with additional drilling as highlighted by historic and recent gold-silver intercepts (see GSP's news release dated Aug. 19, 2024).

The 2024 Alwin mineral resource estimate comprises an inferred mineral resource of 34.6 million pounds of copper at an average grade of 1.08 per cent copper within 1.46 million tonnes. The attached tables present the complete 2024 Alwin MRE statement and cut-off sensitivities, respectively. The effective date of the 2024 Alwin MRE is Sept. 16, 2024, and a technical report relating to the MRE will be filed on SEDAR+ within 45 days of this news release. The 2024 Alwin MRE was prepared by Apex Geoscience Ltd.

Significant exploration potential at Alwin project

The Alwin project has significant exploration upside with the potential to grow open-pit mineralization along strike and at depth as well as several underexplored porphyry-style copper targets hosted both on GSP's Alwin claims as well as the company's 100-per-cent-owned Mer claims, approximately two kilometres northwest of the Alwin project. Publicly available exploration data from HVC's adjacent claims shows that historic IP (induced polarization) anomalies coincident with HVC operations and exploration drill targets extend westward onto the Alwin claims. Notably, 2015 diamond drilling of these IP anomalies by Teck Resources at the Bethsaida zone located 700 metres east of Alwin yielded significant intercepts of porphyry-style copper mineralization.

Simon Dyakowski, chief executive officer of GSP, commented: "We are excited to provide this initial resource estimate for the Alwin project, which is a significant mineral endowment of copper, a critical mineral located 1.5 kilometres west of Teck Resources' Highland Valley copper operations. While Alwin was well known as a high-grade copper underground past producer, we have now established the significant open-pit potential of the project. This resource estimate provides an excellent foundation for continued resource expansion."

2024 mineral resource estimation methodology

Modelling was conducted in the historical mine grid (MG) feet system. The MRE utilized a block model with a size of 10.0 feet (x) by 10.0 feet (y) by 10.0 feet (z) to honour the mineralization wire frames for estimation. Copper grades were estimated for each block using ordinary kriging (OK) with locally varying anisotropy (LVA) to ensure grade continuity in various directions are reproduced in the block model.

For the purposes of the pit shell optimization, blocks along the estimation domain boundaries that partially contain waste were diluted by estimating a waste value using composites within a transition zone along the outer boundary of the estimation domains. The final diluted copper grade for the partially diluted model assigned to each block is a volume-weighted average of the estimated copper and waste copper values. The MRE is reported within that pit shell and using the diluted gold grades.

The 2024 Alwin MRE drill hole database consists of a total of 387 drill holes that intersect the mineralization domains. There are 8,730.08 feet of drilling within the estimation domains. Any sample intervals with explicit documentation that drilling did not return enough material to allow for analysis are classified as insufficient recovery (IR) and left blank. Portions of the drill holes not sampled, samples with unknown detection limits and/or assay methodologies and in the database as zero are assumed to be unmineralized. These intervals are assigned a nominal waste value, set at half the detection limit of modern assay methods.

The Alwin project features steep vertical zones of brecciation and sheared quartz monzonite due to faulting. Copper mineralization, primarily bornite and chalcopyrite with minor chalcocite, occurs as bled and clots of the copper sulphide minerals within altered quartz monzonite. The Alwin project comprises 22 estimation domains, averaging six feet in thickness, with some up to 44 feet thick. The domains strike roughly 85 degrees azimuth and dipping 75 degrees south.

Wire frames of historical workings and stopes were used to extract the volume of material previously mined for depletion purposes. Apex also created a topographic surface that honours the historical surface drilling. All mineralization wire frames were clipped above the top of the topographic surfaces.

Copper estimation was completed using ordinary kriging. The search ellipsoid size used to estimate the copper grades was defined by the modelled variograms. Block grade estimation employed locally varying anisotropy, which uses different rotation angles to define the principal directions of the variogram model and search ellipsoid on a per-block basis. Blocks within estimation domains are assigned rotation angles using a modelled 3-D mineralization trend surface wire frame, which allows structural complexities to be reproduced in the estimated block model. The number of variogram structures, contributions of each structure and their ranges are set per estimation domain and do not vary within the estimation domain.

The 2024 Alwin MRE was assigned a single bulk density value of 2.65 grams per cubic centimetre. This value was applied to mineralization and host rock blocks in the 2024 Alwin MRE block model. The density value was determined from the literature and is based on the mineralization type and host rock. An overburden surface was modelled using information from the Alwin drill hole geologic logs. A density of 1.8 grams per cubic centimetre was assigned to any block above the overburden surface in the 2024 Alwin MRE block model.

The reported open-pit resources utilize a cut-off of 0.2 per cent copper. The resource block model underwent several pit optimization scenarios using Deswik's Pseudoflow pit optimization. The resulting pit shell is used to constrain the reported open-pit resources. The reported out-of-pit MRE is constrained within mining shapes, assuming a long-hole open-stope mining method and a grade cut-off of 0.8 per cent copper. The mining shapes were manually constructed, constraining contiguous material above the copper cut-off that met the minimum thickness and volume requirements.

There are no other known factors or issues known by the qualified person that materially affect the MRE other than normal risks faced by mining projects. The Alwin project is subject to the same types of risks that large base metal projects experience at an early stage of development in Canada. The nature of the risks relating to the project will change as the project evolves and more information becomes available. The company has engaged experienced management and specialized consultants to identify, manage and mitigate those risks.

About the Alwin mine project

The Alwin mine copper-silver-gold property is approximately 344 hectares and is located on the semi-arid, interior plateau in southern-central British Columbia. The historic underground mine was developed over 500 metres long by 200 metres wide by 300 metres deep. Production took place between 1916 to 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 project is adjacent with the western boundary of Teck Resources' 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 project (see GSP's news release dated Jan. 30, 2020).

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 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 project.

NI 43-101 technical report

An independent technical report prepared and written by Apex Geoscience for the Alwin project will be prepared in accordance with NI 43-101 and will be filed on SEDAR+ and on the GSP Resource website within 45 days of this news release. Readers are encouraged to read the technical report in its entirety, including all qualifications, assumptions and exclusions that relate to the details summarized in this news release. The technical report is intended to be read as a whole, and sections should not be read or relied upon out of context.

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 100-per-cent interest and title to the Olivine Mountain property in the Similkameen mining division, of which it has granted an option to earn a 60-per-cent interest to a third party.

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