Mr. Simon Dyakowski reports

SHAREHOLDER UPDATE: GSP RESOURCE CORP. 2024 REVIEW AND 2025 OUTLOOK

GSP Resource Corp. has provided shareholders with the following outlook for 2025 and review of 2024 activities. GSP's core assets are an option to acquire a 100-per-cent interest in the past-producing Alwin copper mine, and the 100-per-cent-owned Mer claims, both located in British Columbia's Highland Valley copper camp.

Simon C. Dyakowski, chief executive officer of GSP, commented: "Two thousand twenty-four was a pivotal year for GSP. We built off the successful Alwin project restart in 2023, culminating in the development of the first-ever open pit model for the Alwin project, and its maiden 43-101 mineral resource estimate (MRE). With high-grade copper-silver-gold drill results reported early in the year, GSP then delivered an expanded exploration model based on a new open pit concept. This new model is now being drill tested for growth of the open pit potential mineralization, as well as for the potential upside of high-grade precious metals. We also acquired 100-per-cent ownership of the Mer project, which hosts historically drilled porphyry style copper mineralization, and is also strategically located within the Highland Valley camp, surrounded by Teck Resource's Highland Valley copper claims. Going into 2025 we eagerly await the receipt of assays results from our recently completed drilling program and continued advancement of the Alwin and Mer project's full potential."

2024 year in review highlights:

Alwin mine project

• February, 2024: Reported assay results of the surface diamond drill program at the Alwin mine project completed in late 2023. 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 Alwin in the project's history (please see news releases dated Feb. 7 and Feb. 20, 2024). Highlights include:
  • Drill hole AM23-01 intersected 2.42 per cent Cu (copper), 47.0 gpt (grams per tonne) Ag (silver) and 0.57 gpt Au (gold) over 12.8 metres including a 5.7 m interval averaging 5.21 per cent Cu, 103.1 gpt Ag and 1.22 gpt Au;
    • 12.8 m of 3.14 per cent CuEq including 5.7 m of 6.77 per cent CuEq.
• March, 2024: Surface exploration results yielded a sample from the historic 3 zone that returned 11 per cent Cu (copper) and 0.65 g/t (grams per tonne) Au (gold), and the identification of magnetic low structural lineaments hosting polymetallic mineralization (please see news release dated March 26, 2024).
• August, 2024: Obtained historic data from 1968 diamond drilling at Alwin that yielded multiple high-grade gold intercepts including assays of 61 grams per tonne (g/t) gold (Au), and a total of five individual assays greater that 20 g/t Au within surface drill hole 68-67 over a 29.5-metre down hole interval (please see news release dated Aug. 19, 2024).
  • These historic assays yield composite grades of 3.05 metres averaging 14.4 g/t Au, including 1.52 metres grading 26.1 g/t Au; and 2.77 metres grading 8.6 g/t Au (these are historic results and GSP is not relying on them).
• December, 2024: Announced the completion of its initial mineral resource estimate with respect to the Alwin copper-silver-gold project. 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 (please see news release dated Dec. 4, 2024).
  • Inferred mineral resource comprising 1.46 million tonnes (Mt) tonnes, average grading of 1.08 per cent copper (Cu), yielding 34.6 million pounds of Cu;
  • Multiple high-grade zones; with 66 per cent of the contained Cu amenable to open pit 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 news release dated Aug. 19, 2024).
• December, 2024: Successful completion of its surface diamond drill program at the Alwin mine copper-silver-gold project. The 2024 drill program consisted of seven drill holes totalling 812 metres designed to target potential extensions of known high-grade copper and gold zones (please see news release dated Dec. 18, 2024). Drilling highlights Include:
  • All seven holes intersected visual signs of chalcopyrite-bornite copper sulphide mineralization. Three drill holes intersected significant width visible copper sulphide mineralization.
  • Drill hole AM24-06 is of particular significance given that the mineralized intercept occurs to the northwest along strike of the deposit and outside of the current Alwin project mineral resource pit shell, which presents clear opportunities for resource expansion (see GSP Resource news release dated Dec. 12, 2024).
  • Significantly, the 2024 drill campaign was designed to test the potential for gold values present as both high-grade narrow veins and broader lower grade zones, which are not well understood due to a lack historic gold assays (see GSP Resouce news release dated Aug. 19, 2024).

Mer project:

• April, 2024: Acquired ownership of 100-per-cent interest in the Mer claims in the Highland Valley copper camp of British Columbia. The two Mer claims comprised 185 hectares in the Kamloops mining division. The claims are situated approximately 1.5 km NW (northwest) of GSP's Alwin mine project and are surrounded by Teck Resource's Highland Valley copper claim group directly west and south of the Highland Valley copper mine's active operations (please see news release dated April 16, 2024).
• Highlights of historic work at the Mer claims include:
  • At the Mer showing, historic percussion drill holes one, three, 15 and 16, forming a 70 by 40 m diamond pattern in plan returned values of nine m averaging 0.47 per cent copper (Cu); 30 m averaging 0.53 per cent Cu; 15 m averaging 0.50 per cent Cu; and 21 m averaging 0.51 per cent Cu, respectively, commencing at downhole depths ranging from six to 18 m.
  • A single diamond drill hole was centred on the percussion drill holes and intersected a zone of chalcocite mineralization within biotite and potassic altered granodiorite intrusive rocks averaging 0.29 per cent Cu over 24 m from a down hole depth of nine m. The zone of mineralization remains open to the north and west.

Corporate

• Closed private placement financings totalling $944,000.

Outlook for 2025

• Alwin: Report assay results of recently completed resource expansion drilling program.
• Alwin: Plan a substantial follow-up exploration program to support potential resource expansion and test additional targets.
• Mer: Plan a substantial exploration program for porphyry style copper mineralization.
• Continually evaluate new opportunities to add shareholder value through the acquisition of projects in the Americas.

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 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 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 disclosure contained in this news release has been reviewed and approved by Christopher I. Dyakowski, PGeo, a director of the company and a qualified person as that term is defined in National Instrument 43-101 -- Standards of Disclosure for Mineral Projects. 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 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.

We seek Safe Harbor.