Mr. Simon Dyakowski reports

GSP RESOURCE CORP. AMENDS OPTION AGREEMENT TO ACCELERATE THE ACQUISITION OF A 100% INTEREST IN THE ALWIN MINE COPPER-SILVER-GOLD PROJECT

GSP Resource Corp. has amended the Alwin project option agreement with the vendors Richard John Billingsley and S. Gaye Richards dated Jan. 30, 2020, as amended (see news releases dated Jan. 30, 2020, and July 12, 2023), to accelerate the remaining payment obligations under the option agreement to acquire a 100-per-cent interest in the Alwin copper-silver-gold project in southwestern British Columbia, Canada.

The parties have agreed to amend the option agreement to replace $62,500 of the remaining $125,000 cash due to the vendors on or before Feb. 5, 2025, with 625,000 common shares of the company on or before Feb. 5, 2025, at a deemed issuance price of 10 cents per share. A remaining $62,500 in cash remains due to the vendors on or before Feb. 5, 2025. For clarity, the $50,000 cash payment due to the vendors on or before Feb. 5, 2024, was previously extended by one year by the parties. Additionally, the parties agreed to reduce the balance of the remaining share payments by one million shares, such that an aggregate of 1.9 million shares remain issuable to the vendor under the option agreement: (i) 900,000 on or before Feb. 5, 2025; and (ii) one million shares on or before the earlier of a bankable feasibility study and Feb. 5, 2028. The amendment agreement also confirms that the gross smelter return royalty, as defined and disclosed in the company's news release dated June 30, 2020, is removed from the option agreement in entirety. Furthermore, the amendment confirms that the three Crown granted mineral claims owned by the vendors that overlap with certain of the mineral claims comprising the Alwin project as set forth in, and attached to, the first amendment agreement to the option agreement dated Nov. 27, 2020, are deemed added to the option agreement as Schedule A thereto. The CGs are subject to a 2.5-per-cent net smelter royalty payable to Franklin Dean Miller. All shares issued to the vendors will be subject to a statutory hold period of four months and one date in accordance with applicable Canadian securities laws. The TSX Venture Exchange has approved the amendments disclosed herein.

The company intends to complete all remaining cash and share payments due to the vendors under the option agreement within the following week and will announce the acquisition a 100-per-cent interest in the Alwin project at that time.

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 metres long by 200 metres wide by 300 metres 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 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 extend 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 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 include 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.

About GSP Resource Corp.

GSP 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, of which it has granted an option to earn a 60-per-cent interest to a third party.

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