GSP Resource Corp. Regains 100% Ownership of Olivine Mountain Property After Option Termination

August 21, 2026 — Leads & Copy — GSP Resource Corp. (TSX-V: GSPR / FSE: 0YD / OTC: GSRCF) has regained 100% ownership of its Olivine Mountain property in British Columbia after an option agreement with Full Metal Minerals Ltd. terminated without Full Metal exercising its right to earn a 60% interest.

The termination means the Similkameen Mining Division property is no longer subject to any earn-in rights or interests in favor of Full Metal. Full Metal was granted the option in February 2020, with the agreement being accepted for filing by the TSX Venture Exchange in April 2021. Full Metal made an initial $40,000 cash payment and issued 100,000 of its shares to GSP, along with subsequent payments. However, Full Metal did not fulfill the remaining cash payment, share issuance, and exploration expenditure requirements necessary to exercise the option. All deadlines, including extensions, have passed without the option being exercised, and Full Metal has confirmed its abandonment of the option.

During the option period, Full Metal commissioned an independent technical report on the property, prepared in accordance with National Instrument 43-101 by A. Koffyberg, P.Geo, of Discovery Consultants, with an effective date of July 27, 2020. This report summarized exploration work, including GSP's efforts in 2018 and 2019, and recommended a two-phase follow-up exploration program. The 2020 Technical Report was filed under Full Metal’s issuer profile on SEDAR+.

Simon Dyakowski, Chief Executive Officer of GSP, stated that the return of a 100% interest in Olivine Mountain comes at no cost to the company and reintroduces a drill-ready copper-gold-PGE project into its portfolio. He highlighted that the property has benefited from modern airborne geophysics, an extensive soil geochemistry grid, and a maiden diamond drill program. Olivine Mountain features a large, underexplored land position within the prospective Tulameen ultramafic complex. GSP plans to evaluate the recommended follow-up exploration program.

The Olivine Mountain property consists of 29 contiguous mineral titles covering approximately 3,022 hectares in the Similkameen Mining Division, located about 25 km west of Princeton, British Columbia. It is accessible year-round via the Coalmont Road and the Blakeburn forestry service road.

Geologically, the property is situated within the Late Triassic Tulameen ultramafic-mafic complex, an Alaskan-type zoned intrusion. The Tulameen district was historically North America’s most significant producer of placer platinum in the late 1800s. The property hosts several copper showings, including Asp, Asp 14, RC, and Hop, with mineralization found as bornite and chalcopyrite in gabbroic rocks.

High-grade surface sampling results include a select sample from the Hop showing assaying 23.0 g/t gold, 89.5 g/t silver, and 7.49% copper, and another sample from the Asp 14 showing returning 4.74% copper. The company cautions that select samples are not necessarily representative of mineralization on the property.

In 2018, a 370 line-kilometre airborne survey identified a magnetic anomaly of approximately 1,500 m x 900 m, with a superimposed strong conductive body of about 100 m x 900 m, located south of the RC and Asp showings. Also in 2018, approximately 1,750 soil samples collected on a 3 km x 3 km grid outlined a northwest-trending copper-in-soil anomaly with coincident anomalous nickel, palladium, and gold values.

The 2019 maiden drill program consisted of seven diamond drill holes totaling 1,200 m that tested geochemical and geophysical targets. Notable intersections included 7.8 m of 0.27% Cu, 1.12 g/t Ag, and 0.17 g/t Au from DDH-5 (from 129.2 m), 10.1 m of 0.12% Cu including 0.5 m of 0.83% Cu from DDH-5 (from 89.6 m), and 7.0 m of 0.22% Cu including 0.5 m of 0.49% Cu from DDH-4B (from 60.0 m). Reported intersections are core lengths, and true widths have not been determined.

Christopher I. Dyakowski, P.Geo., a director of GSP, has reviewed and approved the scientific and technical disclosure in this news release as a Qualified Person under National Instrument 43-101. He has verified the data, including sampling, analytical, and test data. The company notes that mineralization on nearby properties is not indicative of mineralization that may be hosted on the Olivine Mountain property.

GSP has also engaged Hillside Consulting and Media Inc. for a two-month period to assist with marketing and investor relations efforts. The company has paid Hillside $50,000 (Canadian) plus applicable taxes for services that include digital marketing, SEO, email and social media outreach, and content creation to increase corporate awareness. Hillside and its affiliates currently hold no shares in GSP, but may purchase or sell Company securities based on market conditions. Hillside is at arm’s length to GSP and has no other relationship with the company, nor does its CEO, Stephen Giberson, have any interest in GSP or its securities, other than as disclosed.

GSP Resource Corp. is a mineral exploration and development company focused on projects in Southwestern British Columbia. The company holds a 100% interest in the past-producing Alwin Mine Copper-Silver-Gold Property and the Mer Claims in the Highland Valley Copper Camp, as well as the Olivine Mountain Property.

Source: GSP Resource Corp.