Mr. Simon Dyakowski of GSP Resource reports

GSP RESOURCE CORP. RETAINS 100% INTEREST IN OLIVINE MOUNTAIN COPPER-GOLD-PGE PROJECT

The option granted to Full Metal Minerals Ltd. to earn a 60-per-cent interest in GSP Resource Corp.'s 100-per-cent-owned Olivine Mountain property in the Similkameen mining division, British Columbia, has terminated, and the company has retained its 100-per-cent ownership interest in the property. The property is no longer subject to any earn-in right or other interest in favour of Full Metal.

Full Metal was granted the option pursuant to a letter agreement dated Feb. 24, 2020, as amended from time to time, which was accepted for filing by the TSX Venture Exchange on April 15, 2021 (see the company's news releases dated Feb. 26, 2020, and April 30, 2021). Full Metal completed the initial cash payment of $40,000 and issued 100,000 common shares of Full Metal to GSP, and made certain subsequent payments to GSP; however, Full Metal did not complete the cash payments, share issuances and exploration expenditures required to exercise the option, and all deadlines under the option agreement, as extended, have passed without the option being exercised. Full Metal has confirmed that it has abandoned the option.

During the option period, Full Metal commissioned an independent technical report on the property prepared in accordance with National Instrument 43-101, written by A. Koffyberg, PGeo, of Discovery Consultants, with an effective date of July 27, 2020. The 2020 technical report summarizes exploration completed on the property, including the work carried out by GSP in 2018 and 2019, and recommends a two-phase follow-up exploration program. The 2020 technical report was filed under Full Metal's issuer profile on SEDAR+ (see Full Metal's news release dated April 28, 2021).

Simon Dyakowski, chief executive officer of GSP, commented: "The return of a 100-per-cent interest in Olivine Mountain comes at no cost to the company and adds a drill-ready copper-gold-PGE project back into our portfolio outright. Olivine Mountain has benefited from modern airborne geophysics, an extensive soil geochemistry grid and a maiden diamond drill program, and hosts a large, underexplored land position within the prospective Tulameen ultramafic complex. We look forward to evaluating the recommended follow-up exploration program for the property."

Olivine Mountain project -- overview and highlights:

• Location and access: The property comprises 29 contiguous mineral titles covering approximately 3,022 hectares in the Similkameen mining division, approximately 25 kilometres west of Princeton, B.C., with year-round road access through the Coalmont Road and the Blakeburn forestry service road.
• Geological setting: The property lies within the late Triassic Tulameen ultramafic-mafic complex, an Alaskan-type zoned intrusion. The Tulameen district was historically North America's most important producer of placer platinum in the late 1800s. The property hosts several copper showings -- the Asp, Asp 14, RC and Hop showings -- with mineralization occurring as bornite and chalcopyrite hosted in gabbroic rocks.
• High-grade surface sampling: A select surface sample of a high-grade chalcopyrite stringer at the Hop showing assayed 23.0 grams per tonne gold, 89.5 g/t silver and 7.49 per cent copper, and a sample from the Asp 14 showing returned 4.74 per cent copper (see the company's news release dated Dec. 11, 2018). Select samples are by their nature not representative of mineralization hosted on the property.
• Two thousand eighteen airborne geophysics: A 370-line-kilometre airborne survey outlined a magnetic anomaly of approximately 1,500 metres by 900 metres, with a superimposed strong conductive body of approximately 100 m x 900 m, located approximately 750 m south of the RC and Asp showings (see the 2020 technical report).
• Two thousand eighteen soil geochemistry: Approximately 1,750 soil samples collected on a three-kilometre-by-three-kilometre grid outlined a northwest-trending copper-in-soil anomaly across the central grid area, with coincident anomalous nickel, palladium and gold values (see the company's news releases dated Feb. 13, 2019, and Feb. 14, 2019).
• Two thousand nineteen maiden drill program: Seven diamond drill holes totalling 1,200 m tested geochemical and geophysical targets. Highlights include 7.8 m of 0.27 per cent Cu, 1.12 g/t Ag and 0.17 g/t Au (DDH-5, from 129.2 m); 10.1 m of 0.12 per cent Cu including 0.5 m of 0.83 per cent Cu (DDH-5, from 89.6 m); and 7.0 m of 0.22 per cent Cu including 0.5 m of 0.49 per cent Cu (DDH-4B, from 60.0 m) (see the company's news release dated Jan. 15, 2020). Reported intersections are core lengths. true widths have not been determined.

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, a qualified person as that term is defined in National Instrument 43-101 (Standards of Disclosure for Mineral Projects). Mr. Dyakowski 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 Olivine Mountain property.

Marketing and investor awareness engagement

The company has engaged Hillside Consulting and Media Inc., a British Columbia-based firm, to assist in continuing marketing and investor relations efforts, for a period of two months. The company has paid Hillside a fee of $50,000 (Canadian) plus applicable taxes for this engagement period. Hillside will provide digital marketing services, including search engine optimization, e-mail and social media outreach, and content creation, including video, to increase corporate awareness. The media disseminated will be generated using publicly available information. Hillside and its affiliates currently hold no shares in the company. Hillside may, however, purchase or sell company securities in the open market or through other means based on market conditions and other factors. Hillside is at arm's length to the company and has no other relationship with the company, and neither Hillside nor its chief executive officer Stephen Giberson has any interest, directly or indirectly, in the company or its securities or any right or intent to acquire such an interest, other than as disclosed herein.

About GSP Resource Corp.

GSP Resource is a mineral exploration and development company focused on projects located in southwestern British Columbia. The company owns a 100-per-cent interest in and title to the past-producing Alwin mine copper-silver-gold property and the Mer claims, both located in the Highland Valley copper camp in the Kamloops mining division, as well as a 100-per-cent interest in and title to the Olivine Mountain property in the Similkameen mining division.

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