Shareholder Update: GSP Resource Corp. 2021 Review and 2022 Outlook

Shareholder Update: GSP Resource Corp. 2021 Review and 2022 Outlook

News Release - Vancouver, British Columbia – January 19, 2022: GSP Resource Corp. (TSX-V:

GSPR) (FRA: 0YD) (the “Company” or “GSP”) provides shareholders with the following outlook

for 2022 and review of 2021 activities. GSP’s core asset is an option to acquire a 100% interest in

the past producing Alwin Copper Mine located in BC’s Highland Valley Copper Camp.

Simon Dyakowski CEO of GSP commented: “GSP had a productive year in 2021. Despite logistical

challenges driven by poor weather with the Summer wildfires and Autumn flooding, GSP was able

to complete approximately 2,300 meters of diamond drilling (8 holes), bringing GSP’s total drilling

at the Alwin Mine Project to approximately 4,300 meters (18 holes) over the previous two exploration

seasons. Other milestones achieved at Alwin last year include obtaining an important 5-year

exploration permit (Multi-Year area based ( MYAB)) and complet ing a 3D digital model of the

historic Alwin mine workings and drill data. Work at Alwin to-date continues to support the

reimagining of the Alwin Mine from a high grade underground operation to a potential, shallow, bulk

tonnage open pittable deposit model. At Olivine Mountain, we signed an agreement to option a 60%

interest in the project to Full Metal Minerals.”

2021 Year in Review Highlights:

Alwin Mine Project

 Completed 3D modelling: The model includes all known underground workings, separated

into drift and declines, raises, cement filled, rock filled and open stopes and the numerous

unmined copper+/- silver+/- gold mineralized portions of the 425 m long by 275 m deep by

150 m wide zone (see news release dated May 19, 2021).

 Obtained 5 year MYAB Permit for drilling: Permit allows GSP to carry out exploration

activities including drilling, trenching and IP lines for a period of 5 years.

 Drilled 2,313 meters over the Summer and Fall of 2021, testing the bulk tonnage copper

potential of unmined mineralization within and surrounding the historic Alwin mine.

 High Grade drilling Highlights included: Hole AM 21-01 returning High grade intersection

of 3.50% Cu, 2.4 gpt Au, 39.6 gpt Ag (4.66 CuEq) over 6.4 m 1 and Hole AM21-05 a Deep

high-grade intersection of 2.71% CuEq over 35.5m. 2

 Bulk Tonnage Grade Highlights: Hole AM21-05 - 0.61% CuEq over 164.6 m; Hole AM21-

02 – 0.14% CuEq over 176.7 m; Hole AM21- 01 – 0.21% CuEq over 229.7 m, including:

0.28% CuEq over 158.5 m, and 0.48% CuEq over 79.3 m. 3

Olivine Mountain Project

 Optioned 60% to Full Metal Minerals in April 2021; GSP will be operator of exploration

programs at Olivine until option agreement is completed.

 Commenced a sampling program in September 2021 with results pending.

1 See GSP’s news release dated September 13, 2021

2 See GSP’s news release dated October 14, 2021

3 See GSP’s news release dated October 14, 2021

Corporate

- Closed oversubscribed financing of $455,000 in August 2021.

Outlook for 2022

 Alwin: Incorporate new drilling data into geological model, and update Alwin mine 3D

model.

 Alwin: Plan a substantial infill program to support a potential future resource estimate,

review and plan additional exploration drilling targets.

 Olivine: Partner funded project review and sampling program: including on the

porphyry copper-gold Hop target.

 Continually evaluate new opportunities to add shareholder value through Acquisition

& Development of projects (Southwestern BC focus).

About the Alwin Mine Project: The 575.72 hectares Alwin Mine Copper -Silver-Gold property is

located on the semi-arid, interior plateau in south-central British Columbia and is adjacent to Teck

Resources Limited’s Highland Valley Copper Mine . The historic underground mine, which was

developed over 500 metres long by 300 metres deep by 200 metres wide volume produced from 1916

to 1981 from five major subvertical zones 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 % copper.

Gold and silver content associated with bornite increase with depth within the individual mineralized

zones.

Qualified Person: The scientific and technical disclosure contained in this news release has been

reviewed and approved by Christopher Dyakowski, P. Geo, 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. Mr. Dyakowski verified the data underlying the information and opinions

contained therein. 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 Corp. is a mineral exploration & development company

focused on projects located in Southwestern British C olumbia. The Company has an option to

acquire a 100% interest and title to the Alwin Mine Copper -Gold-Silver Property in the Kamloops

Mining Division. GSP also owns 100% of the Olivine Mountain Property in the Similkameen Mining

Division of which Full Metal Minerals Ltd. has an option to earn a 60% interest.

Contact Information - For more information, please contact:

Simon Dyakowski, Chief Executive Officer & Director

Tel: (604) 619-7469

Email: [email protected]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the

TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information

This news release contains “forward‐looking information or statements” within the meaning of applicable securities laws,

which may include, without limitation, receipt of assays and the expected timing of the assay results , bulk tonnage

potential of the Alwin project, potential future resource estimate on the Alwin project, update the Alwin 3D model,

evaluate opportunities for acquisitions, divestitures and partnerships, other statements relating to the technical, financial

and business prospect s of the Company, its projects and other matters . All statements in this news release, other than

statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking

statements. Although the Company believes the expectations expressed in such forward-looking statements are based on

reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially

from those in the forward -looking statements. Such s tatements are based on numerous assumptions regarding present

and future business strategies and the environment in which the Company will operate in the future, including the price

of metals, the ability to achieve its goals, that general business and eco nomic conditions will not change in a material

adverse manner and that financing will be available if and when needed and on reasonable terms. Such forward-looking

information reflects the Company’s views with respect to future events and is subject to ris ks, uncertainties and

assumptions, including the risks and uncertainties relating to the interpretation of exploration results, risks related to the

inherent uncertainty of exploration and cost estimates and the potential for unexpected costs and expenses and those other

risks filed under the Company’s profile on SEDAR at www.sedar.com. Factors that could cause actual results to differ

materially from those in forward looking statements include, but are not limited to, continued availability of capital and

financing and general economic, market or business conditions, failure to secure personnel and equipment for work

programs, adverse weather and climate conditions, failure to maintain all necessary government permits, approvals and

authorizations, the impact of Covid-19 or other viruses and diseases on the Company’s ability to operate, decrease in the

price of copper and other metals, failure to maintain community acceptance (including First Nations), increase in costs

and litigation. The Company does not undertake to update forward‐looking statements or forward‐looking information,

except as required by law.