GSP Discovers Second Gold-Bearing Polymetallic Zone at Alwin Mine Property Grading 4.46% CuEq over 3.02m (3% Copper, 1.11 g/t Gold, and 61 g/t Silver) (AM-26-05); and 1.35% CuEq over 6.54m, including 5.2 g/t Gold over 0.67m (AM-26-03)

GSP Resource Corp. (GSPR) reported four diamond drill holes totaling 1,155 meters at its Alwin mine property, with assays from four additional holes at the Mer porphyry target still pending. The company noted the discovery of a second zone of high-grade gold mineralization intersected within two different drill holes, adding to the existing geological model near Highland Valley.

The reported intercepts include:

• AM-26-05 (-45°/074): 88.88–91.90 m, 3.02 m @ 3.01% Cu, 60.68 g/t Ag, 1.11 g/t Au = 4.46% CuEq.
• AM-26-03 (-45°/080): 93.46–100.00 m, 6.54 m @ 0.80% Cu, 6.02 g/t Ag, 0.67 g/t Au = 1.35% CuEq, including 93.46–94.13 m, 0.67 m @ 1.70% Cu, 11.00 g/t Ag, 5.22 g/t Au (5.58% CuEq).
• AM-26-02 (-45°/060): 129.40–135.80 m, 6.40 m @ 0.60% Cu, 10.93 g/t Ag, 0.20 g/t Au = 0.86% CuEq, including 0.90 m @ 3.48% Cu, 72.73 g/t Ag, 1.35 g/t Au (5.24% CuEq).
• AM-26-01 (-50°/066): 264.45–269.58 m, 5.13 m @ 1.01% Cu, 7.69 g/t Ag, 0.03 g/t Au = 1.11% CuEq, including 1.85 m @ 2.49% Cu, 19.16 g/t Ag (2.74% CuEq).

Hole AM-26-04 was abandoned at 33 meters due to azimuth deviation and is excluded from the reported metreage. Table 1 also restates previously released historical results, including AM-24-06 (7.90 m @ 5.04 g/t Au, 1.01% Cu, 4.71% CuEq; including 1.64 m @ 22.93 g/t Au, 18.45% CuEq, released 16 Jan 2025) and AM-24-01 (17.43 m @ 2.41% Cu, 0.68 g/t Au, 34.64 g/t Ag, 3.28% CuEq, released 13 Jan 2025).

True width is estimated at approximately 75% of the drilled width. The copper equivalent (CuEq) formula utilizes metal prices of US$6.35/lb for copper, US$50/oz for silver, and US$3,500/oz for gold, based on historical recoveries of 95.1% for copper, 89.7% for silver, and 85.4% for gold. No cutoff grade is stated.

GSP Resource Corp. (GSPR) released drill results from four new holes, adding one approximately 2.3-meter true-width interval averaging 3% copper. The company remains a pre-revenue micro-cap with a C$4.05 million market capitalization and an inferred resource of 1.46 million tonnes at 1.08% copper. The FY2026 MD&A includes an explicit going-concern flag.

The new data does not alter the existing resource estimate. While the interval confirms copper continuity and identifies a shallower silver-rich lens, it does not extend or replicate the high-grade gold discovery that the market had anticipated following up on. The "gold subset" remains based on a single hole from January 2025.

An analysis of the new interval suggests that a perfectly continuous 100-meter by 100-meter panel at 2.27 meters true width and 3.0% copper would hold roughly 61,000 tonnes at 3.0% copper, equating to approximately 4 million pounds of copper. This figure represents about 12% of the current 34.6 million-pound resource. However, four scattered holes do not prove the continuity required to expand the resource. At a copper price of $4.30 per pound, the contained copper in the 1.46 million-tonne resource is valued at approximately US$149 million gross in situ. This must be weighed against processing costs of $15 per tonne, totaling roughly $22 million, plus mining, general and administrative expenses, and capital costs, characterizing the project as marginal on its own.

GSPR’s stock price has seen significant volatility. The shares rose from approximately $0.09 to $0.22 between December 2025 and January 2026, driven by hyperspectral and soil geochemistry data rather than the 2024 drill results. The stock has since round-tripped to $0.07, marking a 52-week low. This represents a decline of approximately 68% from the January high and 50% from the September 22 level. The current release provides no new catalysts to justify the previous valuation multiples.

Financially, GSPR reported a net loss of C$610,009 for the fiscal year ending May 31, 2026. The company held cash of C$1,160,616 and total equity of C$4.76 million, of which C$3.48 million consists of capitalized mineral property intangibles. Consequently, the market capitalization is roughly equivalent to book value, with the value tied entirely to the properties. Exploration expenses fell to C$87,443 from C$814,005 in the prior year. A C$1.22 million placement in May 2026 funded the 1,801-meter drilling program conducted between June and August 2026. This expenditure is recorded in FY2027, leaving the company with a thin financial runway.

There is a disclosure inconsistency in the FY2026 MD&A summary, which states the company holds "three early-stage mineral properties… with no known resources or reserves." This contradicts the 1.46 million tonnes at 1.08% copper inferred resource cited in every prior release. It is unclear whether this is a boilerplate error or indicates a classification issue.

GSP Resource Corp. is a British Columbia-focused explorer holding 100% interest in three properties. The Alwin Mine property covers approximately 344 hectares, located 18 km west of Logan Lake and immediately west of Teck’s Highland Valley operation. This past-producing Cu-Ag-Au underground mine holds an inferred resource of 1.46 Mt @ 1.08% Cu / 34.6 Mlb, split 66% pit / 34% underground, with cutoffs of 0.2% Cu and 0.8% Cu. There are no reserves and no economic study.

The Mer property spans 185 hectares, situated 1.5 km NW of Alwin, and is a porphyry Cu-Mo target last drilled in the early 1970s, with four maiden holes awaiting assay. The Olivine Mountain property covers approximately 3,020 hectares in the Tulameen ultramafic complex, targeting Cu-Au-PGE. GSP returned to 100% ownership in August 2026 after Full Metal Minerals let its earn-in lapse. 2019 drilling was low grade, for example 7.8 m @ 0.27% Cu.

The company has 57.9M shares outstanding and 75.7M fully diluted, with approximately 22% insider ownership and a 10%+ holder, Richard Billingsley. There is no revenue and a going-concern disclosure. The company has been funded historically by flow-through and unit placements at $0.12–$0.18.

Management includes Simon Dyakowski (President & CEO), Christopher Dyakowski (P.Geo., director), and Kenneth Phillipe (CFO). Technical oversight is provided by APEX Geoscience (Kris Raffle, P.Geo.).