GSP Resource's Olivine optionee Full Metal drops option

GSP Resource Corp. announced the termination of its option agreement with Full Metal Minerals Ltd. for the Olivine Mountain Copper-Gold-PGE Project in British Columbia. The termination follows Full Metal’s failure to meet required cash payments, share issuances, and exploration expenditure deadlines, confirming the company's abandonment of the option.

As a result, GSP retains 100% ownership of the approximately 3,022-hectare property, free of any earn-in rights or encumbrances. The release also highlighted historical exploration on the Olivine Mountain property, which included a NI 43-101 technical report recommending follow-up drilling, airborne geophysics, soil geochemistry, and a maiden drill program featuring notable copper-gold intersections.

Additionally, the company engaged Hillside Consulting and Media Inc. for a two-month, $50,000 CAD marketing and investor relations engagement.

GSP Resource Corp. (GSPR) has terminated a previous agreement, a standard contractual outcome that removes administrative burdens without immediately generating revenue or defining resources. The move allows the company to regain 100% control of the property, enabling GSP to direct future exploration without partner constraints.

The property remains in early-stage exploration, with historical data requiring modern verification and capital to advance. A $50,000 marketing fee associated with the termination is a minor expense relative to the company's cash position and does not alter the capital requirements needed to drill the property. Overall, the news is incremental and expected, leaving the fundamental risk profile and near-term cash burn unchanged.

GSP Resource Corp. is a pre-revenue mineral exploration company focused on three properties in British Columbia: the Alwin Mine, the Mer Property, and Olivine Mountain.

The Alwin Mine is a past-producing copper-gold-silver operation that holds an inferred mineral resource of 1.46 million tonnes at 1.08% Cu, equating to 34.6 million pounds of copper. Recent drilling has identified high-grade gold intercepts, such as 5.04 g/t Au over 7.90m, and potential underlying porphyry systems.

The Mer Property is an early-stage porphyry copper target located 1.5 km northwest of Alwin. Maiden drilling completed in August 2026 intersected near-surface copper mineralization and alteration consistent with a porphyry target.

Olivine Mountain is a 3,022-hectare copper-gold-PGE project situated in the Tulameen ultramafic complex. Historical exploration on the site includes geophysics, geochemistry, and drilling, and GSP now holds a 100% interest.

All projects are in early-stage exploration, and no mineral reserves have been defined.