GSP Resource is focused on the Alwin Mine project, a past-producing polymetallic deposit sitting 18 km west of Logan Lake in British Columbia’s Highland Valley, adjacent to Teck Resources’ Highland Valley Copper operation. This interview covered the company’s recently closed financing, the mobilization of a phase one drill program at the Alwin and Mer properties, exploration targets, and capital allocation for the remainder of 2026.

TL;DR

GSP closed a C$1.22 million financing in May 2026 at C$0.12 per share with a half-warrant at C$0.18, bringing treasury to approximately C$1.3 million. A drill rig was mobilized in early June and the company is about to begin a roughly 1,500-metre phase one program targeting a high-grade gold-copper stepout at Alwin and a first modern diamond drill test of the Mer porphyry copper target, with assays expected back in August or September. Phase two drilling is described as fully funded from the same raise.

What have they done for shareholders lately?

In late 2024, the company drilled a hole at Alwin and intersected approx 8 metres of 1% copper, 5 g/t silver, and 5 g/t gold west of the existing pit shell, which is the primary target being followed up on in phase one. The company also completed soil sampling and TERRA Spec (short-wave infrared) alteration work on the Mer property in 2024-2025, which management says supports proximal heat-source alteration and underpins the upcoming drill test. Permits for the Mer were received in May 2026 after a 14-month wait. The January 2025 NI 43-101 technical report gave the Alwin project an inferred resource of 1.46 million tonnes at 1.08% copper, with gold and silver excluded from the resource due to insufficient historic assay data.

How much money do they have and what are they spending it on?

The company closed a C$1.22 million financing on May 14, 2026, consisting of approximately C$700,000 in hard dollar units at C$0.12 with a half-warrant at C$0.18, and approximately C$500,000 in flow-through units at C$0.15, with a four-month hold expiring in September 2026. Treasury is approximately C$1.3 million. Phase one drilling at Alwin and Mer is budgeted at C$450,000, with drilling costs at C$187/metre to the driller and approximately C$300/metre all-in Canadian. The CEO takes a monthly stipend of C$7,500 (C$90,000 annually). The CEO told us marketing spend is expected to average out at approx C$7,000 per month, although a new C$10,000/month contract was recently signed with a US-based publication group. Phase two drilling, targeting either porphyry follow-up or a gold-silver resource expansion at Alwin, is described as funded from the same raise without a need to return to market.

Upcoming catalysts

Technical: Phase one drilling underway at Alwin (stepout gold-copper holes west of pit shell) and Mer (first modern diamond drill test of porphyry copper target), with approximately 1,500 metres planned from June to July 2026. Assay results expected August to September 2026. Phase two drilling planned for September to October 2026, targeting either porphyry follow-up or an Alwin gold-silver resource expansion of 5,000 to 10,000 metres. A deep drill test of the “Owl” NSAMT geophysical target north of the Alwin property is planned for fall 2026, pending permit amendment, with a planned depth of approximately 700 metres. An updated resource estimate incorporating gold and silver credits is targeted for mid-2027, following fall 2026 drilling.

Corporate: No near-term financing planned, according to Simon. Warrant exercises (C$0.15 flow-through warrants and C$0.18 hard dollar warrants) represent potential inflows if the stock re-rates.

Risks

The most immediate risk is drilling results. Both the Alwin stepout and the Mer porphyry test are exploration-stage programs where failure would leave the company with less than half its treasury, limited near-term catalysts, and a story that has already been criticized for a stop-start track record. The CEO himself cited the reliability of 1960s percussion drill data at Mer as an uncertainty. The flow-through paper issued at C$0.15 comes off hold in September 2026, which could create selling pressure if results disappoint. The stock is currently trading below both the last financing price and its 50-day and 200-day moving averages. Although permitting delays were cited as a past problem that is now resolved, the Owl target still requires a permit amendment before drilling can begin. The CEO is also CEO of Aztec Minerals, and splits his time between the two companies.

GSP CEO Interview

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