OLIVINE MOUNTAIN PROJECT

Summary

The Olivine Mountain property (the "Property") is southern British Columbia, approximately 25 km west of Princeton, BC and about 8 km west of the community of Coalmont. The Property consists of 29 contiguous MTO mineral titles in the Similkameen Mining Division, and covers an area of 3,022 hectares The Property can be reached via the Coalmont Road from Princeton to Coalmont, followed by the well-maintained Blakeburn forestry service road, for about 16 kilometres to the Property.

The author visited the Property on July 24, 2020, accompanied by geologist Ray Wladichuk, who conducted the 2018 drilling program on behalf of GSP Resources Corp. The drill sites were viewed and the 2019 drill core was examined.

Full Metal entered into an option agreement with GSP Resource Corp on February 26, 2020, to which Full Metal has the option to earn a 60% interest in the Olivine Mountain Property. The Option may be exercised by Full Metal incurring exploration expenditures of $500,000 including a minimum $75,000 within 12 months following the acceptance date of the Agreement by the TSX Venture exchange; making cash payments totalling $500,000 ($75,000 with 12 months of the acceptance date); and issuing 250,000 common shares of Full Metal (70,000 within 12 months of the acceptance date), over the four-year Option term.

Pursuant to the Agreement, GSP Resource covenants to duly complete the exercise of its option related to an underlying agreement that it has with Platinum Belt Resources on the Property. According to the underlying agreement, GSP Resource holds an option in good standing to acquire a 100% right, title and interest in and to the property, pursuant to the terms of an option agreement dated February 23, 2018 (as amended October 17, 2019 and December 24, 2019) between GSP Resource Corp and Platinum Belt Resources.

The Property lies within the Tulameen ultramafic complex, which is located within the southwestern portion of the Intermontane Belt in southern British Columbia. The Late Triassic Tulameen ultramafic-mafic intrusion is an Alaskan-type intrusion, based on its mineralogy and the zoned rock units.

At the core of the complex is a dunite unit, which is generally restricted to the northern portion of the complex, at Grasshopper and Olivine Mountains, north of the Property. Olivine pyroxenite envelops the dunite core and extends southwards along the central axis of the complex. Hornblende clinopyroxenite generally occurs at the periphery of the complex. This unit is continuous along the western margin of the complex but is more discontinuous along the east.

DISCOVERY Consultants A. Koffyberg, PGeo

The main unit of gabbroic rocks is distributed on the eastern side of the complex. Gabbroic rocks are commonly in direct contact with olivine clinopyroxenite in the north. Syenodiorite is confined to the southwestern margin of the complex.

The ultramafic-mafic complex is hosted by metasedimentary and mafic to felsic metavolcanic rocks of the Upper Triassic Nicola Group, which are considered co-magmatic with the rocks of the Tulameen suite. Contacts with the Nicola Group rocks are generally represented by ductile (mylonitic) or brittle fault zones on the eastern margin of the complex and a one-kilometer wide belt of penetratively deformed schistose rocks on the western margin.

The Property hosts several showings, which occur within the gabbroic rocks of the Tulameen ultramafic complex. These showings include the Asp, the Asp 14, the RC and the Hop showings. These showings contain copper mineralization as bornite and chalcopyrite, often associated with fractures and shears. The showings are hosted by gabbroic rocks.

The Tulameen area was first explored in the 1860s, when prospectors panned the Tulameen River and its tributaries for gold. In 1886, a staking rush followed the discovery of coarse gold in Granite Creek, a tributary of the Tulameen River. Production of platinum nuggets was first recorded at this point and by the late 1800s, the region had become the most important producer of placer platinum in North America. Since then placer mining for gold and platinum has continued intermittently on a small scale to the present time.

In the early 1900s, semi-massive magnetite was discovered on Lodestone Mountain, and subsequently on Tanglewood Hill, located south and east of the Property respectively. Exploration through to the 1960s and 1970s focussed on magnetite deposits.

Base metals were the focus of exploration on the southern portion of the Tulameen complex from 1968 to the early 1970s. Sicintine Mines Ltd conducted geochemical soil surveys for copper on the Asp 1-19 group of claims at this time. Work focussed on the headwaters of Olivine Creek, covering the Asp and Asp 14 copper showings, in the central part of the Property. The Asp showing was trenched and sampled. Bethlehem Copper explored its RC group of claims to the south of the Asp claim block.

In the 1980s, exploration once again focussed on platinum group elements (PGEs), with Newmont Exploration of Canada Ltd, Imperial Metals Corp, Tiffany Metals and Inter-Canadian Development Corp conducting exploration within rocks of the Tulameen complex. Newmont investigated the

DISCOVERY Consultants A. Koffyberg, PGeochromitite occurrences for platinum (Pt) and palladium (Pd) within the dunite lithologies of the

Tulameen complex on Grasshopper Mountain, located to the north of the Property.

Platinum Belt Resources acquired the current Property in 2013 by online staking through BC MTO. In 2018, the Property was optioned to GSP Resource Corp, and an airborne geophysical survey was conducted over the northern portion of the Property, for a total of 370 line-kilometres. A magnetic anomaly of about 1,500 x 900 m in size was outlined, about 750 m south of the RC and Asp showings. Superimposed on the anomaly was a strong conductive body of 100 x 900 m in size. Superimposed on this was an alignment of conductive crossover picks along the ridge of the conductive body. A geochemical soil survey was completed later in 2018, with a grid approximately 3 km by 3 km square. About 1,750 soil samples were collected and underwent multi-element analysis Copper values outline general northwest anomalous trends in the northwest, central and southeast parts of the grid, with the anomalous open to the east and north. Nickel values outline two distinct anomalies in the south-central portion of the grid, with anomalies open to the south. In the northeastern part of the survey grid two samples are anomalous in gold.

In 2019, GSP Resources Corp drilled seven diamond drill holes, for a total of 1,200 m. DDH-4b and 4 were collared at the Asp 14 showing. The holes intersected copper mineralization including 7.0 m of 0.22% Cu, 0.82 ppm Ag and 49 ppb Au; and 1.0 m of 0.28% Cu, 0.87 ppm Ag and 44 ppb Au, respectively. Holes DDH-3 and 6 were drilling on the coincident airborne magnetic and EM conductor target. Drill hole DDH-5, collared on a roadside outcrop of silicified diorite and gabbro with copper mineralization, intersected 7.8 m of 0.27% Cu, 1.12 ppm Ag and 171 ppb Au.

A two-stage exploration program is recommended to properly assess the exploration potential of the Property. An induced Polarization geophysical survey is recommended, in order to delineate structures that may be associated with mineralization, along with possible sulphide mineralization, in addition to providing depth profiles of targets. Concurrently, a soil survey should be extended to the north and south of the 2018 soil grid. It should include the Asp 14 showing in the north and the Hop showing in the south. From the combined geophysical and geochemical data, targets could be generated for any future drilling programs.

The budget for this phase is estimated to be $200,000. This is based on an IP survey covering the same aerial extent as the 2018 geochemical survey, of 3 km by 3 km. A survey of eight 400-m lines, having a spacing of 25 m is recommended. Some line cutting may have to be done in forested areas.

DISCOVERY Consultants A. Koffyberg, PGeo

Phase II should comprise a core drilling program to examine targets generated from the results of Phase I. Five holes of approximately 200 m depths could reasonably test these targets. Permitting is necessary for an IP geophysical survey as well as a drill program. A Phase II program, which is contingent upon the results of Phase I, is estimated to cost $219,000.