Pretty sure Minimum 1 means that the total outcome is minimum 1; reading it the other way just doesn't sound natural to me, even if it's technically possible in English.
This phrasing of "equal to [formula] (minimum 1)" crops up a lot in various d20 games and the intent, I believe, is basically to make sure you get some benefit from each of your feats and class abilities, even if your level or ability modifiers are low or negative - but not necessarily a lot, hence minimum 1. It's a more tenuous connection than I was hoping for, but I notice that in order to avoid this problem, they've made the phrasing more specific in some cases in DND5e. For example, in the Player's Basic Rules:
choose a number of cleric spells equal to your
Wisdom modifier + your cleric level (minimum of one
spell). [p. 22]
The character also regains spent Hit Dice, up
to a number of dice equal to half of the character’s total
number of them (minimum of one die). [p. 67 - the general rule is to round down without specific instructions like this.]
More generally, I'm not aware of other cases in d20 games where the minimum for something is given as two, so it would seem like a mismatch if that's what they meant in this case, one they probably would have explained more carefully.