Gensource Potash Releases Audited Financial Statements and Management's Discussion and Analysis for the Year Ended December 31, 2023

2023 Final Results and Board Change

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Gensource Potash Corporation ("Gensource" or the "Company") (AIM/TSXV: GSP), a fertilizer development company focused on sustainable potash production, announces that it has released its Audited Financial Statements and Management's discussion and Analysis (MD&A) for the year ended December 31, 2023.

The detailed results of the Audited Financial Statements and MD&A are available under the Company's SEDAR+ profile on www.sedar.plus.ca or at https://gensourcepotash.ca/financials- and-presentations/ ). The highlights in this release should be read in conjunction with the Audited Financial Statements and MD&A. The MD&A provides an analysis of comparisons with previous periods, trends affecting the business and risk factors.

Summary of Key Activities During Q4 2023 and the year ending December 31

In today's interconnected world, fostering social and environmental consciousness is not just a choice but an imperative. Gensource's commitment to social and community values reflects our purpose and role in supplying a hungry world with potash, a sustainably produced macronutrient (critical mineral) essential for society's transition towards a more food-secure future. What sets us apart is our commitment to environmental stewardship, evident in our utilization of leading approaches to potash extraction, such as scalable potash production systems and other practices to minimize our ecological footprint.

The completion of the financing for the Tugaske Project, our primary focus, is progressing towards the close of the first step to a multi-stage funding that will provide total construction finance (see news release dated December 7, 2023). Tugaske, our first project of potentially many similar projects, has been thoroughly vetted by independent third parties through the senior debt due diligence process. The project is fully permitted and ready for construction.

Gensource prioritizes community engagement and empowerment, working closely with local stakeholders to ensure that its operations benefit the communities in which it operates. Being a partner in sustainable resource development means participating in making business decisions that create wealth for a growing Indigenous community and a growing province. Our community partnership is a testament to our commitment to sustainable resource development and our dedication to making business decisions that benefit our shareholders, the Indigenous community, and the province.

In 2023, Nekaneet First Nation joined Gensource as an investor to implement a Saskatchewan project that will bring multi-generational benefits to our shareholders and the local community. The Company's Tugaske potash project rests on Treaty 4, encompassing the lands of the Cree, Saulteaux, Dakota, Nakota and Lakota, and homeland to the Metis Nation and the lands included in the traditional territory of Nekaneet First Nation. We are all part of this Treaty and must take our corporate responsibility seriously to create real change through meaningful engagement.

A significant move in our corporate senior management strategy was to welcome Wayne Brownlee to our team as an independent director (Chair of the audit committee). Wayne will significantly enhance our collective knowledge and experience in the finance and fertilizers industry, not only for moving Tugaske into construction but also for implementing future projects. With over three decades of successful senior leadership, communication, and market planning expertise, Mr. Brownlee will be instrumental in boosting Gensource's market strategy. With the addition of Mr. Brownlee as an independent director and Chair of the audit committee, non-independent director Alton Anderson, CFO, will not seek re-election to the board at this year's annual meeting and will step down effective April 30, 2024 from the board. The result is improved corporate governance with only one non-independent director remaining on the board (Mike Ferguson, CEO). The Company thanks Mr. Anderson for his time serving as a non-independent director during the transition to an independent director. Mr. Anderson will continue in his role as CFO of the Company.

According to the International Fertilizer Association (IFA), consumption of fertilizers worldwide was expected to recover by 4% in 2023 to 192.5 million metric tons (mmt), but supply and demand to some degree has been impacted by risk from war, and supply chain interruption in delivery.

Gensource focuses on delivering long-term value to our shareholders, customers, employees, and other stakeholders. Throughout the year, we made significant strides in advancing our strategic initiatives. Looking ahead, we remain optimistic about Gensource's prospects. While uncertainties persist in the global economic landscape, our resilient business model, with Management and Board's commitment of time, expertise and financing, the Company will continue to support the innovations that will enable it to navigate challenges and capitalize on opportunities.

We are optimistic about the initiatives planned for the upcoming year, such as new market expansion strategies and investments in technology and infrastructure. We are proud of our accomplishments and confident in our ability to sustain growth and profitability in the years to come.

The following is a recap of significant events in 2023:

On January 27, 2023, the Company closed the second and final closing of the non-brokered private placement. The Company issued 11,969,998 Units for aggregate gross proceeds of $1,795,499.70. Each Unit consists of one common share in the capital stock of the Company (a "Common Share") and one Common Share purchase warrant of the Company (a "Warrant"). Each whole Warrant is exercisable for one Common Share (a "Warrant Share") at an exercise price of $0.30 per Warrant Share for a period of 24 months following the date of issuance.
On May 29, 2023, the Company completed a non-brokered private placement offering of Units at a price of $0.15 per unit. At the closing, the Company issued 6,118,583 units for aggregate gross proceeds of $917,787.45. Each Unit consists of one common share in the capital stock of the Company (a "Common Share") and one Common Share purchase warrant of the Company (a "Warrant"). Each whole Warrant is exercisable for one Common Share (a "Warrant Share") at an exercise price of $0.30 per Warrant Share for a period of 24 months following the date of issuance.
On October 2, 2023, the Company completed a non-brokered private placement offering of Units at a price of $0.15 per unit. At the closing the Company issued 4,763,588 units for aggregate gross proceeds of $729,538. Each Unit consists of one common share in the capital stock of the Company (a "Common Share") and one Common Share purchase warrant of the Company (a "Warrant"). Each Warrant will be exercisable for one Common Share (a "Warrant Share") at an exercise price of $0.30 per Warrant Share for a period of 24 months following the date of issuance.
The Company had cash of $409,488 as at December 31, 2023 compared to $973,520 at September 30, 2023 and $337,831 at December 31, 2022.

Further information on Gensource Potash Corporation can be found at www.gensourcepotash.ca Follow us on twitter @GensourcePotash

About Gensource

Gensource is a fertilizer development company based in Saskatoon, Saskatchewan and is on track to become the next fertilizer production company in that province. With a modular and environmentally leading approach to potash production, Gensource believes its technical and business model will be the future of the industry. Gensource operates under a business plan that has two key components: (1) vertical integration with the market to ensure that all production capacity built is directed, and pre-sold, to a specific market, eliminating market-side risk; and (2) technical innovation which will allow for a modular and economic potash production facility, that demonstrates environmental leadership within the industry, producing no salt tailings, therefore eliminating decommissioning risk, and requiring no surface brine ponds, thereby removing the single largest and negative environmental aspect of potash mining.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Caution Regarding Forward-Looking Statement

This news release may contain forward looking information and Gensource cautions readers that forward- looking information is based on certain assumptions and risk factors that could cause actual results to differ materially from the expectations of Gensource included in this news release. This news release includes certain "forward-looking statements", which often, but not always, can be identified by the use of words such as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". These statements are based on information currently available to Gensource and Gensource provides no assurance that actual results will meet management's expectations.

Forward looking statements include estimates and statements with respect to Gensource's future plans, objectives or goals, to the effect that Gensource or management expects a stated condition or result to occur, including any offering of securities by Gensource. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated in such statements for many reasons such as: failure to finance the Tugaske Project or other projects on terms which are economic or at all; failure to settle a definitive joint venture agreement with a party and advance and finance the Tugaske Project; changes in general economic conditions and conditions in the financial markets; the ability to find and source off-take agreements; changes in demand and prices for potash; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with Gensource's activities; an inability to predict and counteract the effects of COVID-19 on the business of Gensource, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, failure to obtain required regulatory approvals; and other matters discussed in this news release and in filings made with securities regulators. This list is not exhaustive of the factors that may affect any of Gensource's forward-looking statements. These and other factors should be considered carefully, and readers should not place undue reliance on Gensource's forward-looking statements. Gensource does not undertake to update any forward- looking statement that may be made from time to time by Gensource or on its behalf, except in accordance with applicable securities laws.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240429163029/en/

For further information on Gensource Potash:

Gensource Potash Corporation
Mike Ferguson – President & CEO
+1-306-974-6414

Strand Hanson Limited (Nominated & Financial Adviser)
Ritchie Balmer / Rory Murphy / Charles Hammond
+44 (0) 20 7409 3494

Peel Hunt LLP (Broker)
Ross Allister / David McKeown / Georgia Langoulant
+44 (0) 20 7418 8900

For any press enquiries please contact Gensource at 306-974-6414.

News Provided by Business Wire via QuoteMedia

Gensource Potash Corporation GSP:CA TSXV:GSP Platinum Investing

GSP:CA

Gensource Announces Final Closing of Non-Brokered Private Placement Totalling $1,605,899.82

Further to its news releases dated November 22, 2017 and November 29, 2017, Gensource Potash Corporation (“Gensource” or the “Company“) (TSXV:GSP) announces today it has completed the second tranche of its non-brokered private placement financing (the “Offering“). The second tranche of the Offering consisted of the non-brokered sale of 14,345,383 common shares at $0.065 per share for gross proceeds of $932,449.90.
As previously announced on November 29, 2017, the Company completed the first tranche of the Offering by placing 10,360,768 Common Shares. When combined with the second tranche, aggregate gross proceeds of $1,605,899.82 have been received.
Additionally, the Company paid commissions on the Offering to certain finders. The commissions paid to the finders consisted of cash payments of $39,980.00 and the issuance to the finders of 615,076 agent’s warrants exercisable into Common Shares at $0.065 per agent’s warrant for a period of 18 months following the Closing Date.
The Company intends to use the proceeds from the Offering for general working capital purposes as it moves forward to complete current negotiations with market partners for the first of its scalable and environmentally responsible potash operations, as well as to continue with resource definition work to support a second project within the Vanguard area.
The securities issued pursuant to the Offering are subject to a four month and one day statutory hold period.
Mike Ferguson, President & CEO of Gensource, commented: “We are very pleased with the response to our private placement, ending in an over-subscribed financing. Most satisfying is the robustness of the response even in a period of continued negative sentiments in the general potash industry. This tells us that our shareholders clearly understand our business model, which is not about the current price of potash or the current macro supply-demand situation. They understand that our business model has the potential to begin to change the industry, taking advantage of the rigid industry structure that has been created over many decades by providing an alternative: an alternative with respect to scale, efficiency, cost, environmental impact and simplicity of supply chain. Gensource continues to seek potential market partners that will facilitate the proposed implementation of our first scalable and environmentally friendly project.”
About Gensource
Gensource is based in Saskatoon, Saskatchewan and is focused on developing the next potash production facility in that province, using new and more efficient mining and processing methods and employing a new-to-the-potash-industry business model that connects the consumer of potash (agricultural producers) as directly as possible to the production of the product. Gensource’s President and CEO, Mike Ferguson, P.Eng., has assembled a management and technical team with direct and specific expertise and experience in potash development in Saskatchewan.
Gensource operates under a business plan that has two key components: vertical integration with the market to ensure that all production capacity built is directed to a specific market, eliminating market-side risk, and technical innovation which will allow for a small and economic potash production facility that sets a new environmental standard in the industry, the output of which can then be directed to a single, specific market.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
This news release may contain forward looking information and Gensource cautions readers that forward looking information is based on certain assumptions and risk factors that could cause actual results to differ materially from the expectations of Gensource included in this news release. This news release includes certain “forward-looking statements”, which often, but not always, can be identified by the use of words such as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. These statements are based on information currently available to Gensource and Gensource provides no assurance that actual results will meet management’s expectations. Forward-looking statements include estimates and statements with respect to Gensource’s future plans, objectives or goals, to the effect that Gensource or management expects a stated condition or result to occur, including the ability to successfully implement the feasibility study for mineral production on a technical and economic basis, and the establishment of vertical integration partnerships and the sourcing of end use potash purchasers. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, the economics of processing methods, project development, reclamation and capital costs of Gensource’s mineral properties, the ability to successfully implement the feasibility study for mineral production on a technical and economic basis, Gensource’s financial condition and prospects, the ability to establish viable vertical integration partnerships and the sourcing of end use potash purchasers, could differ materially from those currently anticipated in such statements for many reasons such as: an inability to successfully implement the feasibility study for mineral production on a technical and economic basis; changes in general economic conditions and conditions in the financial markets; the ability to find distributors and source off-take agreements; changes in demand and prices for potash; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with Gensource’s activities; and other matters discussed in this news release and in filings made with securities regulators. This list is not exhaustive of the factors that may affect any of Gensource’s forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on Gensource’s forward-looking statements. Gensource does not undertake to update any forward-looking statement that may be made from time to time by Gensource or on its behalf, except in accordance with applicable securities laws.

Contacts
Gensource Potash Corporation:
Mike Ferguson, 306-974-6414
President & CEO
mike@gensource.ca
Click here to connect with Gensource Potash (TSXV:GSP) for an Investor Presentation.

Source: www.businesswire.com

Gensource Announces First Closing of up to $1,500,000 Private Placement

Gensource Potash Corporation (“Gensource” or the “Company”) (TSXV:GSP) announces today it has completed tranche one of the up to $1.5 million private placement financing (the “Offering”). The Offering will consist of the sale of up to 23,076,924 Common Shares of the Company (” Common Shares””) at a price of $0.065 per Common Share. The Non-Brokered Financing is subject to an over-allotment option, allowing Gensource to issue additional 3,461,538 Common Shares.
Tranche one of the Offering consisted of the sale of 10,360,768 common shares of the Company (the “Common Shares”) at a price of $0.065 per Common Share, for gross proceeds of $673,450.00. Tranche two of the Offering is expected to close on or before December 15th, 2017.
Additionally, the Company paid commissions on the Offering to certain finders. The commissions paid to the finders consisted of a cash payments of $34,580.00 and the issuance to the finders of 532,000 agent’s warrants exercisable into Common Shares at $0.065 per agent’s warrant for a period of 18 months following the Closing Date.
The Company intends to use the proceeds from the Offering for general working capital purposes as it moves forward to complete current negotiations with market partners for the first of its scalable and environmentally responsible potash operations, as well as to continue with resource definition work to support a second project within the Vanguard area.
The securities issued pursuant to the Offering are subject to a four month and one day statutory hold period.
Mike Ferguson, President & CEO of Gensource, commented: “We are pleased to have closed the first tranche of the private placement and are moving to the second close on or about December 15th, 2017. Gensource continues to drive towards the business structure with our market partners that facilitate moving the first of our scalable and environmentally friendly projects to production.”
About Gensource
Gensource is based in Saskatoon, Saskatchewan and is focused on developing the next potash production facility in that province, using new and more efficient mining and processing methods and employing a new-to-the-potash-industry business model that connects the consumer of potash (agricultural producers) as directly as possible to the production of the product. Gensource’s President and CEO, Mike Ferguson, P.Eng., has assembled a management and technical team with direct and specific expertise and experience in potash development in Saskatchewan.
Gensource operates under a business plan that has two key components: vertical integration with the market to ensure that all production capacity built is directed to a specific market, eliminating market-side risk, and technical innovation which will allow for a small and economic potash production facility that sets a new environmental standard in the industry, the output of which can then be directed to a single, specific market.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
This news release may contain forward looking information and Gensource cautions readers that forward looking information is based on certain assumptions and risk factors that could cause actual results to differ materially from the expectations of Gensource included in this news release. This news release includes certain “forward-looking statements”, which often, but not always, can be identified by the use of words such as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. These statements are based on information currently available to Gensource and Gensource provides no assurance that actual results will meet management’s expectations. Forward-looking statements include estimates and statements with respect to Gensource’s future plans, objectives or goals, to the effect that Gensource or management expects a stated condition or result to occur, including funding and development pursuant to the definitive joint venture agreement with the EGME, the ability to successfully implement the feasibility study for mineral production on a technical and economic basis, and the establishment of vertical integration partnerships and the sourcing of end use potash purchasers. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, funding and development pursuant to a definitive joint venture agreement with the EGME, results of exploration, the economics of processing methods, project development, reclamation and capital costs of Gensource’s mineral properties, the ability to successfully implement the feasibility study for mineral production on a technical and economic basis, Gensource’s financial condition and prospects, the ability to establish viable vertical integration partnerships and the sourcing of end use potash purchasers, could differ materially from those currently anticipated in such statements for many reasons such as: failure to obtain funding and undertake development pursuant to the definitive joint venture agreement with the EGME; an inability to successfully implement the feasibility study for mineral production on a technical and economic basis; changes in general economic conditions and conditions in the financial markets; the ability to find distributors and source off-take agreements; changes in demand and prices for potash; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with Gensource’s activities; and other matters discussed in this news release and in filings made with securities regulators. This list is not exhaustive of the factors that may affect any of Gensource’s forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on Gensource’s forward-looking statements. Gensource does not undertake to update any forward-looking statement that may be made from time to time by Gensource or on its behalf, except in accordance with applicable securities laws.
Contacts:
Gensource Potash Corporation:
Mike Ferguson, (306) 974-6414
President & CEO
mike@gensource.ca
Source: Gensource
Click here to connect with Gensource Potash Corporation (TSXV:GSP) to receive an Investor Presentation

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Gensource Announces $1,5000,000 Non-Brokered Private Placement

Gensource Potash Corporation (“Gensource” or the “Company”) (TSXV:GSP) is pleased to announce a proposed best efforts non-brokered private placement for gross proceeds of up to $1,500,000 (the “Offering”). The Offering will consist of the sale of up to 23,076,924 Common Shares of the Company (“Common Shares”) at a price of $0.065 per Common Share. The Non-Brokered Financing is subject to an over-allotment option, allowing Gensource to issue additional 3,461,538 Common Shares.
The Company intends to use the proceeds from the sale of the Common Shares for general working capital purposes as it moves forward to complete current negotiations with market partners for the first of its scalable and environmentally responsible potash operations. The Offering will take place by way of a private placement to qualified investors in such provinces of Canada as the Company may designate, and otherwise in those jurisdictions where the Offering can lawfully be made. The securities to be issued pursuant to the Offering will be subject to a statutory fourth month and one day hold period from the Closing Date (as defined herein).
It is expected that the closing of the Offering will occur on or about November 29, 2017 (the “Closing Date”) and is subject to the satisfaction of certain conditions, including receipt of all applicable regulatory approvals including the approval of the TSX Venture Exchange. In consideration for their services, certain persons (each, a “Finder”) may receive from the Corporation on Closing, a cash commission equal to 8.0% of the gross proceeds of the Offering and compensation warrants to purchase common shares equal to 8.0% of the total number of Common Shares sold, exercisable for 18 months from the Closing Date at $0.065 per common share (the “Broker Warrants”).
Gensource’s President and CEO, Mike Ferguson commented, “We are excited at the level of interest and activity we have experienced from large and credible entities in the agriculture sector across North America, South America and Asia. Completing the feasibility study for the Vanguard One Project and opening up Vanguard Potash Corporation to immediate participation by strategic market partners are the key triggers to the current high level of interest in developing a project – exciting prospects are developing for implementing our first project.”
About Gensource
Gensource is based in Saskatoon, Saskatchewan and is focused on developing the next potash production facility in that province, using new and more efficient mining and processing methods and employing a new-to-the-potash-industry business model that connects the consumer of potash (agricultural producers) as directly as possible to the production of the product. Gensource’s President and CEO, Mike Ferguson, P.Eng., has assembled a management and technical team with direct and specific expertise and experience in potash development in Saskatchewan.
Gensource operates under a business plan that has two key components: vertical integration with the market to ensure that all production capacity built is directed to a specific market, eliminating market-side risk, and technical innovation which will allow for a small and economic potash production facility, the output of which can then be directed to a single, specific market.
The technical information presented in this new release has been reviewed and approved by Mike Ferguson, P.Eng., the President, CEO and a Director of the Corporation, who is a qualified person according to NI 43-101 requirements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Statements
This news release may contain forward looking information and Gensource cautions readers that forward looking information is based on certain assumptions and risk factors that could cause actual results to differ materially from the expectations of Gensource included in this news release. This news release includes certain “forward-looking statements”, which often, but not always, can be identified by the use of words such as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. These statements are based on information currently available to Gensource and Gensource provides no assurance that actual results will meet management’s expectations. Forward-looking statements include estimates and statements with respect to Gensource’s future plans, objectives or goals, to the effect that Gensource or management expects a stated condition or result to occur, including funding and development pursuant to the definitive joint venture agreement with the EGME, the expected timing for release of a reserve estimate and a feasibility study and whether or not the study will conclude that mineral production is feasible on a technical or economic basis, and the establishment of vertical integration partnerships and the sourcing of end use potash purchasers. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, funding and development pursuant to a definitive joint venture agreement with the EGME, results of exploration, the economics of processing methods, project development, reclamation and capital costs of Gensource’s mineral properties, the ability to complete a feasibility which supports the technical and economic viability of mineral production, Gensource’s financial condition and prospects, the ability to establish viable vertical integration partnerships and the sourcing of end use potash purchasers, could differ materially from those currently anticipated in such statements for many reasons such as: failure to obtain funding and undertake development pursuant to the definitive joint venture agreement with the EGME; an inability to finance and/or complete an update of the resource estimate to a reserve estimate, and a feasibility study which supports the technical and economic viability of mineral production; changes in general economic conditions and conditions in the financial markets; the ability to find distributors and source off-take agreements; changes in demand and prices for potash; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with Gensource’s activities; and other matters discussed in this news release and in filings made with securities regulators. This list is not exhaustive of the factors that may affect any of Gensource’s forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on Gensource’s forward-looking statements. Gensource does not undertake to update any forward-looking statement that may be made from time to time by Gensource or on its behalf, except in accordance with applicable securities laws.

Contacts
Gensource Potash Corporation
Mike Ferguson, 306-974-6414
President & CEO
mike@gensource.ca
Click here to connect with Gensource Potash (TSXV:GSP) for an Investor Presentation.

Source: www.businesswire.com

Gensource Provides Update on the Next-Stage Resource Confirmation Work in Its Vanguard Area

Gensource Potash Corporation (“Gensource” or the “Company”) (TSXV:GSP) is pleased to provide an update related to the ongoing efforts to expand upon the resource confirmation work completed to-date at its 100% owned Vanguard property in central Saskatchewan. The Vanguard area comprises two Saskatchewan subsurface mineral leases, KL 244 and KL 245, surrounding the Villages of Tugaske and Eyebrow, Saskatchewan.
Following the completion of the Vanguard One feasibility study (see news release dated May 31, 2017), Gensource announced initial efforts to increase both the breadth and the depth of its knowledge of the resource on its two leases, with the goal to identify and begin to define additional project areas. With its goal to help bring potash production into the 21^st century, Gensource has teamed up with ADROK Ltd (“ADROK”), to investigate the use of their patented and exclusive Atomic Dielectric Resonance (ADR) imaging technology, for the mapping and delineation of the potash members within the Prairie Evaporite. The main aim for the project is for ADROK to deploy their ADR technology for a proof of concept survey looking at potash deposits, with the aim to establish confidence that ADR can assist Gensource’s exploration and resource evaluation efforts. The project included data collection from 13 virtual boreholes (“V-bores”), and analysis of two V-bores to-date. A virtual borehole is just that – virtual. By utilizing ADR and proprietary analysis methods, ADROK is able to obtain geological and lithographic data similar to that obtained by actually drilling, logging and coring an exploration borehole, without doing any drilling. In Gensource’s case, the effort was focused on:

Identifying the boundaries of the Prairie Evaporite Formation.
Differentiating the Potash members within the Prairie Evaporite Formation.
Detection of high grade zones within the Potash members.
Identifying wet, potentially brackish-water-bearing zones at depth for use in Gensource’s selective solution mining technique.

Following the initial field investigation, ADROK completed data conversion on two V-bores as a calibration and “training” exercise and has provided an initial interpretation of the results.
The initial results indicated potash mineralization in both V-bores, consistent with the traditional geological logging and testing completed on those holes (including core retrieval, sampling and assaying). The ADR techniques were able to distinguish sylvinite (potash-containing ore) from halite (predominantly salt-only mineralization) layers at depth. Additionally, the evidence collected suggests that the ADR techniques can differentiate high-grade versus low-grade sylvinite layers within the potash-containing ore zone – not just differentiating the three main members of the Prairie Evaporite (Patience Lake, Bell Plaine and Esterhazy) but high and low-grade layers within each member. Further, the established lithology relationships using the ADR technology were consistent with the data recorded from the geophysical logs provided from the exploration phase of the two training holes.
Gensource’s President & CEO, Mike Ferguson, said, “The potential to apply ADROK’s technology in the potash industry is an exciting prospect. Not only are these methods drastically faster and substantially less costly than traditional exploration and confirmation methods, but also the ADR virtual boreholes are a low energy, low disturbance and non-destructive means of accomplishing field work – an ethos that fits well with Gensource’s mission to be innovative, and to take a more environmentally friendly and responsible approach to exploring for and producing potash. By utilizing new and more efficient techniques, it is Gensource’s goal to decrease cost and time requirement during the exploration and development phases, the result of which will save time and money and add more value to our shareholders. We look forward to further collaboration with ADROK on the assessment and advancement of the potential opportunities this technology can bring to our industry.”
The scientific and technical information contained in this news release was reviewed and approved by Mike Ferguson, P.Eng., the President and CEO of Gensource and a Qualified Person under NI 43-101.
About ADROK
ADROK is a cutting-edge technology company headquartered in the United Kingdom with exclusive global patents to Atomic Dielectric Resonance (ADR) imaging technology. This novel technology has been adapted for use in civil engineering, mining and oil and gas sectors. ADR has been proven to map the sub-surface geology and locate accurately and identify precisely the fluids present. In trials, the ADR technology has identified oil, gas, water, various rock types and minerals and penetrated the earth to great depths with high vertical resolution and definition. For more information visit www.adrokgroup.com.
About Gensource
Gensource is based in Saskatoon, Saskatchewan and is focused on developing the next potash production facility in that province. Gensource’s President and CEO, Mike Ferguson P.Eng., has assembled a management and technical team with direct and specific expertise and experience in potash development in Saskatchewan, and organized that team with a business plan focusing on small scale, economical production and vertical integration. Gensource plans to use up-to-date techniques and technologies to implement a potash facility like no other in the province – one that has a very small environmental footprint and community impact.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Statements
This news release may contain forward looking information and Gensource cautions readers that forward- looking information is based on certain assumptions and risk factors that could cause actual results to differ materially from the expectations of Gensource included in this news release. This news release includes certain “forward-looking statements”, which often, but not always, can be identified by the use of words such as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. These statements are based on information currently available to Gensource and Gensource provides no assurance that actual results will meet management’s expectations. Forward-looking statements include estimates and statements with respect to Gensource’s future plans, objectives or goals, to the effect that Gensource or management expects a stated condition or result to occur, including the establishment of vertical integration partnerships and the sourcing of end use potash purchasers. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to Gensource’s financial condition and prospects, the ability to establish viable vertical integration partnerships and the sourcing of end use potash purchasers could differ materially from those currently anticipated in such statements for many reasons such as: failure to settle a definitive joint venture agreement with a party and advance and finance the project; changes in general economic conditions and conditions in the financial markets; the ability to find and source off-take agreements; changes in demand and prices for potash; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with Gensource’s activities; and other matters discussed in this news release and in filings made with securities regulators. This list is not exhaustive of the factors that may affect any of Gensource’s forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on Gensource’s forward-looking statements. Gensource does not undertake to update any forward-looking statement that may be made from time to time by Gensource or on its behalf, except in accordance with applicable securities laws.

Contacts

Gensource Potash Corporation:
Mike Ferguson, 306-974-6414
President and CEO
mike@gensource.ca
Click here to connect with Gensource Potash Corporation (TSXV:GSP) for an Investor Presentation

Source: www.businesswire.com

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Gensource Potash Releases Audited Financial Statements and Management's Discussion and Analysis for the Year Ended December 31, 2023

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