REG - Gensource Potash - 3D Seismic Program and Comprehensive Update

Gensource PotashAnnouncement

07/12/2023 07:00

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RNS Number : 9549V  Gensource Potash Corporation  07 December 2023

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

Gensource Potash Announces 2023 Vanguard North 3D Seismic Program and Provides
Comprehensive Update

SASKATOON, Saskatchewan, and London, U.K. - December 7, 2023 - Gensource
Potash Corporation ("Gensource" or the "Company") (AIM/TSXV: GSP), a leading
fertilizer development company committed to sustainable potash production, is
delighted to share key developments regarding the 2023 Vanguard North 3D
Seismic Program and critical updates on project financing.

2023 Vanguard North 3D Seismic Program Commencement

Following a successful flow-through program financing, Gensource officially
initiated the 2023 Vanguard North 3D Seismic program in September 2023, with
the following strategic objectives:

·    Exploration and Resource Confirmation: Commence exploration and
confirm the resources of Sub-surface Mineral Permit SMP200, acquired in
November 2021. SMP200 is strategically positioned to the North of KL245, the
location of the first Vanguard Area project, the Tugaske Project, and
contiguous with its designated mining area.  More information is available at
gensourcepotash.ca. (https://gensourcepotash.ca/)

·    Expansion of Data: Expand dataset for the existing resource defined
in KL245 for the Tugaske Project. The 2023 Vanguard North 3D Seismic program
aims to enlarge the contiguous 3D seismic coverage of the regional resource,
positively impacting the currently defined Resource and Reserve. The results
will be quantified in a subsequent NI 43-101 Technical Report.

Design of the Program

The 2023 Vanguard North 3D Seismic program is meticulously designed to augment
existing knowledge of the regional resource. It covers an approximate area of
12 km² in the southern part of SMP200, coordinates with, and adds to, the
2017 Vanguard 3D Seismic coverage, and accelerates the potential expansion of
the Tugaske Project.

Strategic Partnerships
Gensource values collaboration and partnership. Joining forces on the 2023
Vanguard North 3D Seismic program are key experts in the field:

·    Terra Modelling Services: Geological consulting and program design.

·    Respec Saskatoon: Program management and coordination.

·    RPS Energy: 3D Seismic detailed design, data analysis, and
interpretation.

·    Raymac Surveys Ltd.: Site surveying.

·    Echo Seismic Ltd.: Recording.

·    Black Gold Medical Ltd.: Field medics.

Project Financing Update

In tandem with the seismic program, Gensource has been actively engaged in
discussions with several financial institutions to secure full project
financing for its Tugaske Project. Following detailed negotiations with
private funding groups during the summer, the Company is focused on reaching
an agreement with a preferred funding entity. The objective is to swiftly
conclude ongoing negotiations and progress in stages toward full project
financing, enabling the Tugaske Project to transition into construction and
operational phases. While timing remains challenging to estimate, the Company
is dedicated to expediting the negotiation process.

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.

For further information on Gensource Potash, please contact:

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

Strand Hanson Limited (Nominated & Financial
Adviser)             +44 (0) 20 7409 3494

Ritchie Balmer / Rory Murphy / Charles Hammond

Peel Hunt LLP (Broker)
 
+44 (0) 20 7418 8900

Ross Allister / David McKeown / Georgia Langoulant

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

 

Further information on Gensource Potash Corporation can be found at
www.gensourcepotash.ca

Follow us on twitter @GensourcePotash

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 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 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.

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