REG-Gensource Potash Gensource Potash Announces First Day of Dealings on London Stock Exchange’s AIM Market

Gensource PotashAnnouncement

05/11/2021 07:00

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Gensource Potash Announces First Day of Dealings on London Stock Exchange’s
AIM Market

 

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OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION OF THIS
ANNOUNCEMENT WOULD BE UNLAWFUL.

THE COMMUNICATION OF THIS ANNOUNCEMENT IS NOT BEING MADE, AND HAS NOT BEEN
APPROVED, BY AN AUTHORISED PERSON FOR THE PURPOSES OF SECTION 21 OF THE UK
FINANCIAL SERVICES AND MARKETS ACT 2000 AND IS NOT AN OFFER OF SECURITIES FOR
SALE IN ANY JURISDICTION, INCLUDING IN OR INTO THE UNITED STATES OF AMERICA,
AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND OR THE REPUBLIC OF SOUTH
AFRICA.

Neither this announcement, nor anything contained herein, shall form the basis
of, or be relied upon in connection with, any offer or commitment whatsoever
in any jurisdiction. Prospective investors should not subscribe for or
purchase any securities referred to in this announcement, except on the basis
of the information in the final admission document to be published by the
Company and any supplement thereto ("Admission Document"), in connection with
the proposed Admission (as defined below).

Gensource Potash Announces First Day of Dealings on London Stock Exchange’s
AIM Market

SASKATOON, Saskatchewan, November 5, 2021 – Gensource Potash Corporation
(“Gensource” or the “Company”) (TSXV: GSP), a fertilizer development
company focused on sustainable potash production, initially through its
Tugaske potash project (“the “Tugaske Project”) in southern
Saskatchewan, today is pleased to announce that admission to trading (the
“Admission”) on the AIM Market of the London Stock Exchange ("AIM") will
take place, and dealings in its common shares (“Common Shares”) will
commence, at 08:00 GMT today under the symbol (formally the TIDM code) GSP,
the same as its TSX Venture Exchange (“TSXV”) symbol.

Mike Ferguson, CEO of Gensource, commented:

“The whole of the Gensource team is delighted to begin trading on AIM today.
This milestone will be important in enabling us to access a global investor
base as we progress our strategy of bringing the Tugaske Project into
production. We are confident that our high margin, de-risked, long life and
sustainable project sets us apart from the rest of the industry. In our view,
the strong ESG profile from the elimination of salt tailings and brine ponds
and significantly reduced fresh water usage, sets a new bar for the industry.
Gensource offers UK, European, North American and other international
investors a unique opportunity to invest not only in the potash market itself,
but also in the future of the potash market. We will update the market as we
march towards the future.”

The ISIN of the Common Shares is CA37252X1042 and, for the UK, the SEDOL is
BM9DFN1. The Common Shares will continue to trade on the TSXV following the
AIM listing.

At the time of Admission, the Company's total issued share capital will
consist of 418,188,995 Common Shares of no par value. For the purposes of the
Disclosure Guidance and Transparency Rules, the total number of voting rights
in the Company will be 418,188,995. This figure may be used by shareholders as
the denominator for the calculations by which they determine if they are
required to notify their interest in, or a change of their interest in, the
Company under the UK’s Financial Conduct Authority’s Disclosure Guidance
and Transparency Rules.

With respect to the AIM listing, Strand Hanson is acting as Nominated Adviser
to the Company and Peel Hunt is acting as Broker to the Company. The Company's
full AIM Admission Document can be viewed on the Gensource website at:

http://www.gensourcepotash.ca/aim-rule-26
(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.gensourcepotash.ca%2Faim-rule-26&esheet=52522256&newsitemid=20211105005074&lan=en-US&anchor=http%3A%2F%2Fwww.gensourcepotash.ca%2Faim-rule-26&index=1&md5=c7ab649f666bf64be12a561c68f58d00)

Unless otherwise defined in this announcement, defined terms are per the
Company’s AIM Admission Document.

Tugaske Project

The Tugaske Project will be the first potash project of its kind; utilizing
innovative, sustainable production methods that are environmentally sound and
socially responsible. The Tugaske Project will have a decreased physical
footprint relative to conventional potash mining, resulting in less impact on
air, water and land. Additionally, the Tugaske Project is designed for
efficiency and the operating costs are expected to be in the lowest quartile
globally, supporting our projection of a high margin business. Gensource’s
vertical integration with the potash market also sets it apart and helps
ensure that all production capacity is pre-sold, which supports a
significantly de-risked business model, greatly reducing market-side risk.

Tugaske Project is “shovel ready”

The Company has already achieved key milestones at its Tugaske Project in
Saskatchewan, a tier 1 mining jurisdiction. Key permits are in place (namely
the determination of “not a development” by the Saskatchewan Ministry of
Environment and the approval of a development permit by the local government
at the location of the Tugaske Project, the RM of Huron No. 223), meaning the
Company’s development partners are ready to commence construction permitting
(subject to the completion of debt financing discussed below, and other
conditions) and initiation of construction activities. The Tugaske Project’s
Proven and Probable Mineral Reserve of over 14.1 million tonnes (reference the
Company’s NI 43-101 Technical Report dated October 14, 2021, available on
sedar.com or on the Company’s website) indicates a minimum expected mine
life of more than 56 years, based on annual production of 250,000 tonnes of
saleable muriate of potash.

Debt financing secured for the Tugaske Project

As disclosed on September 23, 2021, the Company received binding commitment
letters subject to certain conditions from KfW IPEX-Bank and Société
Générale (the “Mandated Lead Arrangers”), for a debt facility of up to
C$280 million to finance the debt component of the Tugaske Project. The
commitment from the Mandated Lead Arrangers highlights a strong endorsement
for the Tugaske Project and signifies an appetite for the Company’s
sustainable business model. Notably, KfW has substantial experience financing
fertilizer development projects globally.

Tugaske Project activities have begun

Initial Tugaske Project activities, including project team formation and ramp
up, additional procurement work for key supply contracts, confirmation of
capital and operating cost estimates, confirmation of overall project
schedule, etc., have already kicked off with the Company’s engineering and
construction partners in Saskatoon. These initial project start-up activities
are financed by an unsecured debt facility provided to KClean Potash
Corporation (the joint venture corporation that is planned as the vehicle that
will construct and own the Tugaske Project) by HELM AG. The provision of this
initial funding is a strong show of support for the Tugaske Project by its
offtake and future equity partner (see Gensource news release dated September
2, 2021 for background on KClean Potash Corporation). The initial project
activities currently underway are expected to take 4-5 months to complete.

Enquiries
 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                               
                                                                                  
 Camarco (Financial PR)                                     +44 (0) 20 3757 4997  
 Gordon Poole / Nick Hennis / Charlotte Hollinshead                               


For any press enquiries please contact us on gensource@camarco.co.uk

Further information on Gensource Potash Corporation can be found at
www.gensourcepotash.ca
(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.gensourcepotash.ca&esheet=52522256&newsitemid=20211105005074&lan=en-US&anchor=www.gensourcepotash.ca&index=2&md5=ce9c9e83cfdfa7cfeba2b5ccd36437f3)

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 small and economic potash production facility, that demonstrates
environmental leadership within the industry by using significantly less water
per tonne compared to conventional solution mining operations, producing no
salt tailings, therefore eliminating decommissioning risk, and requiring no
surface brine ponds, thereby removing the single largest negative
environmental impact 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 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 AIM
listing, the proposed financing of the Tugaske Project and the development of
the Tugaske Project and other projects 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 relating to the success of the Tugaske Project and the financing of
the Tugaske Project 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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Gensource Potash Corp.


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