RE:RE:RE:RE:RE:RE:RE:I Also Found This Quote Intriguing Good morning Dan. I believe properly reading an MD&A report is elementary due diligence. The company is NOT moving out of Vanguard, SMP200 is within the boundaries of Vanguard. Please also note SMP200 is in ADDITION to the Tugaske Project. The Tugaske Project is being optimized for final financing and construction. It is a plus that SMP200 is in close proximity to the Tugaske Project. I am pleased that at this time the company shared news of a second project with their investors, I consider this highlight the crown jewel of the MD&A. Dan, your fear mongering of the company depleting it's cash reserves for property acquisition and surface access fees for SMP200 is misleading to the board. Please read the second paragraph to find otherwise.
Gensource continues to develop its Vanguard Area. Specifically, the Company is undertaking work that
will optimize its Tugaske Project in preparation for final financing and construction. In addition, the
Company is currently in the field acquiring seismic data on its 100% owned SMP200 exploration permit
(SMP200 is part of the larger Vanguard Area). The 3D seismic survey has been commissioned and is in
progress as of the date of this MD&A. Between the data already in place from Gensource’s previous drilling
activity and 3D seismic program on KL245, the historical well located within SMP200 and the current 3D
seismic program, the Company expects further definition of resource and reserves in the area.
Future Plans Related to SMP200:
• Gensource will continue to develop strategic plans related to the exploration and
development of SMP200 as discussions with prospective partners to advance a new project.
If full financing proceeds as expected, the planned expenditures for property acquisition and
surface access fees are $900,000. Capital commitments for 2023 will be evaluated as
financing is completed.