Post by
mdjbrown on Jun 04, 2024 10:36am
Despite the difference of opinion on this thread
I think we can agree we all want to see Gensource succeed in its quest to become the first to economically produce potash by using a novel green technology not yet proven in Saskatchewan.
Many posting here appeared in 2016, and the banter between posters started dividing the idealists from the realists, resulting in name calling, berating those with differing opinions, etc, etc
It was also during that time that corporate focus appeared to waver as to the direction the company wanted to achieve the ultimate goal while slowly decreasing shareholders percentage of ownership of the company through numerous private placements, and other fund-raising vehicles.
Since that time we have seen the company shift attention from the next big thing being Lothar, to Lazlo, to Vanguard, and now SMP200 which along with this latest property comes large government expenditure commitments at a time when cash is limited.
Along with those much heralded assumptions came the ESSEL deal, the HELM deal, the $280 million debt financing, etc, etc, etc that unfortunately did not materialize.
Add to that the publicized hype of the AIM listing, the Innovare acquisition, and on and on that also did not result in success, and here we are. Limited cash reserves, excessive outstanding shares, increasing liabilities, and the companies execs currently financially supporting the corporation
I was extremely hopeful when the corporation reported that cavern development was the focus, as without proving their cavern process, it is impossible to promote a producing potash company.
Western Potash has made that crystall clear................ so it was promising to see the following disclosure from GSP
“So far, two specific areas are being investigated where process and technology improvements have the potential to yield significant cost savings, underground cavern design and wellfield configuration, and, optimization of the crystallization process in the surface plant.
The company is looking at the feasibility of drilling the first cavern at the Tugaske project as early as possible in the pre-construction phase, in order to confirm design parameters.”
but unfortunately that appears to have been put on the back burner, and instead work at SMP200 is the focus, and fully financing the project is being promoted.
There is an old saying that may be useful in this application, as since 2016 things have been a bit like watching a bouncing ball looking for a place to land.
Stay focused on the smaller tasks at hand, and bigger rewards will follow
Truer words have never been spoken and there are options out there, but ego's across the industry need to be set aside in order to accomplish those tasks