Gensource Potash Corp AGCCF

Straight From The Horse's Mouth

[bobbythebaker]

Here are the key quotes from today's shareholders meeting:

Mike Ferguson:  Food security remains at the top of the list of the United Nations’ concerns.  And the ongoing wars in the Ukraine and Gaza are only making the situation worse.

 

So, while global capital markets remain wary and risk averse, the underlying value of both Gensource’s approach to potash production and its business model remain strong, Innovative and attractive. 

 

“Strong and attractive” you say?  Then where is the financing?  Well, the company continues to receive unsolicited interest in its project, methods and expertise.  The fact that these parties, both in the industry and both seeking their own supply, are seriously interested in engaging with Gensource tells us that what we are doing is compelling.  We are offering what no other potash producer offers.

 

Earlier this year, you read a news release disclosing that the company has narrowed down its list of equity groups and was progressing with them.  I am now pleased to say we are at the final stages of closing with an international group of investors that specialized in project financing focusing on the United Nations sustainable development goals and ESG principles.  This financing will have several stages and upon closing, it would be sufficient to complete construction of the Tugaske Project and bring it into operation.  We believe the financing will be accretive to all shareholders.  The overall financing transaction includes not only the Tugaske Project, but other unrelated projects around the world, making this process very time consuming and complex.  The complexity is exacerbated by the involvement of several jurisdictions in North America, Europe, the UK and elsewhere.  We expected to be in a position to disclose the details by now, but we’re not quite there yet.  We believe the process is near completion.  So we’re excited about the next period of time, and we thank you our shareholders for your continuing support and patience.  Please understand that we are committed to completing the financing for Tugaske and will disclose those details as soon as they become definitive.  Steve?

 

Stephen Dyer:  As Mike mentioned, our complete focus is to being the financing for the Tugaske Project to a close.  On that note, I wanted to highlight management and the directors.   The team is fully committed to the company, and I wanted to thank them for that.  I would also note that they continue to invest in the company because they believe in not only what the company is doing in terms of the business model, but they also believe in the ultimate success of the company.  Your continued support and patience as our shareholders is greatly appreciated, and we anticipate being able to provide you with an update in the near future.

[stockwatcher248]

BTB...thx for posting....have heard those statements from MGT over and over for many many years...with 500 million shares already outstanding any equity financing at 8c would be lights out for sharesholders....any joint venture or external International financing would take a big piece of the project interest....management have taken very lucrative salaries along these many years while

[bobbythebaker]

Hey, Stockwatcher.  I know you've been following this company as long as I have (since 2016) don't begrudge you, or anyone else, having given up somewhere along the way. But, as it turns out, GSP's team never has.  Year in and and year out, they have kept sloughing ahead.  In the over the past three years, much of that sloughing has been funded by almost $3mm in

[mdjbrown]

btb, for those who have been following this one since the Augen /  Nexxt Potash / Gensource Capital Corp days more than a decade ago, just curious about your dilution comments as 8 years ago during the Yancoal offtake pitch there was less than 150 million shares, so the shareholders piece of the pie has been diluted 3 fold since that time. The horizontal selective solution mining cat has

[oldsalt72]

MDJ< we need more than tweaking. I have spent hundreds of hours studying every NI43 101 and any other available information on every project, from Gabbon to Argentina as well as the Saskatchewan projects. All these projects are big on promotion of their business plan, but most have no credible plan for mine development or process, when it comes to selective mining. The consultants they use

[mdjbrown]

oldsalt, I look forward to watching someone build a simple cavern design that works in real time. It is absolutely baffling to me how potash companies around the globe promote a viable horizontal selective solution cavern designs that "works"  ;)  yet they all default back to techniques that have been proven uneconomical in the last 65 years of trying including during cycles

[oldsalt72]

Really Beechy "invented the process" or (reinvented it) in 2009. Virtually all these dozen or so projects are based on the benefits presented in numerous public pesentations and with most of these companies privately. Rather than providing some recognition for the research and patents from Beechy, they all have resorted to expensive consultants promoting complicated schemes that simply

[black364]

"Beechy knows how to do selective solution mining of potash." Thanks for a good post, Harvey. You have given the equation credibility and taken out the perceived secret by some.  Saskatchewan as a whole and the shareholders of Gensource are fortunate that a very experienced Mike and his team know this too.  I'm looking forward to the exciting enhancements, that Mike

[oldsalt72]

The latest cavern design by Gensource is a copy of the Moab design and takes about a year to drill (from Gensource document). The person who directed the Western drilling, was the manager of Moab when the Moab installation was put in place. This Moab installation really has produced very little product. Western shows little progress. The patented Beechy design could be drilled in a couple weeks

[mdjbrown]

Unfortunately oldsalt, there are so many here that truly dont understand the differences between these solution mining techniques. If it works in Utah, surely it will work here, right? Nope.  Maybe one of these junior hopefuls can find an abandoned conventional potash mine, and then they can really mimic Moabs design. Like you have said, conventional wisdom will not work, and 6 decades of

[black364]

The humorist Mark Twain is often credited with a variation of this: “It ain't what you don't know that gets you into trouble.  It's what you know for sure that just ain't so.”

[oldsalt72]

Exactly. The tugaske ore body is a challenge for solution mining. Why don't you take some time and we can talk. I would love to see this project succeed.

[oldsalt72]

Thank you MDJ. It so much more than applying a system. I spend hours, sometimes days, looking at all the logs and assays, plotting them out for comparison and continuity. We need to know the slope of th deposit, obstructions, accessibility from surface etc. The plant design is equally important. Again, different based on ore but also climate and utilities. The mining system is developed from phase

[Rattler99]

Engines and potash.. lmfao ... thanks!!

[mdjbrown]

you are very welcome oldsalt72 Despite some folks views, these boards are all about sharing ideas, concerns, and even solutions if available, and I believe you may have a solution to the ongoing struggles the past 6 decades in making this novel process viable. I hope you are able to share this information with those sitting in the seats where changes can be made in the industry, as people