Gensource Potash Corp V.GSP

GSP

[stockwatcher248]

BTB.....hard not to face the following facts.....only raised minimal $480k on flow through financing, peanuts to what is required.....no news at all on large equity financing that is needed.....get private placement Unit issue extended for 30 days, only one reason for that..little interest....can the company come with an update on that???? what happened to all the discussions they seemed to stress to having with large private equity investment companies and  having term sheets...nothing transpired other than trying to comfort shareholders...with the stock at 13c hard to do a financing at 15c....what happened to all the transperncy the company always stressed with little news update...what about update on any work program on property, tells me nothing has done...just have bad vibes on this stock with ZERO transparency has promised...I think the fat lady is about to sing.....major disapointment!!!!!...stock should be 5c...comments would be appreciated....

[bobbythebaker]

Hi Stockwatcher,   As I've said before, being a GSP shareholder has required some patience.  This is normal:  developing a mine is no small feat.  Mike and Rob have been though the process before with developing the Legacy Project at Potash One, making them one of few who have successsfully navigated the process and developed a potash mine in Saskatchewan in the past 40

[frostback]

Verry poor investment climate at the moment with any potential funding likely to come with some tough terms.  Add to this the cyclical nature of potash prices likely to return to “normal” prior to any meaningful production would indicate further headwinds and a  significantly lower ROI from current estimates.  The longer this drags out the harder it becomes to advance a viable

[bobbythebaker]

You caught me Frostback.  I did a quick Google search for Rob Theoret and Legacy One that had some hits, but on further diligence, I see it was just where Mike and Rob's pedigrees were listed on the same page. Commodity financing is always a tricky business.  Either the investing climate is serene and prices are stable (too low to entice investors), or crisis has set in and those

[mdjbrown]

Potash One players -     https://www.kitco.com/pr/2364/article_11062008110754.pdf

[stockwatcher248]

MJB...this has become a replay of the heavily promoted JV with EGME in 2016 with ended up a bust....in the past 6 years the only ones that have benefited are MGT collecting ridiculous salaries and stock option benefits....they created this new story with HELM etc which is following in the same path as the EGME promotion...I'm guessing their will be a new tail coming up to keep salaries active

[mdjbrown]

Can't disagree sw248.   If you go back further one could argue the Lazlo Project was promoted just as heavy at that time as the next big one with unfortunately the same result. https://gensourcepotash.ca/wp-content/uploads/2013/03/GSP-PPT-Gensource-Corp-Presentation-01Oct2015.pdf

[stockwatcher248]

good point MJB...would be hard to find any executive team over such a dismal 10 year performance still in place .....why is this an exception???...

[mdjbrown]

The entire potash industry where juniors have been involved has been plagued by years of high expectation / poor results     sw248. Encanto, Western, Karnalyte, Gensource and many other junior corporations get moving in the right direction, and that momentum stalls for various reasons. This is not unique to Saskatchewan, as another junior potash hopeful in Utah, SOP.H - Soperior

[bobbythebaker]

The past failings of parties like EGME and Private Equity groups may actually have led GSP to play things so close to the vest.  Note GSP stopped putting out a project timeline during 2022, as they likely grew weary of broken promises sending them (and investor hopes) back to the drawing board.  I suspect they have taken the stance that they will announce virtually nothing except for

[stockwatcher248]

your probably right BTB.....just a bunch of frustration on my part due to 60% drop in share price this past year and the lack of any significant and exciting news in the past few months....

[bobbythebaker]

Stockwatcher, GSP is in a rather different place than it was six years ago during the EGME effort.  The partnerships, approvals, financing, insurance, industry interest, design changes, etc form a list lengthier than I care to enumerate here.   I will fully grant you that EGME was all talk.  But to say that failed partnership proves GSP lacks credibility, given GSP's

[stockwatcher248]

I agree BTB...it just seems that GSP has hit a brick wall and is at a standstill with no significant news in the past month or two, unless I missed it, specifically on the 100 million equity financing...if they are having so much trouble raising this 6 million financing on the private placement how in the world will they raise the 100 million required for development of the project???....your

[mdjbrown]

s248, look no further than the recently expired $280 million debt facility component for the project's financing. That is a key indicator considering the Tugaske project was to be funded 60% by senior debt and 40% equity. If I recall, the $50 million HELM contribution was also contingent on closing both the debt and equity portions of the project financing.  Always interesting when