Post by
mdjbrown on Jan 12, 2023 10:28am
Where's the beef?
All the entertaining banter aside, for 10 years now several junior Saskatchewan potash companies including Gensource have been promoting a novel concept that could potentially revolutionize the way potash is extracted for future generations. Sounds fantastic in theory, but eventually capital equity firms fronting these ideas want to see the fruits of their labour (return on investment)
With GSP alone, millions upon millions of dollars have been raised over the last decade in promotion of that fruit, yet despite that financial backing, a cavern has yet to circulate one gallon of brine from the heavily promoted Luthor, Lazlo, or Vanguard leases.
To my knowledge only two companies are currently in the ground attempting to solve the elusive concept using very different strategies.
Western Resources has spent more than $100 million to date, completing 3 operating caverns, evaportion ponds, and a large production facility currently under contruction.
PADCOM (Beechy) are from what I can gather, are using a very, very conservative approach to be the first to prove the novel concept.
Both have been operating their cavern designs for more than a year now, both have extremely capable, very experienced potash backgrounds testing the science, and I would bet both have faced several downhole challenges along the way expected with trying to be the first in more than 60 years to accomplish this feat.
With both of these companies on very different spectrums being years ahead of Gensource in their mining operations, at what point does Gsp finally get a drill spinning to build an operating cavern to prove their promoted technology.
Is it not reasonable to believe that once Gensource builds a cavern model that proves their promotion of sustainable economic viability, raising money will be non issue?
As PADCOM (Beechy) is trying to successfully demonstrate, an operational cavern can be built on a very tight budget, (a few million dollars) so whats the hold up?
10 years is a long time to spend creating an exciting narrative without getting in the dirt to prove it, when others are already there.
Comment by
stockwatcher248 on Jan 12, 2023 11:11am
great post MJB....would love to finally see an educated industry response by Black to your comments rather than the usual pom pom, pumper response we are so used to receiving....won't hold my breath....thx again for the update...too bad we shareholders have to get this info on a bullboard rather than from the companies ivolved....