Gensource Potash Corp V.GSP

Maybe one of the longs here can clarify something here

[mdjbrown]

I have been pouring through several years of Gensource financials, and I am having difficulty putting an asset list together for the corporation.

Here is the corp statement last quarter. " Assets were $23,643,059 on March 31, 2024 (December 31, 2023 - $23,673,194), a decrease of approximately 0.1%. Exploration and evaluation assets increased by approximately 4% from December 31, 2023. The total exploration and evaluation assets represent approximately 20% of the total assets (December 31, 2023 – 19%). Property, plant and equipment increased by approximately 2%. Property, plant and equipment represent approximately 78% of total assets (December 31, 2023 –77%)."


We know there is very little cash on hand and the obvious assets are the SMP200 acquistion in 2021 for $103,000, and the KP-483 and KP-363 exploration leases purchased from Yancoal in 2016 for a $2.5 million dollars which are now KL 244 and KL 245

In 2012 it was announced GSP "currently holds 54 potash leases covering 8,634.5 acres of freehold subsurface mineral rights in the vicinity of the town of Lemberg, Saskatchewan. These leases were concluded with individuals beginning in November 2012 by GSP’s predecessor company, Nexxt Potash Inc. with leasing operations currently ongoing."

That I assume includes the Lothar and Lazlo properties, although if I am not mistaken the Lothar lease was relinquished back to the government.


So any idea what makes up the other $20 million in assets reported?

[stockwatcher248]

MJB and the stock is trading at a Market Cap of almost $50 million....something isn't right...maybe Black could clarify all the financial uncertainty, asset value uncertainty and lack of news surrounding the stock....are we NDP or Sask Party tomorrow???...

[mdjbrown]

sw248, this novel industry is currently in a state of confusion when a company in the identical space with a brand new facility, multiple caverns, and several large lease holdings is valued at 50% less than a company with no facility, no caverns, and a couple leases passed over from other potash corporations. I am just as confused when reading corporate disclosure as it is reported 78% of the

[stockwatcher248]

couldn't agree with you more MJB....we're talking almost 500 million shares on a fully dluted basis...no revenue, no work program recently announced, and over $10 million in the ditch with cash / current liabilities....only two options I see are a share consolidation / major financing which would decimate curremt shareholders OR a joint venture of some type which would require spinning off

[mdjbrown]

sw, hopefully management can provide an update to shareholders outlining the anticipated path forward, as it has certanly been quiet compared to years previous. One would think with natty prices so low and a stalled project at Western, there would be no better time to prove your tech especially when it appears other companies are offering their expertise to get this thing going. Didnt Gsp rely

[stockwatcher248]

MJB.....how can this stock trade at 9c with nearly 500,000,000 shares outstanding, $10 million shortfall@ in current liabilities and revenue, 0 work program..0.......their last financials filed on their website are back in MARCH....where are the current ones???...why not on the website@ @???....the General and Aministrative expenses were a ridiculous $500,000 for the 3 month period March...when

[stockwatcher248]

MJB......are financials available on Sedar ???....I don't use Sedar as financials are always on a company's website...are there any junior companies doing some type of work at present...if so who???...TIA