Post by
bobbythebaker on Nov 30, 2024 8:24am
Two Things That Caught My Eye from Yesterday's Financials
1. The related parties (which to date have been Mike Ferguson, Wayne Brownlee and Stephen Dyer) that have been loaning GSP non-convertible, interest-free short term money has loaned the company $650k over the past 2.5 years. The latest installment was $100k loaned on 10/15/24. Interestingly, this is the smallest amount yet, perhaps signifying optimism a Tugaske financing is near? The expiration date on the loan is 12/24/24, also nearby, although I noticed it also coincides with the expiration date on another similar loan, so perhaps the dating is just a way of putting the new loan into the same timeframe as the other. Regardless, management's (especially Mike Ferguson's) continued willingness to pour their own money into the company, likely taking a junior position to the HELM Credit Facility, suggests to me either (a) GSP has the most stand-up management in Canada and/or (b) Management believes the company will make it to the other side and a couple years of lost interest on $650k will be dwarfed by the gains on their existing shares and options.
2. This quote: "This quarter, the Company made incremental progress on its main focus, the financing of the Tugaske Project. The international and complex nature of the financing has resulted in processes taking longer than anticipated, however the processes are none-the-less progressing. Further, international interest in Gensource’s modern supply chain and business model continues to grow and the Company has been approached by international entities regarding potential future partnerships based on the innovative, low-cost production that is possible and how it can meet their own growing demand for a stable supply of the fertilizer. The Company is working with these international entities to complement its ongoing work to complete the financing for the Tugaske Project."