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Gensource Potash announces confirmation of its intention to list its shares on the AIM market of the London Stock Exchange




SASKATOON, Saskatchewan – (COMMERCIAL THREAD) – Gensource Potash Corporation (Gensource or the Company) (TSXV: GSP), a fertilizer development company focused on the sustainable production of potash, is pleased to announce today its intention to seek admission of its ordinary shares (the ordinary shares) to trade on the AIM market of the London Stock Exchange (“AIM”), subject to the completion of the required documentation (the “Admission”). The Company expects Admission to become effective in early November. This will result in the common shares being double listed on AIM and on the TSX Venture Exchange (TSXV).

The Company is seeking admission, in addition to its current listing on the TSX Venture Exchange, to take advantage of its exposure to UK and European financial markets and the expected increased liquidity with additional listing on AIM. With Gensources’ relationship with the purchaser of the Company’s Tugaske potash project (the Tugaske project), HELM AG (HELM), headquartered in Germany and its two principal mandated debt arrangers, KfW IPEX-Bank and Socit General (see Gensource news release of 23 September 2021 for the latest information on debt financing for the Tugaske project), also both based in Europe, the Tugaske project has attracted the interest of British and European investors. In addition, the company’s business plan of building future potash production modules around the world lends itself to leveraging increased liquidity through the global reach of an AIM list.

Michael Ferguson, CEO of Gensource, said: We are delighted to announce our intention to list Gensource on the AIM market of the London Stock Exchange, providing stakeholders and interested parties with the opportunity to invest in a high margin, risk free, long life project. lifelong and sustainable that sets a new direction in an industry.

Our vertical integration model will allow all production capabilities to be directed and pre-sold to a specific market, which will help us reduce market risk. For our Tugaske project, we plan to deploy this model as part of our direct debit agreement with HELM. Technical innovation is another key element of our business model and enables a modular and economical potash production facility that we believe will demonstrate superior efficiency and environmental leadership within the industry. potash. By using selective dissolution extraction techniques, salt residue will be entirely avoided, thus eliminating the greatest risk of downgrading for any potash project. Since there is no salt tailings, the corresponding brine ponds are also disposed of, allowing the Tugaske project to avoid the most significant negative environmental impact of potash mining.

We look forward to this exciting new phase, which we believe will provide us with greater visibility and growth opportunities as we build our market share.

Project tasks

The Tugaske project will be the first potash project of its kind; using innovative and sustainable production methods that respect the environment and are socially responsible. The Tugaske project will have a smaller physical footprint compared to conventional potash mining, resulting in less impact on air, water and land. Gensources’ vertical integration with the potash market also sets it apart and ensures that all production capacity is pre-sold, which supports a business model that drastically reduces risk, drastically reducing risk on the market side.

The Tugaske project is ready to go

The Company has already achieved key milestones at its Tugaske project in Saskatchewan, a Level 1 mining jurisdiction. The main permits are in place (namely the determination of no development by the Saskatchewan Ministry of Environment and the approval of a development permit by the local government at the site of the Tugaske project, RM of Huron No. 223), which means that the Company’s development partners are ready to begin issuing construction permits (subject to the completion of the debt financing discussed below, and other conditions) and the start of construction activities. The proven and probable mineral reserves of the Tugaske projects of more than 14.1 million tonnes (refer to the Companys NI 43-101 technical report dated October 14, 2021, available on or on the Companys website) indicates a minimum expected mine life of over 56 years, based on an annual production of 250,000 tonnes of salable muriate of potash.

Debt financing secured for the Tugaske project

As indicated on September 23, 2021, the Company received binding letters of commitment subject to certain conditions from KfW IPEX-Bank and Société Générale (the main mandated arrangers), for a loan facility of a maximum amount. of $ 280 million to finance the debt component of the Tugaske. Project. The engagement of the main mandated arrangers demonstrates a strong endorsement of the Tugaske project and signifies an appetite for the company’s sustainable business model. In particular, KfW has considerable experience in financing fertilizer development projects on a global scale.

The activities of the Tugaske project have started

Initial activities of the Tugaske project, including training and scaling up of the project team, additional procurement work for key procurement contracts, confirmation of capital and operating cost estimates , confirmation of the overall project schedule, etc., have already started with the company’s engineering and construction partners in Saskatoon. These initial project start-up activities are funded by an unsecured credit facility provided to KClean Potash Corporation (the joint venture which is intended as the vehicle that will build and own the Tugaske project) by HELM AG. The provision of this initial funding is strong evidence of support for the Tugaske project from its buyer and future capital partner (see Gensource press release of September 2, 2021 for information on KClean Potash Corporation). The initial project activities currently underway are expected to last 4 to 5 months.

About Gensource

Gensource is a fertilizer development company based in Saskatoon, Saskatchewan, and is on its way to becoming the next fertilizer production company in that province. With a modular and environmentally friendly approach to potash production, Gensource believes its technical and business model will be the future of the industry. Gensource operates under a business plan that has two key elements: (1) vertical integration with the market to ensure that all production capacity built is directed, and pre-sold, to a specific market, eliminating side risk. Marlet ; and (2) technical innovation that will enable a small and economical potash production facility, which demonstrates environmental leadership within the industry by using much less water per tonne compared to conventional solution mining operations. , producing no salt residue, thus eliminating the risk of downgrading, and requiring no surface brine pond, thus eliminating the greatest negative environmental impact of potash mining.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Caution Regarding Forward-Looking Statements

This press release may contain forward-looking information and Gensource cautions readers that forward-looking information is based on certain assumptions and risk factors that could cause actual results to differ materially from Gensource’s expectations included in this press release. This press release includes certain forward-looking statements, which often, but not always, can be identified by the use of words such as believe, anticipate, expect, estimate, may, could, would, will or plan. These statements are based on information currently available to Gensource and Gensource provides no assurance that actual results will meet management’s expectations.

Forward-looking statements include estimates and statements regarding Gensource’s future plans, objectives or goals that Gensource or management expects a condition or reported result to occur, including the AIM list. , the proposed financing of the Tugaske project and the development of the Tugaske project and other Gensource projects. Because forward-looking statements are based on assumptions and deal with future events and conditions, by their very nature they involve inherent risks and uncertainties. The actual results relating to the success of the Tugaske Project and the financing of the Tugaske Project could differ materially from those currently projected in these statements for many reasons such as: the inability to fund the Tugaske Project or other projects on economic terms or not at all ; the failure to enter into a definitive joint venture agreement with one party and to advance and finance the Tugaske project; changes in general economic and financial market conditions; the ability to find and source direct debit agreements; changes in demand and prices for potash; litigation, legislative, environmental and other legal, regulatory, political and competitive developments; technological and operational difficulties encountered in the context of Gensources’ activities; an inability to predict and counter the effects of COVID-19 on Gensource’s business, including, but not limited to, the effects of COVID-19 on commodity prices, capital market conditions, restriction of labor and international travel and supply chains; failure to obtain required regulatory approvals; and other matters discussed in this press release and in documents filed with securities regulatory authorities. This list is not exhaustive of the factors that may affect Gensources’ forward-looking statements. These and other factors should be carefully considered and readers should not place undue reliance on Gensources’ forward-looking statements. Gensource does not undertake to update any forward-looking statements that may be made from time to time by Gensource or on its behalf, except in accordance with applicable securities laws.




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