Gensource Potash Releases Audited Financial Statements and Management's Discussion and Analysis for the Year Ended December 31, 2023 By Investing.com



2023 Final Results and Board Changes

Not for distribution to U.S. news wire services or broadcast in the United States

SASKATOON, Saskatchewan and LONDON–(BUSINESS WIRE)–Gensource Potash Corporation (Gensource or the Company) (AIM/TSXV: GSP), a fertilizer development company focused on sustainable potash production, announced It has released its audited financial statements and management's discussion and analysis (MD&A) for the year ended December 31, 2023.

Detailed results of the audited financial statements and MD&A are available on the Company's SEDAR+ profile at www.sedar.plus.ca or https://gensourcepotash.ca/financials-and-presentations/. The highlights in this press release should be read in conjunction with the audited financial statements and MD&A. MD&A provides analysis of comparisons to prior periods, trends and risk factors affecting the business.

Summary of key activities for the fourth quarter of 2023 and the year ended December 31

In today’s interconnected world, developing social and environmental awareness is not just an option, it’s an imperative. Gensource's commitment to social and community values ​​reflects our purpose and role in providing a hungry world with potassium, a sustainably produced macronutrient (key mineral) critical to society's transition to a food-secure future. What makes us unique is our commitment to environmental stewardship, demonstrated by our use of leading potash extraction methods, such as scalable potash production systems and other practices to minimize our ecological footprint.

Financing for the Tugaske project, our primary focus, is nearing completion of the first step of a multi-stage financing that will provide full construction financing (see press release dated December 7, 2023). Tugaske is our first of potentially many similar projects that have been thoroughly vetted by an independent third party through a senior debt due diligence process. The project is fully permitted and ready for construction.

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Gensource prioritizes community engagement and empowerment, working closely with local stakeholders to ensure its operations benefit the communities in which it operates. Being a partner in sustainable resource development means participating in business decisions that create wealth for growing First Nations communities and growing provinces. Our community partnerships demonstrate our commitment to sustainable resource development and our commitment to making business decisions that benefit our shareholders, First Nations communities and the province.

In 2023, Nekaneet First Nation joined Gensource as an investor to deliver a Saskatchewan project that will deliver multi-generational benefits to our shareholders and local communities. The company's Tugaske potash project is governed by Treaty 4 and covers Cree (NYSE:), Sotho, Dakota, Nakota and Lakota lands, as well as the homeland and territory of the Métis Nation. Land within the traditional territory of the Kanite First Nation. We are all part of this treaty and must take our corporate responsibilities seriously to create real change through meaningful engagement.

A significant step in our corporate senior management strategy is to welcome Wayne Brownlee to our team as an independent director (Chair of the Audit Committee). Wayne will significantly enhance our collective knowledge and experience in the financial and fertilizer industries, not only to bring Tugaske into construction, but also to implement future plans. Mr. Brownlee brings more than three decades of successful senior leadership, communications and go-to-market planning expertise and will play a key role in driving Gensource's go-to-market strategy. With Mr. Brownlee serving as independent director and chairman of the Audit Committee, non-independent director Alton Anderson, Chief Financial Officer, will not seek re-election to the Board at this year's annual meeting and will resign from the Board effective April 30, 2024. The result was improved corporate governance, with only one non-independent director remaining on the board (CEO Mike Ferguson). The Company thanks Mr. Anderson for serving as a non-independent director during his transition to independent directorship. Mr. Anderson will continue to serve as the company's chief financial officer.

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According to the International Fertilizer Association (IFA), global fertilizer consumption is expected to recover by 4% in 2023, reaching 192.5 million tons (mmt), but supply and demand are affected by war risks and supply chains to a certain extent.

Gensource is focused on delivering long-term value to our shareholders, customers, employees and other stakeholders. Over the year, we have made significant progress in driving strategic initiatives. Looking ahead, we remain optimistic about Gensource's prospects. While uncertainty remains in the global economic landscape, the resilience of our business model, coupled with the commitment of management and board of directors to invest time, expertise and financing, will continue to support innovation, allowing it to respond to challenges and seize opportunities.

We are optimistic about the initiatives planned for the coming year, such as new market expansion strategies and investments in technology and infrastructure. We are proud of our achievements and confident in our ability to remain growing and profitable in the coming years.

The following is a review of major events in 2023:

  • On January 27, 2023, the company completed its second and final non-brokered private placement. The company issued 11,969,998 units, raising total proceeds of $1,795,499.70. Each unit consists of one common share (common share) of the Company's capital stock and one common share purchase warrant (warrant) of the Company. Each whole warrant is exercisable for one share of common stock (warrant share) at an exercise price of $0.30 per warrant share for a period of 24 months after the issuance date.
  • On May 29, 2023, the Company completed a non-brokered private placement offering of units at a price of $0.15 per unit. As of closing, the company had issued 6,118,583 units, raising total proceeds of $917,787.45. Each unit consists of one common share (common share) of the Company's capital stock and one common share purchase warrant (warrant) of the Company. Each whole warrant is exercisable for one share of common stock (warrant share) at an exercise price of $0.30 per warrant share for a period of 24 months after the issuance date.
  • On October 2, 2023, the Company completed a non-brokered private placement offering of units at a price of $0.15 per unit. As of closing, the company had issued 4,763,588 units, raising total proceeds of $729,538. Each unit consists of one common share (common share) of the Company's capital stock and one common share purchase warrant (warrant) of the Company. Each Warrant is exercisable for one common share (Warrant Share) at an exercise price of $0.30 per Warrant Share for a period of 24 months after the issuance date.
  • The company had cash of $409,488 as of December 31, 2023, compared to $973,520 at September 30, 2023 and $337,831 at December 31, 2022.
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For more information about Gensource Potash Corporation, please visit www.gensourcepotash.ca Follow us on Twitter @GensourcePotash

About Zhengyuan

Gensource, a fertilizer development company based in Saskatoon, Saskatchewan, is expected to be the next fertilizer production company in the province. Gensource believes its technology and business model will be the future of the industry, thanks to its modular and environmentally leading approach to potash production. Gensource's business plan has two key components: (1) vertical integration with the market, ensuring that all built capacity is targeted and pre-sold to specific markets, eliminating market-side risks; (2) technological innovation, which will enable modularization and an economical potash production facility that demonstrates environmental leadership within the industry, generates no salt tailings, thereby eliminating decommissioning risks, and does not require surface brine ponds, thereby eliminating the single largest and negative environmental aspect 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.

Cautionary Note 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 in this press release. This press release contains certain forward-looking statements, which often, but not always, can be identified by use of the words “believes,” “anticipates,” “expects,” “estimates,” “may,” “could,” “will,” ” To identify it with words such as “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.

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Forward-looking statements include estimates and statements regarding Gensource's future plans, goals or objectives to achieve the occurrence of specified conditions or results that Gensource or management anticipate, including any securities issued by Gensource. Because forward-looking statements are based on assumptions and address future events and conditions, by their nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated in such statements for a variety of reasons, such as: the failure to fund the Tugask Project or other projects on economic terms or at all; the failure to enter into a definitive joint venture with a party agreements and to advance and finance the Tugaske Project; changes in general economic conditions and financial market conditions; the ability to find and obtain offtake agreements; changes in potash demand and prices; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technical and operational difficulties encountered in Gensource's activities; the inability to predict and offset the impact of COVID-19 on Gensource's business, including but not limited to COVID-19's impact on commodity prices, capital market conditions, impacts on labor and international travel, and supply chains restrictions, the impact of a failure to obtain required regulatory approvals; and other matters discussed in this press release and filings with securities regulatory authorities. This list is not exhaustive of the factors that may affect any forward-looking statements by Gensource. These and other factors should be carefully considered and readers should not place undue reliance on Gensource's forward-looking statements. Gensource does not undertake to update any forward-looking statements made from time to time by or on behalf of Gensource, except in accordance with applicable securities laws.

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More information about Gensource Potash:

Gensource Potash Corporation
Mike Ferguson” President and CEO
+1-306-974-6414

Strand Hanson Limited (appointed and financial adviser)
Richie Balmer/Rory Murphy/Charles Hammond
+44 (0) 20 7409 3494

Peel Hunt LLP (Broker)
Ross Allister/David McKeon/Georgia Langourant
+44 (0) 20 7418 8900

For any media inquiries, please contact Gensource at 306-974-6414.

Source: Gensource Potash Corporation





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