SASKATOON, Saskatchewan – (COMMERCIAL THREAD) –Gensource Potash Company (“Gensource“or the”Company”) (TSX-V: GSP) is pleased to announce the results of its annual and special general meeting (the “AGSM) Of the shareholders held on June 18, 2021. During the meeting, Gensource shareholders:

  • Elected Alton Anderson, Stephen Dyer, Michael Ferguson, Michael Mueller, Amy O’Shea and Calvin Redlick to the Board of Directors;

  • Renamed MNP LLP, Chartered Accountants as Statutory Auditor of the Company and authorized the Board of Directors to set the remuneration of the Statutory Auditor;

  • re-approved the Company’s stock option plan and

  • Approved an amendment to the Articles of Association of the Company to include disclosure requirements of certain shareholding interests as detailed in the information circular sent to shareholders in connection with the meeting.

The holders of 186,129,255 shares (representing just over 45% of the outstanding shares of the Company) were “present” or were represented by proxy at the online virtual AGSM.

Following the AGSM, Gensource held a meeting of the board of directors and reappointed the officers of the company as follows: Michael Ferguson has been reappointed as president and chief executive officer; Alton Anderson has been reappointed as Chief Financial Officer, Robert Theoret has been reappointed as Vice President Finance and Business Development and Deborah Morsky has been reappointed as Vice President of Corporate Services and Corporate Secretary .

“We are delighted with the exceptional participation of proxy and in-person voters for this year’s AGSM,” commented Mike Ferguson, President and CEO. “We have an incredibly dedicated group of shareholders in the company – individuals and institutions who have a clear vision of the value proposition offered by Gensource as well as an understanding of the effort required to achieve our goals. We thank all of our shareholders for their continued and enthusiastic support.

If you missed the meeting, please click on the following link to find the full recording of AGSM. – https://gensourcepotash.ca/wp-content/uploads/2021/07/Gensource-Meeting-Recording.mp4.

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 small-scale, green approach to potash production, Gensource believes its technical and business model will be the future of the industry. Gensource operates according to a business plan which 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 the risk on the market side; and (2) technical innovation that will enable a small and economical potash production facility, which demonstrates environmental leadership within the industry, does not produce salt residue, thus eliminating the risk of decommissioning and requiring no surface brine pond, eliminating the biggest and most 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.

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 can often, but not always, be identified by the use of words such as “believes”, “expects”, “expects”, “believes”, “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 that the Company becomes a potash-producing company. 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. Actual results relating to the Company’s plans to become a potash producer could differ materially from those currently anticipated in these statements for many reasons such as: the inability to fund the Company’s projects on economic terms or not at all ; failure to enter into a definitive joint venture agreement with one party and to advance and finance the 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 Gensource’s 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 Gensource’s forward-looking statements. 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 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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