Gensource Potash Provides Update on Tugaske Project as Partnership and Financing Advance

Gensource Potash Corporation (GSP) issued a progress update on the Tugaske Project Technical Refresh as of July 13, 2026. The refresh is approximately 60% complete, with the final review of the 2023 seismic program finished and data currently being integrated into the geological model.

The company has up-sized the project capacity to a minimum of 500,000 metric tonnes per year, doubling the original 250,000 t/y plan. An updated internal resource estimate is nearing completion and will be included in the forthcoming NI 43-101 Technical Report. Reserve definitions will be updated once the solution mining design is finalized, with expectations of a significant reserve increase due to the expanded mining area.

Permitting revisions are being submitted to the Saskatchewan Environmental Assessment and Stewardship Branch, while logistics discussions, including West Coast port options, are underway. A delegation is scheduled to visit the site in mid-July for due diligence. Definitive agreements for full project development are under discussion, contingent on the updated NI 43-101 report and successful financing.

Gensource Potash Corporation (GSP) released an update on July 13 confirming the execution of a technical update initiated in March 2026, following an exclusivity agreement with an ASEAN partner. This progress aligns with management’s prior guidance that the technical refresh would take several months and run parallel to partner due diligence.

The doubling of capacity to 500,000 t/y was already disclosed in the February 2026 exclusivity agreement and the April 2026 investor presentation, meaning the information is not new. The announcement serves as a routine execution milestone that validates the partnership framework.

The market reaction has been muted, with the stock consolidating between $0.12 and $0.15 since late June, indicating the news is priced in as expected progress.

Gensource Potash Corporation (GSP) is a pre-revenue mining company focused on the Tugaske Project in south-central Saskatchewan, Canada. The project is a modular potash mine targeting Muriate of Potash (MOP). Initial feasibility covered a 250,000 t/y module, with current plans expanding to 500,000 t/y.

The project has completed a bankable feasibility study, FEED engineering, environmental approvals, and site acquisition. Reserves stand at 14.1 Mt of Sylvinite, with a resource base of up to 360 million tonnes of saleable potash. The mine life is projected to exceed 100 years, supporting multiple future modules.

The proprietary extraction process eliminates surface tailings and reduces water usage, aligning with ESG objectives. Operating costs are positioned in the bottom quartile of the global cost curve at approximately $85.08/t all-in.