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Gensource Potash Corp. reports developments tied to the Tugaske Project, its flagship greenfield potash project. Company news has covered engineering and project-readiness work, environmental and site-control milestones, offtake and investment frameworks, technical update funding, and final-investment-decision related activity for the potash development.
Gensource Potash (OTC: AGCCF) reported that Technical Refresh work for its now up-sized Tugaske potash project is about 60% complete, advancing toward an updated NI 43-101 Technical Report. The project design is being updated to a minimum 500,000 tonnes per year, doubling the original capacity.
According to Gensource, all technical disciplines are active, the 2023 seismic program review is complete and integrated into the geological model, and an updated internal resource estimate will feed into a revised NI 43-101 report. Solution mining design updates have begun, with reserve definitions to follow.
The company is also updating environmental permitting for Saskatchewan regulators and reviewing West Coast port logistics. A financing partner delegation is scheduled to visit the site in mid-July as due diligence continues, with definitive development agreements contingent on the updated technical report and associated financing commitments.
Gensource Potash (OTC:AGCCF) received a Flash Report highlighting an Exclusivity Agreement with a large ASEAN conglomerate that outlines a potential fully funded construction solution for an expanded 500,000 tpa Tugaske Project.
The partner will fund the Technical Update ahead of Final Investment Decision (FID); prior studies show a 21.39% after-tax IRR, binding offtake for 100% of initial output, and an ESG-focused extraction method that reduces water use and eliminates surface tailings.