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Gensource Potash Corporation (“Gensource” or the “Company”) (AIM/TSXV: GSP), a fertilizer development company focused on sustainable potash production, announces that it has granted 1,000,000 stock options to a certain director of the Corporation at an exercise price of $0.125 and are exercisable for a period of 5 years. The options were granted under the Corporation's Stock Option Plan and each stock option entitles the holder to acquire one common share.

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Wayne Brownlee

2

Reason for the notification

 

a)

Position/status

Non-Exectuive Director

b)

Initial notification/Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

Name

Gensource Potash Corporation

b)

LEI

213800WAVVOPS85N2205

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

 

a)

Description of the financial instrument, type of instrument

 

Identification code

Gensource Potash Corp Common Shares

 

ISIN: CA3725X1042

b)

Nature of the transaction

Issue of share options under Company Stock Options Plan

c)

Price(s) and volume(s)

Price

$0.125

Volume

1,000,000

d)

Aggregated information

- Aggregated volume

- Price

Same as above

e)

Date of the transaction

May 8, 2023

f)

Place of the transaction

TSX-V Exchange

As a result, Wayne Brownlee’s total beneficial interest in the Company is Nil Common Shares, representing 0 percent of the Company's issued share capital.

Further information on Gensource Potash Corporation can be found at www.gensourcepotash.ca

Follow us on twitter @GensourcePotash

About Gensource

Gensource is a fertilizer development company based in Saskatoon, Saskatchewan and is on track to become the next fertilizer production company in that province. With a modular and environmentally leading 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 components: (1) vertical integration with the market to ensure that all production capacity built is directed, and pre-sold, to a specific market, eliminating market-side risk; and (2) technical innovation which will allow for a modular and economic potash production facility, that demonstrates environmental leadership within the industry, producing no salt tailings, therefore eliminating decommissioning risk, and requiring no surface brine ponds, thereby removing 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.

Caution Regarding Forward-Looking Statements

This news 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 the expectations of Gensource included in this news release. This news release includes certain “forward-looking statements”, which often, but not always, can be identified by the use of words such as “believes”, “anticipates”, “expects”, “estimates”, “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 with respect to Gensource’s future plans, objectives or goals, to the effect that Gensource or management expects a stated condition or result to occur, including any offering of securities by Gensource. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated in such statements for many reasons such as: failure to receive final approval of the TSX Venture Exchange and any other approvals for the extension of the Promissory Note; failure to finance the Tugaske Project or other projects on terms which are economic or at all; failure to settle a definitive joint venture agreement with a party and advance and finance the Tugaske Project; changes in general economic conditions and conditions in the financial markets; the ability to find and source off-take agreements; changes in demand and prices for potash; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with Gensource’s activities; an inability to predict and counteract the effects of COVID-19 on the business of Gensource, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, failure to obtain required regulatory approvals; and other matters discussed in this news release and in filings made with securities regulators. This list is not exhaustive of the factors that may affect any of Gensource’s forward-looking statements. These and other factors should be considered carefully, and readers should not place undue reliance on Gensource’s forward-looking statements. Gensource does not undertake to update any forward-looking statement that may be made from time to time by Gensource or on its behalf, except in accordance with applicable securities laws.

For further information on Gensource Potash, please contact:

Gensource Potash Corporation Mike Ferguson – President & CEO +1-306-974-6414

Strand Hanson Limited (Nominated & Financial Adviser) Ritchie Balmer / Rory Murphy / Charles Hammond +44 (0) 20 7409 3494

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

For any press enquiries please contact Gensource at 306-974-6414.

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