Gensource Announces Results of Annual and Special Meeting and Provides Tugaske Project Update

Gensource Potash Corporation (“Gensource” or the “Company”) (TSX-V: GSP) is pleased to announce the results of its annual and special meeting (ASM) of shareholders held on May 29, 2020. At the meeting, the Gensource shareholders:

• Elected Michael Ferguson, Paul Martin, Michael Mueller, Calvin Redlick and Amy O’Shea to the Board of Directors;
• Re-appointed MNP LLP, Chartered Accountants as auditor of the Company and authorized the Board of Directors to fix the auditor’s remuneration, and;
• Re-approved the Company’s stock option plan.

Holders of 121,708,191 shares (representing approximately 31.79% of the outstanding shares of the Company) were “present” at the virtual web-based ASM or by proxy and voted at the meeting.

Following the ASM, Gensource held a Board of Directors meeting and re-appointed officers of the company as follows: Michael Ferguson was re-appointed as President and Chief Executive Officer; Robert Theoret was re-appointed as Chief Financial Officer, and; Deborah Morsky was re-appointed as Vice-President Corporate Services and Corporate Secretary.

As part of the meeting, the Company held an interactive question and answer session, dealing with specific shareholder-posed questions. The questions dealt with the Covid-19 pandemic impacts, as well as the status of the senior debt due diligence process and expectations around overall timing of the Tugaske Project financing. If you missed the meeting, please go to http://gensourcepotash.ca/2019-annual-shareholder-meeting/ to find a full recording of the ASM, which includes the question and answer session.

About Gensource
Gensource Potash 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 small scale 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 small 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 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 the ability to finance the Tugaske Project or other projects, the establishment of vertical integration partnerships and the sourcing of end use potash purchasers. 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 relating to Gensource’s financial condition and prospects, the ability to finance the Tugaske Project or other projects on terms which are economic or at all, the ability to establish viable vertical integration partnerships and the sourcing of end use potash purchasers could differ materially from those currently anticipated in such statements for many reasons such as: 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 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; 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.

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