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Tugaske project on course for financial close

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World Fertilizer,

Gensource Potash Corp., which is developing the Tugaske potash project in Saskatchewan, Canada, has said that it is engaging with its debt and equity partners to evaluate potential impacts that may ensue due to Covid-19 and the associated financial market turmoil currently unfolding.

The company has advised that all parties remain focused and engaged in all the work streams required to see the project through to financial close. There has been no indication from any party involved in the financing that the Tugaske project will not advance through the completion of the financial process as planned - all stakeholders continue to maintain their desired schedule to financial close.

As part of the debt financing, due diligence work is moving ahead as planned. All five independent consultants, covering subject areas of engineering/technical, environmental and social, market, legal and insurance, have been contracted and are working on their specific scopes of work, ultimately reporting to the senior lending group. All of the due diligence activities can be completed remotely and no specific issues have been identified that would preclude any of these independent reports being completed as planned and submitted to the financial institutions.

On this basis, the company is confident that Tugaske will continue its path through this thorough the due diligence process and will reach a financial close as forecast later this summer.

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