Mr. Mike Ferguson reports

GENSOURCE POTASH ANNOUNCES CLOSING OF NON-BROKERED PRIVATE PLACEMENT

On Oct. 2, 2023, Gensource Potash Corp. completed the closing of its previously announced non-brokered private placement offering of units of the company at a price of 15 cents per unit.

At the closing, the Company issued 4,863,588 Units for aggregate gross proceeds of $729,538.20. Each Unit consists of one common share in the capital stock of the Company (a "Common Share") and one Common Share purchase warrant of the Company (a "Warrant"). Each whole Warrant is exercisable for one Common Share (a "Warrant Share") at an exercise price of $0.30 per Warrant Share for a period of 24 months following the date of issuance.

As part of the Offering, certain directors and officers of Gensource purchased 4,763,588 Units. Participation by these insiders in the Offering was considered a "related party transaction" pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). Gensource was exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with the insider participation in reliance on sections 5.5(b) and 5.7(a) of MI 61-101. The Company was not in a position to file a material change report more than 21 days in advance of the closing of the Offering as the details of participation by the insiders was not known at such time.

Use of proceeds from the sale of the Units, as previously disclosed, will be used to advance the Company's Tugaske potash project (the "Tugaske Project") and for general working capital purposes. Gensource is pleased that the current financing has been completed while it continues its work on funding opportunities to secure additional capital for the Tugaske Project.

The securities issued pursuant to this closing of the Offering are subject to a hold period of four months plus a day expiring February 3, 2024.

The closing of the Offering remains subject to receipt of the final approval of the TSX Venture Exchange.

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.

We seek Safe Harbor.