Gensource Potash Announces Extension to the Maturity Date of Convertible Debentures and Adoption of a New Omnibus Equity Incentive Plan

About this update from Gensource Potash Corp.

Saskatoon, Saskatchewan--(Newsfile Corp. - July 7, 2026) - Gensource Potash Corporation (TSXV: GSP) ("Gensource" or the "Company"), a fertilizer development company focused on sustainable potash production, announces an extension to the maturity date (the "Maturity Date") of certain of the 5% convertible debentures of the Company in the principal amount of $1,800,000 (the "Debentures") issued on October 19, 2021, from June 30, 2026 to June 30, 2027 (the "Debenture Amendments"). All other terms remain the same. The principal amount of each Debenture is convertible, in whole or in part, for no additional consideration, into common shares of the Company ("Common Shares") at the option of the holder at any time prior to the earlier of: (i) the close of business on the Maturity Date, and (ii) the business day immediately preceding the date specified by the Company for redemption of the Debentures, at a conversion price equal to $0.34 per Common Share. Certain directors, former directors and officers of the Company are holders of Debentures, holding a total of $1,795,000 principal amount of Debentures. The Debenture Amendments are deemed to be "related party transactions" as defined under Multilateral Instrument 61-101- Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is exempt from the formal valuation and minority approval requirements for related party transactions pursuant to Subsection 5.5(a) and Subsection 5.7(1)(a) of MI 61-101, respectively. The Debenture Amendments remain subject to receipt of all necessary regulatory approvals, including the final approval of the TSX Venture Exchange ("TSXV"). The Company also announces that it has implemented and adopted a new Omnibus Equity Incentive Plan (the "Plan") following shareholder approval at the annual general and special meeting of the Corporation held on June 26, 2026. The Plan is a "rolling up to 10% and fixed up to 10%" equity incentive plan, as such term is defined in TSXV Policy 4.4 - Security Based Compensation. The Plan allows the Company to issue up to a maximum of 10% of the issued and outstanding Common Shares in stock options as at the date of any stock option grant, and up to an aggregate of 46,836,793 Common Shares issuable pursuant to deferred share units, restricted share units, performance share units and other allowed equity-based awards...

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