Named after the village of Tugaske, this project will be developed on Gensource’s wholly-owned Vanguard Area. An environmental assessment approval is already complete. With strong financial partners with lenders KfW IPEX-Bank & Société Générale underwriting the Senior Debt Facility, the Tugaske Project is ready to proceed to construction upon securing last mile project financing.
Tugaske Project Highlights
Feasibility Study
Complete
Environmental Assessment
Complete
Plant Site Land Option
Agreement in Place
A “Shovel Ready”
Project
10-Year Offtake with
Helm AG Fertilizers
Open Capital Structure to Complete Financing of Tugaske Project
CAD$ 280 Million
Debt Financing in Progress
This greenfield construction project requires minimal footprint and is near key infrastructure such as highway & rail access, natural gas, power, water, and labour.
Similar to other Gensource module designs, the Tugaske Project will produce a minimum of 250,000 tonnes of muriate of potash (MOP) per year. HELM Fertilizers Corp, a US-based subsidiary of HELM AG, has agreed to purchase 100% of the annual production from the Tugaske Project and market directly to its customers using its own infrastructure for at least the first 10 years.
Tugaske will be one of the lowest cost producers in the industry
Average Retail Potash Price (Feb 2023) – US$742/tonne
Tugaske All-In Operating Costs CAD$ 85.08 /Tonne (During Sask PPT Holiday)
Source: NI 43-101 Technical Report Summarizing the Tugaske Project, Saskatchewan 2021. Report available on SEDAR.
Tugaske Project’s major milestones.
