Junior miner Gensource Potash Corp., Saskatoon, on Feb. 23 announced a new business relationship with and direct strategic investment by Nekaneet First Nation. The relationship encompasses equity ownership in Gensource, and therefore a direct interest in the development of the Gensource potash projects in Saskatchewan. The relationship was formalized via Gensource’s recently closed private placement.
Gensource’s Tugaske potash project is located on Treaty 4, encompassing the lands of the Cree, Saulteaux, Dakota, Nakota, and Lakota and homeland to the Metis Nation, and lands included in the traditional territory of Nekaneet First Nation.
“Equity ownership in a strategic asset that will produce a commodity the world needs provides a direct connection and benefit to First Nations in Saskatchewan’s potash industry rather than the status-quo model of ancillary participation in resource projects,” said Alvin Francis, Chief of Nekaneet First Nation. “It creates real ownership, early in the development of the company where growth can potentially bring multi-generational prosperity to growing communities like Nekaneet First Nation.”