en.Wedoany.com Reported - The technical update for Canada's Tugaske potash project was officially launched in March 2026, and has now raised the minimum production target to 500,000 tonnes per year, double the original planned scale. All aspects of the project are progressing in coordination.
The technical update is approximately 60% complete. Geologically, the final review and analysis of the 2023 seismic program have been completed, with data integrated into the geological model. President and CEO Mike Ferguson stated that the integration of the 2023 seismic data was a key step, and an updated internal resource estimate will be completed soon. The revised resource estimate will be published as part of the NI 43-101 technical report and disclosure documents. The solution mining design update has been initiated, with limited changes compared to the previous version. Reserve definitions will be updated following the completion of the solution mining design, and are expected to increase significantly due to expanded mining areas and higher capacity.
The permitting process is advancing in parallel with other work. The team is preparing to submit revised documentation to the Saskatchewan Environmental Assessment and Stewardship Branch, detailing differences from the originally approved project. Transportation discussions are ongoing, with West Coast port options being evaluated. Project financing has taken a significant step forward, with another delegation planning to visit the Tugaske site in mid-July to advance the due diligence process.
The technical update will produce a revised NI 43-101 technical report, serving as the basis for project execution and financing commitments. Ferguson added that bringing financing partners to visit the site is a critical step in due diligence, and the momentum built with partners and the financial community reinforces the belief that Tugaske is currently the most advanced and attractive greenfield potash project. Negotiations for a definitive agreement to fully develop the Tugaske project are ongoing, with finalization of the agreement still pending the updated NI 43-101 technical report and related financing results.
