Millennial Potash Corp. Initiates Its Environmental and Social Impact Assessment at the Banio Potash Project, Gabon

On December 9, 2025, Millennial Potash announced it has initiated the Environmental and Social Impact Assessment (ESIA) for its Banio Potash Project in Gabon. The company has engaged a consortium led by Artelia, a global engineering firm, to conduct the assessment. The ESIA, which will include comprehensive baseline studies, is a critical component for the project's mining license application, which the company expects to submit in 2026.

The company also stated its intention to begin a Definitive Feasibility Study (DFS) in the coming weeks. Management affirmed that Millennial is fully funded for both the ESIA and the DFS, citing the previously announced US$3 million in funding from the U.S. International Development Finance Corporation (DFC). Additionally, the company granted 980,000 incentive stock options at an exercise price of $3.22.

The initiation of the ESIA is a material and positive step forward, confirming that the company is methodically advancing the Banio project along the development path. This action is the logical and necessary successor to the game-changing Mineral Resource Estimate (MRE) announced on November 17, 2025. That MRE was the culmination of a highly successful 2025 drill campaign and established a world-class resource with a 275% increase in Measured & Indicated tonnes and a maiden Measured resource of 648 million tonnes.

A chronological review of the news flow demonstrates excellent execution by management: - Early 2025: The company successfully raised capital at progressively higher valuations ($0.30 in Feb, $0.60 in Mar), funding a critical Phase 2 drill program. - Mid 2025: The drill program yielded consistently impressive results, intersecting thick, high-grade potash mineralization and significantly extending the known strike length. This technical success was compounded by a major strategic win in July 2025, when the company secured US$3M in non-dilutive, non-recourse funding from the U.S. DFC to support a Feasibility Study. This provided immense third-party validation. - Late 2025: The drilling success was quantified in the November MRE update, which exceeded expectations and firmly established Banio as a globally significant potash deposit. This was followed by the U.S. officially designating potash as a critical mineral, providing a strong geopolitical tailwind for the project.

The December 9 news is the next critical milestone. While not a surprise, it demonstrates that management is not resting on its laurels and is immediately transitioning from resource definition to the essential tasks of permitting and engineering. The statement that they are "fully funded" for both the ESIA and the upcoming DFS removes any near-term financing overhang for these crucial de-risking studies. The ESIA is on the critical path to a mining license, and its commencement signals a clear intent to build a mine. For a development-stage company, this is a significant and material step that reduces timeline risk and builds confidence in the project's viability.

Millennial Potash Corp. is a Canadian exploration and development company focused on its flagship Banio Potash Project in Gabon, West Africa. The project is an advanced-stage asset located on the Atlantic coast, benefiting from proximity to potential port and power infrastructure. Following a highly successful 2025 drill program, the company recently announced a world-class Mineral Resource Estimate, establishing a maiden Measured Resource and a significantly expanded Indicated and Inferred resource. The company is now advancing the project towards a Definitive Feasibility Study and permitting, with the goal of becoming a major, low-cost potash supplier to global markets, including the Americas and Africa.