Millennial Potash Extends Potash Mineralization to 120 Meters Thick at its Banio Potash Project in Gabon as Drillhole BA-006 is Pushed Deeper

Millennial Potash Corp. extended drillhole BA-006 at its Banio Potash Project in Gabon from a previous final depth of 674m to 735.32m. This extension intersected approximately 40m of robust potash mineralization, increasing the cumulative potash mineralization in the hole to approximately 120m, up from approximately 80m reported on Aug. 26, 2026. Preliminary logging indicates BA-006 penetrated approximately nine evaporite cycles, from Cycles II to X, with potash present in each cycle. Cycles IX and X were previously reported in the Aug. 26 release and are not new discoveries.

Visual descriptions from the core include massive carnallite with banded halite at approximately 696.3-699.3m and carnallite with interbedded halite at approximately 714.3-717.3m, characterized by prominent horizontal bedding and interbedded halite and carnallite. BA-006 was collared approximately 4km west of BA-001 and was designed to test the westward continuation from BA-001 and the southward extension from BA-002. The company states the mineralized footprint now extends west of the 2025 MRE area, closer to the planned processing facility and deep-water port sites.

No assay results are reported. The company states core preparation and sampling are expected to be completed over the next several weeks, after which samples will be submitted to the Saskatchewan Research Council (SRC).

The Mineral Resource Estimate (MRE) remains unchanged and restated as follows: - Measured: 648.2 Mt @ 15.7% KCl - Indicated: 1.8 Bt @ 15.6% KCl - Inferred: 3.56 Bt @ 15.6% KCl

These figures are referenced to releases dated Dec. 29, 2025 and Nov. 17, 2025. Drilling is ongoing at BA-007, located northwest of BA-006, while the top section of BA-008 is complete and awaiting diamond coring. The Definitive Feasibility Study (DFS) remains targeted for end-2026, expedited by Micon International with Zenito Ltd. and Agapito Associates LLC, while Ercosplan continues geological and drilling support. The Qualified Person is Peter J. MacLean, Ph.D., P.Geo.

Millennial Potash Corp. (MLP) reported that one assay-pending step-out hole logged approximately 40 meters more carnallite seam thickness than recorded in August, with the western footprint interpreted as thicker and closer to planned infrastructure. The company’s resource estimate remains unchanged at 6.01 billion tonnes at 15.61% KCl, and there have been no changes to the DFS timeline, mining method, metallurgy, or financing position.

The company has 2.45 billion tonnes of Measured and Indicated and 3.56 billion tonnes of Inferred resources already defined. The binding constraints for the project are DFS economics, carnallite processing, permitting, construction capital, and potash price, none of which are addressed by this release.

The expectation anchor is the August 26, 2026 release on the same hole, which reported 80 meters cumulative for Cycles IX/X. The stock fell from C$2.88 on August 26 to C$2.23 on October 19, a decline of 23%, and is down approximately 43% from the December 22, 2025 high of C$3.89. The delta in this release is an additional 40 meters of visual logging in the same hole, with no grade data.

The August 26 release at least first flagged new cycles IX and X outside the MRE footprint. Today’s update adds metreage to a hole the market has already been informed about, while both assays and the updated MRE remain pending. As a development-stage explorer with a DFS underway and an MRE already published, new hole-level logging news is intrinsically lower-impact than for a grassroots explorer. The expected share-price impact is little to none on its own, likely to be ignored or traded as noise, as the 15%+ move test is not met.

Millennial Potash Corp. (TSXV: MLP; OTCQB: MLPNF; FSE: X0D) is a pre-revenue potash developer holding an 80% interest in Equatorial Potash and the Banio Potash Project in southern Gabon, with a contractual path to 100% ownership upon completion of a definitive feasibility study (DFS) and final cash or share payments. The company’s land position spans approximately 1,500 km² across the Mayumba and Haute Banio exploration permits on the Gabon-Congo evaporite basin, providing coastal access and a corridor toward the planned Mayumba port.

A North Target Mineral Resource Estimate (MRE), prepared by Ercosplan under NI 43-101 standards and effective Nov. 11, 2025, was filed on Dec. 29, 2025. The estimate includes Measured resources of 648.2 Mt at 15.7% KCl, Indicated resources of 1.8 Bt at 15.6% KCl, and Inferred resources of 3.56 Bt at 15.6% KCl, totaling approximately 6.01 Bt at an average grade of ~15.61% KCl. The deposit is dominated by carnallitite, with sylvinite sub-units grading approximately 24% KCl.

The development concept centers on solution mining, with a base case production of 800,000 tonnes per year (tpy) of MOP, alongside evaluations for larger scenarios. Ercosplan is conducting the DFS (AACE Class 3), which has been expedited by Micon International in collaboration with Zenito and Agapito. An Environmental and Social Impact Assessment (ESIA) is being led by an Artelia-led consortium. Both studies are targeted for completion by the end of 2026, supporting a mining licence application aimed for early 2027.

Financing includes a US$3M project-development commitment from the U.S. DFC, with US$300,000 drawn per the MD&A. The company raised C$18.29M gross in January 2026 through a LIFE offering at C$3.05 plus a concurrent placement. As of Feb. 28, 2026, Millennial Potash held C$28.8M in cash with no long-term debt or credit facilities.

Prior-period financial results for the six months ended Feb. 28, 2026, reported a net loss of C$6.85M, or EPS of -C$0.06, driven by share-based compensation of C$4.95M. Operating cash outflow was C$3.26M, with capital expenditures of C$4.58M for the half. Total equity stood at C$49.7M, with a book value of C$0.42 per share. The MD&A carries a going-concern flag, stating that additional funding will be required.

Current exploration involves a four-hole extension program totaling approximately 4,000m, with each hole reaching approximately 1,000m in depth, testing areas south and west of the MRE. Assays are pending for hole BA-006, while BA-007 is currently drilling and BA-008 has reached collar completion.