Millennial Provides Clarification on Gabon Mining Code Comments and Reaffirms Strong Government Support for Banio Potash Project

Millennial Potash Corp. issued a clarification regarding recent comments by Gabon's Minister of Mines concerning a potential 20% State participation in mining projects. The company confirmed that no formal decision has been made and the concept is at a preliminary stage, relating to a production sharing contract model similar to the oil and gas industry.

Under the current Mining Code, the State holds a 10% free-carried interest, and any future revisions will not apply retroactively to companies holding exploration permits. The legislative process for a new Mining Code is estimated to take 5 to 12 months, involving draft finalization, industry input via UMIGA, parliamentary submission, and presidential promulgation.

Millennial reaffirmed constructive engagement with the Gabonese Government, highlighting strong support from the President and Ministry of Mines for the Banio Potash Project. The company continues to work with the U.S. International Development Finance Corporation (DFC) and the Ministry of Mines on permitting, project development, and fiscal framework negotiations.

Millennial Potash Corp. (MLP) released a statement addressing potential regulatory headwinds that could have impacted project economics and investor sentiment. The company clarified that the proposed 20% state participation is merely a preliminary concept with undefined terms, thereby removing immediate downside risk.

The release confirmed that current fiscal terms, including a 10% free carry, remain in place and that any future changes will not be retroactive. This provides legal certainty for the company's exploration permits.

The update does not alter the project's development timeline, financial projections, or operational strategy. The news serves as an expected follow-up to the Minister's earlier comments, functioning to stabilize investor expectations without introducing new market-moving information.

Millennial Potash Corp. (MLP) is a pre-revenue junior explorer advancing the Banio Potash Project in Gabon. The company’s flagship initiative, the Banio Potash Project (North Target), employs a solution mining approach with a base production scenario of 800,000 tonnes per year (tpy) of Muriate of Potash (MOP).

The project hosts Mineral Resources of 2.45 billion tonnes Measured and Indicated at 15.61% KCl, and 3.56 billion tonnes Inferred at 15.61% KCl. A Preliminary Economic Assessment (PEA) indicates an after-tax NPV10% of US$1.07 billion, an internal rate of return (IRR) of 32.6%, and operating costs of US$61 per tonne of granular MOP.

Millennial Potash Corp. holds an 80% interest in Equatorial Potash, with a direct path to 100% ownership upon completion of the DFS and vendor payments. The project is strategically positioned near the Atlantic coast, offering direct shipping routes to the U.S. and Brazil, and benefits from ongoing infrastructure development in Mayumba.