Millennial Potash Continues to Expand Potash Mineralization as Drillhole BA-007 Intersects Approx. 132m of Cumulative Carnallitite

Millennial Potash Corp. (MLP) has completed drillhole BA-007 at the North Target of its Banio potash project in Gabon, reaching a total depth of 624.65 meters. The hole, located approximately 2,400 meters northwest of BA-006 and 2,600 meters west of BA-002, represents the furthest-west hole completed to date. The main evaporite salt sequence was intersected from approximately 334 meters and continued to the end of the hole, encompassing roughly 290.65 meters of salt section.

Approximately five evaporite cycles, designated Cycles III to VII, were intersected, with potash mineralization reported present in each. Preliminary logging estimates the cumulative thickness of the principal carnallitite seams at 131.96 meters. This figure is described as cumulative, representing a sum of many interbedded seams rather than one continuous interval. Mineralization is described as interbedded halite and crystalline carnallite, plus massive nodular carnallite with interstitial halite, with photos provided for intervals at approximately 470.15–473.15 meters and 599.15–602.15 meters.

No assay results are currently available. 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 company did not provide KCl grade, individual seam widths, cutoffs, density, core recovery, or a description of the QA/QC program.

Drillhole BA-008, located approximately 2 kilometers south of BA-006, has completed its top section, with diamond coring set to commence in the coming days. Peter J. MacLean, Ph.D., P.Geo. (Ontario), Director, serves as the Qualified Person. The company’s restated mineral resource estimate reports Measured resources of 648.2 million tonnes at 15.7% KCl, Indicated resources of 1.8 billion tonnes at 15.6% KCl, and Inferred resources of 3.56 billion tonnes at 15.6% KCl.

Millennial Potash Corp. (MLP), a pre-revenue developer with a market capitalization of approximately C$205.7M, is currently an 80% owner of the Banio project, with plans to reach 100% ownership upon completion of the Definitive Feasibility Study (DFS). The company’s book value stands at C$0.42 per share, and while it maintains a strong cash position, its latest Management’s Discussion and Analysis includes going-concern language.

On October 20, 2026, the company published results for drill hole BA-006, which intersected approximately 120 meters of cumulative potash. The equity did not re-rate on this announcement; the stock price drifted from C$2.23 on October 19 to C$1.87 by October 30, and further declined to C$1.48 by November 5, following commentary on the Gabon mining code. This price action indicates that the market has not embedded the anchor result, meaning the current valuation does not assume this drilling will repeat or extend.

The BA-006 result was directionally better than previous data, showing a 10% increase in thickness and extending further west. A new logged step-out with assays pending is not considered a miss. The project already holds a 6 billion tonne resource, which is roughly 15–24 times the ore required for a 50-year mine. Under the upside test, a result must be materially better in grade-and-width substance than anything previously demonstrated; adding 12 meters of unassayed cumulative thickness to an already non-binding resource fails that test by a wide margin.

Material developments for the equity that were absent from this release include assayed KCl grades at or above the 15.6% MRE grade, hot-versus-cold leach metallurgical results, DFS capital and operating expenditure figures, resolution of the Gabonese production-share question, and a mining licence.

In per-share context, Millennial Potash’s January 2026 LIFE offering priced units at C$3.05 with C$4.00 warrants. At a price of C$1.74, those buyers are approximately 43% underwater, and the warrants are deep out of the money. This creates a persistent overhang and serves as a credibility marker for the equity, a factor not addressed by a logged-thickness release.

Financially, the company reported C$28.8 million in cash as of February 28, 2026, with an operating cash burn of C$3.26 million and capital expenditure of C$4.58 million over that six-month period, averaging approximately C$1.3 million per month. Because the company has elected semi-annual reporting and has not released Q1 or Q3 interim filings, the market lacks visibility on the current cash balance. A further capital raise before DFS completion should be assumed possible.

Millennial Potash Corp. (TSXV: MLP; OTCQB: MLPNF; FSE: X0D) is a pre-revenue potash developer with no operations outside Gabon. Its flagship and only material asset is the Banio Potash Project on Gabon's Atlantic coast, comprising the Mayumba permit plus the Haute Banio permit granted February 2026. This addition of approximately 261 km² brings the total land position to approximately 1,500 km², including coastline and a coastal road corridor to Mayumba and the local airport.

The company holds an 80% interest in Equatorial Potash following the April 2026 milestone payment, with a contractual path to 100% ownership upon completion of the Definitive Feasibility Study (DFS) and final cash or share consideration.

According to an NI 43-101 technical report filed December 29, 2025, and authored by Dr. Sebastiaan van der Klauw of ERCOSPLAN, the resource estimate effective November 11, 2025, includes the following:

• Measured: 648.2 Mt @ 15.72% KCl
• Indicated: 1,804.5 Mt @ 15.57% KCl
• Inferred: 3,559.5 Mt @ 15.61% KCl
• Total contained KCl: ~938 Mt

The deposit is dominated by carnallitite, with a smaller higher-grade sylvinite component comprising approximately 35 Mt Indicated at 24.26% KCl and approximately 96 Mt Inferred at 24.16% KCl.

A previously released Preliminary Economic Assessment (PEA) indicated an after-tax NPV₁₀ of approximately US$1.07B, an IRR of approximately 32.6%, and operating expenses of approximately US$61/t for granular MOP. No new PEA or DFS economics were provided in this release, and these figures remain prior-period, conceptual-level context.

The development path includes an AACE Class 3 DFS for a base case of 800 ktpy MOP using solution mining, alongside an Environmental and Social Impact Assessment (ESIA). Both are guided for completion in the second half of 2026, with a mining licence application guided for early 2027. Financing support includes a US$3M US DFC project-development commitment, of which the MD&A indicates only US$300,000 had been received.

The company’s capital structure consists of 118.2 million shares outstanding, total equity of C$49.7M, and a book value of C$0.42 per share. This implies a price-to-book ratio of approximately 4.1× at C$1.74. The company reports no revenue, no long-term debt, and a going-concern disclosure in the latest MD&A.