Millennial Potash starts DFS at Banio project

Executive Summary

• Millennial Potash Corp. has initiated a definitive feasibility study (DFS) at its Banio potash project in Gabon, marking the transition from exploration to the development stage.
• The company has engaged Ercosplan Ingenieurgesellschaft to conduct an AACE Class 3 DFS, supported by $3 million in U.S. funding from the International Development Finance Corp (DFC).
• The DFS will evaluate a solution mining operation with a base production scenario of 800,000 tonnes per year (tpy) of Muriate of Potash (MOP), with results expected in H2 2026 to support a mining licence application.

Key Details

• Feasibility Study Scope: The DFS is an AACE Class 3 study conducted by Ercosplan Ingenieurgesellschaft Geotechnik und Bergbau mbH, a global potash specialist.
• Funding: The DFS and associated trade-off studies are fully funded by a $3-million (U.S.) commitment from the U.S. International Development Finance Corp (DFC).
• Production Scenario: The DFS evaluates a solution mining operation with a base production rate of 800,000 tonnes per year (tpy) of Muriate of Potash (MOP), alongside evaluations for significantly larger production rates.
• Mineral Resources: The DFS follows a recent mineral resource estimate yielding:
  • Measured plus Indicated Resources: 2,453 billion tonnes grading 16.6% KCl.
  • Inferred Resources: 3,559 billion tonnes grading 15.6% KCl.
• Technical Studies: Several technical and trade-off studies are currently in progress, including:
  • Dissolution tests
  • Hydrogeological studies
  • Creep tests
  • Cold versus hot leaching evaluations
  • Port options analysis
  • High-purity salt marketing studies
• Timeline and Regulatory: The DFS is running in parallel with the Environmental and Social Impact Assessment (ESIA). Both are expected to be completed in H2 2026 and will be presented to the Government of Gabon as part of the mining licence application.
• Future Work: The company will continue with further drilling activities.

Notable Quotes

• "We are very pleased to have initiated a definitive feasibility study at Banio after completion of our recent mineral resource estimate... The launch of the feasibility study and recently initiated ESIA mark the transition from the exploration to the development stage." — Farhad Abasov, Chair