Millennial Potash starts ESIA at Banio project

Executive Summary

• Millennial Potash Corp. has initiated the Environmental and Social Impact Assessment (ESIA) for its Banio potash project in Gabon, engaging a consortium led by Artelia to ensure compliance with IFC performance standards.
• The ESIA is expected to be completed in 2026 and will be submitted to the government of Gabon as part of the mining license application.
• The company announced the granting of 980,000 incentive stock options to management and is planning to initiate a definitive feasibility study in the coming weeks, fully funded by existing capital and US DFC funding.

Key Details

• ESIA Initiation: The company has engaged a consortium led by Artelia, Societe par Actions Simplifee, Biotope Afrique Centrale, and Insuco Gabon to complete the ESIA.
• ESIA Scope: The study includes physical environment baseline studies (hydrology, hydrogeology, water quality, soils, air quality) and biodiversity baseline studies (flora and fauna). Social components include socioeconomic reviews and stakeholder engagement.
• Timeline: The ESIA is expected to be completed in 2026.
• Regulatory Strategy: The final ESIA will outline mitigation measures and environmental/social management plans, to be presented to the Gabon government for a mining license application.
• Feasibility Study: A definitive feasibility study is planned to initiate in the coming weeks.
• Funding: The company is fully funded to carry out these programs, with US DFC funding applied to cover feasibility study costs.
• Stock Options: The company granted a total of 980,000 incentive stock options.
• Option Terms: The options are exercisable for a period of five years at an exercise price of $3.22 per share.
• Project Context: The ESIA follows a successful Stage 2 drill program that significantly increased measured, indicated, and inferred resources.

Notable Quotes

• "We are very pleased to have initiated our ESIA study as we progress with our potash development project in Gabon. We look forward to working with the Artelia group and completing a comprehensive ESIA for the project. The initiation of the ESIA marks another step in the development of the Banio potash project after the very successful stage 2 drill program that resulted in a significant increase of our measured, indicated and inferred resource. The ESIA will be incorporated into our mining licence application which we expect to pursue in 2026. We are also planning to initiate a definitive feasibility study in coming weeks. The company is fully funded to carry out these programs. The US DFC funding will also be applied to cover our feasibility study costs." — Farhad Abasov, Chair