Drill Results

Millennial Potash Reports Robust Potash Mineralization in BA-006 Proximal to the Coast Intersecting New Potash Cycles and Expanding Potash Mineralization to the Southwest at its Banio Potash Project in Gabon

BA-006 logs 80m visual potash and new cycles; assays still pending.

By The Northwire Desk — AI Analysis Aug 26, 2026 · 08:01 MLP · 2.77 Millennial Potash Corp.

Executive Summary

Drillhole BA-006 at the Banio Potash Project, Gabon, was completed to 674m and collared approximately 4km west of BA-001, southwest of prior drilling and near the newly acquired Haute Banio permit area.
BA-006 intersected the evaporite-bearing Salt Sequence, which was open from approximately 332m to the bottom of the hole at 674m.
Preliminary logging indicates approximately 80m of cumulative potash mineralization in seams characterized by interbedded carnallite and halite.
Approximately 6 evaporite cycles, Cycles V to X, were intersected, with potash logged in each cycle.
Cycles IX and X had not previously been encountered at Banio, suggesting additional potash seams and possibly greater thickness to the west.
Mineralization remains open at depth because the hole ended in potash mineralization when the drill rig reached its depth capability; Cycles IV and III, seen in earlier holes, were not reached.
No assay results are reported for BA-006. Core logging, downhole geophysical logging, core preparation, and sampling are still ongoing, with samples to be submitted to the Saskatchewan Research Council.
The company reiterated an updated Mineral Resource Estimate and Definitive Feasibility Study targeted for completion by end-2026.
Current MRE: Measured 648.2Mt at 15.7% KCl, Indicated 1.8B tonnes at 15.6% KCl, Inferred 3.56B tonnes at 15.6% KCl.

Material Impact

For a junior developer with an existing 6B-tonne potash resource and an ongoing DFS, this is not a re-rating event. It is an incremental step-out drill update.
The stock traded from a 52-week high of CAD 3.89 in December 2025, declined to CAD 1.73 in March 2026, and recently recovered to CAD 2.77 by August 25, 2026. The move into this release is positive but not a stretched speculative re-rating.
The prior anchored results, BA-004 and BA-001-EXT, were assayed intercepts with greater thickness and known grade. BA-006’s 80m visual preliminary logging figure is not directly comparable and carries less evidentiary weight because it lacks grade.
Against the prior anchor, this release does not provide the grade-and-width substance needed to justify a material positive re-rating. But it is also not a negative result: it is a successful step-out in terms of logged geological continuity, new cycles, and open depth. It does not damage the thesis.
The main market-relevant upside is logistical and geological: potash appears to persist closer to the coast and planned port, and new cycles may increase the total package. That is encouraging but requires assays and follow-up drilling to matter.
Because the company is a pre-revenue developer, the real value catalysts remain the updated MRE, DFS/ESIA completion, and mining licence progress. This release is supportive background, not a fundamental change.

MLP · Price

Company Overview

Millennial Potash Corp. is a Canadian junior listed on TSXV: MLP, OTCQB: MLPNF, and FSE: X0D.
The flagship asset is the Banio Potash Project in Gabon, a large marine evaporite carnallitite/sylvinite system designed for solution mining.
Ownership in the project was increased from 70% to 80% in April 2026, with a path to 100% upon DFS completion and subsequent payments.
The land package expanded to approximately 1,500 square kilometres after the Haute Banio permit grant.
Resource estimate from late 2025:
Measured: 648.2Mt at 15.7% KCl.
Indicated: 1.8B tonnes at 15.6% KCl.
Inferred: 3.56B tonnes at 15.6% KCl.
The PEA reported after-tax NPV10 of approximately USD 1.07B, IRR 32.6%, and operating costs of about USD 61/t granular MOP.
The U.S. DFC committed USD 3M in project development funding to support feasibility work.
Financial context from Q2 2026 financials: no revenue, net loss of CAD 6.85M for six months ended February 28, 2026, cash of CAD 28.8M, working capital of CAD 30.3M, and a going-concern flag.
The company is pre-revenue and relies on periodic equity financing to advance the project.

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