Millennial Potash Extends Potash Mineralization to 120 Meters Thick at its Banio Potash Project in Gabon as Drillhole BA-006 is Pushed Deeper

Millennial Potash extends Banio resource footprint with 120m of new potash mineralization.

What the company is saying

Millennial Potash Corp. is highlighting the extension of drillhole BA-006 at its Banio Potash Project in Gabon, which intersected approximately 40 meters of additional potash mineralization, bringing the cumulative total to 120 meters. The company frames this as a significant technical milestone, emphasizing that BA-006 is the first hole to penetrate all known potash cycles in the area and supports the interpretation that mineralization thickens to the west. The narrative stresses the expansion of the mineralized footprint closer to planned infrastructure and positions the result as a key input for an updated Mineral Resource Estimate (MRE) and the ongoing Definitive Feasibility Study (DFS), both targeted for completion by the end of 2026. The announcement is confident in tone, using terms like 'outstanding' and 'robust,' and features commentary from Chair Farhad Abasov. The company also details ongoing and upcoming drilling at BA-007 and BA-008, and names technical partners Micon International, Zenito Ltd., Agapito Associates LLC, and ERCOSPLAN Ingenieurgesellschaft Geotechnik und Bergbau mbH. Technical review is attributed to Peter J. MacLean, Ph.D., P. Geo. (Ontario), a Qualified Person under NI 43-101.

What the data suggests

Drillhole BA-006 was extended to a final depth of 735.32 meters and now shows approximately 120 meters of cumulative potash mineralization, up from the previously identified 80 meters. The hole is located about 4 kilometers west of BA-001 and intersected nine evaporite cycles (II to X), with potash mineralization present in each, and Cycles IX and X encountered for the first time. The current resource base stands at a Measured MRE of 648.2 million tonnes grading 15.7% KCl, Indicated MRE of 1.8 billion tonnes at 15.6% KCl, and Inferred MRE of 3.56 billion tonnes at 15.6% KCl. The new drilling extends the known mineralized footprint to the west, potentially adding tonnage in future resource updates. Core logging and geophysical analysis are ongoing, with samples to be sent to the Saskatchewan Research Council for assay. Drilling is active at BA-007, and BA-008 is prepared for diamond coring. The DFS is scheduled for completion by the end of 2026. No new assay results or economic data are disclosed in this update; the operational progress is technical and pre-resource-update.

Analysis

The announcement provides detailed and credible technical progress, specifically the extension of drillhole BA-006 and the identification of additional potash mineralization, supported by precise measurements and resource estimates. However, the tone is somewhat inflated by qualitative descriptors such as 'outstanding' and 'significantly expands,' which are not substantiated by new assay data or quantified economic impact. Several key claims, including the impact on the Mineral Resource Estimate (MRE) and the timeline for the Definitive Feasibility Study (DFS), are forward-looking and will not be realized until late 2026, indicating a long-term execution horizon. The mention of planned processing facilities and port sites signals high capital intensity, but there is no disclosure of funding, costs, or immediate economic benefit. While the technical progress is real, the narrative overstates the immediate significance and proximity to value creation. The data supports a positive operational update, but the gap between narrative and realized value remains material.

Risk flags

• ●The timeline to value realization is extended, with both the updated Mineral Resource Estimate and Definitive Feasibility Study not expected until the end of 2026. This long lead time increases exposure to commodity price volatility, funding risk, and potential permitting or technical setbacks.
• ●No new assay results or economic studies are disclosed for the BA-006 intersection, so the actual grade and economic significance of the new mineralization remain unproven until laboratory analysis is complete. This creates uncertainty about the true impact on the project's resource base and future economics.
• ●The project is capital intensive, with references to planned processing facilities and deep-water port sites, but there is no disclosure of funding status, cost estimates, or financing arrangements. This leaves a material gap in understanding the company's ability to advance to construction and production.
• ●Forward-looking statements about resource expansion and DFS completion are contingent on successful technical work and positive assay results, but there is no quantified guidance or scenario analysis for downside outcomes if results are less favorable than anticipated.

Bottom line

This update confirms technical progress at Millennial Potash's Banio project, with drillhole BA-006 extending cumulative potash mineralization to 120 meters and suggesting further resource growth potential to the west. The current resource base is substantial, with Measured, Indicated, and Inferred resources all exceeding 15.6% KCl, but the impact of the new intersection will not be clear until assay results are received and incorporated into an updated MRE. The DFS and resource update are both scheduled for completion by the end of 2026, so any value realization is at least several months away and subject to technical, funding, and permitting risks. The announcement is credible in its technical detail but lacks new economic data or funding clarity. Investors should watch for assay results from the Saskatchewan Research Council and subsequent resource updates as the next material catalysts. The key takeaway is that while the project footprint is expanding, the timeline to definitive value and the capital path forward remain long and uncertain.

Announcement summary

(TSXV: MLP) (OTCQB: MLPNF) (FSE: X0D) Millennial Potash Corp. announced additional drilling success at its Banio Potash Project in Gabon, where the extension of drillhole BA-006 at the North Target intersected approximately 40 meters of additional robust potash mineralization, extending the cumulative potash mineralization to 120 meters. Drillhole BA-006 was extended to a final depth of 735.32 meters and has now intersected approximately 120 meters of cumulative potash mineralization, up from the previously identified 80 meters. BA-006 is the first drillhole to penetrate all known potash cycles in the area, supporting the interpretation that the evaporite sequence and potash mineralization thicken towards the west of the project area. The drillhole confirmed outstanding potash mineralization in the form of interbedded carnallitite and halite, including numerous thick carnallitite potash seams totaling approximately 120 meters. BA-006 significantly expands the known potash footprint west of the current Mineral Resource Estimate (MRE) area, bringing the mineralization closer to the planned processing facility and deep-water port sites. Once all drill data have been interpreted and compiled, an updated MRE will be completed, providing a key foundation for the ongoing Definitive Feasibility Study (DFS), which remains on track for completion by the end of 2026. Drillhole BA-006 is located approximately 4 kilometers west of BA-001 and was designed to test both the westward continuation of potash mineralization intersected in BA-001 and its southward extension from BA-002. Preliminary logging indicates that BA-006 intersected approximately nine evaporite cycles (Cycles II to X), with potash mineralization present in each cycle, and intersected Cycles IX and X for the first time at the project. Review of the BA-006 drill core confirms prominent horizontal bedding dominated by interbedded halite and carnallite. Preliminary logging estimates the cumulative thickness of the principal carnallitite seams at approximately 120 meters. Detailed core logging, final interpretation of the evaporite cycles and seam identification, and downhole geophysical logging are ongoing. Core preparation and sampling are expected to be completed over the next several weeks, after which the samples will be submitted to the Saskatchewan Research Council (SRC) for analysis. The Phase 2 drilling program is designed to test the depth and lateral extent of potash-rich horizons and strengthen the geological understanding of mineralization beyond the boundaries of the 2025 MRE. The current resource base comprises a Measured MRE of 648.2 million tonnes grading 15.7% KCl, an Indicated MRE of 1.8 billion tonnes grading 15.6% KCl, and an Inferred MRE of 3.56 billion tonnes grading 15.6% KCl. The geological results from BA-006, once results from SRC have been received, may be incorporated into an updated MRE targeted for completion by the end of 2026 as part of the DFS. Drilling is currently ongoing at drill site BA-007, located to the northwest of BA-006. The top section of drillhole BA-008 has also been completed and is ready to commence diamond coring once BA-007 is finished. The Definitive Feasibility Study on the Banio Potash Project is being expedited by Micon International, in partnership with Zenito Ltd. and Agapito Associates LLC. ERCOSPLAN Ingenieurgesellschaft Geotechnik und Bergbau mbH will continue to provide geological expertise and drilling support for the ongoing drill program. The technical information in this news release has been reviewed and approved by Peter J. MacLean, Ph.D., P. Geo. (Ontario), Director of the Company, who is a Qualified Person as defined in National Instrument 43-101. Farhad Abasov is Chair of the Board of Directors.

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