Millennial Potash Announces U.S International Development Finance Corporation’s Strategic Project Development Support for its Banio Potash Project in Gabon

Farhad Abasov, Millennial’s Chair, commented “Millennial is very excited to announce a strategic investment by DFC in Millennial’s Banio Potash Project in Gabon. DFC senior executives have visited Gabon several times over the past few months and have expressed their interest in exploring U.S. private sector investment opportunities in the country. The U.S. Ambassador to Gabon has recently visited the project site and came away impressed with the Company’s technical progress as well as our first-class team. The Government of Gabon is fully supportive of the DFC investment as well. DFC also recognizes the importance of food security, especially in Africa, and is keen to invest in the Banio opportunity as a means to stabilize and enhance food availability throughout the continent. The DFC strategic investment comes in at the right time for Millennial as we are close to finishing the second stage of our drill program and are in the process of transitioning from an exploration stage to development. The DFC project development funding demonstrates the increasing strategic importance of Millennial’s Banio Potash Project not only for Africa but for other key potash consuming markets in the world. The DFC involvement also derisks the project on many accounts and supports the successful start of a bankable feasibility study later this year. We look forward to working very closely with DFC at the feasibility study stage and beyond since DFC has a capability to help the company fund further development of the project.  MLP appreciates the assistance it has received from the Government of Gabon and would like to express our deep gratitude to His Excellency President Brice Oligui Nguema for his continued support and commitment to our Banio Potash Project and attending the signing ceremony in Washington D.C.  Millennial extends it’s thanks to the entire DFC team involved with the project as well as the US Embassy and Ambassador Vernelle Trim FitzPatric in Libreville.  We would also like to thank the team at Cygnum Capital for working with both MLP and DFC to facilitate this agreement.”

“DFC is excited to collaborate with Millennial Potash on this groundbreaking initiative, which will help accelerate food production across the African continent. By boosting domestic potash production, we are ensuring farmers have steady access to vital fertilizers, crucial for increasing crop yields and fostering sustainable agriculture. This significant investment will position Gabon as an emerging exporter within the continent, enhancing its position in the global agricultural supply chain and fueling long-term economic growth across Africa. DFC is proud to support projects like this that deliver tangible benefits to local communities, while also advancing broader goals of food security, economic resilience, and partnership across Africa,” said DFC Head of Investments Conor Coleman.

DFC’s project development funds will develop the Company’s Banio Potash Project for potential debt financing. Project development funds from DFC will be released over the course of the feasibility study and will be based on milestone activities completed that form integral parts of the feasibility study. No interest is payable on any project development funds, and repayment of project development funds is triggered by the Company reaching financing or investment to construct the Banio Potash Project. No security interest is granted pursuant to the project development agreement. MLP has initiated early-stage feasibility study work at Banio including a LiDAR survey to generate a Digital Terrain Model, a bathymetry survey of the lagoon, creep geotechnical tests and dissolution testwork on recently acquired drill core from holes BA-001-EXT and BA-004. 

DFC has prepared a press release regarding this investment in MLP which can be located at https://www.dfc.gov/media/newsroom

To find out more about Millennial Potash Corp. please contact Investor Relations at (604) 662 8184 or email at info@millennialpotash.com. 

Keep up to date on Millennial Potash developments and join our online communities on: Twitter, Facebook, LinkedIn, Instagram, and YouTube.

MILLENNIAL POTASH CORP.

“Farhad Abasov”
Chair of the Board of Directors

In Europe:
Swiss Resource Capital AG
Jochen Staiger & Marc Ollinger
info@resource-capital.ch
www.resource-capital.ch

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 

This document may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan” or "planned", “forecast”, "intend", “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals including approvals of title and mining rights or licenses and environmental (including land or water use), local community or indigenous community approvals, the reliability of third party information, continued access to mineral properties or infrastructure, changes in laws, rules and regulations in Gabon or any other jurisdiction which may impact upon the Company or its properties or the commercial exploitation of those properties, currency risks including the exchange rate of USD$ for Cdn$ or CFA or other currencies, fluctuations in the market for potash or potash related products, changes in exploration costs and government royalties, export policies or taxes in Gabon or any other jurisdiction and other factors or information. The Company’s current plans, expectations and intentions with respect to development of its business and of the Banio Potash Project may be impacted by economic uncertainties arising out of any pandemic or by the impact of current financial and other market conditions on its ability to secure further financing or funding of the Banio Potash Project. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political, environmental and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.