Millennial Potash Corp. announced the results of a maiden Mineral Resource Estimate ("MRE") for the northern part of its Banio Potash Project in Gabon. The estimate was completed by ERCOSPLAN Ingenieurgesellschaft Geotechnik und Bergbau mbH ("ERCOSPLAN"), an established potash specialist with significant experience in the Congo Basin.

The MRE includes new assay data from historic holes BA-002, and BA-003 plus assay results from additional potash cycles intersected in the drilling extension of BA-002, completed in September 2023. The MRE includes Indicated Mineral Resources of approximately 657 million tonnes grading 15.9% KCl which equates to 104.6 million tonnes of contained KCl and Inferred Mineral Resources of approximately 1.159 billion tonnes grading 16.0% K Cl which equates to 185.3 million tonnes of contained KCl. The Banio Potash Project is located at the north end of the Early-Cretaceous (Aptian) aged Congo Evaporite Basin which extends southwards from Gabon into the Republic of Congo.

This is a well- established potash basin with historic potash production (Holle Mine) and ongoing exploration and development of extensive potash deposits (Kore Resources, Kanga Resources) in the Republic of Congo. The Mineral Resource Estimate for MLP's Banio Potash Project is comprised of Indicated and Inferred resources based on the definition of potash-bearing seams or beds in numerous sedimentary evaporite cycles or stages that were identified from drill core collected from potash specific exploration drill holes. The geological model of Banio Potash mineralization identifies 16 carnallitite seams and 3 sylvinite seams. Each of the seams identified meets the required thickness and grade to be considered potentially suitable for solution mining, which is deemed to be the best potential mining method to sustain an economic operation at Banio.

In order to be considered as potentially mineable via solution mining the following cut-off parameters were employed on the carnallitite and sylvinite seams: Carnallitite: seam thickness has to be > 2.5 m when single, and > 1.25 m when other seams are present within 5 m vertical distance, and Carnallite content > 47 %. Sylvinite: seam thickness has to be > 2 m and the Sylvite content > 16 %. Combined Sylvite/Carnallite seams (e.g., Cycle VIII seam 4 in Ba-003, Cycle VII seam 14 in Ba-002) have been considered as separate seams. In calculating the mineral resource tonnages, the following procedures were completed (Mineral Resources are given as in-situ mineralisation): Around each drill hole, a Radius of Influence (ROI) was defined and by intersection of these ROIs, polygons around drill holes where constructed.

Each polygon was clipped by the coast of Banio Lagoon and restricted to only onshore areas within the Mayumba Permit. The volume for each potash seam was calculated by multiplying the clipped polygon area with the thickness of the potash seam. The carnallitite tonnage was calculated by multiplying the volume assigned to each seam with a carnallitite tonnage factor (density).

The density for each seam was determined individually from the relative abundance of the salt minerals in the carnallitite seam and varies from between 1.67 g/cm³ for high grade carnallitite and 1.92 g/cm³ for low grade carnallitite seams. For Sylvinite seams, a sylvinite tonnage factor was similarly determined. Based on Sylvite grade, density varied between 2.11 g/cm³ and 2.14 g/cm³. The KCl grade of each seam was calculated from a weighted average grade of drillholes sample results collected from the individual seams. The MRE classifies the carnallitite and sylvinite mineralisation as Indicated and Inferred Mineral Resources as defined by NI 43-101.

This reflects the level of confidence in the extent and grade of both the carnallitite and sylvinite bodies. There is insufficient drilling and assaying completed on the Project at this time for Measured Mineral Resources to have been defined. The criteria used in the MRE to define the extension of mineralization from each drillhole for Indicated and Inferred carnallitite resources is as follows: Indicated Mineral Resources occur within a radius of 1,000m of a drill hole, as long as the seismic survey results show no significant change in thickness of the overall salt section.

The ROI for Indicated Mineral Resources is not extended beyond the position of faults interpreted from the seismic survey sections. Inferred Mineral Resources occur within a radius of 2,000m of a drillhole, minus the Indicated resources within this area. Considering that for Inferred Mineral Resources the continuity of grade and thickness only have to be implied, the ROI for this category is predicted to extend into the fault bounded downthrown block that has been interpreted from the seismic sections.

Similarly, the MRE utilizes the following criteria to estimate the extension of the Indicated and Inferred sylvinite resources from a drillhole: Indicated Mineral Resources occur within a radius of 500m of a drill hole, as long as the seismic survey results show no significant change in thickness of the overall salt section. Inferred Mineral Resources occur within a radius of 1,000m of a drill hole, minus the Indicated resources within this area. Since the extent of the Sylvite mineralisation is secondary and mainly structurally controlled, the ROIs for the sylvinite mineralisation are not extended beyond faults interpreted from the seismic survey sections.

Minor uncertainty remains regarding the exact position of the faults interpreted from the seismic sections and consequently a 100 m wide barrier with no Mineral Resources is defined along the interpreted fault.