Millennial Potash Corp. announced the completion of a Preliminary Economic Assessment ("PEA") on its Banio Potash Project. The PEA was completed by Micon International ("Micon") in partnership with Agapito Associates Inc. ("Agapito") and yielded the following highlights: Optimal annual production rate of 800,000 Tonnes per Year (TPY) of primarily granular K60 Muriate of Potash (gMOP) $1.07B after-tax NPV(10) and 32.6% IRR.

$480 million initial CAPEX estimate, including $62 million in Contingency. Estimated $61/T gMOP OPEX. Positive evaluations also modelled for 400,000 TPY and 600,000 TPY were also completed as part of the PEA.

Moving forward the Company plans to complete a MRE update in second half of 2024 followed by the completion of early engineering studies and the initiation of a Feasibility Study and Environmental Impact Assessment. PEA Outline. The Banio Potash Project PEA is based on the Mineral Resource Estimate completed by ERCOSPLAN early in 2024.

The MRE is comprised of an Indicated Mineral Resource Estimate of 657M tonnes grading 15.9% KCl, and an Inferred Mineral Resource of 1.159B tonnes grading 16% KCl. The Indicated Mineral Resource equates to approximately 104.6M tonnes of KCl and the Inferred Mineral Resource equates to approximately 185.3M tonnes of KCl. The PEA utilizes both the Indicated and Inferred Mineral Resources in its mining production scenario.

The economic analysis considered the optimal case production rate of 800,000 TPYof MOP as well as two alternative scenarios at 600,000 TPY and 400,000 TPY. A Discounted Cash Flow Model (DCFM) was constructed with the following assumptions: All values, both revenue and costs are in real terms, flat lined during the Project time frame, with no inflation. The cash flow is then discounted for the NPV calculation; The model assumes a two-year construction phase followed by 1 year ramp-up production phase; Commercial production is taken as 60% of nameplate capacity and it is assumed that this occurs after a 12 month ramp-up period; Payback period is taken as the period to transition from cumulative cashflow negative to cumulative cashflow positive after the date of commercial production; As a consequence, Initial CAPEX is regarded as the first two years of construction in addition to the mine cavern construction and ramp-up period; A summary of the DCFM conclusions is outlined in Table 5 indicating a robust Post-Tax NPV10 of 1.07B and a sound IRR of 32.6%.