Millennial Potash Secures 70% Stake in Gabon's Banio Potash Project Following PEA Submission

Millennial Potash Corp. has announced securing a 70% interest in the Banio Potash Project located in Gabon, marking a significant milestone in the company's operations. This achievement follows the submission of a Preliminary Economic Assessment and substantial milestone payments, representing a major step forward in developing what could become a highly profitable potash mining operation. Company Chairman Farhad Abasov confirmed that Millennial Potash earned the 70% interest in shares of Equatorial Potash Pty, which holds full ownership of the Banio Potash Project through its Gabon subsidiary, Mayumba Potasse SARL.

The company reached this milestone by submitting a PEA and making payments totaling $300,000 along with 1 million shares of MLP to the project vendors. The PEA report highlights the Banio Potash Project's potential as a low-cost solution mining operation based on an annual production target of 800,000 tonnes of granular muriate of potash, a key fertilizer component essential for global food security. What distinguishes this project is its remarkably low capital expenditure estimate of US$480 million and operational expenditure of US$61 per tonne of muriate of potash, positioning it among the most cost-effective operations in the industry.

These favorable economics stem from the project's thick potash horizons and planned use of solution mining techniques. The financial projections demonstrate strong potential with a post-tax Net Present Value of US$1.07 billion and an Internal Rate of Return of 32.6%, indicating robust profitability and return on investment prospects. The significance of this development extends beyond corporate success as global demand for fertilizers continues rising due to population growth and the need for increased agricultural productivity.

Projects like Banio could play a crucial role in ensuring stable potash supply to world markets. The low-cost production model could potentially enable more competitive potash pricing, benefiting farmers and contributing to global food security efforts. The project's location in Gabon adds strategic importance, potentially establishing a new hub for potash production in Africa with positive implications for regional economic development and diversification of the global potash supply chain currently dominated by a few major producing countries.

Millennial Potash plans to continue implementing PEA recommendations, including preparations for additional drilling at the North Target area to expand the resource base and potentially enhance the project's already robust economics. As the global agriculture sector faces increasing pressure to boost yields sustainably, projects like Banio become increasingly important. The combination of low production costs and substantial output potential positions Millennial Potash to potentially become a significant player in the global potash market.

Investors and industry observers will likely monitor Millennial Potash's progress with the Banio project as it could serve as a bellwether for the broader potash mining sector, particularly for projects in emerging markets. If successful, the Banio Potash Project could set new benchmarks for efficiency and profitability in potash production, potentially influencing future industry developments. As Millennial Potash advances its plans, the implications for the global fertilizer market, African economic development, and food security initiatives will continue unfolding, marking not just corporate success but potentially significant development in meeting the world's growing demand for essential agricultural inputs.