Mr. Farhad Abasov reports

MILLENNIAL POTASH CONTINUES WITH ITS PHASE 1 EXPLORATION PROGRAM AS THE SITUATION IN GABON IS STABLE

The situation on the ground in Gabon remains calm and Millennial Potash Corp.'s operations at its Banio potash project remain unaffected by the recent change in government. In addition, the extension of historic drill hole BA-002 has been completed to a depth of 552.50 metres and several intervals of potash mineralization have been intersected.

Farhad Abasov, Millennial's chair, commented: "Millennial is pleased to report that its exploration drilling program remains unaffected by recent political events in Gabon. The new government has given assurances, as recently as the interim president's address on Sept. 4, that all business, commercial and permitting agreements will be respected and a recent article by Oxford Economics Africa indicates the risk profile for Gabon is similar to South Africa and Namibia. Our senior management, including our CEO, who are currently on the ground have confirmed that Gabon remains in a state of calm and order, and this is further evidenced by the opening of all air and sea borders on Sept. 2. All the major petroleum and mining companies continue their operations as usual. Millennial has been operating without any interruptions and will continue with its phase 1 exploration program, which has already proven successful with the intersection of two additional potash cycles below the bottom of historic drill hole BA-002."

Millennial's senior management and local Gabon country manager have engaged with representatives of the United Nations and other international bodies, and report that Gabon remains calm and that recent political events have had no impact on the continuing exploration program at its Banio potash project. New Gabonese leaders have given assurances that all commercial agreements, licences and permits will remain in place. Gabon is an OPEC (the Organization of the Petroleum Exporting Countries) member that produces approximately 200,000 barrels of oil daily, and major producers Maurel and Prom, BW Energy, and others have indicated all offshore and onshore operations are continuing as normal. In addition, Eramet has resumed production at its large manganese operation after a brief temporary shutdown on Aug. 30. A recent article by Oxford Economics Africa (Political Focus-Gabon, May 9, 2023) maintains its low-moderate risk level for the country, lower than before the political events, a similar level to Ghana, Namibia, South Africa and Morocco, and trending neutral. The article also reiterates that the business and policy environments will remain broadly unchanged. Millennial will continue its current drilling program and will closely monitor the situation in Gabon.

The phase 1 drill program is in progress and the extension of historic hole BA-002 has been completed to a depth of 552.5 metres. Preliminary interpretations indicate that evaporite cycles IV and III with beds of massive nodular carnallite and minor halite have been intersected. Core is currently being logged and sampled, and will be expedited to the Saskatchewan Research Council (SRC) potash laboratory in Saskatoon for analysis. The drill rig is currently mobilizing to historic hole BA-001 to complete an approximately 250-metre extension from the bottom of the historic hole to test for additional potash cycles. Data from extended holes BA-002 and BA-001, and BA-003, including resampling data, are expected to form a basis for a potential initial maiden mineral resource estimate (MRE) for the north target. No drill holes from the south target, scheduled to be tested in late 2023/early 2024, will be included in this initial MRE.

Potash mineralization in drill core from BA-002 extension showing red carnallite attributed to cycle IV (hole dip of 90 degrees).

This news release has been reviewed by Peter J. MacLean, PhD, PGeo, director of the company, a qualified person as that term is defined in National Instrument 43-101.

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