Mr. Farhad Abasov reports

MILLENNIAL POTASH PROVIDES GAS-TO-POWER PLANT UPDATE AT ITS BANIO POTASH PROJECT

Millennial Potash Corp. has provided an update on infrastructure developments near its flagship Banio potash project in Gabon. Perenco Oil and Gas Gabon reported Feb. 1 that it has entered into a memorandum of understanding (MOU) with the government of Gabon to commence the first phase (20 megawatts) of a gas-to-power project in Mayumba, Gabon. Construction on the Mayumba gas-to-power project is expected to commence in Q2 2024 and completion is planned for 2025.

Farhad Abasov, Millennial's chair, commented: "Millennial is pleased to see this very important infrastructure development for the Mayumba area of Gabon. The new Mayumba gas-powered plant could potentially provide adequate power for any Millennial potash processing plant that was planned for Mayumba, potentially further derisking our Banio potash project. It is encouraging that Perenco has included mining companies as potential users of the power generation."

Perenco will invest $50-million to collect, process and export its offshore gas via a gas pipeline for the power plant. The 20-megawatt power station will be operated by Gabon Power Corp. and will feed into the Gabon south network, doubling the available power in the region. The power is expected to electrify 90,000 homes in Mayumba and other cities, including Tchibanga, Bongolo, Mouila and Lambarene. Perenco also commented that additional industries such as the Tchibanga marble operation, mining developments and a harbour/port stand to benefit from this new power generation supply.

We seek Safe Harbor.