Mr. Farhad Abasov reports

MILLENNIAL POTASH APPLAUDS THE OFFICIAL ADDITION OF POTASH TO THE 2025 LIST OF CRITICAL MINERALS AS FINANCIAL TIMES MENTIONS U.S. DFC COMMITMENT TO MILLENNIAL'S BANIO POTASH PROJECT IN GABON

Millennial Potash Corp. has commended the recent announcement that potash has officially been added to the 2025 list of critical minerals, released on Nov. 6, 2025, by the U.S. Geological Survey. This inclusion in the official list comes as the U.S. International Development Finance Corp. commits $3-million (U.S.) in project development funding for Millennial's Banio potash project in Gabon, recognizing its strategic role in potentially strengthening U.S. and West Africa food security and supply chain resilience.

Farhad Abasov, chair of Millennial, commented: "The official recognition of potash as a critical mineral by the U.S. government is a major milestone for our industry. For Millennial, it highlights Banio's unique position as a potential new, low-cost supply source of potash for the U.S. agricultural sector and beyond. With the U.S. DFC funding in place, strong support from the government of Gabon and our project's direct shipping route to U.S. ports, Banio is strategically aligned with America's food security and supply chain priorities. In addition, Banio can potentially become the first African potash mine to supply potash to the African continent, which currently imports all its potash. It is great to see The Financial Times (Nov. 7, 2025) talking about the DFC's role in mining projects in Africa including its project development funding for Millennial Potash. The timing of the decision to add potash to the critical minerals list is important as we are gearing up to complete our revised mineral resource estimate in coming weeks."

U.S. DFC backing derisks Banio potash project

The DFC's strategic investment in Banio is designed to derisk the project and prepare it for potential future U.S. project financing. DFC is the U.S. government's development finance institution that partners with the private sector to mobilize capital for strategic investments around the world. The strategic investment in Millennial, done under the DFC's project development program, will support a feasibility study on the company's Banio potash project (see MLP news release dated July 9, 2025). DFC is very active in sub-Saharan Africa with approximately $13-billion (U.S.) invested across 300 projects in 26 countries. Recently DFC has approved a $465-million (U.S.) loan to Serra Verde to help finance expansion of the Pela Ema rare earth mine in Brazil in an effort to develop alternative supply chains for critical minerals. The DFC's role in mining projects including its investment in Millennial Potash was recently mentioned in The Financial Times.

Potash: now a U.S. strategic priority

Potash is essential for global agriculture but is overwhelmingly supplied by just a few countries: Canada, Russia and Belarus. By adding potash to the official critical minerals list, the U.S. government has acknowledged its vulnerability to supply shocks and trade restrictions. This proposed recognition is intended to guide federal strategy and investment toward securing diverse, stable and geopolitically reliable sources of supply.

Banio potash project: a direct Atlantic supply route to the United States

Millennial's Banio potash project sits on Gabon's Atlantic coast, offering a short, cost-efficient shipping route directly to the United States, as well as Brazil, the world's largest potash importer, and, of course, Africa. Unlike inland projects, Banio benefits from proximity to infrastructure, continuing construction of a port at Mayumba and a new regional power plant, all of which reduce delivery risk and strengthen its position as a potential future cornerstone supplier to the U.S. agricultural market and beyond.

The project has already demonstrated potentially strong economics, with a preliminary economic assessment showing an after-tax net present value discounted at 10 per cent of $1.07-billion (U.S.), a 32.6-per-cent internal rate of return and operating costs of only $61 (U.S.) per tonne of granular potash (see MLP news release dated April 23, 2024). Recent drilling results confirmed up to 200 metres of potash-rich horizons at the North target, with further resource expansion potential and a revised mineral resource estimate calculation under way (see MLP news releases dated Sept. 16, 2025, and Oct. 14, 2025).

We seek Safe Harbor.