Mr. Farhad Abasov reports

MILLENNIAL POTASH: U.S. PROPOSES TO ADD POTASH TO CRITICAL MINERALS LIST AS US DFC BACKS BANIO PROJECT IN GABON

The U.S. Department of the Interior has included potash on its 2025 Draft List of Critical Minerals. This inclusion in the Draft List comes as the U.S. International Development Finance Corp. (DFC) commits $3-million (U.S.) in project development financing for Millennial Potash Corp.'s Banio potash project in Gabon, recognizing its strategic role in potentially strengthening United States food security and supply chain resilience.

Farhad Abasov, chair of Millennial, commented: "The proposed U.S. recognition of potash as a critical mineral is a major milestone for our industry. For Millennial, it highlights Banio's unique position as a potential new, low-cost supply source for the U.S. agricultural sector. With 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."

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 Draft 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 U.S.

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 future cornerstone supplier to the U.S. agricultural market and beyond.

The project has already demonstrated strong economics, with a preliminary economic assessment (PEA) showing an after-tax NPV 10 (net present value, 10-per-cent discount rate) of $1.07-billion (U.S.), a 32.6-per-cent IRR (internal rate of return), and operating costs of only $61 (U.S.) per tonne of granular potash (gMOP) (see MLP news release dated April 23, 2024). Recent drilling results confirmed up to 250 metres of potash-rich horizons at the North target, with further resource expansion potential and a revised mineral resource estimate calculation currently under way (see MLP news releases dated May 6, 2025, and June 26, 2025).

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. debt 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, done under the DFC's project development program, will support a feasibility study (FS) on the company's Banio potash project (see MLP news release dated July 9, 2025). Project development funds from DFC will be released over the course of the feasibility study and will be based on milestone activities completed that form integral parts of the feasibility study. MLP has initiated early stage feasibility study work at Banio including a lidar (light detection and ranging) survey to generate a digital terrain model, a bathymetry survey of the lagoon, creep geotechnical tests and dissolution testwork on recently acquired drill core from holes BA-001-EXT and BA-004.

We seek Safe Harbor.