Advertisement/Marketing Communication – This article is published on behalf of Millennial Potash Corp.! · Paid relationship: SRC swiss resource capital AG maintains a paid IR advisory agreement with Millennial Potash Corp. · Prepared by: JS Research GmbH, Olsberg · Author: Jörg Schulte (Managing Director of JS Research GmbH) · Compensation paid via SRC · First publication: September 3, 2026, 5:30 a.m. Europe/Berlin ·
Dear Readers,
Potash is increasingly becoming a matter of supply security. According to Natural Resources Canada, Canada, Russia and Belarus accounted for approximately 70.5% of global potassium chloride production in 2024. Together, these three countries represented almost 77% of exports. At the same time, potash was officially added to the U.S. List of Critical Minerals in November 2025. For a commodity used primarily as a plant nutrient in fertilizers, the origin and security of supply are therefore becoming increasingly important alongside price.
This is precisely where Millennial Potash Corp. (WKN: A3DXEK) comes in. The Banio Project in Gabon combines a large reported Mineral Resource with a land package extending to the Atlantic coast. In addition, development studies are underway, the Company's project interest has increased, and new drilling data have expanded the known mineralized footprint to the southwest.
BA-006: approximately 80 metres of cumulative potash mineralization – preliminary, but strategically relevant!
Hole BA-006, reported on August 26, was drilled at the North Target to a depth of 674 metres. Based on the preliminary core logging available to date, the hole intersected several carnallitite/halite beds within the evaporite-bearing salt sequence, representing approximately 80 metres of cumulative potash mineralization. Detailed core logging, downhole geophysics, sampling and laboratory assays had not yet been completed at the time of the announcement.
Several geological observations are noteworthy: BA-006 was drilled closer to the coast and southwest of the previous holes. According to the Company, evaporite cycles IX and X were encountered for the first time, which could indicate additional potash horizons farther to the west. The hole was also terminated for technical reasons while still in potash-bearing mineralization, leaving the system open at depth.
Source: Millennial Potash Corp.
For investors, the distinction is important: according to the Company, BA-006 expands the known mineralized footprint southwest of the current Mineral Resource area, but it does not yet constitute an additional Mineral Resource. Whether additional tonnage can ultimately be defined will depend on assays, geological interpretation and an updated Mineral Resource Estimate.
6.01 Billion Tonnes of Mineral Resources Provide the Starting Point!
The current Mineral Resource Estimate, reported in accordance with NI 43-101 and effective November 11, 2025, comprises 648.19 million tonnes of Measured Mineral Resources at 15.72% KCl, 1.80454 billion tonnes of Indicated Mineral Resources at 15.57% KCl, and 3.55949 billion tonnes of Inferred Mineral Resources at 15.61% KCl. Banio therefore hosts approximately 6.01 billion tonnes of reported Mineral Resources, including approximately 2.45 billion tonnes of Measured and Indicated Mineral Resources at an average grade of 15.61% KCl.
Source: Millennial Potash Corp.
According to the Company, the current Mineral Resource covers approximately 5% of the total project area. This does not demonstrate that mineralization continues across the remaining area, but it underscores the relevance of the ongoing expansion drilling. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
Haute Banio and an 80% Project Interest Strengthen the Strategic Position!
In February 2026, Millennial Potash (WKN: A3DXEK) was granted the Haute Banio exploration permit covering 261.39 km². This increased the contiguous land position by approximately 20% to nearly 1,500 km². Portions of the new permit extend to the Atlantic coast and provide access to an existing corridor toward Mayumba. Over the longer term, this could offer logistical advantages.
Source: Millennial Potash Corp.
In parallel, Millennial has increased its economic interest in Banio. Since April 2026, the Company has held an 80% interest in Equatorial Potash, which, through its Gabonese subsidiary Mayumba Potasse, holds 100% of the project. Following completion and filing of the DFS and the contractually stipulated cash and share payments, Millennial has a defined path to acquire the remaining 20%.
PEA: Attractive Economic Framework – the DFS Is Intended to Provide a More Robust Basis!
The 2024 Preliminary Economic Assessment (PEA) provides an initial economic framework. The base case models annual production of 800,000 tonnes of granular MOP, initial capital expenditures of US$480 million, operating costs of approximately US$61 per tonne of gMOP, an after-tax NPV(10%) of US$1.071 billion, an after-tax IRR of 32.6%, and a modeled payback period of 1.4 years.
At this production rate, the PEA estimates a mine life of approximately 56 years, while the NPV and IRR are based on the first 25 project years. Importantly, the PEA is preliminary in nature, is based on the substantially smaller 2024 Mineral Resource Estimate and includes Inferred Mineral Resources. There is no certainty that the modeled results will be realized.
For this reason, the ongoing Definitive Feasibility Study (DFS) is the central next step. Since August, Micon International, Zenito Ltd. and Agapito Associates LLC have been supporting the acceleration and completion of the DFS. ERCOSPLAN remains involved, providing geological expertise and drilling support. The DFS is intended to examine solution mining, hydrogeology, cavern behaviour, process design, power, plant and port options, as well as costs and project economics in greater detail.
MRE Update, Phase 3 and DFS: the Next Measurable Catalysts!
Data from BA-006 are expected to be incorporated into an updated Mineral Resource Estimate, which the Company plans to complete by the end of 2026 in conjunction with the DFS. In parallel, the Phase 3 drilling program announced in May is underway, comprising four potash-focused drill holes totaling approximately 4,000 metres to test additional expansion targets south and west of the current resource.
Source: Millennial Potash Corp.
Alongside the DFS, an Environmental and Social Impact Assessment (ESIA) is being advanced under the leadership of an Artelia-led consortium. According to the Company's current schedule, the DFS and ESIA are both targeted for completion by the end of 2026. Millennial then plans to use these documents to support an application for a mining licence in early 2027. No mining licence, construction decision or production start has yet occurred.
Financial and Political Tailwinds!
Millennial Potash (WKN: A3DXEK) further strengthened its development platform in 2026. At the end of January, the Company completed financings for aggregate gross proceeds of C$18.2875 million. In April, management stated that the Company was sufficiently funded for the planned DFS and ESIA work and the programs then contemplated. This relates to the current development phase, not to the later financing of mine construction and the required infrastructure.
In addition, the U.S. International Development Finance Corporation (DFC) committed US$3 million in project development support to advance the feasibility work. According to the DFC, this work is intended to establish the technical, logistical and economic basis for possible future DFC financingof the processing facility and associated infrastructure.
Banio is also receiving political attention. During a site visit in July, Gabon's Minister of Mines, according to the Company's announcement, reaffirmed the government's support for the project's continued development and for regional infrastructure initiatives. Potash has also officially been included on the U.S. List of Critical Minerals since November 2025.
Conclusion: BA-006 Expands the Geological Story – Now the MRE and DFS Matter!
Banio already combines resource scale, access to the Atlantic and a clearly defined development plan. Approximately 6.01 billion tonnes of reported Mineral Resources, an 80% project interest with a defined path to 100%, ongoing DFS and ESIA work, and DFC support provide a solid starting point.
BA-006 now adds a new geological catalyst. The approximately 80 metres of cumulative potash mineralization identified in preliminary logging, the newly recognized evaporite cycles IX and X, and mineralization remaining open at depth point to further exploration potential southwest of the current MRE area.
The next potential value drivers are therefore clearly measurable: laboratory results from BA-006, additional drilling, an updated Mineral Resource Estimate, the DFS and the ESIA. If these milestones are achieved as planned and produce robust results, Banio could further advance its development status and gain strategic importance as a potential additional source of potash supply with Atlantic access.
Best regards,
Jörg Schulte
JS Research GmbH
Sources and Status
Editorial review date: September 2, 2026. Principal sources: Millennial Potash Corp. – BA-006 (August 26, 2026); updated MRE / NI 43-101 Technical Report (November 17 and December 29, 2025); Haute Banio exploration permit (February 24, 2026); DFS commencement (January 13, 2026); Phase 3 commencement (May 12, 2026); increase in project interest to 80% (April 15, 2026); financing (January 29, 2026); ministerial site visit (July 8, 2026); PEA (April 23 and June 6, 2024); U.S. DFC – Banio project development support; Natural Resources Canada – Potash Facts; USGS – 2025 List of Critical Minerals. Intro image: stock.adobe.com; Big Chance just ahead
Company news was re-checked for currentness on September 2, 2026. The most recent operational/technical announcement on the Company's official news page is the BA-006 release dated August 26, 2026. The scientific and technical information was taken from public Company announcements and NI 43-101 filings and was not independently recalculated by JS Research.
Legal Notices, Conflicts of Interest and Disclaimer
Advertising / Paid Relationship
This publication is a paid marketing communication / advertorial and is published on behalf of Millennial Potash Corp. SRC swiss resource capital AG maintains a paid IR advisory agreement with the issuer. JS Research GmbH receives compensation through SRC for the preparation and distribution of this publication. This publication is not independent financial research. This version is intended for factual management review; this specific version of the article has not, as of the date of this draft, received management or Qualified Person approval.
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This publication was prepared on the basis of publicly available Company announcements, technical reports, regulatory filings and other sources considered reliable. The assessments are qualitative editorial interpretations; no price target, valuation model or formal buy, hold or sell recommendation is provided. Transparency and conflict-of-interest disclosures are made as a precautionary measure with reference to the principles of Article 20 of the Market Abuse Regulation (MAR), Commission Delegated Regulation (EU) 2016/958 and the relevant provisions of the German Securities Trading Act (WpHG), without prejudging the legal classification of this publication as an investment recommendation or recommendation of an investment strategy. According to JS Research, the relevant activity has been notified to BaFin pursuant to Section 86 WpHG.
Interests and Conflicts of Interest
According to the information contained in the source document, persons within the group comprising Jörg Schulte, JS Research GmbH and employees hold shares in Millennial Potash Corp.; as of the stated reference date, neither the responsible author nor JS Research GmbH has a net long or net short position of 0.5% or more in the issuer. According to the information available, SRC likewise has no reportable net position of 0.5% or more. Millennial Potash does not hold an interest of 5% or more in JS Research/SRC. According to the information available, no market-making or investment-banking relationships with the issuer exist. Future transactions are not excluded. The specific position and derivatives disclosures must be confirmed internally on a current basis prior to publication.
Technical Information / NI 43-101
The scientific and technical information relating to Banio is based on public Company announcements and technical reports. According to the issuer, the BA-006 announcement dated August 26, 2026 was reviewed and approved by Peter J. MacLean, Ph.D., P.Geo., as a Qualified Person under NI 43-101; the current MRE and the PEA are based on the respective filed technical reports and the Qualified Persons identified therein. This specific version of the article has not yet been separately approved by a Qualified Person and is intended for management/QP review. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The PEA is preliminary in nature and includes Inferred Mineral Resources.
Forward-Looking Statements
This publication contains forward-looking statements and information, including with respect to pending BA-006 analyses, a possible resource expansion, Phase 3 drilling, an updated MRE, the DFS and ESIA, permitting, infrastructure and port solutions, financing, potential mine development, production rates, costs and potential markets. Such statements are based on current expectations, assumptions and plans of the Company and are subject to known and unknown risks and uncertainties. Actual results may differ materially. There is no certainty that planned milestones will be achieved within the stated timeframes, that additional Mineral Resources will be defined or that the results modeled in the PEA will be realized. Updates will be made only where legally required or voluntarily undertaken.
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