Millennial Potash Gains Approval for 100% Banio Potash Project Acquisition

Millennial Potash Corp. has received TSX Venture Exchange approval to acquire up to 100% of the Banio Potash Project in Gabon. This strategic move, coupled with the filing of a comprehensive technical report, positions the company to capitalize on a promising potash deposit with potential for low-cost solution mining and significant infrastructure advantages.

Millennial Potash Secures Key Approval for Banio Project

Millennial Potash Corp. (MLP) announced on January 24, 2023, that it has received approval from the TSX Venture Exchange for its mineral property option agreement regarding the Banio Potash Project. This approval is a significant step towards MLP's goal of acquiring up to a 100% interest in the project, located in Gabon.

Farhad Abasov, Director of Millennial Potash, highlighted the project's potential, noting that previous drilling has revealed substantial widths of potash mineralization suitable for low-cost solution mining. He also emphasized Banio's favorable infrastructure and its proximity to the major Brazilian market, offering a potential transport cost advantage over other producers. The company aims to leverage its experienced team and plans to expand its potash industry expertise within its board and management.

Key Takeaways

• TSX Venture Exchange approval secured for the Banio Potash Project option agreement.
• Millennial Potash Corp. can now earn up to a 100% interest in the project.
• A technical report on the Banio Potash Project has been filed.
• The project shows promise for low-cost solution mining due to significant potash mineralization.
• Strategic location in Gabon offers infrastructure and transport advantages.

Technical Report Details and Project Overview

The company has filed a technical report, effective November 21, 2022, titled "Technical Report on The Banio Potash Project, Mayumba Permit, Republic of Gabon." Authored by Dr. Sebastiaan van der Klauw of ERCOSPLAN Ingenieugesellschaft Geotechnik und Bergbau mbH, the report is available on SEDAR.

The Banio Potash Project is situated within the 1,244 km2 Mayumba Permit in southern Gabon, approximately 50 km south of Mayumba village. Gabon, known for its extensive oil and gas sector, boasts the third-highest per capita GDP in Africa. The project area lies within the potash-rich Congo Evaporite Basin, which extends from the Republic of Congo.

Previous exploration by Infinity Lithium Corporation Ltd. (a former owner of Equatorial) and Plymouth Minerals Ltd. in 2017-2018 included drilling three potash-specific wells. Two of these wells intersected the target evaporite zone, revealing multiple potash horizons at depths ranging from 230m to 530m.

Ercosplan's evaluation of drill holes Ba-002 and Ba-003 identified several evaporite cycles, including Cycle VIII, Cycle VII, Cycle VI, and Cycle V, containing significant potash mineralization. Notably:

• Cycle VIII: Dominated by Sylvite, with aggregated thicknesses of 15.3 m at 15.6% Sylvite in Ba-002 and 11.9 m at 16.0% Sylvite in Ba-003.
• Cycle VII: Primarily carnallitite mineralization, with summarized thicknesses of 18.5 m at 60.9% Carnallite in Ba-002 and 17.2 m at 58.2% Carnallite in Ba-003.
• Cycle VI: Interlayering of rock salt and carnallitite, showing excellent values for a carnallitite solution mining project.
• Cycle V: Also contains interlayered rock salt and carnallitite, with good values for solution mining.

Ercosplan has recommended a phased exploration program, including resampling cores, seismic reinterpretation, and drilling additional holes to assess the westward expansion of potash horizons.

Acquisition Progress and Company Name Change

The Definitive Option Agreement (DOA) was executed with the shareholders of Equatorial Potash Pty. Ltd. on October 31, 2022. Millennial Potash has completed initial cash payments and issued 650,000 shares to the vendors, thereby acquiring a 25% interest in the Banio Potash Project through ownership of 25% of Equatorial's shares.

Effective January 25, 2023, the company commenced trading under the symbol "MLP" on the TSX Venture Exchange, following its name change from Black Mountain Gold USA Corp. to Millennial Potash Corp.

Sources

• Millennial Potash Announces Approval of Option to Earn up to 100% of Banio Potash Project and Filing of
  Technical Report, Junior Mining Network.