Millennial Potash Initiates Environmental Baseline Studies at Its Banio Potash Project in Gabon

Rhea-AI Summary

Millennial Potash Corp. (TSXV: MLP) (OTCQB: MLPNF) has engaged Terea Environmental to conduct preliminary environmental baseline studies at its Banio Potash Project in Gabon. The studies, which include soil and water sampling throughout the exploration license area, will provide baseline information for an Environmental Social Impact Assessment (ESIA) required for a mining license application.

Water sampling is being conducted in the lagoon area, including locations upstream and downstream of the company's camp and main exploration areas. Soil sampling focuses on previous exploration sites, access roads, and various areas within the license. Terea will complete preliminary testwork in Q1 2025 with laboratory results expected in early Q2 2025.

The company plans to continue sampling throughout 2025 and install a weather station. Millennial Potash is also granting 1,850,000 incentive stock options exercisable for five years at $0.51 per share. The company emphasizes that environmental protection is a primary focus, aligning with Gabonese government priorities.

Positive

• Environmental baseline studies initiated - critical step toward mining license application
• Alignment with Gabonese government on environmental protection priorities
• Engagement of local Gabonese environmental firm (Terea Environmental)
• Clear timeline with studies completion in Q1 2025 and results in Q2 2025

Negative

• Mining license application still pending completion of full ESIA
• Project still in early environmental assessment phase
• Potential dilution from 1,850,000 new stock options

West Vancouver, British Columbia--(Newsfile Corp. - February 25, 2025) - Millennial Potash Corp. (TSXV: MLP) (OTCQB: MLPNF) (FSE: X0D) ("MLP", "Millennial" or the "Company") is pleased to announce that it has engaged Terea Environmental, based in Libreville, Gabon, to complete preliminary environmental baseline studies in the project exploration area. Soil sampling and water sampling have been completed at various locations throughout the exploration license to provide baseline information which can then be incorporated into an Environmental Social Impact Assessment (ESIA) which is necessary for an application for a mining license.

Farhad Abasov, Millennial's Chair, commented: "Millennial is pleased to engage Terea and implement our preliminary environmental baseline studies at our Banio Potash Project. This initial step will feed into additional testwork when we initiate a full ESIA in 2025. The protection of the environment is a primary focus for Millennial and an area where we are well aligned with the Gabonese government. Consultations with the Ministry of the Environment are ongoing and will help guide our baseline studies along with input from our environmental consultants Environmental and Social Sustainability (ESS) to ensure compliance with international standards."

Water sampling in the lagoon area in the centre of the license will assess numerous locations, downstream and upstream of the Company's camp and main exploration areas as well as the main channel which is used extensively by the local villagers in the greater lagoon area. Soil sampling will focus on areas of previous exploration activities prior to the Company acquiring the project as well as access roads and at several areas throughout the license. Terea will complete the preliminary testwork in Q1 2025 and laboratory results are expected early in Q2, 2025. Data from both sampling programs will provide background information on water and soil characteristics prior to development at the project. Sampling will continue throughout 2025, and additional information will be derived from the installation of a weather station also planned for 2025.

The Company is granting a total of 1,850,000 incentive stock options exercisable for a period of five (5) years at an exercise price of $0.51 per share.

To find out more about Millennial Potash Corp. please contact Investor Relations at (604) 662-8184 or email at info@millennialpotash.com.

Keep up-to-date on Millennial Potash developments and join our online communities on: Twitter, Facebook, LinkedIn, Instagram and YouTube.

MILLENNIAL POTASH CORP.

"Farhad Abasov"

Chair of the Board of Directors

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This document may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan" or "planned", "forecast", "intend", "may", "schedule" and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals including approvals of title and mining rights or licenses and environmental (including land or water use), local community or indigenous community approvals, the reliability of third party information, continued access to mineral properties or infrastructure, changes in laws, rules and regulations in Gabon or any other jurisdiction which may impact upon the Company or its properties or the commercial exploitation of those properties, currency risks including the exchange rate of USD$ for Cdn$ or CFA or other currencies, fluctuations in the market for potash or potash related products, changes in exploration costs and government royalties, export policies or taxes in Gabon or any other jurisdiction and other factors or information. The Company's current plans, expectations and intentions with respect to development of its business and of the Banio Potash Project may be impacted by economic uncertainties arising out of any pandemic or by the impact of current financial and other market conditions on its ability to secure further financing or funding of the Banio Potash Project. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political, environmental and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/242260

FAQ

What environmental studies is Millennial Potash (MLPNF) conducting at its Banio Project?

Millennial Potash is conducting preliminary environmental baseline studies including soil and water sampling throughout the exploration license area at its Banio Potash Project in Gabon. These studies will provide baseline information for an Environmental Social Impact Assessment (ESIA) required for a mining license application.

When will Millennial Potash (MLPNF) complete its environmental baseline studies in Gabon?

Terea Environmental will complete the preliminary environmental testwork in Q1 2025, with laboratory results expected in early Q2 2025. Sampling will continue throughout 2025.

How many stock options is Millennial Potash (MLPNF) granting and at what price?

Millennial Potash is granting 1,850,000 incentive stock options exercisable for a period of five years at an exercise price of $0.51 per share.

What is the significance of the ESIA for Millennial Potash's (MLPNF) Banio project?

The Environmental Social Impact Assessment (ESIA) is necessary for Millennial Potash to apply for a mining license at the Banio Potash Project. The current baseline studies are the initial step that will feed into additional testwork when they initiate a full ESIA in 2025.

What additional environmental monitoring is Millennial Potash (MLPNF) planning for 2025?

In addition to continuing soil and water sampling throughout 2025, Millennial Potash plans to install a weather station at the Banio Potash Project to gather additional environmental data.