Millennial Potash Provides Gas-to-Power Plant Update at Its Banio Potash Project

Rhea-AI Summary

Millennial Potash Corp. announces infrastructure developments near its Banio Potash Project in Gabon. Perenco Oil and Gas Gabon is set to commence the Gas-to-Power Project in Mayumba, Gabon, with a $50M investment. The project is expected to double the available power in the region and electrify 90,000 homes. This development could potentially de-risk Millennial's potash project and benefit other industries in the region.

Vancouver, British Columbia--(Newsfile Corp. - February 6, 2024) - Millennial Potash Corp. (TSXV: MLP) (OTCQB: MLPNF) (FSE: X0D) ("MLP", "Millennial" or the "Company") is pleased to provide an update on infrastructure developments near its flagship Banio Potash Project in Gabon. Perenco Oil and Gas Gabon reported Feb. 1 that it has entered into a Memorandum of Understanding ("MOU") with the Government of Gabon to commence the first phase (20Mw) of a Gas-to-Power Project in Mayumba, Gabon. Construction on the Mayumba Gas-to-Power Project is expected to commence in Q2, 2024 and completion is planned for 2025.

Farhad Abasov, Millennial's Chair, commented, "Millennial is pleased to see this very important infrastructure development for the Mayumba area of Gabon. The new Mayumba gas powered plant could potentially provide adequate power for any Millennial potash processing plant that was planned for Mayumba, potentially further de-risking our Banio Potash Project. It is encouraging that Perenco has included mining companies as potential users of the power generation."

Perenco will invest $50M to collect, process and export its offshore gas via a gas pipeline for the power plant. The 20Mw power station will be operated by Gabon Power Corp and will feed into the Gabon south network doubling the available power in the region. The power is expected to electrify 90,000 homes in Mayumba and other cities including Tchibanga, Bongolo, Mouila, and Lambarene. Perenco also commented that additional industries such as the Tchibanga marble operation, mining developments and a harbour/port stand to benefit from this new power generation supply.

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

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/196900

FAQ

What is the update from Millennial Potash Corp. regarding its Banio Potash Project?

Millennial Potash Corp. has announced infrastructure developments near its flagship Banio Potash Project in Gabon.

What is the Gas-to-Power Project in Mayumba, Gabon?

Perenco Oil and Gas Gabon is set to commence the first phase (20Mw) of a Gas-to-Power Project in Mayumba, Gabon.

What is the investment from Perenco for the Gas-to-Power Project?

Perenco will invest $50M to collect, process, and export its offshore gas via a gas pipeline for the power plant.

How many homes is the power station expected to electrify?

The power station is expected to electrify 90,000 homes in Mayumba and other cities in the region.

Who will operate the 20Mw power station?

The 20Mw power station will be operated by Gabon Power Corp and will feed into the Gabon south network.