Millennial Potash Provides Update on Recent Cooperation Agreements Between the United States and Gabon

Rhea-AI Summary

Millennial Potash Corp. (TSXV: MLP) (OTCQB: MLPNF) has provided an update on recent cooperation agreements between the United States and Gabon, home to its Banio Potash Project. The U.S. has welcomed Gabon's commitment to a democratic transition and plans to strengthen their partnership in economic, environmental, and security sectors. Key points include:

1. U.S. support for Gabon's democratic transition through the ADAPT initiative.
2. Plans to strengthen economic partnership and increase investment.
3. Collaboration on securing critical mineral supply chains.
4. USAID to place a full-time country manager in Libreville in 2025.
5. $2 million additional funding for biodiversity preservation.
6. Partnership on maritime security and defense cooperation.

Millennial Potash's Chair, Farhad Abasov, expressed excitement about the partnership, noting its potential to boost foreign investment and infrastructure growth in Gabon.

Positive

• Strengthened U.S.-Gabon partnership may create a favorable investment climate for Millennial Potash's Banio Project
• U.S. plans to support Gabon in understanding its critical mineral resource potential, which could benefit the potash sector
• Increased U.S. investment in Gabon, including $500 million for port infrastructure, may improve logistics for potash exports
• U.S. Chamber of Commerce's Investment Guide aims to increase U.S. private sector engagement in Gabon

Negative

• None.

West Vancouver, British Columbia--(Newsfile Corp. - October 15, 2024) - Millennial Potash Corp. (TSXV: MLP) (OTCQB: MLPNF) (FSE: X0D) ("MLP", "Millennial" or the "Company") is pleased to provide an update to shareholders on recent political developments in Gabon, home to its flagship Banio Potash Project. In a Joint Statement from the United States and the Republic of Gabon, the U.S. Department of State released a summary of recent meetings between the two countries (see https://www.state.gov/u-s-cooperation-with-gabon; and CNBC Africa press release dated Oct.7, 2024; https://www.cnbcafrica.com/wire/651292/ ). On Oct. 3, 2024 the U.S welcomed Transition President Brice Clotaire Oligui Nguema as the U.S. and Gabon commemorated sixty-four years of diplomatic relations outlining their intentions to elevate their partnership. The U.S. recognized Gabon's commitment to a democratic transition and indicated this provides an opportunity to strengthen this partnership including economic, environmental and security sectors.

Farhad Abasov, Millennial's Chair, commented "Millennial is excited about the continuing robust partnership between the United States and Gabon. As the U.S. champions Gabon's dedication to free and transparent elections and the restoration of civilian governance, we're witnessing a wave of transformative initiatives designed to boost foreign investment in the country including numerous infrastructure initiatives which are in progress. MLP's Banio Potash Project is set to transform agriculture, not only in Gabon but throughout Africa, and together, the U.S. and Gabon are paving the way for significant foreign investment opportunities, fueling infrastructure growth and economic progress, and this renewed collaboration promises a bright future for the region."

The State Department indicated that the U.S. plans to support ongoing efforts by Gabon toward an inclusive transition to democracy through the African Democratic and Political Transitions initiative (ADAPT). The ADAPT initiative will support the constitutional referendum as well as free, fair and transparent elections. The U.S. government will work with the Consortium for Elections and Political Process Strengthening (CEPPS) and the U.S. Institute of Peace to provide technical assistance to strengthen election administration, voter education including supporting journalists and civil society to monitor election processes.

The United States and Gabon also outlined plans to strengthen their economic partnership to support the Gabonese economy, expand trade cooperation and increase investment. To further their plans the U.S. Chamber of Commerce hosted meetings between U.S. and Gabonese companies. The U.S, Chamber of Commerce has developed a U.S.-Gabon Investment Guide aimed at increasing U.S. private sector engagement in the country. In addition, the U.S. International Development Finance Corporation (DFC) announced plans to visit Gabon in November to explore additional investment opportunities. This is in addition to DFC's $500 million investment in Gabon supporting the construction of a mineral and bulk terminal in Owendo/Libreville and support for marine conservation through the DFC's "Blue Bonds" initiative.

The U.S. and Gabon announced they will also partner on securing critical mineral supply chains as both countries have shared interests in supporting the reliability of these important supply chains. The U.S. intends to undertake technical cooperation to assist Gabon with understanding the extent of its critical mineral resource potential, strengthening the competitiveness of Gabon's investment frameworks and help to identify paths to market for the country's critical mineral resources.

As cooperation between the two countries is increasing, USAID intends to place a full-time country manager in Libreville in 2025. The U.S. and Gabon also remain committed to preserving Gabon's biodiversity and the ecotourism industry. The U.S. Fish and Wildlife Service, with funding from USAID's Central Africa Regional Program for the Environment (CARPE), will provide $2 million in addition to the $20 million current program of technical support for the Gabon National Parks Agency (ANPN). The new funding will support programs that effectively manage human interaction with forest elephants and potentially develop an arrangement of sister national parks with the United States.

The United Sates and Gabon will also partner on common security objectives including strengthening maritime security in the Atlantic. To meet this objective the U.S. plans to provide technical assistance to strengthen port security, technical assistance and support for Gabon radar stations as well as adding two new stations at Port Gentil and Mayumba to improve surveillance in the region. The U.S. will also provide maritime patrol vessels as well as operational training to support the ANPN to combat threats to Gabon's territorial waters.

To further enhance the security partnership the U.S. will expand its commitment to strengthen the Gabonese defence and security forces to participate in regional security efforts. To expedite this effort the United States and Gabon are building on existing programs such as Gabon's participation in the State Sponsorship Program with the West Virginia National Guard which provides Gabon with specialized training to enhance its emergency response capabilities.

The United Sates and Gabon reiterated their commitment to strengthen U.S.-Gabonese relations to establish a stronger and enduring strategic partnership and work diligently toward the conclusion of a defense cooperation agreement.

To find out more about Millennial Potash Corp. please contact Investor Relations at (604) 6628184 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/226416

FAQ

How might the U.S.-Gabon cooperation affect Millennial Potash's (MLPNF) Banio Potash Project?

The strengthened U.S.-Gabon partnership could create a more favorable investment climate for Millennial Potash's Banio Project. Improved infrastructure, increased foreign investment, and potential support for critical mineral resources may benefit the project's development and future operations.

What specific U.S. investments in Gabon could impact Millennial Potash (MLPNF)?

The U.S. International Development Finance 's $500 million investment in a mineral and bulk terminal in Owendo/Libreville could potentially improve logistics for potash exports from Millennial Potash's Banio Project in the future.

How is the U.S. supporting Gabon's critical mineral sector, which may include Millennial Potash (MLPNF)?

The U.S. plans to provide technical cooperation to help Gabon understand its critical mineral resource potential, strengthen investment frameworks, and identify market paths for critical mineral resources. This could indirectly benefit Millennial Potash's operations in the country.

What economic initiatives between the U.S. and Gabon might affect Millennial Potash (MLPNF) in 2024-2025?

Key initiatives include the U.S. Chamber of Commerce's U.S.-Gabon Investment Guide, planned visits by the U.S. International Development Finance to explore investment opportunities, and USAID placing a full-time country manager in Libreville in 2025. These could create a more favorable business environment for Millennial Potash.