Millennial Potash Project

Key Success Factors

MRE: Indicated 656m Tonnes, Inferred 1.15 Billion Tonnes; 70 Meters Of Potash Deposit Thickness

100% Ownership Acquisition:

  • Millennial Potash is acquiring up to 100% of the Banio Potash Project in Gabon through staged payments and exploration work

Development Plan - Major Milestones:

  • Initial drill program, seismic data compilation, resampling historic drillholes, ESG startup – Completed
  • Initial drill program, and resource estimate - Completed
  • Preliminary Economic Assessment – H1 2024
  • Additional drilling, ESIA, Feasibility Study start - H2 2024
  • Maiden Mineral Resource Estimate Q1 2024 - Completed
    • Comprised of Indicated MRE of 656.6M tonnes at 15.9% KCl and Inferred MRE of 1.15B tonnes at 16% KCl.
    • 70 Meters of Potash Deposit thickness

Large Potash – Bearing Basin with Drilling:

  • Initial drilling intersects significant potash-rich horizons from 230m to 520m depths. Continuous carnallite and sylvinite seams ranging from 1.0m to 28.8.8m thick, significant potential for upside. Potential solution mining method and amenable to modular expansion decreasing initial CAPEX

Strategically Located with Good Infrastructure:

  • Project located in the West Africa Potash Basin but situated in mining and development-friendly Gabon.
  • Ideally located closer to Brazil than current suppliers supporting cost and time savings.
  • Good infrastructure; Exploration Camp, drill rigs, historic drill core on site.

Right Management Team | Replicating Past:

  • The Board and Management are led by Farhad Abasov, Graham Harris, Peter MacLean, and Jason Wilkinson.
  • The team has built and successfully exited multiple resource companies including Millennial Lithium, Allana Potash, Potash One, Energy Metals.
  • Highly experienced in potash; developed and exited two large potash projects in Africa and North America.

Positive Dynamic in the Potash Sector:

  • Significant supply constraints in Russia/Belarus. Solid potash price growth.
  • Ideal time to invest in the potash sector as global supplies constrained due to the disruption and removal Russian and Belarus suppliers from the global markets.

Mineral Resource Estimate

Northern Part of the project; large initial deposit; 70-meter thick

Maiden NI 43-101 compliant Mineral Resource Estimate completed  Q1 2024 based on 2 potash specific drillholes covering a small part of the North Target.  Resources include carnallitite and sylvinite at North Target only, South Target not included.

  • Indicated Mineral Resources Estimate totals 656.6M tonnes grading 15.9% KCl comprised of 636.5M tonnes carnallite at 15.8% KCl and 20.1M tonnes at 21.6% KCl
  • Inferred Minerals Resources Estimate totals 1.159B tonnes grading 16% KCl ,comprised of 1.1B tonnes carnallitite at 15.8% KCl and 43.8M tonnes sylvanite at 21.2% KCl

Path Forward

Our maiden resource report, announced in January, represents a crucial milestone and demonstrates the project's significant resource potential. We are committed to maintaining an accelerated pace of progress, and our dedicated team is diligently working on a Preliminary Economic Assessment (PEA), which we are targeting to release in the first quarter of 2024.

Looking ahead, we have additional drilling plans scheduled at the North Target, including the extension of drillhole Ba-001 and the initiation of drilling for a new hole, Ba-004. Success at these locations should provide MLP with more than enough potash resources to enable the project to advance to a feasibility study where we will focus on developing a low capex medium- sized operation with the potential to scale up production depending on the needs of the market. As we venture into 2024, these key catalysts form the cornerstone of our commitment to advancement and innovation within the potash industry.