Millennial Potash Stock Price, News & Analysis

Millennial Potash Corp. (OTCQB: MLPNF), also trading on the TSX Venture Exchange under the symbol MLP and on the Frankfurt Stock Exchange under the symbol X0D, is a mineral exploration and development company focused on its Banio Potash Project in the Republic of Gabon. The company is active in the mining, quarrying, and oil and gas extraction sector and is working to advance a large-scale potash deposit that it describes as its flagship Banio Potash Project.

According to multiple company news releases, the Banio Potash Project is located in the Mayumba Permit area in Gabon and lies within the West African Evaporite Basin, which is described as a well-established potash basin. Millennial Potash reports that the Banio project hosts potash mineralization in the form of carnallitite and sylvinite, with mineralized seams identified in several evaporite cycles. The company has emphasized that these potash-bearing seams are flat-lying and continuous over significant distances, based on seismic data and drilling.

Banio Potash Project and Mineral Resource Estimates

Millennial Potash has disclosed an updated Mineral Resource Estimate (MRE) for the northern part of the Banio Potash Project. The technical report titled "Updated Mineral Resource Estimate for the North Target of the Banio Potash Project, Mayumba Permit, Republic of Gabon" was filed on SEDAR and prepared by ERCOSPLAN Ingenieurgesellschaft Geotechnik und Bergbau mbH. The company states that this MRE includes Measured, Indicated, and Inferred Mineral Resources of carnallitite and sylvinite, calculated in accordance with National Instrument 43-101 standards.

The company reports that the updated MRE, with an effective date of November 11, 2025, outlines Measured and Indicated Mineral Resources totaling approximately 2.45 billion tonnes grading around 15.6% KCl, and Inferred Mineral Resources totaling approximately 3.56 billion tonnes grading around 15.6% KCl. Millennial Potash highlights that this represents a substantial increase compared to a previous resource estimate, with Measured + Indicated resources reported as having increased by about 275% and Inferred resources by about 210% relative to an earlier MRE referenced in a prior news release.

The company notes that the MRE is based on potash-bearing seams defined from several drillholes, including BA-001, BA-002, BA-003, and BA-004, and that the resource classification criteria rely on radii of influence around drillholes, seismic interpretations, and geological continuity. The resource model distinguishes between carnallitite and sylvinite mineralization and applies specific thickness and grade cut-off parameters for each in order to consider them potentially suitable for solution mining.

Geology and Mining Concept

Millennial Potash describes the Banio Potash Project as hosting seven potash-bearing Evaporite Cycles (CII to CVIII) with multiple seams of carnallitite and several seams of sylvinite. The company reports that these seams occur within a salt sequence stratigraphy and that drillholes have intersected significant cumulative thicknesses of potash mineralization. For example, drillhole BA-004 is reported to have intersected approximately 101.45 metres of cumulative potash seam thickness averaging 16.8% KCl when a 13% KCl cut-off grade is applied.

The company and its consultants at ERCOSPLAN have indicated that, for carnallitite seams to be considered potentially mineable via solution mining, they must meet minimum thickness and grade criteria. Similar criteria are applied to sylvinite seams. Millennial Potash has also reported that the flat-lying nature of the basin and continuity of potash cycles over approximately 8 kilometres of strike length support the interpretation of extensive potash mineralization in the project area.

Project Development: From Exploration to Feasibility

Millennial Potash states that it is transitioning the Banio Potash Project from the exploration stage to the development stage. The company has announced the initiation of a Definitive Feasibility Study (DFS) for Banio, to be completed by ERCOSPLAN as an AACE Class 3 Definitive Feasibility Study. According to the company, the DFS will evaluate a solution mining operation with a base production scenario of 800,000 tonnes per year of Muriate of Potash (MOP), as well as larger potential production rates.

The company reports that this DFS is being funded in partnership with the U.S. International Development Finance Corporation (DFC), which has committed US$3 million to cover feasibility study costs under its Project Development Program. Millennial Potash has stated that it is fully funded to complete the DFS and associated trade-off studies, and that these studies will be presented to the government of Gabon as part of its application for a mining license.

In addition to the DFS, Millennial Potash has announced the initiation of an Environmental and Social Impact Assessment (ESIA) for the Banio Potash Project. The ESIA is being led by a consortium including Artelia, Biotope Afrique Centrale, and Insuco Gabon, and is described as being compliant with IFC Performance Standards. The ESIA includes baseline studies of the physical environment (such as hydrology, hydrogeology, water quality, soils, and air quality), biodiversity (flora and fauna), and socio-economic conditions, as well as stakeholder engagement and the development of environmental and social management plans. The company has indicated that the ESIA will also form part of its mining license application to the government of Gabon.

Technical Work and Exploration Activities

Millennial Potash has reported ongoing drilling and technical programs at Banio. The company has completed a Phase 2 drill program that includes drillhole BA-004, which intersected thick carnallitite seams and some sylvinite intervals. The company notes that these results confirm continuity of potash cycles between drillholes and may support further expansion of the Mineral Resource Estimate and potential upgrading of resource categories.

The company has also described detailed sampling, quality assurance and quality control (QA/QC) procedures for core handling, transport, and analysis. Core samples are prepared and analyzed at the Saskatchewan Research Council (SRC) laboratories using a potash-specific analytical package. The company indicates that internal standards, repeats, and ISO-certified procedures are used to ensure data quality. In addition, Millennial Potash has collected samples for dissolution and geotechnical creep test work, which it expects to incorporate into future feasibility studies.

Strategic Context: Potash as a Critical Mineral

Millennial Potash has publicly commented on the inclusion of potash in the 2025 List of Critical Minerals released by the U.S. Geological Survey. The company links this designation to the strategic importance of its Banio Potash Project, noting that the U.S. DFC has committed project development funding and that the project is seen as potentially contributing to food security and supply chain resilience for the United States and West Africa.

The company has also stated that the Banio Potash Project benefits from its location on Gabon's Atlantic coast, which it describes as offering a direct shipping route to U.S. ports, Brazil, and African markets. Millennial Potash has referred to a Preliminary Economic Assessment (PEA) for Banio that outlines potential project economics, including an after-tax NPV and IRR and operating cost metrics, as disclosed in a prior news release filed on SEDAR+.

Capital Markets and Ownership

Millennial Potash Corp. is listed on the TSX Venture Exchange, the OTCQB market in the United States, and the Frankfurt Stock Exchange. The company has disclosed that The Quaternary Group Ltd. is a significant shareholder, holding over a quarter of the outstanding common shares on a non-diluted basis and a higher percentage on a fully diluted basis, based on recent early warning reports. The Quaternary Group has indicated that its holdings are for investment purposes and that it may adjust its position depending on various factors.

The company has also entered into several investor relations and communications agreements with firms such as Vorticom Inc., Fundamental Research Corp., and Proactive Group Holdings. These agreements cover services including media communications, research report preparation, and digital marketing and investor events, all subject to TSX Venture Exchange approval. Millennial Potash has stated that these arrangements are intended to raise its profile with the global investment community.

Corporate Governance and Board Composition

Millennial Potash has announced changes to its board of directors, including the appointment of Mr. Tony Kettinger as a director and the resignation of Mr. Graham Harris from director and officer roles. The company has described Mr. Kettinger as having extensive experience in the agricultural sector and as being based in Singapore, where he serves as Chief Operating Officer for Golden Agri-Resources. The company has stated that his background in agricultural commodities and potash demand markets is expected to support Millennial Potash as it advances the Banio project from exploration toward development.

The company has also disclosed the granting of incentive stock options to directors, officers, and consultants as part of its compensation and incentive structure. These options have specified exercise prices, terms, and vesting conditions as set out in the relevant news releases.

Project Stage and Outlook (Non-Promotional)

Based on the information in its public news releases, Millennial Potash Corp. is focused on advancing the Banio Potash Project in Gabon through technical studies, resource definition, and permitting steps such as the DFS and ESIA. The company presents Banio as a significant potash resource with potential for solution mining, supported by extensive geological and geophysical data and third-party technical work by ERCOSPLAN. Investors and other stakeholders can refer to the company’s filed technical reports and news releases for detailed information on resource estimates, project economics, and ongoing development activities.