Millennial Potash Corp. has completed a milestone payment to the vendors of the Banio Potash Project in Gabon, earning an additional 10% interest in Equatorial Potash which, through its Gabon subsidiary Mayumba Potasse, holds 100% of the project.
The milestone payment was triggered by the filing of the updated Mineral Resource Estimate technical report on 29 December 2025 which was comprised of Measured Mineral Resources Estimate of 648.2 million t grading 15.7% KCl, an Indicated Mineral Resources Estimate of 1.8 billion t grading 15.6% KCl, and an Inferred Mineral Resources Estimate of 3.56 billion t grading 15.6% KCl. With this additional 10% interest MLP’s total ownership of Equatorial increases to 80%. Millennial has a direct path to acquiring the final 20% of Equatorial Potash by completing a Definitive Feasibility Study (DFS) and making certain cash and share payments to the vendors after filing the DFS. The DFS is progressing and is scheduled for completion by the end of 2026.
Farhad Abasov, Millennial’s Chair, commented: “We are very pleased to have increased our interest in the Banio Potash Project by an additional 10% bringing our total ownership to 80%. Millennial continues to advance our DFS and ESIA studies at the project and both are on schedule to be completed by the end of 2026. Upon completion of the DFS, and with a final cash/shares payment to the vendors, MLP’s ownership will reach 100% of the project. The company remains well funded to complete all the planned work programmes for the DFS and the ESIA studies which will support our application for a Mining License in early 2027.”