Millennial Potash Expands Mineralisation at Gabon Project

Millennial Potash Corporation has expanded the known potash mineralisation at its Banio project in Gabon after extending a drillhole that revealed an additional 40 metres of mineralised material, bringing the estimated cumulative thickness of the principal potash seams to about 120 metres.

The Toronto Stock Exchange Venture-listed company said on October 20, 2026, that the latest results from drillhole BA-006 represented a 50% increase from the previously reported 80 metres of cumulative mineralisation. The findings extend the known mineralised area westward, bringing it closer to the proposed processing facility and deepwater port planned for the project.

The development could help strengthen the geological understanding of the Banio deposit as Millennial advances exploration and prepares an updated mineral resource estimate.

Drillhole Intersects Nine Evaporite Cycles

Drillhole BA-006 reached a final depth of 735.32 metres and intersected potash mineralisation across nine evaporite cycles. Two of these cycles had not previously been encountered at the Banio project, adding new geological information about the deposit.

Evaporite deposits form when water containing dissolved minerals evaporates over time, leaving behind layers of salts and other minerals. Potash deposits commonly occur in these formations and are an important source of potassium used in agricultural fertilisers.

Millennial said its review of the newly recovered drill core confirmed prominent horizontal bedding dominated by interlayered halite and carnallite.

Halite is the mineral form of sodium chloride, commonly known as rock salt, while carnallite is a potassium- and magnesium-bearing chloride mineral that can serve as a source of potash. The presence and thickness of these mineralised layers help geologists assess the characteristics and potential scale of a deposit.

Preliminary logging estimates put the combined thickness of the principal carnallite seams at approximately 120 metres. However, the company stressed that detailed core logging, final interpretation of the evaporite cycles, identification of individual seams and downhole geophysical logging were still in progress.

The preliminary thickness estimate is therefore not the same as a confirmed measure of recoverable potash. Laboratory analyses and further geological interpretation will be needed to establish the grade, continuity and commercial significance of the mineralisation.

Laboratory Analysis to Follow Core Sampling

Millennial said core preparation and sampling were expected to be completed over the following several weeks. The samples will then be submitted to the Saskatchewan Research Council for analysis.

The laboratory results should provide additional information about the composition and quality of the mineralised intervals. Combined with detailed geological logging and geophysical data, the findings will help the company refine its understanding of the deposit.

This work is important because the thickness of a mineralised interval alone does not determine the economic value of a potash resource. Mineral grade, deposit continuity, mining conditions, processing requirements and the proportion of material that can be recovered all influence whether a project can be developed commercially.

The additional mineralisation identified in BA-006 could be incorporated into an updated mineral resource estimate, which Millennial is targeting for completion by the end of 2026.

A mineral resource estimate provides a geological assessment of the quantity and quality of mineral deposits based on available exploration data. It is an important step in evaluating a mining project, although it does not by itself establish that the resource can be mined profitably.

Western Extension Could Improve Project Layout

The company said BA-006 had significantly expanded the known potash footprint west of the area covered by its existing mineral resource estimate.

Millennial chairperson Farhad Abasov said the new mineralisation brought the deposit closer to the proposed processing facility and deepwater port sites.

The location of mineral resources relative to processing and export infrastructure can influence a project’s development costs and logistics. If mineralised areas are closer to planned facilities, the eventual mine layout and movement of material may be more efficient, depending on engineering studies and the final project design.

For the Banio project, the western extension provides additional information that could influence how the deposit is modelled and how future mining and processing infrastructure is planned.

However, the company has not yet established that the additional mineralisation will reduce costs or improve the project’s financial returns. Those questions will depend on further exploration, engineering assessments and the results of feasibility work.

Drilling Continues as Feasibility Study Advances

Millennial said drilling was continuing at BA-007, while the upper section of drillhole BA-008 had been completed and was ready for diamond coring once work at BA-007 was finished.

The continued drilling programme is expected to build on the geological information gathered from BA-006 and help the company assess the extent of potash mineralisation across the project area.

Diamond drilling allows companies to recover cylindrical rock samples, known as drill core, which geologists examine to determine the composition, structure and continuity of underground formations.

Millennial’s definitive feasibility study remains on track for completion by the end of 2026. Such a study typically examines a project’s technical design, mining methods, processing requirements, infrastructure, capital and operating costs, and expected economic performance.

The study is an important stage in determining whether a mineral deposit can support a commercially viable mining operation. Its findings, alongside the updated resource estimate and laboratory results, will help clarify the development prospects of the Banio project.

For now, the additional 40 metres of mineralisation represents a positive exploration result for Millennial. The project’s commercial potential will become clearer as the company completes its analyses, refines the resource estimate and advances its feasibility work.