It’s a statement.

What Happened at PDAC

Gabon’s Minister of Mines and Geological Resources, Mr. Sosthène Nguema Nguema, joined Millennial Potash at PDAC 2026 (March 1–4) alongside a high-level delegation from the Ministry of Mines.

His message to global investors was clear:

The Minister’s focus during the conference was to convey to the mining industry that Gabon is seeking to diversify its oil and gas-based economy and is supporting responsible development of the country’s natural resources.

During the conference, Minister Nguema:

• Met with major Canadian and U.S. investment banks

• Sat for a joint interview with the Financial Times alongside Millennial’s Chair, Farhad Abasov

• Specifically named Millennial Potash — backed by the U.S. International Development Finance Corporation (DFC) — as a model for project development in Gabon

That last point matters. Government endorsement at this level, in this forum, in front of institutional capital, is rare for a junior resource company.

Two Weeks Earlier: A Bigger Land Package

On February 24, Millennial announced it had been granted the Haute Banio exploration permit — expanding its total land position by 20% to ~1,500 km².

Here’s why it’s strategically significant:

• Full coastal access — the permit fills the gap between Millennial’s core Mayumba permit and the Atlantic Ocean, securing key port and infrastructure corridors

• Resource upside — covers the potential westward extension of thick potash mineralization, with drilling planned for H2 2026

• Logistics advantage — includes a coastal road running ~40 km to Mayumba town and access to the local airport

• Basin continuity — extends to the Republic of Congo border, along the same West African Evaporite Basin hosting the current resource

For a project built around Atlantic export, owning the coastline isn’t optional. It’s foundational.

The Project Today

For readers new to the Banio story:

Potash was added to the U.S. Critical Minerals List in November 2025. With ~97% of U.S. potash imported and supply heavily concentrated in Canada, Russia, and Belarus, new Atlantic Basin producers are exactly what the market needs.

Banio is positioned to be one of them.

What to Watch Next

The Definitive Feasibility Study (DFS) and Environmental and Social Impact Assessment (ESIA) are both running in parallel, targeted for H2 2026 completion. Together, they will form the basis of Millennial’s application for a mining license from the Government of Gabon.

That’s the next major catalyst.

Want to go deeper on the Banio Potash Project?

📞 Book a call with our investor relations team: https://calendly.com/millennial-potash/30min

📧 Or reach out directly: info@millennialpotash.com

We’re happy to walk you through the project, the economics, and what’s ahead in 2026

Millennial Potash Corp. trades on TSXV: MLP | OTCQB: MLPNF | FSE: X0D

This post contains forward-looking statements. Actual results may differ materially from those anticipated. All resource figures are NI 43-101 compliant per the November 17, 2025 press release. Please refer to the Company’s public filings for a full description of risk factors.

In this role, Mr. Scott will lead project financing, infrastructure development—including potash transportation solutions—and product offtake agreements in support of the Company’s ongoing Definitive Feasibility Study (DFS) for its Banio Potash Project in Gabon

Strengthening Project Finance and Development Leadership

Millennial Chair Farhad Abasov commented:

“We are excited to welcome Jack Scott to Millennial Potash as we strengthen our team with additional finance, mining construction, and development expertise. We have worked extensively with Jack over the past 20 years on potash and lithium projects, and he is a welcome addition as we advance project financing and our DFS at Banio. Jack will lead our financing initiatives while coordinating infrastructure development—including product transportation, pipelines, and offtake arrangements—as well as key elements of the DFS.”

Extensive Global Infrastructure and Mining Experience

Mr. Scott most recently served as Chief Administrative Officer of Alberici Constructors Ltd. and Executive Vice President, Major Projects at Alberici Corp., a privately held construction company with more than US$4 billion in annual revenue. In those roles, he was responsible for major project and market partnerships across North America.

His mining sector experience includes senior executive and board positions at Millennial Lithium Corp. and Allana Potash Corp., where he played a key role in advancing the Danakhil Potash Project and its subsequent acquisition by Israel Chemicals Ltd..

Mr. Scott currently serves as Chair of the Crosbie holding group, whose companies provide marine industrial services in Canada and the Caribbean. Over a 40+ year career, he has held executive roles across public and private organizations spanning highway, rail, port, and airport infrastructure; offshore wind, nuclear, and conventional power; industrial technology commercialization; telecommunications systems engineering; and large-scale engineering and construction services.

Core Expertise

Mr. Scott brings deep experience in:

• Project finance and structuring

• Strategic partnerships and consortia development

• Infrastructure and transportation systems

• Corporate and organizational structuring

• Valuation and financial modeling

• International project development

His appointment further strengthens Millennial’s leadership team as the Company advances financing, infrastructure planning, and development activities for the Banio Potash Project.

Potash Market Outlook 2026: Entering the Era of Disciplined Equilibrium

2025 Review & 2026 Strategic Outlook
UPDATED December 9, 2025
Includes analysis of December 8 U.S. Presidential comments on Canadian fertilizer tariffs

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The global potash market entered late 2025 on the cusp of long-awaited stability. The early settlement of the 2026 China contract at $348/mt and the confirmed delay of BHP’s Jansen Stage 1 to mid-2027 created the foundation for what analysts termed “disciplined equilibrium.”

That narrative shifted abruptly on December 8, 2025, when President Trump threatened to impose “very severe tariffs” on Canadian fertilizer imports. With Canada supplying more than half of U.S. potash consumption, this development introduces a new and profound geopolitical variable—one capable of bifurcating the North American market from the rest of the world.

Globally, pricing floors remain intact. Regionally, however, the U.S. market now sits at the center of a rapidly evolving policy storm. This report rebuilds the late-2025 outlook with the newly introduced tariff, farm aid, and trade-risk considerations.

Macroeconomic & Agricultural Context

Potash demand is highly sensitive to global crop economics and farmer liquidity. As of December 2025, that backdrop is mixed: fundamentals remain stable, but policy is now overshadowing economics.

Farmer Sentiment & U.S. Policy Shock

On December 8, the White House announced:

• A US$12 billion tariff relief and input-cost support fund

• US$11 billion in direct payments to be disbursed by Feb 28, 2026

• Explicit pressure on input manufacturers to lower prices

• A willingness to impose severe tariffs on imported Canadian fertilizer

U.S. Agriculture Secretary Brooke Rollins described fertilizer input cost inflation as “skyrocketing,” setting the stage for aggressive intervention.

Farmers, already operating with compressed margins, now face:

• Rising uncertainty around supply security

• A shift from pre-buying to “just-in-time” fertilizer procurement

• New liquidity that may support spring application if supply routes remain functional

Fertilizer Affordability Index

In 2025, potash became the most affordable macronutrient, with spot prices normalizing to the $350/mt range.

However:

• New U.S. tariffs would decouple domestic pricing from global benchmarks

• The Midwest—dependent on Canadian imports—would face the sharpest inflation

• The affordability advantage of potash could vanish within weeks

This is the first time since 2021 that U.S. affordability may materially diverge from global conditions.

Global Pricing Architecture: A Firm Floor Meets a U.S. Premium

The integrity of the 2026 contract landscape remains solid internationally:

• China: $348/mt CFR

• India: $349/mt CFR

These contracts anchor global pricing. But North America now risks developing a political premium that overrides supply-demand fundamentals.

Updated Global Price Matrix (Dec 2025)

Deep Dive: United States Market (Updated)

The U.S. potash market is now split into two realities:

1. Gulf Coast (NOLA):

Prices are soft due to increased Russian arrivals.

2. Midwest:

Dependent on Canadian tonnes, and therefore the epicenter of tariff-related risk.

Tariff Threat Analysis

President Trump stated:

“A lot of (fertilizer) does come in from Canada… we’ll end up putting very severe tariffs on that, if we have to.”

Current status:

• Only a 10% tariff applies to volumes above CUSMA limits.

• A shift to blanket tariffs would spike costs almost immediately.

Implications:

• Midwest FOB prices could surge even with no change in global fundamentals.

• The $12B farm aid package may simply offset new fertilizer costs rather than support application.

• Canadian supply chains could redirect tonnes to Brazil or Southeast Asia, softening those markets.

Supply-Side Architecture: The Myth of a Glut

Supply-side anxiety in recent years centered on BHP’s Jansen project. With first production delayed to mid-2027, the fear of oversupply has been deferred by at least two years.

North American Trade Friction (New)

This is now the dominant structural supply risk.

Key Tensions

• Canada exports >90% of its potash; the U.S. is its largest buyer.

• The U.S. cannot meet domestic demand without imports.

• Protectionist moves therefore raise prices rather than increase security—a structural contradiction.

Strategic Shifts Already Underway

• Nutrien’s decision to build a new export facility in Washington State (not British Columbia) signals:

  • Hedging against cross-border bottlenecks

  • Relocating infrastructure inside U.S. jurisdiction

  • A new phase of North American logistics realignment

Retaliation Risk

Canadian leaders increasingly float countermeasures:

• Ontario Premier Doug Ford has previously suggested blocking exports to the U.S.

• Saskatchewan Premier Scott Moe opposes this—but renewed rhetoric underscores fragility.

Corporate Strategies & Competitive Landscape

Nutrien (NTR)

Nutrien remains in asset-optimization mode, with ongoing divestiture discussions in:

• Brazilian Retail

• Trinidad Nitrogen

The company now faces additional volatility due to U.S.-Canada tensions. Traders and analysts interpret the Washington State export facility decision as both strategic and defensive.

Valuation impact:
Expect materially higher volatility until trade negotiations clarify.

Emerging U.S. Producers

The administration’s call to “bolster here” could unlock:

• Faster permitting

• Federal incentives

• Capital for U.S.-based junior miners and expansion projects

Beneficiaries include Intrepid Potash and U.S.-located Mosaic operations.

2026 Market Outlook: Synthesis & Forecasts

Globally, the 2026 outlook remains balanced-tight, supported by strong contract floors and a delayed supply wave.

North America, however, is politically volatile.

Key Risks & Catalysts (Updated)

Upside Catalysts (Price Bullish)

• FSU logistics disruptions

• Crop price rallies driven by weather events

Downside Risks (Bearish for U.S. demand; mixed for global pricing)

NEW: U.S.-Canada Trade War Escalation

If “very severe tariffs” are implemented:

• Midwest prices could spike sharply

• Farmer affordability could collapse despite aid

• Net U.S. farm income—already forecast to fall $30B—would deteriorate

• Application rates may fall, reducing U.S. demand

Brazil Credit Stress

A worsening liquidity crunch would depress imports.

Laos Supply Ramp

New SE Asia capacity could displace Canadian/Russian tonnes regionally.

Emerging Themes

Critical Minerals Designation—Now in Conflict with Tariff Policy

In November 2025, the U.S. added potash to the Critical Minerals List, defining it as strategically essential.

Yet Canada—America’s primary source of this “critical” mineral—is simultaneously the target of new tariff threats.

This policy tension is likely to spark:

• Intense agricultural lobbying

• Legal challenges

• Political negotiation in early 2026

The $12B aid package may represent a preemptive buffer for farmers ahead of tariff pain.

Conclusion

The global potash market still rests on a solid structural foundation, anchored by the China contract and the delayed Jansen supply wave. But North America has entered a new phase of geopolitical uncertainty.

If the U.S. tariff threat escalates:

• Midwest prices will surge

• Canadian tonnes will divert offshore

• Global spot markets may soften

• U.S. demand could fall sharply

If the tariff threat proves to be a negotiating tactic:

• The global “disciplined equilibrium” returns

• The 2026 outlook remains stable and price-supportive

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Big picture

Millennial Potash Corp. (“Millennial” or the “Company”) has released an updated NI 43-101 Mineral Resource Estimate (MRE) for the northern part of its Banio Potash Project in Gabon.

The new estimate, prepared by potash specialists ERCOSPLAN Ingenieurgesellschaft Geotechnik und Bergbau mbH and effective November 11, 2025, shows a step-change increase in both Measured + Indicated and Inferred resources.

Key resource highlights

• Measured + Indicated (M+I) Mineral Resources:

  • 2.45 billion tonnes grading 15.6% KCl

• Inferred Mineral Resources:

  • 3.56 billion tonnes grading 15.6% KCl

• Increase vs. 2024 resource:

  • Measured + Indicated up ~275%

  • Inferred up ~210%

• Maiden Measured Resource:

  • 648 million tonnes of carnallitite grading 15.7% KCl

• Contained KCl (approximate):

  • Measured: ~102 million tonnes KCl

  • Indicated: ~281 million tonnes KCl

  • Inferred: ~555 million tonnes KCl

The 2025 MRE includes both carnallitite and sylvinite mineralization:

• Carnallitite:

  • Measured: ~648 Mt @ 15.7% KCl

  • Indicated: ~1.77 Bt @ 15.4% KCl

  • Inferred: ~3.46 Bt @ 15.4% KCl

• Sylvinite (higher-grade):

  • Indicated: ~35 Mt @ 24.3% KCl

  • Inferred: ~96 Mt @ 24.2% KCl

These resources cover only about 5% of the total project area, focused on the northern part of the permit.

Comment from the Chair

“Millennial Potash is delighted to report that its updated Mineral Resource Estimates for the northern part of its Banio Potash Project has exceeded all our expectations, marking a major milestone in our development.

Last year we had no Measured Resource, whereas now we have 648M tonnes of maiden Measured Resource. The total Measured and Indicated Resource increased by 275% while the Inferred Resource went up by 210%.

This vast increase in the resources calculated may also allow us to consider substantially expanding any planned production scale in the future. The newly calculated resources underscore the project’s immense potential, as it covers only about 5% of the entire project area.”

— Farhad Abasov, Chair of the Board

Why this matters for Banio

• The Banio Potash Project sits at the north end of the West African Evaporite Basin, a well-established potash basin.

• Drillholes have intersected significant thicknesses of potash mineralization, locally over 100 metres, with strong continuity supported by seismic data.

• The flat-lying nature of the evaporites and the continuity of the seams support the potential for solution mining, which the Company views as the optimal low-cost mining method for Banio.

• Historical drill results and seismic work suggest the deposit extends both to the south and north of the currently defined MRE area.

Geological model snapshot

The updated geological model for Banio identifies:

• 7 evaporite cycles (CII to CVIII)

• Up to 20 carnallitite seams and 3 sylvinite seams within these cycles

• Seams are classified as potentially suitable for solution mining if they meet thickness and grade cut-offs, including:

  • Carnallitite:

    • 2.5 m thickness when a single seam, or >1.25 m with adjacent seams within 5 m

    • Carnallite content >47% (~12.5% KCl)

  • Sylvinite:

    • 2 m thickness

    • Sylvite content >16%

Seismic surveys and drill core correlations indicate continuity of the potash-bearing cycles over roughly 8 km of strike length between holes BA-001, BA-002, BA-003, and BA-004.

How the resources were classified

The MRE applies NI 43-101-compliant criteria for Measured, Indicated and Inferred mineral resources based on:

• Radius of influence (ROI) around each drillhole

• Seismic interpretation of thickness and faulting

• Onshore limits within the Mayumba Permit area

For carnallitite:

• Measured Resources: within 700 m of a drillhole, where seismic data show no significant change in the salt section.

• Indicated Resources: from 700 m to 1,400 m radius, again constrained by seismic and fault interpretations.

• Inferred Resources: from 1,400 m to 2,800 m radius, extending into downthrown fault blocks where continuity is implied but less certain.

For sylvinite (no Measured category assigned due to its secondary and structurally controlled nature):

• Indicated Resources: within 500 m of a drillhole.

• Inferred Resources: within 1,000 m of a drillhole, minus the Indicated areas.

Fault zones are treated conservatively, with buffer zones where no resources are assigned to account for structural uncertainty.

Next steps: Feasibility Study supported by US DFC

The Company expects this updated MRE to provide a solid foundation for a Feasibility Study (FS) on the Banio Project’s North Target.

• The FS will focus on solution mining production scenarios.

• The FS is being supported by the U.S. International Development Finance Corp. (DFC) through a non-dilutive US$3 million funding package.

• While the FS will focus on the North Target, significant additional potash potential is interpreted at the South Target based on downhole geophysical data from historical oil and gas wells.

Important cautionary notes

• These are mineral resources, not mineral reserves. They do not yet have demonstrated economic viability.

• Tonnages are in-situ and do not include recovery or dilution factors.

• The quantity and grade of Inferred Resources are uncertain; additional work is required to upgrade these to Measured or Indicated categories, and there is no guarantee that such an upgrade will occur.

• Resource estimates may be materially affected by factors including:

  • Environmental, permitting and regulatory requirements

  • Community and social factors

  • Title, taxation, marketing and pricing of potash

  • Changes in laws or fiscal regimes in Gabon or other relevant jurisdictions

The Company is required to file an NI 43-101-compliant technical report on SEDAR within 45 days of this initial disclosure.

Qualified Persons

The technical information in this update has been reviewed and approved by:

• Sebastiaan van der Klauw, EurGeol (ERCOSPLAN)

• Peter J. MacLean, Ph.D., P.Geo, Director of Millennial Potash Corp.

Both are Qualified Persons as defined in National Instrument 43-101.

Stay connected

To find out more about Millennial Potash Corp. or the Banio Potash Project:

• Phone: +1 (604) 662-8184

• Email: info@millennialpotash.com

Forward-looking information

This post contains forward-looking statements within the meaning of applicable Canadian and U.S. securities laws, including but not limited to statements regarding future resource potential, the timing and scope of exploration and development activities, completion and results of the planned Feasibility Study, potential production scenarios, and the impact of funding from the U.S. International Development Finance Corp.

Forward-looking statements are based on a number of assumptions and are subject to a variety of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially. The Company does not assume any obligation to update forward-looking statements except as required by applicable law.