6.01 Billion Tonnes of Mineral Resources: The Next Major Step Has Been Taken!

Advertisement/Paid Promotion – This article is published on behalf of Millennial Potash Corp. · SRC swiss resource capital AG (SRC) maintains a paid IR consulting agreement with Millennial Potash Corp. that is not contingent on performance. · Author: freelance journalist. · First publication: 18. August 2026, 5:33 a.m. Europe/Berlin.

Dear Readers,

The potash market currently provides precisely the kind of environment in which new, geographically diversified projects can gain strategic importance. On 12 August 2026, K+S specifically pointed to strong potash demand, positive price development and increased sales volumes for the second quarter. At the same time, the company continues to expect high utilisation of global potash capacity.

Behind this is a long-term trend: According to current UN projections, the world population could grow to around 9.6 billion people by 2050. At the same time, arable land remains limited. Potassium is one of the three primary plant nutrients, alongside nitrogen and phosphorus, and supports, among other things, water regulation, stress tolerance, crop quality and yields.

Another factor is the high concentration of supply. Canada, Russia and Belarus together accounted for around 70.5% of global MOP production in 2024. For major agricultural markets, this increases the strategic value of additional sources of supply outside the established production centres.

This is precisely where Millennial Potash Corp. (WKN: A3DXEK) becomes particularly relevant.

6.01 Billion Tonnes – A Resource Base of Significant Scale

The Banio Project in southern Gabon has an NI 43-101-reported Mineral Resource estimate with an effective date of 11 November 2025. It comprises:

• 648.19 million tonnes of Measured Mineral Resources grading 15.72% KCl, 1.80454 billion tonnes of Indicated Mineral Resources grading 15.57% KCl and 3.55949 billion tonnes of Inferred Mineral Resources grading 15.61% KCl.

In total, this represents approximately 6.01 billion tonnes of reported Mineral Resources. Measured and Indicated Mineral Resources alone total approximately 2.45 billion tonnes grading an average of 15.61% KCl.

Particularly noteworthy: According to the company, the current Mineral Resource covers only around 5% of the total project area. This does not mean that the Mineral Resource automatically extends across the remaining property. It does, however, illustrate why the ongoing exploration program is important for the project’s further development.

More Land, Greater Control – and Closer to the Atlantic

In 2026, Banio was also positioned more broadly from a strategic perspective. The Haute Banio licence increased the land position by around 20% to nearly 1,500 km². Portions of the new licence extend to the Atlantic coast, opening potentially attractive infrastructure and export corridors.

This is an important point. Large potash deposits are often located far from their end markets. Banio, by contrast, could ultimately gain access to markets in Brazil, Africa, Europe and the U.S. East Coast.

However, a complete export chain does not yet exist. Port, power and transportation solutions are currently being evaluated as part of the ongoing feasibility work. Only the permitting, financing and construction of this infrastructure would turn the geographic location into a genuinely usable cost advantage.

In parallel, Millennial Potash (WKN: A3DXEK) has significantly increased its economic interest in the project. Since April 2026, the company has held an 80% interest in Equatorial Potash, which, through its Gabonese subsidiary Mayumba Potasse, holds 100% of the Banio Project.

Following completion and filing of the Definitive Feasibility Study and additional contractual cash and share payments, there is a defined path to acquire the remaining 20%. This brings Millennial Potash closer to greater control over Banio, both technically and structurally.

PEA: Attractive Metrics – Now the DFS Must Validate the Case

The 2024 Preliminary Economic Assessment provides an initial economic framework. The base case models potential production of 800,000 tonnes of granular MOP per year. At this production rate, the PEA estimates a mine life of approximately 56 years, while the NPV and IRR calculations are based only on the first 25 years of the project.

The model yields an after-tax NPV(10) of USD 1.071 billion, an after-tax IRR of 32.6%, initial capital expenditure of USD 480 million and modelled operating costs of USD 61 per tonne of gMOP.

This is where the currently ongoing Definitive Feasibility Study (DFS) becomes critical. It is intended to place the technical design, costs, infrastructure and economics on a substantially more robust footing.

Four New Drill Holes Could Prepare the Next Development Step

Alongside the DFS, the Phase 3 drill program has been underway since May 2026. It comprises four potash-specific drill holes totalling approximately 4,000 metres. The drilling is testing potential extensions to the south and west of the existing Mineral Resource. Two of the four drill sites are located on Haute Banio.

According to the company’s schedule, the program is expected to be completed in the fourth quarter of 2026. An updated Mineral Resource estimate is then planned and is expected to be incorporated into the ongoing DFS. If the results confirm the anticipated continuation of mineralisation, there could be potential for additional Mineral Resources and, where appropriate, upgrades to higher confidence categories. This is one of the most important near-term catalysts in the Banio story.

DFS and ESIA: Year-End 2026 Becomes a Key Milestone

In parallel with exploration, ERCOSPLAN is working on the DFS. The work includes dissolution and creep behaviour, hydrogeological conditions, process alternatives, and site, pipeline, processing and port options. The current project concept envisages potential development using solution mining. However, the specific technical design and economic viability still need to be confirmed through the ongoing work.

At the same time, the Environmental and Social Impact Assessment (ESIA) is underway under the leadership of an Artelia-led consortium. The DFS and ESIA are expected, according to the company’s schedule, to be completed by the end of 2026. Building on these studies, the company plans to submit an application for a mining licence. Banio is therefore increasingly moving from the question “How large is the resource?” to the more important question for investors: “How robustly can this be developed into an economically viable project?”

Financial Support from the United States

A further positive signal comes from the United States. The U.S. International Development Finance Corporation (DFC) has committed up to USD 3 million in project development funding to support the feasibility work.

For a development-stage project, the involvement of a U.S. government institution is strategically noteworthy. According to the company, Millennial Potash is sufficiently funded for the ongoing DFS, ESIA and currently planned development work. However, construction, infrastructure and the start of production would require substantially larger project financing at a later stage.

Conclusion: From a Multi-Billion-Tonne Resource Toward a Concrete Development Project, Step by Step

Millennial Potash (WKN: A3DXEK) currently benefits from an interesting combination: strong potash demand, a highly concentrated global market and a Banio Project that is becoming significantly more mature both technically and structurally. The approximately 6.01 billion tonnes of reported Mineral Resources demonstrate the scale. The 80% project interest, the ongoing DFS and ESIA, the Phase 3 drill program and DFC support are creating an increasingly concrete development pathway.

The next steps are clearly defined: drill results, an updated Mineral Resource estimate, DFS, ESIA, permitting, infrastructure and financing. If these milestones are achieved as planned, Banio could gain significant strategic importance as an additional, geographically diversified source of potash supply on the Atlantic coast.

This is precisely where the investment thesis lies: It is not the sheer size of the Mineral Resource alone that will determine Banio’s future value, but rather how effectively Millennial Potash can translate that scale into technical feasibility, permitability and ultimately a financeable development project.

Current company information and press releases on Millennial Potash Resources (- https://www.resource-capital.ch/de/unternehmen/millennial-potash-corp/ -).

Best regards,

Marc Ollinger

Swiss Resource Capital AG

Sources and Status

Editorial review date: 17 August 2026. Sources: K+S Q2/H1 2026 press release dated 12 August 2026; Natural Resources Canada – Potash Facts; UN World Population Prospects 2024; Millennial Potash Corp.: PEA dated 23 April 2024, updated Mineral Resource estimate dated 29 December 2025, DFS/DFC update January 2026, Haute Banio licence dated 24 February 2026, increase in project interest dated 15 April 2026, Phase 3 launch dated 12 May 2026 and ministerial site visit dated 8 July 2026; corporate website and news overview reviewed on 17 August 2026. Technical information was taken from public company disclosures and NI 43-101 documentation. Intro-Picture: stock.adobe.com

Legal Notices, Conflicts of Interest and Disclaimer

Advertising / paid relationship: This publication is a paid marketing communication/advertorial and is published on behalf of Millennial Potash Corp. SRC swiss resource capital AG maintains a paid IR consulting agreement with the issuer. This publication is not independent financial research.

Interests and conflicts of interest: These disclosures are made as a precautionary measure, in particular with regard to Article 20 MAR, Commission Delegated Regulation (EU) 2016/958 and the relevant German WpHG requirements, to the extent applicable to this publication. The freelance journalist holds a long position in shares of Millennial Potash Corp. that is well below 0.5% of the issued share capital. SRC’s net position is below 0.5%. Neither the freelance journalist nor SRC holds short positions, options, warrants or other derivatives in Millennial Potash. Millennial Potash does not hold an interest of 5% or more in SRC. Apart from the disclosed IR agreement, according to the information available, there are no market-making, liquidity-provider, investment-banking, lead/co-lead manager or other advisory relationships between SRC and Millennial Potash. The freelance journalist’s shareholding constitutes a specific conflict of interest.

No investment advice / speculative investment: The content is provided solely for informational and promotional purposes. It does not constitute investment advice or a personal recommendation, an offer, solicitation or invitation to buy, sell or hold securities. Shares of small resource and development companies can be highly volatile and illiquid. Investors may lose a substantial portion or all of the capital invested.

Forward-looking statements: This publication contains forward-looking information and statements, including with respect to Phase 3 drilling, potential expansion or upgrading of Mineral Resources, the DFS and ESIA, permits, infrastructure and port solutions, financing, potential mine development, production rates, costs and sales opportunities. Such statements are based on the company’s current expectations, assumptions and plans and are subject to known and unknown risks and uncertainties. Actual results may differ materially. There can be no assurance that planned milestones will be achieved within the stated timeframes or that the results of the PEA will be realised.

Technical information / NI 43-101: The scientific and technical information relating to Banio is based on public company disclosures and technical reports issued by Millennial Potash. According to the issuer, the underlying technical information was reviewed by, or prepared under the responsibility of, a Qualified Person as defined in National Instrument 43-101. This version of the article was submitted to Millennial Potash management for factual review prior to publication. Mineral Resources are not Mineral Reserves and have not demonstrated economic viability. The PEA is preliminary and includes Inferred Mineral Resources; there is no certainty that its results will be realised.

Research and liability: The content was prepared on the basis of sources considered reliable at the time of preparation. Despite careful research, errors, omissions, subsequent changes or differing interpretations cannot be ruled out. No warranty is given as to accuracy, completeness, timeliness or suitability for any particular purpose. Liability is excluded to the extent permitted by law. In particular, liability for wilful misconduct and gross negligence, for injury to life, body or health, and other mandatory statutory liabilities remains unaffected.

Use of AI-assisted systems: AI-assisted systems may be used as editorial tools in the preparation and editing of our publications, particularly to support research, analysis, structuring and linguistic revision. All content intended for publication is subject to substantive human and editorial review prior to publication, revised where necessary and approved by the responsible editorial team. Editorial responsibility for published content remains fully with the respective publisher.

The disclaimer of Swiss Resource Capital AG also applies.