West Vancouver, British Columbia–(Newsfile Corp. – July 9, 2025) – Millennial Potash Corp. is excited to announce that the U.S. International Development Finance Corporation (“DFC”) has committed up to US $ 3,000,000 in project development funding (approx. CDN $ 4,080,000) in its Banio Potash Project in Gabon and on July 8 conducted a joint signing ceremony in Washington D.C. for this investment agreement with the President of Gabon, His Excellency Brice Oligui Nguema in attendance. The strategic investment, done under the DFC’s Project Development Program, will support a Feasibility Study (“FS”) on the Company’s Banio Potash Project in Gabon which will be initiated in the coming months. DFC is the U.S. Government’s development finance institution that partners with the private sector to mobilize capital for strategic investments around the world.
Farhad Abasov, Millennial’s Chair, commented, “Millennial is very excited to announce a strategic investment by DFC in Millennial’s Banio Potash Project in Gabon. DFC senior executives have visited Gabon several times over the past few months and have expressed their interest in exploring U.S. private sector investment opportunities in the country. The U.S. Ambassador to Gabon has recently visited the project site and came away impressed with the Company’s technical progress as well as our first-class team. The Government of Gabon is fully supportive of the DFC investment as well. DFC also recognizes the importance of food security, especially in Africa, and is keen to invest in the Banio opportunity as a means to stabilize and enhance food availability throughout the continent. The DFC strategic investment comes in at the right time for Millennial as we are close to finishing the second stage of our drill program and are in the process of transitioning from an exploration stage to development. The DFC project development funding demonstrates the increasing strategic importance of Millennial’s Banio Potash Project not only for Africa but for other key potash consuming markets in the world. The DFC involvement also derisks the project on many accounts and supports the successful start of a bankable feasibility study later this year. We look forward to working very closely with DFC at the feasibility study stage and beyond since DFC has a capability to help the company fund further development of the project. MLP appreciates the assistance it has received from the Government of Gabon and would like to express our deep gratitude to His Excellency President Brice Oligui Nguema for his continued support and commitment to our Banio Potash Project and attending the signing ceremony in Washington D.C. Millennial extends it’s thanks to the entire DFC team involved with the project as well as the US Embassy and Ambassador Vernelle Trim FitzPatric in Libreville. We would also like to thank the team at Cygnum Capital for working with both MLP and DFC to facilitate this agreement.”
“DFC is excited to collaborate with Millennial Potash on this groundbreaking initiative, which will help accelerate food production across the African continent. By boosting domestic potash production, we are ensuring farmers have steady access to vital fertilizers, crucial for increasing crop yields and fostering sustainable agriculture. This significant investment will position Gabon as an emerging exporter within the continent, enhancing its position in the global agricultural supply chain and fueling long-term economic growth across Africa. DFC is proud to support projects like this that deliver tangible benefits to local communities, while also advancing broader goals of food security, economic resilience, and partnership across Africa,” said DFC Head of Investments Conor Coleman.
DFC’s project development funds will develop the Company’s Banio Potash Project for potential debt financing. Project development funds from DFC will be released over the course of the feasibility study and will be based on milestone activities completed that form integral parts of the feasibility study. No interest is payable on any project development funds, and repayment of project development funds is triggered by the Company reaching financing or investment to construct the Banio Potash Project. No security interest is granted pursuant to the project development agreement. MLP has initiated early-stage feasibility study work at Banio including a LiDAR survey to generate a Digital Terrain Model, a bathymetry survey of the lagoon, creep geotechnical tests and dissolution testwork on recently acquired drill core from holes BA-001-EXT and BA-004.
DFC has prepared a press release regarding this investment in MLP which can be located at https://www.dfc.gov/media/newsroom