Millennial Potash Corp (TSX-V:MLP, OTCQB:MLPNF, FRA:XOD) announced that it has been granted the Haute Banio exploration permit in southern Gabon, expanding the land position for its Banio Potash Project by about 20%.
The Haute Banio permit covers approximately 261.39 square kilometres and is contiguous with the company’s core Mayumba exploration permit. It fills the area between Mayumba and the Atlantic Ocean to the north and extends southward to the border with the Republic of Congo. A portion of the permit includes marine coastline areas.
Farhad Abasov, Millennial’s chair, said the new permit strengthens the company’s development plans for Banio.
“We are excited to have acquired an additional exploration permit for our Banio Potash Project with strong potential to expand our current resource base, having increased our exploration permit area to almost 1,500 square kilometers,” Abasov said.
“The new permit area has a strategic importance to the Company's development plans as the Company now has all of the western coastline areas.”
The exploration permit is valid for an initial three-year term and may be renewed for two additional three-year periods. Millennial has committed to a comprehensive exploration program including geological and geophysical studies, reinterpretation of seismic data, drilling, a resource estimate and an Environmental and Social Management Plan.
Abasov said the permit grant also reflects government backing for the project. “The issuance of an additional permit demonstrates continuing solid support from the Gabonese government for Millennial Potash and an acknowledgement of the tremendous progress made on the project to date,” he said.
The company plans drilling west of holes BA-001 and BA-003 in the second half of 2026 to test what it believes may be the western extension of the Mayumba mineral resource area. Results from Haute Banio are expected to be combined with data from the Mayumba permit to support an updated mineral resource estimate for the Banio Potash Project.
In addition to potential resource expansion, the Haute Banio permit includes infrastructure corridors considered important for future development, including a coastal road running roughly 40 kilometres north to the town of Mayumba and access to the ocean.
“The new Haute Banio exploration permit gives us complete access to the ocean for any development needs that may arise from our ongoing Definitive Feasibility Study and to an old access road that runs from the project area to the local airport and the town of Mayumba,” Abasov added.
“The recently completed financing by the company now gives us the opportunity to expand the Banio resource base and evaluate additional potential production options.”
With the addition of Haute Banio, Millennial now holds approximately 1,500 square kilometres of exploration ground in Gabon, covering the prospective potash-bearing units associated with the Banio Potash Project.