Millennial Potash Corp (TSX-V:MLP, OTCQB:MLPNF, FRA:XOD) told investors it is advancing multiple workstreams at its Banio Potash Project in Gabon, including feasibility and environmental studies, while preparing a drilling campaign aimed at expanding the project’s resource base.
The company said its definitive feasibility study (DFS) and environmental and social impact assessment are both underway and remain on track for completion by the end of 2026.
Millennial is also planning a drilling program on its newly acquired Haute Banio exploration licence, targeting areas south and east of the current resource, with drilling expected to conclude by the third quarter of 2026. The program is aimed at supporting an updated mineral resource estimate for inclusion in the DFS.
Chair Farhad Abasov said the company was encouraged by progress on the studies and ongoing efforts to grow the resource, while also advancing infrastructure and financing plans. “Both studies are well underway and remain on target to be completed by the end of 2026,” Abasov said, referring to the DFS and ESIA. “Discussions with various financial and development institutions for construction financing are progressing as the company is pursuing an aggressive timeline to advance the project to production."
Current work focused on engineering and trade-off studies, including processing methods, power options and plant location. Laboratory testing on drill core, including creep and dissolution studies, is also underway to inform process design and cavern stability.
Geotechnical drilling at the proposed process plant and wellfield is expected to begin in the second quarter of 2026, the company said.
The ESIA is progressing with fieldwork set to begin early in the second quarter. Planned activities include flora and fauna surveys, as well as water and soil sampling. Aerial LiDAR surveys have been completed, while bathymetric studies of the Banio lagoon and nearby ocean areas are ongoing.
Millennial said it continues to evaluate port infrastructure options for exporting potash, including the Mangali port north of Mayumba and a potential dedicated bulk export facility closer to the project site.