Millennial Potash Corp (TSX-V:MLP, OTCQB:MLPNF, FRA:XOD) said it has increased its stake in the Banio Potash Project in Gabon after completing a milestone payment to project vendors, lifting its ownership in Equatorial Potash to 80%.
The payment was triggered by the filing of an updated mineral resource estimate technical report in December 2025, the company said.
The updated estimate outlined a measured mineral resource of 648.2 million tonnes grading 15.7% KCl, an indicated resource of 1.8 billion tonnes grading 15.6% KCl, and an inferred resource of 3.56 billion tonnes grading 15.6% KCl.
Millennial Potash holds its interest in the Banio project through Equatorial Potash, which, via its Gabon subsidiary Mayumba Potasse, owns 100% of the asset.
The company said it has a direct path to acquiring the remaining 20% of Equatorial Potash upon completion of a definitive feasibility study (DFS), alongside additional cash and share payments to vendors. The DFS is expected to be completed by the end of 2026.
Chair Farhad Abasov said the increased stake marks continued progress at the project.
“Millennial continues to advance our DFS and ESIA studies at the project and both are on schedule to be completed by the end of 2026,” Abasov said.
Abasov added that, following completion of the DFS and final payments, the company expects to own 100% of the project and is targeting a mining license application in early 2027.
Millennial Potash said it remains fully funded to complete its planned DFS and environmental and social impact assessment programs.