Millennial Potash Corp (TSX-V:MLP, OTCQB:MLPNF, FRA:XOD) announced that Gabon's Minister of Mines and Geological Resources, Sosthene Nguema Nguema, led a government delegation on a field visit to the company's Banio Potash Project on July 5 and 6, where officials reiterated government support for the project and discussed infrastructure development.
The delegation also included the Director General of Geology and Mining Support, the Director General of Mining Exploitation, Nyanga Province Governor Jean Robert Mabobet and other local government officials.
During the visit, the minister toured the company's camp and logistics facilities, received a technical presentation on the project and fertilizer production, inspected potash-rich drill core and visited the BA-006 drill site, where drilling operations were underway.
According to Millennial, government representatives expressed support for the project and indicated the government would assist with infrastructure and other regional initiatives.
Millennial chair Farhad Abasov said the visit gave government officials and local stakeholders an opportunity to observe the scale of the project, ongoing exploration work and the participation of Gabonese workers.
“The visit was a very important event at this stage of our development as the Gabonese government pledged full support in terms of the infrastructure build-up and other aspects of the project,” Abasov said.
“We appreciate the constructive engagement and the strong expression of support for the Project as we continue advancing Banio in a responsible and technically disciplined manner."
Millennial said it is continuing a four-hole exploration drilling program aimed at potentially expanding potash resources south and west of the current mineral resource estimate. The company expects to complete the program in 2026 before preparing an updated mineral resource estimate.
The company is also advancing a definitive feasibility study and an environmental and social impact assessment for the project.
Additionally, Millennial announced it has elected to adopt semi-annual financial reporting under Coordinated Blanket Order 51-933, which provides certain venture issuers with exemptions from quarterly reporting requirements.
Under the exemption, the company will no longer file interim financial statements and management's discussion and analysis for the first and third quarters of its fiscal year. Millennial said the first reporting period covered by the exemption will be the nine months ended May 31, 2026.
The company said it will continue filing audited annual financial statements and interim financial statements for its six-month reporting periods.
Shares of Millennial Potash gained around 7.8% on Wednesday morning in Toronto.