Vancouver, British Columbia--(Newsfile Corp. - April 22, 2025) - Millennial Potash Corp. (TSXV: MLP) (OTCQB: MLPNF) (FSE: X0D) ("MLP", "Millennial" or the "Company") is pleased to announce the completion of Phase 1 of the Mangali Port and provide an update on the ongoing construction of the thermal power plant near Mayumba, Gabon. These infrastructure projects, located in close proximity to the Company's Banio Potash Project, are independent initiatives led by private and Gabonese government partners and are expected to significantly enhance the operational and economic prospects of Millennial's potash development efforts.
Mangali Port Phase 1 Completion
The completion of Phase 1 of the Mangali Port, a public-private partnership project between the African Conservation Development Group (see https://afcondev.com/grande-mayumba), and the Gabonese Republic represents a significant milestone for southern Gabon's infrastructure development. As outlined in the Company's November 13, 2024 news release, Phase 1 includes the construction of a 130-meter quay designed for vessels with a 3-meter draft, accommodating barges and landing craft. This infrastructure has been developed, and is to be operated, by Grande Mayumba Port Company (GMPC) under a long-term (30 years) public service agreement with the Port Authority (OPRAG), marking the first phase of a broader initiative to expand port and industrial zone capacity and increase draft depth to accommodate larger vessels and support all business development in Southern Gabon. With this phase now complete, the port is poised to begin receiving equipment imminently, starting with the gas turbines for the Mayumba Power Station, scheduled to arrive in mid-April. This development strengthens the region's capacity for maritime activity and is expected to support the efficient export logistics critical to any development of the Banio Potash Project. Millennial has no direct involvement in the port's construction or operations.
Mayumba Power Station Progress
Construction of the thermal power plant south of Mayumba continues to advance, with the upcoming arrival of the gas turbines marking a key step forward. Once operational, the power station—initially set to deliver 8.5 MW of capacity, expandable to 50 MW—will provide a reliable energy source for the region. While this project is a public-private partnership independent of Millennial, its proximity to the Banio Potash Project is anticipated to mitigate risks related to future mining and processing operations by ensuring access to stable power infrastructure.
Farhad Abasov, Chair of Millennial Potash, stated: "The completion of Phase 1 of the Mangali Port and the scheduled arrival of the Mayumba Power Station gas turbines in mid-April are transformative developments for southern Gabon. Although these projects are not specifically for Millennial at this point, their close proximity to our Banio Potash Project significantly enhances our operational outlook as we expect to be able to make use of these facilities in due time. The port will facilitate efficient shipping, and the power plant will provide a dependable energy supply—both critical to the success of our proposed solution mining and conventional processing methods. We applaud the Gabonese government's commitment to regional infrastructure and will continue to update our shareholders as these advancements unfold."
Millennial remains dedicated to advancing the Banio Potash Project and supporting the Gabonese government's broader efforts to develop southern Gabon. The Company will provide further updates as these nearby infrastructure projects progress and influence the planning and development of its potash operations.
To find out more about Millennial Potash Corp. please contact Investor Relations at (604) 6628184 or email at info@millennialpotash.com.
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This document may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan" or "planned", "forecast", "intend", "may", "schedule" and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals including approvals of title and mining rights or licenses and environmental (including land or water use), local community or indigenous community approvals, the reliability of third party information, continued access to mineral properties or infrastructure, changes in laws, rules and regulations in Gabon or any other jurisdiction which may impact upon the Company or its properties or the commercial exploitation of those properties, currency risks including the exchange rate of USD$ for Cdn$ or CFA or other currencies, fluctuations in the market for potash or potash related products, changes in exploration costs and government royalties, export policies or taxes in Gabon or any other jurisdiction and other factors or information. The Company's current plans, expectations and intentions with respect to development of its business and of the Banio Potash Project may be impacted by economic uncertainties arising out of any pandemic or by the impact of current financial and other market conditions on its ability to secure further financing or funding of the Banio Potash Project. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political, environmental and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.
