Drillhole Resampling Results from BA-002 Confirm Robust Potash Horizons up to 28.8m

Farhad Abasov, Millennial’s Chair, commented “Millennial is pleased to have received the analytical results from the sampling of the pulps from historic drill hole BA-002.  The results confirm the presence of abundant carnallitite seams at the north end of the property with widths of up to 28.8m and grades up to 16.7 % KCl.  The top of the sequence is marked by several sylvinite layers up to 3.75m thick and up to 26.25% KCl representing an additional target that may be amenable to solution mining.  Both the carnallitite and sylvinite targets will be tested in the upcoming drill program scheduled to start in Q3.”

Millennial, with potash engineering consultants ERCOSPLAN Ingenieurgesellschaft Geotechnik und Bergbau mbH (“ERCOSPLAN”), selected 207 key, stored pulp samples (approx. 250g each) with high K-grades from the Infinity Lithium’s potash drillhole BA-002, completed in 2017.  Samples were analyzed by potash specialist K-UTEC Salt Technologies of Germany ("K-UTEC") using multi-element ICP for Na, K, Mg, Ca and S (SO4), titration methods for Chloride, as well as gravimetric determination of the insoluble content for each sample. The results were incorporated into the Project drillhole database replacing the values found by Infinity while low grade Infinity samples remained to create a database of combined, vetted, Infinity results and updated results from the Millennial sampling program.

Review of the historic geology logs and drillhole data indicates evaporite Cycles V, VI, VII, and VIII were intersected by BA-002.  The criteria for seam boundary determination utilized a minimum width of 1m and a minimum average grade of 10.8% KCl.  The cycles are comprised primarily of carnallitite seams and halite lenses as well as some sylvinite in Cycle VIII higher in the sequence.  These sylvinite seams reach 3.75m in thickness and grade up to 25.2% KCl (see table below).  Cycle VII contains one sylvinite/carnallitite seam at the top followed by 10 carnallite seams that vary in width from 1.25m to 7.50m and have a cumulative thickness of 28.35m.  The grades of the carnallitite seams ranged from 12.0% KCl to 15.1% KCl with an average of 14.7% KCl over the 28.35m combined sequence.

Cycle VI is defined by one seam, essentially bedded carnallite with intermittent halite over a thickness of 28.81m.  The average grade of the seam is 12.3% KCl indicating the potential for a significant target that if continuous could possibly be amenable to bulk solution mining.  Cycle V is comprised of 3 carnallitite seams, up to 10.05m thick with grades of up to 16.7% KCl (see table below).

In addition to confirming carnallitite seam widths and grades, the resampling program was designed to evaluate the quality of the historic data from ALS Global of Brisbane, Australia for overall intermediate grade potash samples by comparing it with a lab specializing in potash analysis.  The graph below indicates that the analytical data from ALS Global for BA-002 tends to slightly overestimate the K-content for samples with higher Carnallite content (K in the range of 7% to 15%). However, for samples with low Carnallite content the correlation with the K-UTEC results is satisfactory and the ALS Global data is acceptable for use in future evaluations of the Project.

Preparations for the upcoming drill program at Banio are ongoing including complete rehabilitation of the camp, establishing internet services and clearing of 4km of drill roads and drill pad access.  In the Phase 2a program historic holes BA-001 and BA-002 will be extended 350m and 55m respectively to test the presence of additional potash cycles.  Hole BA-004, located approximately 4 km east of BA-001 will be drilled to 700m depth in an effort to intersect and evaluate the entire evaporite sequence comprised of cycles II to IX.  Drilling is expected to commence in Q3, 2023 and completed in Q4.

QA/QC

Pulps from the Infinity drill program in 2017 for historic hole BA-002 were acquired by Millennial from ALS Global and forwarded to ERCOSPLAN for evaluation.  Geological staff from Millennial and ERCOSPLAN selected key samples which were forwarded to K-UTEC for potash analysis.  Millennial/ERCOSPLAN did not insert blanks or standards into the group of pulps.  K-UTEC’s protocol includes the insertion of internal standards and review of this data shows no significant deviation from the accepted values.  In addition, the Company selected 20 pulp samples from BA-002 and BA-003 to be analyzed by both K-UTEC laboratory and the Saskatchewan Research Council Geoanalytical Laboratory (SRC) as check samples.  The graph below indicates that compared to the results from SRC, the K-UTEC lab generated slightly lower K values (0.5-1%).  This small discrepancy is not considered material at this stage of the Project.   ALS Global and K-UTEC are both independent of the Company and have no relationship to it.  ERCOSPLAN performs consulting and exploration related services for the Company under the terms of an agreement between ERCOSPLAN and the Company.

This news release has been reviewed by both Sebastiaan van der Klauw, EurGeol, of ERCOSPLAN and Peter J. MacLean, Ph.D., P. Geo, Director of the Company, and both are Qualified Persons as that term is defined in National Instrument 43-101.

To find out more about Millennial Potash Corp. please contact Investor Relations at (604) 662-8184 or email at info@millennialpotashcorp.com.

MILLENNIAL POTASH CORP.

“Farhad Abasov”
Chair of the Board of Directors

In Europe:
Swiss Resource Capital AG
Jochen Staiger & Marc Ollinger
info@resource-capital.ch
www.resource-capital.ch

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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.