The Banio Potash Project’s North Target Updated Mineral Resource Estimate, effective November 11, 2025, reports measured resources of 648.19 million tonnes grading 15.72% KCl and indicated resources of 1,804.54 million tonnes at 15.57% KCl, for a combined M+I total of 2,452.73 million tonnes at an average grade of 15.61% KCl. Inferred resources amount to 3,559.49 million tonnes at 15.61% KCl. This represents a material increase in the project’s total contained potash compared to the prior 2023 estimate, providing a more robust reserve base for future development and potential production scalability.

The updated MRE was prepared by ERCOSPLAN Ingenieurgesellschaft Geotechnik und Bergbau mbH and authored by Dr. Sebastiaan van der Klauw, Ph.D., EurGeol, in strict compliance with National Instrument 43-101 standards. The technical report was filed with SEDAR on December 29, 2025, ensuring full regulatory transparency. Key geotechnical data, including borehole density, seam thickness continuity and grade interpolation methodology, were rigorously audited to enhance confidence levels in the new resource classifications.

Dr. Sebastiaan van der Klauw and Peter J. MacLean, Ph.D., P.Geo., have reviewed and approved the information, qualifying under NI 43-101 definitions. Millennial Potash plans to integrate the updated resource model into a preliminary economic assessment scheduled for Q2 2026, targeting optimized mine design and capital cost estimates. Management has also initiated discussions with potential offtake partners in Europe and Asia to secure binding agreements ahead of a planned feasibility study in late 2026.