Millennial Potash Corp. (TSXV: MLP) (OTCQB: MLPNF) (FSE: X0D) has issued a clarification addressing shareholder concerns following recent comments by Gabon's Minister of Mines regarding potential changes to the country's mining code. The company confirmed that any proposed production-sharing model is at a very preliminary stage and no formal decision has been made. Millennial also reaffirmed that it continues to receive strong support from Gabon's government for its Banio Potash Project. Investors may be watching closely given the implications any future mining code amendments could have on project economics.

Key Points

  • Millennial Potash Corp. (TSXV: MLP) issued a clarification announcement dated November 5, 2026
  • Gabon's Ministry of Mines confirmed a proposed 20% production-sharing concept is preliminary, with structure and terms yet to be defined
  • Under the current Mining Code, the State holds a 10% free-carried interest; no amendments have been officially adopted
  • Investors should watch for updates on the Banio Potash Project's exploitation permit, fiscal framework negotiations, and any formal mining code developments

What Gabon's Minister of Mines Actually Said About Mining Code Changes

In a recent interview, Gabon's Minister of Mines named Millennial's Banio Potash Project as a key driver of the country's economic growth and reaffirmed full government support for its development. The Minister also noted that the Ministry is reviewing the Mining Code and referenced a possible 20% State share in production sharing. The Ministry subsequently clarified to Millennial representatives that this concept draws on a production-sharing framework similar to that used in Gabon's oil and gas sector, that it remains at a very preliminary stage, and that no official announcement regarding its adoption has been made in the short or longer term.

Current Mining Code Terms and the Adoption Process for Any Future Amendments

Under Gabon's existing Mining Code, the State is entitled to a 10% free-carried interest in mining projects, with all other fiscal terms negotiated as part of an exploitation permit application. The release states that if the government proceeds with a new mining code, the draft text would be submitted to mining operators through UMIGA — the industry representative body of which Millennial is a member — before being sent to Parliament and then promulgated by the President. The company disclosed this entire process would be expected to take five to twelve months. Critically, any future revisions would not apply to companies currently in an exploration phase.

Millennial's Engagement With Gabon's Government and Financing Partners

Chairman Farhad Abasov stated in the release that Millennial remains fully engaged with the Gabonese Government and is working constructively with the Ministry of Mines to advance the Banio Potash Project. He highlighted three years of consistent support from the President of Gabon, the Ministry of Mines, and senior government officials. The release also states the company continues working with the U.S. International Development Finance Corporation and other financing, infrastructure, and logistics partners across permitting, project development, and fiscal framework negotiations.