West Vancouver, British Columbia--(Newsfile Corp. - March 19, 2026) - Millennial Potash Corp. (TSXV: MLP) (OTCQB: MLPNF) (FSE: X0D) ("MLP", "Millennial" or the "Company") is pleased to report that it is making significant progress on numerous programs and initiatives at its Banio Potash Project in Gabon. The Company's Definitive Feasibility Study ("DFS"), Environmental and Social Impact Assessment ("ESIA") studies are in progress, and the Company is planning for its drill program on the newly acquired Haut ...

Industry Overview - Global real estate markets are stabilizing after years of adjustment due to rising interest rates and pandemic disruptions, with improved investment activity and strengthening property fundamentals expected to boost investor confidence heading into 2026 [1] Price Performance - Maui Land & Pineapple Company (MLP) shares have declined 2.7% over the past 12 months, which is better than Newmark Group's 19.7% loss but slightly worse than Vonovia SE's 1.3% decline [2] - The recent share pullback reflects a transitional phase rather than a decline in investor interest, as MLP is repositioning its asset base towards stable recurring income streams [3] Asset Base & Strategic Positioning - MLP's competitive advantage lies in its substantial land holdings of approximately 22,300 acres in Maui, acquired at low historical costs, representing significant embedded appreciation [5] - The company has about 900 acres entitled for residential and mixed-use development in the Kapalua Resort area, providing long-term development options in a supply-constrained housing market [6] - MLP also owns roughly 247,000 square feet of commercial real estate, generating recurring leasing income that supports operations and future development [7] Operational Momentum & Growth Initiatives - Leasing is MLP's largest business segment, contributing the majority of operating revenues, with a significant increase in recurring leasing revenues by 39% in the first nine months of 2025 compared to the previous year [8][9] - The company executed approximately 30 leases since late 2024, leading to higher occupancy levels and improved cash flow visibility [9] Agricultural Diversification - MLP has initiated a blue weber agave cultivation project, planting 15,000 agave plants on 25 acres of underutilized land, with deferred development costs of approximately $1 million as of September 30, 2025 [10][11] Pension De-Risking - MLP has successfully funded, annuitized, and terminated its qualified pension plan, recognizing $6.9 million in pension expenses in the first nine months of 2025, which reduces future earnings volatility and legacy liabilities [12] Improving Financial Performance - For the nine months ended September 30, 2025, MLP's operating revenues surged 83% year over year, with adjusted EBITDA of $1.6 million compared to a loss in the prior year [13] - The improvement in recurring income and operating leverage indicates that MLP's strategic initiatives are gaining traction [13] Investment Outlook - MLP is repositioning as a long-duration land development and leasing platform, supported by growing recurring cash flow and substantial land holdings in Maui [14] - The company's disciplined asset monetization, agricultural diversification, and strengthened balance sheet following pension termination provide significant long-term growth potential [14][15] - Despite potential near-term earnings volatility, MLP's asset base and improving fundamentals position it well to benefit from a housing-constrained Maui market and a recovering global real estate environment [15]

Core Insights - Millennial Potash Corp. has been ranked 3rd overall on the 2026 TSX Venture 50 list, which recognizes top-performing companies based on market capitalization growth, share price appreciation, and trading value [1][2]. Company Performance - In 2025, Millennial Potash achieved a 275% increase in Measured & Indicated Mineral Resources and a 210% increase in Inferred Mineral Resources at its Banio Potash Project in Gabon, with the updated Mineral Resource Estimate totaling 2.45 billion tonnes Measured & Indicated at 15.6% KCl and 3.56 billion tonnes Inferred at 15.6% KCl, covering only about 5% of the project area [2]. - The company advanced the Banio Project into the development stage by initiating a Definitive Feasibility Study (DFS), supported by a US$3 million strategic project development commitment from the U.S. International Development Finance Corporation [3]. Strategic Developments - The Chairman of Millennial Potash highlighted the significant progress made at the Banio Project, including transformational resource growth and alignment with U.S. food security initiatives, positioning Banio as a potential low-cost supplier of potash to the U.S., Brazil, and Africa [4]. - The Banio Potash Project has demonstrated strong fundamentals, with a Preliminary Economic Assessment indicating an after-tax NPV10% of US$1.07 billion, a 32.6% IRR, and operating costs of US$61 per tonne of granular MOP [4]. Future Outlook - With DFS work underway, ongoing infrastructure development in Mayumba, U.S. DFC support, and continued drilling programs, the company believes it is well-positioned to further de-risk the project while exploring development and strategic partnership opportunities [5].

Core Viewpoint - Energy Transfer is strategically shifting focus from its Lake Charles LNG project to enhance its natural gas pipeline infrastructure, which is expected to drive significant growth in the coming years [1] Financial Performance - Energy Transfer reported Q4 2025 revenue of $25.32 billion, with net income declining to $928 million from $1.08 billion year-over-year [1] - The company achieved an adjusted EBITDA of $4.18 billion, reflecting an 8% increase compared to the same quarter last year [1] - Earnings per share (EPS) for the quarter stood at $0.25 [1] Operational Highlights - Crude oil transportation volumes increased by 6%, NGL fractionation rose by 3%, and NGL exports surged by 12% [1] - Terminal volumes experienced a 12% increase, indicating strong throughput across Energy Transfer's extensive pipeline network of 140,000 miles [1] Strategic Developments - The suspension of the Lake Charles LNG project allows Energy Transfer to prioritize investments in pipeline infrastructure [1] - The company has initiated 900 MMcf/d natural gas deliveries to Oracle data centers, responding to the rising demand driven by AI technologies [1] - Energy Transfer has expanded its Desert Southwest pipeline capacity to 2.3 Bcf/d at a cost of $5.6 billion [1] Future Outlook - The adjusted EBITDA guidance for 2026 has been raised to a range of $17.45 billion to $17.85 billion, up from a previous estimate of $17.3 billion to $17.7 billion [1] - Growth capital expenditures are projected between $5.0 billion and $5.5 billion, with a strong emphasis on expanding the natural gas network [1] Market Performance - As of February 17, Energy Transfer shares have gained 11.8% year-to-date, outperforming the broader midstream MLP sector, which recorded an 11.3% gain [1]

Core Viewpoint - The Alerian MLP ETF (NYSE Arca: AMLP) has declared a distribution of $1.01 for the first quarter of 2026, indicating a commitment to returning value to shareholders [1] Distribution Details - The distribution is scheduled to be payable on February 17, 2026, to shareholders of record as of February 11, 2026 [1] - The ex-date for the distribution is also set for February 11, 2026, aligning with the record date [1]

Industry Overview - The Zacks Oil and Gas - Pipeline MLP industry consists of master limited partnerships that transport oil, natural gas, refined petroleum products, and natural gas liquids in North America, generating stable fee-based revenues from transportation and storage assets [3] - The industry is currently facing a gloomy outlook due to conservative spending by exploration and production companies, which is expected to reduce demand for transportation and storage assets [1][6] Financial Metrics - The industry has a high debt-to-capitalization ratio of 56.6%, indicating that borrowing is common for financing large infrastructure projects, which may limit financial flexibility [4] - The current trailing 12-month enterprise value-to-EBITDA (EV/EBITDA) ratio for the industry is 11.01X, lower than the S&P 500's 19.05X but above the sector's 5.95X [14] Market Performance - The Zacks Oil and Gas - Pipeline MLP industry has underperformed the broader Zacks Oil - Energy sector and the S&P 500 over the past year, declining by 7.8% compared to the sector's 14.8% gain and the S&P 500's 17.3% rise [10] Future Challenges - The industry is expected to face challenges from a shift to renewable energy, which may lower demand for pipeline and storage networks for oil and natural gas [5] - Oil and gas exploration and production companies are under pressure to prioritize stockholder returns over production growth, negatively impacting the demand for pipeline and storage assets [6] Key Players - Enterprise Products Partners LP (EPD) has a robust business model with a pipeline network exceeding 50,000 miles, generating stable fee-based revenues and returning capital to unitholders consistently [17][18] - Energy Transfer LP (ET) operates a vast pipeline network of 125,000 miles, generating stable revenues and is projected to see earnings growth of 17% this year [20][21] - Plains All American Pipeline LP (PAA) benefits from stable fee-based revenues through its pipeline network and storage assets, with recent upward earnings estimate revisions [23]

Core Viewpoint - Millennial Potash Corp. has successfully completed its LIFE Financing, raising a total of $17,357,500, and is now initiating a Concurrent Offering to raise an additional approximately $750,000 for the development of its Banio Potash Project and general working capital [1][4]. Financing Details - The Concurrent Offering will consist of up to approximately 245,900 units priced at $3.05 per unit, each unit comprising one common share and one-half of a common share purchase warrant [2]. - Each warrant will allow the holder to purchase one common share at an exercise price of $4.00 for three years from issuance [2]. - The total proceeds from the Concurrent Offering, the LIFE Financing, and the full exercise of the Underwriters' Option amount to approximately $18,287,500 [5]. Project Development - The funds raised will be utilized for the future development of the Banio Potash Project, which is positioned to become a significant supplier of potash to the United States, Africa, and Brazil [3]. - The company is currently advancing a definitive feasibility study, an environmental and social impact study, and is working on offtakes and project financing [3]. Regulatory and Compliance - The Concurrent Offering is subject to approval from the TSX Venture Exchange and will have a four-month resale restriction on the securities issued [4][6]. - A commission of up to 6% of the gross proceeds raised will be paid, along with commission warrants equal to up to 4% of the aggregate number of units [5].

Core Viewpoint - The Alerian MLP ETF offers a compelling investment opportunity by providing high yields without the tax complications associated with master limited partnerships (MLPs) [1][2]. Distribution and Performance - The Alerian MLP ETF has a 30-day SEC yield of 8.1% and a distribution yield just below 8% over the past year, with significant distributions from its MLP holdings [3]. - The ETF has maintained an average yield of over 6.6% since its inception in August 2010 and has paid distributions for 61 consecutive quarters [4]. - The annual expense ratio of the ETF is 0.85%, which is higher than most index ETFs, but the distributions compensate for this cost [4]. Growth Potential - The Alerian MLP ETF has achieved an impressive annualized total return of 25.7% over the last five years, with expectations for growth in 2026 and beyond [6]. - A key growth driver for the MLPs in the ETF's portfolio is the surge in data center construction, with Energy Transfer LP signing agreements to supply natural gas to major data centers [7]. - Other holdings, such as Enterprise Products Partners LP, are investing significantly in capital projects, with $5.1 billion under construction, driven by increasing demand for liquid natural gas (LNG) and artificial intelligence (AI) [8].

Core Viewpoint - Millennial Potash Corp. is conducting a "bought deal" private placement offering of 5,000,000 units at a price of $3.05 per unit, aiming for gross proceeds of $15,250,000 to fund its Banio Potash Project and for general working capital [1][4]. Group 1: Offering Details - The offering consists of units that include one common share and one-half of a common share purchase warrant, with each full warrant allowing the purchase of one common share at an exercise price of $4.00 for three years [1]. - Cantor Fitzgerald Canada Corporation is the lead underwriter for the offering, which will be formalized in an underwriting agreement prior to the closing date [2]. - Underwriters will receive a cash commission of 6% of the gross proceeds and broker's warrants equal to 4% of the units sold, with an option to purchase an additional 15% of the units [3]. Group 2: Use of Proceeds - Proceeds from the offering will be allocated for a definitive feasibility study for the Banio Potash Project and for general working capital [4]. Group 3: Regulatory and Compliance Information - The offering is being made to purchasers in Canadian provinces excluding Quebec, under the Listed Issuer Financing Exemption, and may also be offered in the U.S. and other jurisdictions under applicable laws [5]. - Securities issued will not be subject to a statutory hold period under Canadian securities laws [5].

Core Viewpoint - Millennial Potash Corp. has initiated a Definitive Feasibility Study (DFS) for its Banio Potash Project in Gabon, marking a significant transition from exploration to development stage [1][2]. Group 1: Project Development - The DFS will be conducted by ERCOSPLAN, a leading global potash consulting firm, and will assess a solution mining operation with a base production scenario of 800,000 Tonnes Per Year (TPY) [1][3]. - The company has recently completed a Mineral Resource Estimate indicating Measured + Indicated Mineral Resources of 2,453 billion tonnes at a grade of 16.6% KCl, and Inferred Resources of 3,559 billion tonnes at a grade of 15.6% KCl [2]. - The DFS is expected to be completed in the second half of 2026, alongside an Environmental and Social Impact Assessment (ESIA), both of which will be submitted to the Gabonese government as part of the Mining License application [3]. Group 2: Financial and Strategic Partnerships - The company is fully funded to complete the DFS, with the US International Development Finance Corporation (DFC) committing US $3 million to cover the feasibility study costs [2]. - Ongoing technical studies include dissolution tests, hydrogeological studies, and evaluations of various leaching methods, which are crucial for the project's development [3].