Millennial Potash Corp. (TSX.V: MLP) (OTCQB: MLPNF) is making significant strides in developing the Banio Potash Project in Gabon, West Africa, a venture that has recently gained heightened strategic importance due to the addition of potash to the U.S. Critical Minerals List in 2025. This designation underscores the commodity's role in food security and the risks associated with its highly concentrated global supply.
The company, led by a team with a track record of successful exits—including Millennial Lithium ($490 million acquisition), Potash One ($430 million), Allana Potash ($170 million), and Energy Metals ($1.8 billion)—is advancing the project with strong governmental support. The U.S. International Development Finance Corporation (DFC) has committed US$3 million in non-dilutive funding to complete a Definitive Feasibility Study, which is currently underway alongside an Environmental and Social Impact Assessment. These studies are expected to support the company's mining license application in Gabon.
The Banio project sits within the West African Evaporite Basin, where drilling has intersected cumulative potash thicknesses commonly exceeding 100 meters. An updated Mineral Resource Estimate announced in November 2025 reported Measured and Indicated Mineral Resources of 2.45 billion tonnes grading approximately 15.6% KCl and Inferred Mineral Resources of 3.56 billion tonnes grading approximately 15.6% KCl. These figures represent increases of 275% and 210% respectively over the maiden estimate, and they come from drilling that covers only about 5% of the company's 1,500 km² license area.
A Preliminary Economic Assessment completed in 2024 outlined a solution mining operation producing 800,000 tonnes per year of granular muriate of potash. The project boasts an after-tax NPV10 of US$1.07 billion and an after-tax IRR of 32.6%, with initial capital costs of US$480 million and operating costs of US$61 per tonne. This cost structure is underpinned by solution mining, thick potash seams, simple mineralogy, and coastal logistics that enable shipping to Brazil—the world's largest potash importer—at an estimated cost of approximately US$22 per tonne.
The significance of this project extends beyond its economic metrics. Banio has the potential to become Africa's first potash mine, supplying not only Brazil but also the United States, Europe, and Asia. This would diversify a global potash market currently dominated by a few players, addressing supply chain vulnerabilities highlighted by the U.S. critical minerals designation.
Millennial Potash is also featured in coverage of the Disruptive Growth & Life Sciences Conference, hosted by Moody Capital Solutions, which showcases companies in high-growth sectors. The conference provides a platform for investors to learn about emerging opportunities. To register to attend, visit Moody Capital Conference. For IBN's coverage of the conference, see IBN's Coverage.
The company's management and insiders hold approximately 40% of outstanding shares, aligning their interests with shareholders. With the U.S. government's financial backing and the resource's strategic importance, Millennial Potash is poised to play a pivotal role in the global potash supply chain.
