Millennial Potash Corp. (TSX.V: MLP) (OTCQB: MLPNF) is advancing its Banio Potash Project in Gabon, West Africa, with significant support from the U.S. government and a recently expanded resource estimate. The project, located directly on the Atlantic coast, has the potential to become Africa's first potash mine and supply key markets including Brazil, the United States, Europe, and Asia.
The company has partnered with the U.S. International Development Finance Corporation (DFC), which has committed US$3 million in non-dilutive funding to complete a Definitive Feasibility Study (DFS). This study, along with an Environmental and Social Impact Assessment, is underway and expected to support the company's mining license application in Gabon. Potash was added to the U.S. Critical Minerals List in 2025, highlighting its role in food security and the risks of a highly concentrated global supply.
Banio 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, from drilling that covers only about 5% of the company's 1,500 km² license area.
A Preliminary Economic Assessment (PEA) completed in 2024 outlined a solution mining operation producing 800,000 tonnes per year of granular muriate of potash. The PEA reported an after-tax NPV10 of US$1.07 billion, an after-tax IRR of 32.6%, initial capital costs of US$480 million, and operating costs of US$61 per tonne. The cost structure is underpinned by solution mining, thick potash seams, simple mineralogy, and coastal logistics, with shipping to Brazil—the world's largest potash importer—estimated at approximately US$22 per tonne.
Millennial Potash is led by the team behind Millennial Lithium, Potash One, Allana Potash, and Energy Metals, companies acquired for approximately $490 million, $430 million, $170 million, and $1.8 billion respectively. Management and insiders hold approximately 40% of Millennial's outstanding shares, aligning their interests with shareholders.
The project has attracted both U.S. and Gabonese government support, underscoring its strategic importance. The DFC's commitment to complete the DFS and the inclusion of potash on the U.S. Critical Minerals List signal strong governmental backing. The resource upgrade, which tripled the measured and indicated tonnage, demonstrates the project's scale and potential to contribute to global food security by diversifying potash supply away from current dominant producers.
With a robust PEA, significant resource expansion, and political support, Millennial Potash is positioning Banio to become a major supplier to the Atlantic Basin. The company is also featured in coverage of the Disruptive Growth & Life Sciences Conference, where it is presenting to investors. The conference, hosted by Moody Capital Solutions, provides a platform for companies like Millennial to showcase their growth prospects.
For more information on the conference, visit Moody Capital Conference page. For IBN's coverage, visit IBN's coverage.
