Millennial Potash Corp. (TSX.V: MLP) (OTCQB: MLPNF) is advancing its Banio Potash Project in Gabon, West Africa, with significant government support and promising resource estimates. The company was featured at the Disruptive Growth & Life Sciences Conference, highlighting its strategic importance in the global potash market.
Banio is a large-scale potash deposit located directly on the Atlantic coast, within the West African Evaporite Basin. Drilling has intersected cumulative potash thicknesses commonly exceeding 100 meters. In November 2025, the company announced an updated Mineral Resource Estimate, reporting 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.
The project has attracted both U.S. and Gabonese government support. The U.S. International Development Finance Corporation (DFC) has committed US$3 million in non-dilutive project development funding to complete the Definitive Feasibility Study, which is now underway alongside an Environmental and Social Impact Assessment. Both are expected to support the company's mining license application in Gabon. Potash was added to the U.S. Critical Minerals List in 2025, reflecting highly concentrated global supply and the commodity's role in food security.
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. This cost structure is underpinned by solution mining, thick potash seams, simple mineralogy, and coastal logistics. Shipping to Brazil, the world's largest potash importer, is estimated at approximately US$22 per tonne.
Banio has the potential to become Africa's first potash mine while also supplying Brazil, the United States, Europe, and Asia. The company 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.
The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable categorization as mineral reserves. There is no certainty that the results of the PEA will be realized. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
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