Millennial Potash Corp. (TSX.V: MLP) (OTCQB: MLPNF) is advancing its Banio Potash Project in Gabon, West Africa, with significant government backing and a resource estimate that has surged by over 275%, positioning the project to potentially become Africa's first potash mine. The project, located directly on the Atlantic coast, has attracted support from the U.S. International Development Finance Corporation (DFC), which has committed US$3 million in non-dilutive funding to complete a Definitive Feasibility Study and an Environmental and Social Impact Assessment, both expected to support the company's mining license application in Gabon.
The importance of this project is underscored by the fact that potash was added to the U.S. Critical Minerals List in 2025, reflecting the highly concentrated global supply and the commodity's role in food security. With global food demand rising, securing domestic sources of potash is a strategic priority for the United States and its allies. The Banio project, with its vast resources and strategic location, could play a pivotal role in diversifying the global potash supply chain, reducing dependence on a few dominant producers, and enhancing food security worldwide.
Millennial Potash is led by the team behind successful ventures such as Millennial Lithium, Potash One, Allana Potash, and Energy Metals, which were acquired for approximately $490 million, $430 million, $170 million, and $1.8 billion respectively. Management and insiders hold approximately 40% of the company's outstanding shares, aligning their interests with shareholders. The project has also attracted both U.S. and Gabonese government support, underscoring its geopolitical significance.
The Banio deposit lies 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—increases of 275% and 210% respectively over the maiden estimate. These resources come from drilling that covers only about 5% of the company's 1,500 km² license area, suggesting significant further upside.
A Preliminary Economic Assessment completed in 2024 outlined a solution mining operation producing 800,000 tonnes per year of granular muriate of potash, with an after-tax NPV10 of US$1.07 billion and an after-tax IRR of 32.6%. The project's low operating costs of US$61 per tonne are underpinned by solution mining, thick potash seams, and simple mineralogy, while coastal logistics provide a cost advantage for shipping to Brazil, the world's largest potash importer, at an estimated US$22 per tonne. This cost structure makes Banio competitive even in lower price environments.
The project's potential extends beyond Brazil, with the ability to supply the United States, Europe, and Asia. With the world's population growing and arable land shrinking, potash is essential for fertilizer production, making this project critical for global agricultural productivity. The U.S. government's involvement via the DFC highlights the strategic importance of securing reliable sources of this critical mineral.
Millennial Potash is also featured in coverage of the Disruptive Growth & Life Sciences Conference, organized by Moody Capital Solutions Inc., which highlights emerging growth companies. The company's participation in such events increases its visibility among investors and industry stakeholders. As the definitive feasibility study progresses, the company is working toward a mining license application, which would be a major milestone for the project and for Gabon's emerging mining sector.
For more information about the conference and IBN's coverage, interested parties can visit Moody Capital Solutions Conference and IBN's Coverage.
