Millennial Potash Corp. (TSX.V: MLP) (OTCQB: MLPNF) is advancing its Banio Potash Project in Gabon, West Africa, a development that holds significant implications for global food security and the critical minerals supply chain. The project, located directly on the Atlantic coast, has attracted backing 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. This support underscores the strategic importance of potash, a nutrient essential for agriculture, which was added to the U.S. Critical Minerals List in 2025 due to highly concentrated global supply.
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 — increases of 275% and 210% respectively over the maiden estimate. These results come from drilling that covers only about 5% of the company's 1,500 km² license area, indicating substantial potential for further resource growth.
The project's economics are compelling. 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, 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, positioning Banio as a low-cost supplier to key markets.
The project has also garnered support from the Gabonese government, with an Environmental and Social Impact Assessment underway alongside the Definitive Feasibility Study. These studies are expected to support the company's mining license application in Gabon. If successful, Banio has the potential to become Africa's first potash mine, supplying not only Brazil but also the United States, Europe, and Asia, thereby diversifying global potash sources and enhancing food security.
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 company's strategic partnerships and government backing highlight the project's significance in the critical minerals landscape.
The company's participation in the Moody Capital Solutions 2026 Disruptive Growth and Life Sciences Conference, covered by IBN, brings visibility to its progress. For more information on the conference, visit https://moodycapital.com/conference/. To view IBN's coverage, visit https://ibn.fm/MoodyCapital2026Conference.
