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 attracted both U.S. and Gabonese government support. The company recently featured in coverage of the Disruptive Growth & Life Sciences Conference, highlighting its progress and the growing importance of potash as a critical mineral.
The U.S. International Development Finance Corporation (DFC) has committed US$3 million in non-dilutive funding to complete a Definitive Feasibility Study (DFS) and an Environmental and Social Impact Assessment. These studies are expected to support the company's mining license application in Gabon. The project's significance was further underscored when potash was added to the U.S. Critical Minerals List in 2025, reflecting the commodity's role in food security and the risks of highly concentrated global supply.
Banio sits within the West African Evaporite Basin, where 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 at the same grade. These represent increases of 275% and 210% respectively over the maiden estimate, and the drilling covers only about 5% of the company's 1,500 km² license area.
The 2024 Preliminary Economic Assessment (PEA) 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, 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. Shipping to Brazil, the world's largest potash importer, is estimated at approximately US$22 per tonne.
The project has the potential to become Africa's first potash mine while supplying key markets in Brazil, the United States, Europe, and Asia. Millennial Potash is led by the team behind Millennial Lithium, Potash One, Allana Potash, and Energy Metals, companies that were 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 U.S. DFC's involvement and the project's inclusion in the U.S. Critical Minerals List highlight its strategic importance. The funding from DFC is non-dilutive, providing support without diluting existing shareholders. The updated resource estimate, which is a 275% increase, demonstrates the project's scale and potential. The PEA's robust economic metrics, including a 32.6% IRR, underscore the project's viability.
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