Millennial Potash Corp. (TSX.V: MLP) (OTCQB: MLPNF) is advancing its Banio Potash Project in Gabon, West Africa, which has recently gained strategic importance due to potash's addition to the U.S. Critical Minerals List in 2025. The project, located directly on the Atlantic coast, is progressing with support from the U.S. International Development Finance Corporation (DFC), which has committed US$3 million in non-dilutive funding for a Definitive Feasibility Study and an Environmental and Social Impact Assessment.
The company announced an updated Mineral Resource Estimate in November 2025, reporting Measured and Indicated resources of 2.45 billion tonnes at approximately 15.6% KCl and Inferred resources of 3.56 billion tonnes at 15.6% KCl. These figures represent increases of 275% and 210% over the maiden estimate, from drilling that covers only about 5% of the 1,500 km² license area. The deposit sits within the West African Evaporite Basin, where cumulative potash thicknesses commonly exceed 100 meters.
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%. Initial capital costs are estimated at US$480 million, with operating costs of US$61 per tonne. The project's cost structure benefits from coastal logistics, with shipping to Brazil—the world's largest potash importer—estimated at approximately US$22 per tonne.
The project has attracted both U.S. and Gabonese government support, and the DFC funding is expected to support the company's mining license application in Gabon. Banio has the potential to become Africa's first potash mine while supplying key markets including Brazil, the United States, Europe, and Asia.
Millennial Potash is led by a team with a track record of successful exits, including Millennial Lithium (acquired for ~$490 million), Potash One (~$430 million), Allana Potash (~$170 million), and Energy Metals (~$1.8 billion). Management and insiders hold approximately 40% of the company's outstanding shares.
The addition of potash to the U.S. Critical Minerals List highlights its importance to food security and the risks of concentrated global supply. This development, combined with the project's robust economics and resource growth, positions Banio as a potentially significant new source of potash for global markets.
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