Millennial Potash Corp. (TSX.V: MLP) (OTCQB: MLPNF) is making notable progress on its Banio Potash Project in Gabon, West Africa, following a series of developments that underscore its potential to become a major supplier to global markets. The company recently announced an updated Mineral Resource Estimate that significantly expands the project's known resources, and it has secured support from the U.S. International Development Finance Corporation (DFC) to advance towards a mining license.
The Banio Potash Project, located directly on the Atlantic coast, is a large-scale potash deposit within the West African Evaporite Basin. Drilling has intersected cumulative potash thicknesses commonly exceeding 100 meters. The updated estimate, released in November 2025, reports Measured and Indicated Mineral Resources of 2.45 billion tonnes grading approximately 15.6% KCl, a 275% increase over the maiden estimate. Inferred Mineral Resources stand at 3.56 billion tonnes grading approximately 15.6% KCl, a 210% increase. These figures are based on drilling that covers only about 5% of the company's 1,500 km² license area, suggesting further expansion potential.
The project has attracted both U.S. and Gabonese government support. The DFC has committed US$3 million in non-dilutive funding to complete a Definitive Feasibility Study, which is underway alongside an Environmental and Social Impact Assessment. These studies are expected to support the company's mining license application in Gabon. Notably, potash was added to the U.S. Critical Minerals List in 2025, reflecting the commodity's role in food security and the highly concentrated global supply. This designation highlights the strategic importance of developing new sources of potash outside of existing dominant producers.
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. 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, positioning Banio to competitively serve key markets.
The company 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 Millennial's outstanding shares, aligning their interests with shareholders. Banio has the potential to become Africa's first potash mine, supplying not only Brazil but also the United States, Europe, and Asia. This development could diversify global potash supply, enhancing food security and reducing dependence on a few dominant producers. As the project advances through the feasibility stage, its progress will be closely watched by industry stakeholders and investors.
For more information on the company and its projects, interested parties can visit Millennial Potash's website. The company's participation in the Moody Capital Solutions 2026 Disruptive Growth and Life Sciences Conference was featured in coverage by IBN, which highlighted the project's advancements. The conference, organized by Moody Capital Solutions, an independent investment bank with over 40 years of experience, provides a platform for companies to showcase their growth potential. IBN's coverage of the conference can be accessed at IBN's conference page.
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 will be realized. Mineral resources are not mineral reserves and do not have demonstrated economic viability. As Millennial Potash continues to develop the Banio project, the outcomes of the feasibility study and environmental assessments will be critical in determining the project's path to production.
