Millennial Potash Corp. (TSX.V: MLP) (OTCQB: MLPNF) is advancing its Banio Potash Project in Gabon, West Africa, a development that has gained increased importance following the addition of potash to the U.S. Critical Minerals List in 2025. This designation underscores the commodity's role in food security and highlights the strategic value of diversifying supply away from current concentrated global sources.
The project, located directly on the Atlantic coast, has reported a substantial update to its Mineral Resource Estimate. Announced in November 2025, the estimate includes 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. These figures represent increases of 275% and 210% respectively over the maiden estimate, based on drilling that covers only about 5% of the company's 1,500 km² license area. The resource sits within the West African Evaporite Basin, where drilling has intersected cumulative potash thicknesses commonly exceeding 100 meters.
The project has attracted support from both U.S. and Gabonese governments. The U.S. International Development Finance Corporation (DFC) has committed US$3 million in non-dilutive project development funding to complete the Definitive Feasibility Study (DFS), which is now underway alongside an Environmental and Social Impact Assessment. Both studies are expected to support the company's mining license application in Gabon.
An economic assessment from 2024 outlined a solution mining operation with an annual production capacity of 800,000 tonnes of granular muriate of potash. The project boasts an after-tax NPV10 of US$1.07 billion and an after-tax IRR of 32.6%, with initial capital costs of US$480 million and operating costs of US$61 per tonne. These cost advantages are driven by solution mining, thick potash seams, simple mineralogy, and coastal logistics, which reduce shipping costs to Brazil—the world's largest potash importer—to approximately US$22 per tonne.
The management team, led by veterans from Millennial Lithium, Potash One, Allana Potash, and Energy Metals—companies acquired for approximately $490 million, $430 million, $170 million, and $1.8 billion respectively—holds approximately 40% of Millennial's outstanding shares. This alignment of interests is a positive signal for investors.
Banio has the potential to become Africa's first potash mine, supplying key markets including Brazil, the United States, Europe, and Asia. With the DFS underway and the project's strategic importance highlighted by the U.S. critical minerals listing, Millennial Potash is positioned to play a significant role in global potash supply diversification.
