Millennial Potash Corp. (TSX.V: MLP) (OTCQB: MLPNF) is making headway in developing the Banio Potash Project in Gabon, West Africa, a deposit that could become Africa’s first potash mine. The company was recently featured at the Disruptive Growth & Life Sciences Conference, highlighting its progress and the strategic importance of the project.
The Banio project is a large-scale potash deposit located directly on the Atlantic coast, covering 1,500 km². 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, a 275% increase over the maiden estimate. Inferred Mineral Resources also increased by 210% to 3.56 billion tonnes. These figures come from drilling that covers only about 5% of the license area, suggesting significant upside potential.
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 funding to complete the 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.
Millennial Potash 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 the company’s outstanding shares, aligning their interests with shareholders.
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 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. The low cost structure is underpinned by solution mining, thick potash seams (commonly exceeding 100 meters), simple mineralogy, and coastal logistics. Shipping to Brazil, the world’s largest potash importer, is estimated at approximately US$22 per tonne.
The Banio project’s strategic location and resource base position it to supply not only Brazil but also the United States, Europe, and Asia. The addition of potash to the U.S. critical minerals list underscores its importance for domestic agriculture and national security, making the project a key potential source for diversified supply.
The 2024 PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them for categorization as mineral reserves. There is no certainty that the results of the PEA will be realized. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
Millennial Potash is advancing the project with the support of the DFC, which has committed non-dilutive funding to complete the feasibility study. The company is focused on obtaining a mining license and developing Banio into a world-class potash operation, potentially transforming the region’s economic landscape.
