Millennial Potash Corp. (TSX.V: MLP) (OTCQB: MLPNF) is progressing its Banio Potash Project in Gabon, West Africa, with notable government support and a substantial resource update. The company recently participated in the Disruptive Growth & Life Sciences Conference, where it highlighted the project's strategic importance. Banio is a large-scale potash deposit located directly on the Atlantic coast, which offers logistical advantages for exporting to major markets.
The project has attracted attention from the U.S. International Development Finance Corporation (DFC), which has committed US$3 million in non-dilutive funding to complete a Definitive Feasibility Study. This study is underway alongside an Environmental and Social Impact Assessment, both expected to support the company's mining license application in Gabon. The involvement of the DFC underscores the geopolitical significance of the project, especially as potash was added to the U.S. Critical Minerals List in 2025 due to concerns over supply concentration and its role in food security.
Banio's resource potential is substantial. 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 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, from drilling that covers only about 5% of the company's 1,500 km² license area. The project sits within the West African Evaporite Basin, where drilling has intersected cumulative potash thicknesses commonly exceeding 100 meters.
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 net present value (NPV10) of US$1.07 billion, an after-tax internal rate of return (IRR) of 32.6%, initial capital costs of US$480 million, and operating costs of US$61 per tonne. This 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 strategic positioning of Banio is further enhanced by its potential to become Africa's first potash mine, supplying Brazil, the United States, Europe, and Asia. The company is led by a team with a track record of successful exits, including 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.
For more information about the conference and to register to attend, visit Moody Capital's conference page. To view IBN's coverage of the conference, visit IBN's coverage. Details on the company can be found at Millennial Potash's website.
