Millennial Potash Advances Banio Project with U.S. Government Support as Potash Joins Critical Minerals List

Millennial Potash Corp. (TSX.V: MLP) (OTCQB: MLPNF) is advancing its Banio Potash Project in Gabon, West Africa, a development that carries growing geopolitical significance following the U.S. government's 2025 addition of potash to its Critical Minerals List. This designation underscores the commodity's role in food security and the risks posed by highly concentrated global supply, making the project's progress a matter of strategic interest.

The company has secured a US$3 million commitment from the U.S. International Development Finance Corporation (DFC) for non-dilutive project development funding. These funds are designated for the completion of a Definitive Feasibility Study (DFS), which is already underway alongside an Environmental and Social Impact Assessment. Both studies are expected to support the company's mining license application in Gabon, and the involvement of the DFC highlights the project's alignment with U.S. interests in diversifying critical mineral sources.

Banio's resource potential is substantial. An updated Mineral Resource Estimate announced in November 2025 reported Measured and Indicated resources of 2.45 billion tonnes grading approximately 15.6% KCl, and Inferred resources of 3.56 billion tonnes at the same grade. These figures represent increases of 275% and 210% respectively over the maiden estimate, and they come from drilling that covers only about 5% of the company's 1,500 km² license area. The deposit lies within the West African Evaporite Basin, where drilling has intersected cumulative potash thicknesses commonly exceeding 100 meters.

The project's economic viability is supported by a Preliminary Economic Assessment (PEA) completed in 2024. The PEA outlines 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. These cost advantages are attributed to solution mining, thick potash seams, simple mineralogy, and coastal logistics that reduce shipping costs to major markets. For instance, shipping to Brazil, the world's largest potash importer, is estimated at approximately US$22 per tonne.

The project's strategic location on the Atlantic coast positions it to supply not only Brazil but also the United States, Europe, and Asia. If developed, Banio has the potential to become Africa's first potash mine, a milestone that would diversify global supply and enhance food security for importing nations. Given that potash is essential for fertilizer production, the project's advancement is closely watched by agricultural and geopolitical analysts alike.

Millennial Potash is led by a team with a track record of successful ventures, 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 the company's outstanding shares, aligning their interests with shareholders. The Banio project has attracted support from both U.S. and Gabonese governments, reflecting its importance in the global effort to secure critical mineral supply chains.

As the world grapples with supply chain vulnerabilities, the Banio Potash Project represents a tangible effort to mitigate risks associated with potash dependency. With the DFS underway and a robust resource base, the project is moving closer to a potential production decision. The outcome could reshape potash trade flows and offer a new source of supply from Africa, a region not traditionally associated with potash mining. This development is not just a corporate milestone but a step toward diversifying a market dominated by a few players.