Millennial Potash tied to U.S. critical minerals draft

Executive Summary

• The U.S. Department of the Interior added potash to its 2025 Draft List of Critical Minerals, signaling a strategic priority for U.S. food security.
• The U.S. International Development Finance Corporation (DFC) committed US$3 million in project‑development financing to Millennial Potash Corp.’s Banio potash project in Gabon.
• The Banio project’s preliminary economic assessment shows an after‑tax NPV10 of US$1.07 billion, IRR of 32.6%, and operating costs of US$61/tonne of granular potash, reinforcing its potential as a low‑cost supply source for the United States and other markets.

Key Details

• Critical Minerals Designation: Potash placed on the U.S. 2025 Draft List of Critical Minerals, highlighting supply vulnerability and prompting federal strategic focus.
• DFC Financing: US$3 million commitment under DFC’s Project Development Program to fund feasibility‑study activities (lidar survey, bathymetry, geotechnical testing, dissolution tests). Funds will be released upon achievement of defined milestones.
• Project Economics (PEA):
• After‑tax NPV10: US$1.07 billion
• IRR: 32.6%
• Operating cost: US$61 per tonne of granular potash (gMOP)
• Strategic Location: Banio sits on Gabon’s Atlantic coast with a direct shipping route to U.S. ports, reducing logistics costs and delivery risk; also positioned to serve Brazil and African markets.
• Recent Drilling Results: Up to 250 m of potash‑rich horizons intersected at the North target; ongoing resource expansion and revised mineral resource estimate in progress (referencing releases on May 6 2025 and June 26 2025).
• Feasibility Study Initiation: Early‑stage work includes lidar digital terrain model, lagoon bathymetry survey, creep geotechnical tests, and dissolution testing of core from holes BA-001‑EXT and BA-004.

Notable Quotes

“The proposed U.S. recognition of potash as a critical mineral is a major milestone for our industry… Banio is strategically aligned with America’s food security and supply chain priorities.” – Farhad Abasov, Chair, Millennial Potash Corp.