Millennial Potash welcomes potash as critical mineral

Executive Summary

• Millennial Potash Corp. highlights the U.S. Geological Survey's official addition of potash to the 2025 list of critical minerals, a move that underscores the strategic importance of the Banio potash project in Gabon.
• The U.S. International Development Finance Corp. (DFC) has committed $3 million (U.S.) in project development funding to Millennial to support a feasibility study for the Banio project, aiming to derisk the asset and prepare it for future financing.
• The release emphasizes the project's strategic alignment with U.S. food security, citing a direct Atlantic shipping route to the U.S. and Africa, alongside strong preliminary economic metrics and ongoing drilling results.

Key Details

• Critical Mineral Status: Potash was officially added to the 2025 list of critical minerals by the U.S. Geological Survey on November 6, 2025.
• DFC Funding: The U.S. International Development Finance Corp. (DFC) committed $3 million (U.S.) in project development funding under its project development program.
• Project Purpose: The DFC funding is designated to support a feasibility study for the Banio potash project, intended to derisk the project and prepare it for potential future U.S. project financing.
• Strategic Alignment: The project is positioned to strengthen U.S. and West Africa food security and supply chain resilience, offering a direct shipping route to U.S. ports.
• Economic Metrics (Preliminary Economic Assessment):
  • After-tax Net Present Value (NPV) at 10% discount rate: $1.07 billion (U.S.).
  • Internal Rate of Return (IRR): 32.6%.
  • Operating Costs: $61 (U.S.) per tonne of granular potash.
• Drilling Results: Recent drilling confirmed up to 200 metres of potash-rich horizons at the North target, indicating further resource expansion potential.
• Resource Estimate: A revised mineral resource estimate calculation is currently underway, with completion expected in the coming weeks.
• Infrastructure: The project benefits from proximity to infrastructure, including the continuing construction of a port at Mayumba and a new regional power plant.
• Market Context: The release notes that global potash supply is dominated by Canada, Russia, and Belarus, and the U.S. recognition aims to secure diverse, stable sources.

Notable Quotes

• Farhad Abasov, Chair of Millennial: "The official recognition of potash as a critical mineral by the U.S. government is a major milestone for our industry. For Millennial, it highlights Banio's unique position as a potential new, low-cost supply source of potash for the U.S. agricultural sector and beyond."
• Farhad Abasov, Chair of Millennial: "With the U.S. DFC funding in place, strong support from the government of Gabon and our project's direct shipping route to U.S. ports, Banio is strategically aligned with America's food security and supply chain priorities."