Millennial Potash initiates definitive feasibility study at Banio project in Gabon with $3M U.S. DFC backing

Millennial Potash has initiated a Definitive Feasibility Study for its Banio Potash Project in Gabon, with the U.S. International Development Finance Corporation committing $3 million to cover the study costs — marking the project’s formal transition from exploration to development stage.

The Canadian developer (TSXV: MLP; OTCQB: MLPNF) has engaged ERCOSPLAN Ingenieurgesellschaft Geotechnik und Bergbau, a specialist potash consulting firm with experience across the West African Potash Basin, to complete an AACE Class 3 Definitive Feasibility Study. The base production scenario evaluates a solution mining operation targeting 800,000 tonnes per year of muriate of potash (MOP), with larger output rates also assessed.

Millennial’s mineral resource estimate, completed in late 2025, yielded Measured and Indicated resources totaling 2,453 billion tonnes grading 16.6% KCl, and Inferred resources of 3,559 billion tonnes grading 15.6% KCl.

Technical and trade-off studies running alongside the DFS include dissolution tests, hydrogeological assessments, creep tests, cold versus hot leaching evaluations, and port infrastructure options. An Environmental and Social Impact Assessment, recently launched in parallel with the DFS, is also targeted for completion in H2 2026. Both the DFS and the ESIA will be presented to the government of Gabon as part of Millennial’s formal Mining License application.

“The launch of the feasibility study and recently initiated ESIA mark the transition from the exploration to the development stage,” said Farhad Abasov, Millennial’s chairman. “We look forward to working with ERCOSPLAN as we continue to develop the Banio Potash Project in preparation for our Mining License application.”

The West African Potash Basin has attracted growing developer interest as demand for supply diversification away from Russian and Belarusian sources gathers pace. Millennial is among a small cluster of junior companies advancing projects in the region, alongside Kore Potash, which is developing the Dougou Extension project in the Republic of Congo.