--- title: "Will This Be a Top-Performing Junior Stock in 2026? A Deep Dive on Millennial Potash" url: "https://www.readplaza.com/articles/will-this-be-a-top-performing-junior-stock-in-2026-a-deep-dive-on-millennial-potash" type: "article" publisher: "GoingToADollar" category: "Stock Picks" published: "2025-11-25T19:00:00+00:00" updated: "2026-06-11T12:21:17.270178+00:00" reading_time_minutes: 9 tags: ["Commodities", "Junior Mining", "Small Caps", "Stock Analysis"] --- # Will This Be a Top-Performing Junior Stock in 2026? A Deep Dive on Millennial Potash _A look at Banio in Gabon a six billion tonne potash project with only a small slice drilled so far_ $MLP.V started the year trading in the $0.30s. After months of strong intercepts and updates out of their Banio project, it now trades about 10x higher. I first really dug into it when I put out a Penny -> Dollar thread back in June, when the stock was sitting around $1.30. Since then it has pushed over $3. Given how often Millennial Potash comes up across our socials, it felt like time to give it the same treatment we gave Midnight Sun and actually lay the story out in one place. Potash is not a sexy sector, but it does quietly decide how much yield a farmer can pull out of the same piece of ground. The war in Ukraine sent prices vertical in 2022. Since then things have cooled off into a new normal in the low to mid $300s per tonne, well above the old $200 world, and most forecasts have potash grinding higher over the coming decades rather than round-tripping lower. A big chunk of export supply still comes out of Canada, Russia and Belarus, with China more focused on its own needs, which is why new, low-cost tonnes from places like Africa matter. That is where Millennial fits in. They just put out an updated resource at Banio showing nearly six billion tonnes in total, with only about 3% of the project actually drilled so far. That “only 3%” piece is a core reason I am interested in this story. The Banio Story So FarAlright, so let us start with what Millennial actually is. Millennial Potash is essentially a single asset developer. It trades as $MLP.V on the Venture, sits around a C$350M market cap, and the whole thesis lives or dies on one potash project on the Atlantic coast of Gabon called Banio. Banio sits in the West Africa Potash Basin in southern Gabon, a little inland from the coast near the town of Mayumba. Unlike a lot of older potash operations in Canada or Russia that are landlocked and rely on long rail hauls, Banio is close to tidewater, which matters when your end customer is a fertilizer buyer in places like Brazil or West Africa. Geologically, you can think of it as a thick stack of salt rich rocks that happen to be loaded with potash, the K in NPK that farmers use to boost yields and help crops handle stress. Millennial already had a base case on Banio in 2024 with the first resource and PEA. The new 2025 update did not change the story, it just made it a lot bigger and a lot more confident. Banio now sits at roughly 2.45 billion tonnes in the measured and indicated categories at about 15 to 16% KCl, plus another 3.56 billion tonnes inferred at similar grades. Management says that footprint covers less than 3% of the property. So a tiny slice of the ground already holds just over 6 billion tonnes of potash bearing rock and the other 97% is basically untouched. The step out drilling also showed the system getting thicker, not thinner. Last year they were working with around 70 metres of potash thickness. The new holes came in closer to 100 to 110 metres in places while keeping the same grade. That combination of more tonnage, more thickness and steady grade is what pushed the resource up by roughly 275% in measured and indicated and just over 200% in inferred. It also gives them enough high confidence material to skip a pre feasibility study and head straight into a full bankable feasibility. On the old 1.7 billion tonne resource, the 800,000 tonnes per year plan already pointed to something like a 50 plus year mine life. At 6 billion tonnes the life on paper stretches into the hundreds of years at that same rate, which nobody is going to model literally, but it tells you how much headroom there is. Management is already talking about looking at higher production cases in the feasibility work, using 800,000 tonnes per year as a sensible starting point and then evaluating larger build outs once the first phase is proven. If they keep drilling along trend and the same salt package keeps showing up, Banio has room to grow into something that behaves like a major potash operation over time. To help put all of this into perspective, let me provide some comparables: As of November 25th None of these are perfect apples to apples pure potash comps. Nutrien, Mosaic, ICL and BHP are all multi asset companies. The point here is to show what potash scale looks like when it is fully built out and sitting inside a big producer versus where Banio is today. The closest thing to a straight potash comparison is Arab Potash Company. It is worth roughly 17x more than MLP yet only produces about 3.5x the potash tonnage that Banio’s starter case is aiming at. On paper, Banio already looks pretty strong at the starter size. The original PEA was done on a much smaller 1.7B tonne resource and still modeled an 800,000 tonne per year operation with an after tax NPV of around US$1.1B at roughly US$387 per tonne potash. For anyone who does not live in spreadsheets, NPV is basically what all the future cash flow from the mine is worth in today’s dollars after you pay to build it and apply a discount rate. The point is not to pretend that US$1.1B drops straight into Millennial’s lap. You have to be harsh with this stuff. Africa, early stage, big capex, lots of steps between here and first production. If you take that NPV and cut it by 80 to 90% for all the usual risks, you still end up with a “risked” value that is in the same ballpark as where the stock trades today around a C$350M market cap. And that is before even accounting for the new six billion tonne resource or any bump in throughput. Where it gets interesting is if the feasibility work shows Banio can handle more than 800,000 tonnes per year without blowing up the costs. With a much larger resource base to pull from, it is not hard to picture a path where they gradually move toward a multi million tonne per year profile over time. If potash prices hold up and the margins stay fat, you are suddenly talking about project NPVs that live in the multi billion range instead of just one. That is the upside people like myself are trying to position for. So what happens from here?This is where the story gets interesting for me. Banio is not some early concept on a map anymore. They have a big resource, a PEA, and now a much larger, higher confidence MRE to build off. The question now is how far they want to push it and who eventually ends up owning it. The team running Millennial has done this before. With Millennial Lithium they took a small cap story, drilled it out, de risked it with studies and then sold it for just under half a billion dollars after a bidding war. Prove scale, put proper economics around it, and get the project to a point where a larger group either partners or takes it out. Banio feels like it is being set up the same way. On the back of the new resource they are skipping pre feasibility and going straight into a full bankable feasibility. The US International Development Finance Corporation has already stepped up with a US $3M grant to help pay for that work. It is non dilutive and specifically tied to the feasibility and related studies, and DFC has also said they want to be involved on the project finance side when the time comes. That does not guarantee anything, but it is a strong signal that this is being treated as a serious long term potash supply project, not just another junior promo story. Management has talked about finishing the full feasibility around late 2026. Between now and then they plan to punch one or two more holes to the south to keep proving continuity, fold that data into another resource update, and then lock down the feasibility numbers. Image taken from Millennial Potash's recent investor presentation. See sources.Once the feasibility is out, it turns into an options game. They keep saying they are prepared to take Banio into construction, but with their track record it is hard not to think a buyout becomes very real at that point. Either way, I look at 2026 as a key window for MLP. More drilling to the south in H1, another MRE, and a full feasibility in hand is the kind of setup that usually forces a decision, whether that is project financing on their side or a bigger group stepping in. Regardless of whether MLP gets bought out or actually takes it all the way into production, we are looking at a potential major potash producer in its early stages. Hopefully by now you have a better understanding of why I will not stop yapping about $MLP.V on the timeline. Cheers SourcesMillennial Potash – corporate site https://millennialpotash.com Banio Project overview page https://millennialpotash.com/project Banio PEA (ERCOSPLAN, 2023) PDF: https://minedocs.com/28/Banio-PEA-11072023.pdf News release summary: “Millennial Potash Completes Positive PEA with After-Tax NPV of US$1.07 Billion” (Apr 23, 2024) https://finance.yahoo.com/news/millennial-potash-completes-positive-pea-120000130.html Maiden Mineral Resource Estimate – Banio (Jan 16, 2024) “Millennial Potash Releases / Announces Maiden Mineral Resource Estimate on Banio Potash Project” Company NR index and TMX link: https://millennialpotash.com/news/millennial-potash-releases-maiden-mineral-resource-estimate-on-banio-potash-project https://money.tmx.com/quote/MLP/news/5737934540671430/Millennial_Potash_Announces_Maiden_Mineral_Resource_Estimate_in_the_Northern_Part_of_the_Banio_Potash_Project_Indicated_Mineral_Resources_of_657_Million_Tonnes_of_159_KCl_and_Inferred_Mineral_Resources_of_1159_Billion_Tonnes_of_160_KCl Updated Mineral Resource Estimate – Banio (Nov 17, 2025) “Millennial Potash Reports Significant Increase in Resource Estimates: Measured + Indicated Resource is up by 275% and Inferred Resource is Increased by 210% at Its Flagship Banio Potash Project” (Use the version on the MLP news page once posted; syndicated copy here:) https://millennialpotash.com/news/millennial-potash-reports-significant-increase-in-resource-estimates-measured-indicated-resource-is-up-by-275-and-inferred-resource-is-increased-by-210-at-its-flagship-banio-potash-project-measured-indicated-mineral-resources-of-245-billion-tonnes-at-156-kcl-and-inferred-mineral-resources-of-356-billion-tonnes-at-156-kcl Drilling results backing the thicker zones “Millennial Potash Intersects 220m of Potash Mineralization in Drillhole BA-001-EXT at Its Banio Potash Project in Gabon” (Sept 16, 2025) https://millennialpotash.com/news/millennial-potash-intersects-220m-of-potash-mineralization-in-drillhole-ba-001-ext-at-its-banio-potash-project-in-gabon “Millennial Potash Intersects 101.45m Cumulative Potash Thickness of High-Grade Carnallitite Mineralization in Drillhole BA-004 at Its Banio Potash Project in Gabon” (Oct 14, 2025) https://millennialpotash.com/news/millennial-potash-intersects-101-45m-cumulative-potash-thickness-of-high-grade-carnallitite-mineralization-in-drillhole-ba-004-at-its-banio-potash-project-in-gabon DFC project development funding “Millennial Potash Announces U.S. International Development Finance Corporation’s Strategic Project Development Support for Its Banio Potash Project in Gabon” (Jul 9, 2025) https://finance.yahoo.com/news/millennial-potash-announces-u-international-132000640.html Potash added to U.S. Critical Minerals List / DFC reaffirmation “Millennial Potash Applauds the Official Addition of Potash to the 2025 List of Critical Minerals as Financial Times Mentions U.S. DFC Commitment to Banio Potash Project in Gabon” (Nov 10, 2025) https://www.nasdaq.com/press-release/millennial-potash-applauds-official-addition-potash-2025-list-critical-minerals