If you use some of the natural oils,one listed using peanut oil is a great option,remember to saturate the
wood until it will not accept anymore oil.Keep soaking the wood and rubbing it down so it gets oil coated everywhere,then when it drys do it again and again until the wood will not soak in anymore.The more you do this the better your wood will be preserved.Wood is a sponge,when it absorbs moisture it swells,then it shrinks when it drys,this is where the splitting occurs.The faster it drys the more intense the splits,the oil will dry slowly and prevent
water from entering the wood.Water drys quickly compared to oils.
Im not sure if it will prevent mildew completely but i think mildew needs water to grow so the oil will surely slow it down.