Mr. Steve Halabura reports

BUFFALO POTASH COMPLETES SECOND VERTICAL WELL AND ADVANCES TO HORIZONTAL DRILLING PHASE AT DISLEY INITIAL PRODUCTION MODULE

Buffalo Potash Corp. has completed the second vertical well (the 2-14 well or the disposal well) and the spudding of the first horizontal well (the 5D15-10 well) at the initial production module (IPM) located at the company's flagship Disley property in Saskatchewan.

Highlights:

• Successfully completed drilling the 2-14 vertical well and cored 108 metres through the potash beds with 100-per-cent recovery;
• Cased the 2-14 vertical well and is ready to serve as a disposal well for surplus brine;
• Phase 1 (source and disposal wells) of five-phase IPM development plan is now complete ahead of schedule and under budget;
• The 15-10 core has been sampled and submitted to the Saskatchewan Research Council to complete ICP assay for potash grade;
• First horizontal well was spudded Aug. 13, 2026, commencing phase 2 (horizontal line-drive drilling).

Quinton Hardage, PEng, PMP, president and chief operating officer of the company, commented: "Spudding our first horizontal well is a milestone this company has been working towards for years. Horizontal line-drive selective solution mining was developed to produce potash more efficiently and we are now drilling our first horizontal well at Disley. Completing both vertical wells ahead of schedule and under budget speaks to the quality of our team and our contractors while giving us the data foundation we need as we move into the creation of the first rectangular mining plane. We are very excited about this next phase and are focused on executing it with the same rigour we have to date."

Completion of the disposal well (2-14) and vertical drilling phase

Further to the company's July 29, 2026, news release, drilling of the 2-14 well was completed ahead of schedule and under budget. The well was cored with 100-per-cent core recovery over approximately 108 metres and logged through the potash-bearing members of the Prairie evaporite formation. Consistent with the plan disclosed on July 29, 2026, the 2-14 well was subsequently extended to the base of the Cambrian Deadwood formation, cased, equipped with a slotted liner and is now ready to serve as a disposal well for excess brine following surface processing under the IPM design. The 2-14 well follows the successfully executed 15-10 well (the source well), which was cored, logged and cased in July, and will later be converted into a source well to produce brackish water from the Mannville formation. After being pumped to surface, this brackish water is anticipated to be saturated with NaCl (sodium chloride) to form the solvent used in Buffalo's patented solution mining method, a key input for the IPM. Together, the two wells operationally complete the vertical drilling phase of the IPM -- both delivered ahead of schedule and under budget.

Core and log data from both vertical wells is expected to enhance the company's geological understanding of the IPM site and support a feasibility study for Disley West and Disley East (see Disley project development plan below). Selected samples from the 15-10 well have been submitted to the Saskatchewan Research Council for ICP assay for potash and the company expects to soon do the same with core data from the 2-14 well.

Commencement of horizontal drilling (5D15-10)

Following completion of the 2-14 well, the drilling rig was safely and efficiently moved approximately 1,600 metres west, back to the 15-10 well and IPM site. On Thursday, Aug. 13, 2026, the company spudded the 5D15-10 well, which is the first of three planned horizontal wells at the IPM. The 5D15-10 well will be drilled from the greater 15-10 well pad and IPM site and is planned to be landed within the potash-bearing members of the Prairie evaporite formation, from which a horizontal leg of approximately 550 metres is planned to be drilled. The 5D15-10 well represents the first well drilled in support of the company's horizontal line-drive (HLD) mining plane and marks the commencement of phase 2 of the IPM development plan. The company expects to provide a further update upon completion of the 5D15-10 well.

Disley project development plan

The IPM is designed to produce 125,000 tonnes per annum of soluble-grade potash and is the first of three planned solution mining facilities at the Disley project. The IPM has a lower initial capex (capital expenditure) requirement compared with the full Disley project buildout and is targeted to reach first production in Q1 2027. At full buildout comprising the IPM and two 500,000-tonne-per-annum mines (Disley East and Disley West), the Disley project would be expected to produce up to 1,125,000 tonnes per annum of potash, as contemplated in Buffalo's preliminary economic assessment titled "NI 43-101 Preliminary Economic Assessment Technical Report on the Disley Potash Project, Saskatchewan, Canada," dated May 21, 2026, and effective April 15, 2026, a copy of which is available on the company's SEDAR+ profile. On a stand-alone basis, the PEA attributes a payback period of approximately 12 months from the start of IPM production. However, there is no guarantee that the company will be able to achieve production.

The company's production decision for the IPM is not based on a feasibility study of mineral reserves demonstrating economic and technical viability, and such production decisions are historically associated with a higher risk of economic and technical failure.

The IPM is intended to establish initial cash-flowing production at a lower upfront capital cost while building the operational and technical foundation for full-scale development. Development of the IPM is anticipated to be broken down into five phases:

1. Source and disposal wells (complete);
2. Horizontal line-drive (HLD) drilling (continuing);
3. Brine circulation;
4. Site development;
5. Surface processing.

Disley project -- general overview

The Disley project is located approximately 50 kilometres northwest of Regina and covers 10,610 hectares (Crown and freehold mineral rights). The property is situated immediately to the east of the K+S Bethune potash solution mine and north of the Mosaic Belle Plaine potash solution mine -- both of which are among the largest producing potash solution mines in the world. In the opinion of management, the Disley project is in one of the most favourable areas of Saskatchewan for potash solution mining, as evidenced by the success of these neighbouring operations.

On May 22, 2026, Buffalo released the results of its maiden National Instrument 43-101 mineral resource estimate and PEA for the Disley project, prepared by Micon International Co. Ltd. The PEA outlined a phased, modular development plan contemplating full-scale production of up to 1,125,000 tonnes per annum of potash across three solution mining facilities, with an estimated after-tax net present value (NPV) of $1.1-billion (U.S.) at a discount rate of 8 per cent and estimated internal rate of return (IRR) of 30 per cent. Readers are encouraged to refer to Buffalo's April 27, 2026, and May 22, 2026, news releases and the NI 43-101 technical report filed on SEDAR+ for complete details of the PEA and mineral resource estimate.

Stock option grant

Buffalo additionally announces the grant of an aggregate of 2.75 million incentive stock options to certain eligible participants, including certain directors and officers of the company, under the company's fixed 20-per-cent omnibus equity incentive plan. The grants are intended to align the interests of incoming management, board and consultants with the long-term success and strategic objectives of the company.

The grant includes 2.5 million options which vest in four 25-per-cent equal instalments over a period of 24 months from the date of grant, with the first instalment vesting on the date that is six months from the date of issuance thereof, and three additional instalments vesting on the 12-, 18- and 24-month anniversaries thereafter. Also included are 250,000 options which vest in four 25-per-cent instalments over a period of 12 months from the date of grant, with the first instalment vesting on the date that is three months from the date of issuance thereof and three additional instalments vesting on the six-, nine- and 12-month anniversaries thereafter.

Upon vesting, each option shall be exercisable to acquire one common share in the capital of the company for a period of five years from the date of issuance thereof at an exercise price of 80 cents. The TSX Venture Exchange imposes a four-month resale restriction on options issued by the company to employees, executive officers, directors and consultants of the company. Any common shares of the company underlying options exercised within four months of the grant date of such options will be subject to such restrictions accordingly.

The company relied on Section 5.5(b) of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions, as the exemption from the formal valuation requirements of MI 61-101 in respect of the grant of options to certain related parties (as such term is defined under MI 61-101) of the company, as the common shares are not listed on a specified market under MI 61-101. The company relied on Section 5.7(a) of MI 61-101 as the exemption from the minority approval requirements of MI 61-101 in respect of the grant of options to certain related parties of the company as neither the fair market value of the subject matter of nor the fair market value of the consideration for such issuances exceeded 25 per cent of the company's market capitalization.

Pursuant to the plan, the aggregate number of common shares issuable under the plan in respect of all awards granted by the company may not exceed 16,211,956 common shares. After the aforementioned grants, the aggregate number of common shares that remains issuable under the plan is 1,238,760.

A copy of the plan is available in the management information circular dated Feb. 23, 2026, under the company's SEDAR+ profile.

About Buffalo Potash Corp.

Buffalo Potash is an emerging Saskatchewan-based potash developer pursuing a modular approach to selective solution mining through its patented horizontal line-drive (HLD) technology. Buffalo is advancing the Disley project -- located adjacent to two of the most prominent currently producing potash solution mines in the world --- with the objective of establishing capital-efficient, lower-impact potash production in one of the world's leading potash jurisdictions.

Qualified person

The technical information in this news release has been reviewed and approved by Dr. Douglas F. Hambley, PhD, PE, PEng, PG, an independent consultant to the company, who is a qualified person within the meaning of NI 43-101, Standards of Disclosure for Mineral Projects. This news release does not contain new technical disclosure beyond information previously disclosed in the NI 43-101 technical report for the Disley project filed under the company's profile on SEDAR+. Readers are referred to that technical report, prepared by Micon International, for complete details of the mineral resource estimate and preliminary economic assessment, including all data verification, methodology, assumptions and qualifications.

All related and pertinent information has also been reviewed for this news release by Jared Galenzoski, PGeo, FIMMM, as an independent consultant to the company, who is a qualified person within the meaning of NI 43-101, Standards of Disclosure for Mineral Projects. Mr. Galenzoski is an expert in several potash-related fields, including the drilling of potash horizontal wells and solution mining operations.

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