Mr. Steve Halabura reports

BUFFALO POTASH RECEIVES APPROVAL TO CONSTRUCT AND OPERATE DISLEY INITIAL PRODUCTION MODULE

Buffalo Potash Corp. has received its approval to construct and operate the initial production module at its Disley project from the Saskatchewan Ministry of Environment. The approval follows the MOE's ministerial determination on Sept. 17, 2026, that the IPM is not a development requiring an environmental impact assessment, and represents the final key regulatory approval required for the company to complete construction and commence operation of the IPM.

Steve Halabura, PGeo, chief executive officer and director of the company, commented: "On behalf of the entire Buffalo team, I would like to thank the Saskatchewan Ministry of Environment for its thorough and timely review of our application. With this approval in hand, Buffalo now has the final key regulatory approval needed to bring the IPM into operation. This brings us yet another step closer to bringing on Canada's newest source of potash, and we look forward to continuing to work alongside the province and our neighbouring communities as we advance toward first production."

Quinton Hardage, PEng, PMP, president and chief operating officer of the company, commented: "With our drilling program and completions program complete and equipping under way, this approval allows us to advance surface construction at the IPM site in parallel with our preparations for phase 3 of our development plan: brine circulation. Brine circulation is where our horizontal line-drive method begins to do its work, first establishing communication along the clay seam between our injector and producer wells and then developing the mining plane that is designed to ultimately feed the IPM processing facility. Our team, together with our contractors and consultants, has shown disciplined execution in keeping this project on schedule, and we continue to target first production in Q1 2027."

Approval to construct and operate

The approval (permit No. PC26-153) was issued by the MOE pursuant to the Environmental Management and Protection Act, 2010, and authorizes the construction and operation of the IPM, including above ground and buried pipelines and flow lines, brine and water storage tanks, pumps, processing equipment, electrical and utility infrastructure, secondary containment systems, modular buildings, roads, drainage works, stormwater management infrastructure, and associated ancillary infrastructure. The approval covers the surface works required to complete the remaining phases of the IPM development plan, being brine circulation, site development and surface processing. The approval applies only to the IPM; any subsequent phase of development, including Disley East and Disley West, will require separate approval.

The approval is subject to certain conditions, including MOE approval of a site characterization and groundwater monitoring plan, compliance with applicable air quality requirements prior to the operation of processing equipment, and the maintenance of financial assurance acceptable to the MOE. The approval is effective to April 30, 2027, with provision for extension.

Disley project development plan

The IPM is designed to produce 125,000 tonnes per year of soluble-grade potash and is the first of three planned solution mining facilities at the Disley project. The IPM has a lower initial capital expendture requirement compared with the full Disley project buildout and is targeted to reach first production in first quarter 2027. At full buildout comprising the IPM and two 500,000-tonne-per-year mines, the Disley project would be expected to produce up to 1,125,000 tpy 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 estimates a payback period for the IPM of approximately 12 months from the start of 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 with 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 flow from 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 drilling (complete);
3. Brine circulation (preparations under way);
4. Site development (in progress); and
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 preliminary economic assessment 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 tpy of potash across three solution mining facilities, with an estimated after-tax net present value of $1.1-billion (U.S.) at a discount rate of 8 per cent and an estimated internal rate of return 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.

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 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

All scientific and technical information in this news release has been reviewed and approved by Jared Galenzoski, PGeo, FIMMM, as an independent consultant to the company, who is a qualified person within the meaning of National Instrument 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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