Mr. Quinton Hardage reports

BUFFALO POTASH COMPLETES INITIAL DRILL HOLE AND SPUDS SECOND WELL AT INITIAL PRODUCTION MODULE

Buffalo Potash Corp. has completed the first well (the 15-10 well or the source well) at the initial production module (IPM) and the spudding of the second well (the 2-14 well or the disposal well) located at the company's flagship Disley property in Saskatchewan.

Highlights

• Successfully completed drilling at 15-10 well ahead of schedule and under budget;
• Flawless coring of 15-10 well with 100-per-cent recovery on over 108 metres;
• Cased the 15-10 well for future optionality to become source well of underground brine;
• Successfully completed open hole logging program;
• Drilling rig safely and efficiently moved to the 2-14 well location;
• 2-14 well spudded Monday, July 27, 2026.

Completion of the source well (15-10) -- Further to the company's July 22, 2026, news release, drilling of the 15-10 well was completed ahead of schedule and under budget. The well was cored with 100-per-cent core recovery over more than 108 metres and logged through the target intervals. The well was then cased, preserving the option to later convert it into a source well producing brackish water from the Mannville formation. After being pumped to surface, this brackish water is anticipated to be saturated with NaCl to form the solvent used in Buffalo's patented solution mining method, a key input for the IPM.

Spudding of the disposal well (2-14) -- Following completion of the 15-10 well, the drilling rig was moved to the 2-14 well location, approximately 1,600 m east of the 15-10 well. The 2-14 well was successfully spudded on Monday, July 27, 2026, and, upon reaching the initial target depth, will be cored and logged through the potash-bearing members of the Prairie Evaporite formation. Core and log data from the vertical drilling program will enhance the company's geological understanding of the IPM site and support a feasibility study for Disley West and Disley East. Once coring and open hole logging are complete, the 2-14 well will be extended to the top of the Deadwood formation and cased to later serve as a disposal well for excess brine following surface processing under the IPM design.

Quinton Hardage, PEng, PMP, president and chief operating officer of the company, commented: "Completing our first well ahead of schedule and under budget is exactly the start we wanted as we enter the most exciting period in Buffalo's history. Saskatchewan is the largest producer of potash globally, and the world depends on this province to help feed a growing population. We take that responsibility seriously, which is why we are working tirelessly to build a more capital-efficient and lower-impact way to produce it. Seeing our vision take shape as we bring the initial production module to life is enormously rewarding, and we look forward to carrying this momentum into the 2-14 well and beyond."

Disley project development plan

The IPM is designed to produce 125,000 tonnes per annum (TPA) 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 TPA mines, the Disley project would be expected to produce up to 1,125,000 TPA of potash, as contemplated in Buffalo's recently released 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;
2. Horizontal line-drive (HLD) drilling;
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 TPA 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.

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 Douglas F. Hambley, PhD, PE, PEng, PG, 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. 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 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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