Mr. Steve Halabura reports

BUFFALO POTASH ACHIEVES PERMITTING MILESTONE AT DISLEY PROJECT

Buffalo Potash Corp. has received a ministerial determination from the Saskatchewan Ministry of Environment (MOE) confirming that its initial production module at its Disley project does not meet the criteria of Section 2(d) of the Environmental Assessment Act and is therefore not a development that is required to undergo an environmental impact assessment (EIA).

Steve Halabura, PGeo, chief executive officer and director of the company, commented: "This is a landmark regulatory achievement for Buffalo and reflects the environmental soundness of the sustainable development approach Buffalo is undertaking at Disley, highlighted by minimal surface disturbance, no salt tailings or brine ponds, and most importantly -- minimal freshwater consumption. We appreciate the ministry's timely and thorough review of our application, and are excited about how this will support our goal of first production at Disley in early 2027."

Quinton Hardage, PEng, PMP, president and chief operating officer of the company, commented: "Potash solution mining in Saskatchewan has always been based on oil and gas technology. The original solution mines that were built in the 1960s used the best of what the oil and gas sector had to offer in that era and that's exactly what we're doing at Disley -- 60 years of innovation later. A practical result of being able to solution mine more efficiently is that we are no longer required to locate a mine where high-grade potash and abundant freshwater happen to coincide -- putting new high-quality targets in play."

Basis for determination

The company's technical proposal, prepared by independent Saskatchewan environmental consultancy Axiom Group, was submitted to the MOE on Aug. 20, 2026. Under Section 2(d) of the act, a project is a development that must undergo an EIA if it is likely to: have an effect on any unique, rare or endangered feature of the environment; substantially utilize any provincial resource and in so doing pre-empt the use, or potential use, of that resource for any other purpose; cause the emission of any pollutants or create byproducts, residual or waste products, which require handling and disposal in a manner that is not regulated by any other act or regulation; cause widespread public concern because of potential environmental changes; involve a new technology that is concerned with resource utilization and that may induce significant environmental change; or have a significant impact on the environment or necessitate a further development which is likely to have a significant impact on the environment.

Following its screening, the MOE concluded that the project met none of the six criteria in Section 2(d) of the act and is therefore not required to complete an EIA. The determination is subject to terms and conditions, including the project being carried out as described in the technical proposal and that the MOE be advised of any significant change or if work is not commenced within two years, and the project remains subject to all other regulatory requirements.

Buffalo also hosted two public information sessions in Lumsden, Sask., on April 30 and July 9, 2026. Feedback from both sessions was supportive and no outstanding environmental concerns were raised. The company has advised the rural municipalities of Dufferin No. 190 and Lumsden No. 189 of the project and maintains continuing engagement with landowners and other stakeholders in the region.

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 requirement compared with the full Disley project buildout and is targeted to reach first production in Q1 (first quarter) 2027. At full buildout comprising the IPM and two 500,000 tpa mines (Disley East and Disley West), the Disley project would be expected to produce up to 1,125,000 tpa of potash, as contemplated in Buffalo's preliminary economic assessment (PEA), 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 (2). 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 (3).

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:

• Source and disposal wells (complete);
• Horizontal line-drive (HLD) drilling (continuing);
• Brine circulation;
• Site development;
• 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 (1).

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 (2). 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.

(1) The K+S Bethune potash solution mine and the Mosaic Belle Plaine potash solution mine may each be considered an adjacent property (within the meaning of NI 43-101) to the company's Disley project. The company has no interest in either of the adjacent properties. The company believes this context is useful in illustrating the proven endowment of the district, while noting that mineralization on adjacent or nearby properties is not indicative of mineralization on the company's Disley project. There is no guarantee that the Disley project will yield comparable results with either of these mines.

(2) The PEA was prepared by Micon International in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects, and is preliminary in nature. The PEA includes inferred mineral resources, which are considered too speculative geologically to have the modifying factors and economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. There is no certainty that the results of the PEA will be realized. Readers are encouraged to read the technical report filed under the company's profile on SEDAR+ in its entirety, including all qualifications, assumptions and exclusions that relate to the PEA.

(3) Production decision cautionary statement: The company's decision to proceed with development of the IPM is not based on a feasibility study of mineral reserves demonstrating economic and technical viability. No mineral reserves have been established at the Disley project and the PEA is preliminary in nature. Historically, mineral projects advanced to production without first establishing mineral reserves supported by a feasibility study have a higher risk of economic and technical failure. Specific risks associated with the company's production decision include, but are not limited to: (1) grade, continuity or thickness of mineralization that differs significantly from the mineral resource estimate; (2) improper or inadequate performance of the company's horizontal line-drive mining method, which has not been operated at commercial scale; (3) recoveries, production rates, or capital and operating costs that differ materially from the PEA; and (4) production during the IPM that does not become sustainable or profitable, which would materially and adversely affect the company's ability to generate revenue and cash flow.

We seek Safe Harbor.