Mr. Steve Halabura of Buffalo Potash reports

BUFFALO POTASH SIGNS ROYALTY AGREEMENT WITH ALTIUS MINERALS

Buffalo Potash Corp. has entered into a binding letter of intent regarding a royalty agreement with Altius Royalty Corp., a wholly owned subsidiary of Altius Minerals Corp., on Oct. 21, 2026, pursuant to which Altius will acquire a 1.0-per-cent gross overriding royalty on the company's Disley West property consisting of subsurface mineral permit 199 and certain freehold mineral lands held by Buffalo (Disley West), together with a right of first offer on SMP 222 (Disley East), for aggregate cash consideration of $8.5-million.

The transaction brings increased alignment with one of the most established names in Saskatchewan potash and provides financing to advance Buffalo's initial production module, which is targeting first production in first quarter 2027, with a designed annual production capacity of 125,000 tonnes of soluble-grade potash.

Transaction highlights:

• Strategic validation from Saskatchewan's leading potash royalty holder: Altius holds royalty interests across six of the province's flagship producing potash mines, operated by Nutrien Ltd. and The Mosaic Company. The royalty marks Altius's first royalty on a development-stage potash project.
• Non-dilutive financing for the IPM: Aggregate cash consideration of $8.5-million, comprising $3.4-million payable on closing and $5.1-million payable upon the satisfaction of certain conditions precedent, provides capital to advance the IPM.
• Deepening partnership: The transaction builds on Altius's $3-million participation in Buffalo's June, 2026, private placement and its acquisition of a 0.16-per-cent gross overriding royalty on Buffalo's greenfield-stage Odessa project from a private arm's-length seller. Upon closing of both tranches of the transaction, Altius's investment into Buffalo will total $11.5-million, excluding its acquisition of the royalty on Odessa.
• Royalty limited to Disley West: The royalty applies only to Disley West. Disley East is subject only to the ROFO, and Buffalo's Edenwold and Odessa properties are not subject to the royalty or the ROFO as part of the current royalty agreement.

Steve Halabura, PGeo, chief executive officer and director of the company, commented: "Altius knows Saskatchewan potash as well as anyone in the capital markets. They hold royalties on the mines that built this province's reputation as the world's potash leader, and their decision to take a royalty on Disley West is a strong endorsement of both the asset and our horizontal line-drive approach. This agreement delivers significant capital at a pivotal moment as we drive the IPM toward first production."

Altius ownership of Saskatchewan potash royalties

Altius is one of the largest holders of potash royalties in Saskatchewan, the world's premier potash jurisdiction. Through its controlling interest in the Potash Royalty Limited Partnership, Altius earns royalty revenue from six long-life producing potash mines operated by two of the world's largest potash producers.

Terms of the royalty agreement

Under the royalty agreement, Buffalo will grant Altius a 1.0-per-cent gross overriding royalty on all potash and associated products produced from SMP 199 plus other freehold and mineral titles, which together comprises Disley West, where the IPM site is located. The royalty will be granted in two tranches of 0.5 per cent each. In consideration, Altius will pay Buffalo aggregate cash consideration of $8.5-million, of which $3.4-million is payable on closing and the remaining $5.1-million is payable upon the satisfaction of certain technical conditions related to brine circulation.

Buffalo will also grant Altius an ROFO on any royalty, stream or similar financing that Buffalo proposes to grant on the Disley East property, which includes SMP 222.

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.

About Altius Minerals Corp.

Altius builds per-share growth through a diversified portfolio of royalties on long-life, high-margin operations, spanning potash, iron ore, base metals, battery metals and electricity. Altius also operates a project generation business that originates mineral projects and sells them to developers in exchange for royalties.

Qualified person

All scientific and technical information in this news release has been reviewed and approved by Jared Galenzoski, PGeo, FIMMM, 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).

We seek Safe Harbor.