Mr. Steve Halabura reports

BUFFALO POTASH INITIATES BRINE INJECTION AND ADVANCES SITE DEVELOPMENT

Buffalo Potash Corp. has begun the next phases of development at the initial production module (IPM) at its Disley project. The company is commencing phase 3 (brine circulation) and phase 4 (site development) of the IPM development plan, which are being advanced concurrently, following receipt of its approval to construct and operate the IPM from the Saskatchewan Ministry of Environment, announced on Oct. 16, 2026. Phase 3 marks the transition of the IPM from drilling and construction to solution mining operations.

Highlights:

• Commencing phase 3 (brine circulation) and phase 4 (site development) of the five-phase IPM development plan, which are being advanced concurrently;
• Phase 3 (brine circulation) is broken into two stages: (a) brine injection and (b) brine circulation;
• Brine injection has commenced and brine circulation will begin once brine communication has been established between wells through the clay seam;
• Engineering of surface processing equipment being finalized, with procurement commenced;
• First production from the IPM remains targeted for Q1 2027.

Steve Halabura, PGeo, chief executive officer and director of the company, commented: "This phase is very meaningful to Buffalo and one that our team has been working tirelessly to achieve. Kicking off brine injection is the moment our horizontal-line-drive technology goes to work in the potash beds at Disley. With brine injection now beginning, Buffalo moves from building the IPM to operating it, and every step from here is a step toward first production."

Quinton Hardage, PEng, PMP, president and chief operating officer of the company, commented: "With our IPM wells drilled and completed, we have begun injection of brine to create our mining plane. The first objective of brine injection is to establish communication along the clay seam between our injector and producer wells. Once communication is established, continued circulation is designed to dissolve potash progressively, developing the mining plane that will ultimately feed the IPM processing facility. The brine injection and circulation will run in parallel with surface processing construction at the IPM site and we continue to target first production in Q1 2027."

Commencement of brine injection at the IPM

The brine circulation phase is the third of the five-phase IPM development plan and the first operational phase of the company's patented horizontal-line-drive mining method. Under this phase, brine is first injected into the horizontal injection well drilled along a clay seam within the potash-bearing horizon before flowing toward paired horizontal producer wells. The initial objective of brine injection is to establish communication between the injector and producer wells. Once communication is established, continued circulation of brine is designed to dissolve potassium chloride (KCl) through sustained contact with the potash-bearing member, which is anticipated to feed the IPM processing facility.

The brine circulation phase, beginning with brine injection to achieve communication between wells, has commenced and is proceeding in parallel with site development at the IPM. Management continues to target Q1 2027 for first production at the IPM.

Site development at the IPM

Site development at the IPM is being advanced concurrently with the start of brine injection and takes place in two stages: brine circulation site preparation followed by surface processing site development. Buffalo is currently building out the surface infrastructure required to support brine circulation, including generators, pumps, piping, tanks and instrumentation. Upon completion of brine circulation site preparation and subsequent brine circulation, the company will advance surface processing site development, readying the IPM site for installation of the surface processing facility.

Surface processing equipment status update

Buffalo has also commenced procurement of the IPM surface processing equipment. The surface processing facility is designed to convert brine produced from the IPM's horizontal-line-drive wells into soluble-grade potash. Engineering of the surface processing equipment is being finalized in parallel with brine circulation site preparation and site development, keeping the surface processing workstream aligned with the broader IPM schedule.

Procurement is progressing in line with management's expectations, and the company continues to target first production from the IPM in Q1 2027. Upon completion of surface processing site development, the equipment is expected to be installed and commissioned, marking the final phase of the IPM development plan. Buffalo looks forward to providing further updates as procurement advances.

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 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 organized into five phases:

• Source and disposal wells (complete);
• horizontal line-drive (HLD) drilling (complete);
• Brine circulation (commencing);
• Site development (in progress);
• 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.

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

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 and 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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