BUFFALO POTASH COMPLETES SECOND VERTICAL WELL AND ADVANCES TO HORIZONTAL DRILLING PHASE AT DISLEY INITIAL PRODUCTION MODULE

Highlights

• Successfully completed drilling the 2-14 vertical well and cored 108m through the potash beds with 100% recovery;
• Cased the 2-14 vertical well and is ready to serve as a disposal well for surplus brine;
• Phase 1 (source and disposal wells) of five-phase IPM development plan is now complete ahead of schedule and under budget;
• The 15-10 core has been sampled and submitted to the Saskatchewan Research Council to complete ICP assay for potash grade; and
• First horizontal well was spudded August 13, 2026, commencing Phase 2 (Horizontal Line-Drive drilling).

SASKATOON, Saskatchewan, – Buffalo Potash Corporation (TSXV: BUFF) (OTCQB: BLPTF) (FRA: VU5) (the “Company” or “Buffalo”) is pleased to announce the completion of the second vertical well (the “2-14 Well” or the “Disposal Well”) and the spudding of the first horizontal well (the “5D15-10 Well”) at the Initial Production Module (“IPM”) located at the Company’s flagship Disley property in Saskatchewan (the “Disley Project”).

Mr. Quinton Hardage, P.Eng., PMP, President and Chief Operating Officer of the Company, commented: “Spudding our first horizontal well is a milestone this company has been working towards for years. Horizontal Line-Drive selective solution mining was developed to produce potash more efficiently and we are now drilling our first horizontal well at Disley. Completing both vertical wells ahead of schedule and under budget speaks to the quality of our team and our contractors, while giving us the data foundation we need as we move into the creation of the first rectangular mining plane. We are very excited about this next phase and are focused on executing it with the same rigour we have to date.”

Completion of the Disposal Well (2-14) and Vertical Drilling Phase – Further to the Company’s July 29, 2026 news release (see link), drilling of the 2-14 Well was completed ahead of schedule and under budget. The well was cored with 100% core recovery over approximately 108m and logged through the potash-bearing members of the Prairie Evaporite Formation. Consistent with the plan disclosed on July 29, 2026, the 2-14 Well was subsequently extended to the base of the Cambrian Deadwood Formation, cased, equipped with a slotted liner, and is now ready to serve as a disposal well for excess brine following surface processing under the IPM design. The 2-14 Well follows the successfully executed 15-10 Well (the “Source Well”), which was cored, logged and cased in July, and will later be converted into a Source Well to produce 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. Together, the two wells operationally complete the vertical drilling phase of the IPM – both delivered ahead of schedule and under budget.

Core and log data from both vertical wells is expected to enhance the Company’s geological understanding of the IPM site and support a feasibility study for Disley West and Disley East (see Disley Project Development Plan below). Selected samples from the 15-10 Well have been submitted to the Saskatchewan Research Council for ICP assay for potash and the Company expects to soon do the same with core data from the 2-14 Well.

Commencement of Horizontal Drilling (5D15-10) – Following completion of the 2-14 Well, the drilling rig was safely and efficiently moved approximately 1,600m west, back to the 15-10 Well and IPM site. On Thursday, August 13, 2026, the Company spudded the 5D15-10 Well, which is the first of three planned horizontal wells at the IPM. The 5D15-10 Well will be drilled from the greater 15-10 well pad and IPM site and is planned to be landed within the potash-bearing members of the Prairie Evaporite Formation, from which a horizontal leg of approximately 550m is planned to be drilled. The 5D15-10 Well represents the first well drilled in support of the Company’s Horizontal Line-Drive (“HLD”) mining plane and marks the commencement of Phase 2 of the IPM development plan. The Company expects to provide a further update upon completion of the 5D15-10 Well.

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 to the full Disley Project build-out and is targeted to reach first production in Q1 2027. At full build-out 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 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 (the “PEA”), a copy of which is available on the Company’s SEDAR+ profile at www.sedarplus.ca. On a standalone basis, the PEA attributes a payback period of approximately 12 months from the start of IPM 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 of mineral reserves demonstrating economic and technical viability, and such production decisions are historically associated with a higher risk of economic and technical failure (see “Note 3 – Production Decision Cautionary Statement”).

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 (complete);
2. Horizontal Line-Drive (“HLD“) drilling (ongoing);
3. Brine circulation;
4. Site development; and
5. Surface processing.

Disley Project – General Overview

The Disley Project is located approximately 50 kilometers 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 favorable areas of Saskatchewan for potash solution mining (see Figure 1) as evidenced by the success of these neighboring operations.⁽¹⁾

On May 22, 2026, Buffalo released the results of its maiden NI 43-101 Mineral Resource Estimate and PEA for the Disley Project, prepared by Micon International Co Limited. 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 US$1.1B at a discount rate of 8% and estimated internal rate of return (IRR) of 30%.⁽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.

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