Saskatoon, Saskatchewan--(Newsfile Corp. - October 16, 2026) - Buffalo Potash Corporation (TSXV: BUFF) (OTCQB: BLPTF) (FSE: VU5) (the "Company" or "Buffalo") is pleased to announce that it has received its approval to construct and operate (the "Approval") the Initial Production Module ("IPM") at its Disley Project (the "Disley Project") from the Saskatchewan Ministry of Environment ("MOE"). The Approval follows the MOE's ministerial determination on September 17, 2026, that the IPM is not a "development" requiring an Environmental Impact Assessment, and represents the final key regulatory approval required for the Company to complete construction and commence operation of the IPM.

Mr. Steve Halabura, P.Geo., Chief Executive Officer and Director of the Company, commented: "On behalf of the entire Buffalo team, I would like to thank the Saskatchewan Ministry of Environment for its thorough and timely review of our application. With this Approval in hand, Buffalo now has the final key regulatory approval needed to bring the IPM into operation. This brings us yet another step closer to bringing on Canada's newest source of potash, and we look forward to continuing to work alongside the Province and our neighboring communities as we advance toward first production."

Mr. Quinton Hardage, P.Eng., PMP, President and Chief Operating Officer of the Company, commented: "With our drilling program and completions program complete and equipping underway, this Approval allows us to advance surface construction at the IPM site in parallel with our preparations for Phase 3 of our development plan: brine circulation. Brine circulation is where our Horizontal Line-Drive method begins to do its work, first establishing communication along the clay seam between our injector and producer wells and then developing the mining plane that is designed to ultimately feed the IPM processing facility. Our team, together with our contractors and consultants, has shown disciplined execution in keeping this project on schedule, and we continue to target first production in Q1 2027."

Approval to Construct and Operate

The Approval (Permit No. PC26-153) was issued by the MOE pursuant to The Environmental Management and Protection Act, 2010 and authorizes the construction and operation of the IPM, including above-ground and buried pipelines and flowlines, brine and water storage tanks, pumps, processing equipment, electrical and utility infrastructure, secondary containment systems, modular buildings, roads, drainage works, stormwater management infrastructure, and associated ancillary infrastructure. The Approval covers the surface works required to complete the remaining phases of the IPM development plan, being brine circulation, site development, and surface processing. The Approval applies only to the IPM; any subsequent phase of development, including Disley East and Disley West, will require separate approval.

The Approval is subject to certain conditions, including MOE approval of a Site Characterization and Groundwater Monitoring Plan, compliance with applicable air quality requirements prior to the operation of processing equipment, and the maintenance of financial assurance acceptable to the MOE. The Approval is effective to April 30, 2027, with provision for extension.

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 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 (see "Note 3 - Production Decision Cautionary Statement").

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:

1. Source and disposal wells (complete);
2. Horizontal Line-Drive ("HLD") drilling (complete);
3. Brine circulation (preparations underway);
4. Site development (in progress); 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.

Figure 1: The Disley Property Situated Amongst Major Potash Solution Mines⁽¹⁾

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About Buffalo Potash

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, P.Geo., 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.

Contact

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Notes

(1) The K+S Bethune potash solution mine and the Mosaic Belle Plaine potash solution mine (together, the "Adjacent Properties") 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 to either of these mines.

(2) The PEA was prepared by Micon International Co Limited 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+ at www.sedarplus.ca 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 (see Note 2). 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.

Forward-Looking Information

This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable Canadian securities legislation. Forward-looking information is generally identifiable by the use of words such as "believes," "may," "plans," "will," "anticipates," "intends," "could," "estimates," "expects," "forecasts," "projects," "potential," "targeted," "scheduled," "budget," "proposed," "objective," and "seek," or similar expressions, the negative of such expressions, and similar expressions that are not statements of historical fact.

Forward-looking information in this news release includes, but is not limited to, statements regarding: the timing, sequencing, and completion of the IPM development plan, including the completion and equipping of the IPM wells, the commencement of brine circulation, the development of the mining plane, site development, and the installation and commissioning of processing equipment; the intended operation and performance of the Horizontal Line-Drive mining method, including brine flow to the producer wells, thereby creating surface area for the dissolution of KCl in the adjacent rock; the IPM's designed production capacity of 125,000 TPA of soluble-grade potash and the anticipated payback period for the IPM; the anticipated timing of first production from the IPM; the anticipated timing and phasing of construction and commercial production for the IPM, Disley East, and Disley West; the preparation, timing, and expected benefits of a concurrent feasibility study for the full build-out of the Disley Project; the results, assumptions, and projections contained in or derived from the Mineral Resource Estimate and PEA for the Disley Project, including projected production rates and timing of production; expectations regarding the Disley Project's potential for solution mining; the Company's broader development plans and strategy for the Disley Project; the fact that the Company's production decision for the IPM is not based on a feasibility study of mineral reserves demonstrating economic and technical viability, and the associated increased risk of economic and technical failure; the Company's expectations regarding the environmental and regulatory permitting process, including the expectation that the Approval represents the final key regulatory approval required to complete construction and commence operation of the IPM; the Company's ability to satisfy the terms and conditions of the Approval, including the submission and approval of a Site Characterization and Groundwater Monitoring Plan prior to the commencement of brine circulation; the Company's ability to complete construction and commissioning of the IPM prior to the expiry of the Approval or to obtain an extension thereof; the requirement for separate approvals for any development beyond the IPM, including Disley East and Disley West; and the Company's ongoing engagement with local stakeholders and communities.

Forward-looking information is based on management's reasonable assumptions, estimates, analysis, and opinions made in light of its experience, perception of historical trends, current conditions, and expected future developments, as well as other factors that management believes are relevant and reasonable in the circumstances as of the date such statements are made. These assumptions include, but are not limited to, assumptions regarding geological continuity, potash grade and thickness, the applicability of historical data, the performance of solution mining methods, costs of production, the availability of services and equipment, the receipt of required permits and approvals, and the availability of financing on acceptable terms; the stability of the regulatory and political environment in which the Company operates; favourable environmental conditions; the ability to obtain and maintain required mineral rights and surface access; the accuracy of the Company's current mineral resource estimates; no material adverse changes in potash commodity markets; the continued availability of key management personnel and technical experts; and the Company's ability to maintain its patents and intellectual property rights, including with respect to the Horizontal Line-Drive mining method.

Forward-looking information is subject to known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements of the Company to differ materially from those expressed or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to: the inherent uncertainty of PEA-level studies and the possibility that actual capital costs, operating costs, and production rates differ materially from estimates; risks related to exploration and development activities; risks related to the timing and completion of well completion and equipping, surface construction, and commissioning activities, including the availability and performance of contractors, equipment, and services; the risk that the Company is unable to satisfy the terms and conditions of the Approval, that the Approval is not extended if required, or that additional permits or approvals are required; uncertainty in geological interpretation; risks related to the development, commissioning, and operation of novel mining technology; risks inherent to solution mining operations and new or emerging technologies; regulatory approvals and permitting timelines; commodity price volatility; availability of capital; and general economic, market, and business conditions.

Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events may differ materially from those anticipated in such forward-looking information. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information contained herein is made as of the date of this news release, and the Company disclaims any obligation to update or revise any forward-looking information, except as required by applicable securities laws.

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Source: Buffalo Potash Corp.