# Buffalo Potash Announces Preliminary Economic Assessment for Disley Project with After-Tax NPV of US$1.1B and IRR of 30%; Releases Results from Maiden 43-101 Mineral Resource Estimate

- Link: https://www.thailand-business-news.com/pr-news/buffalo-potash-announces-preliminary-economic-assessment-for-disley-project-with-after-tax-npv-of-us1-1b-and-irr-of-30-releases-results-from-maiden-43-101-mineral-resource-estimate
- Published: 2026-04-27T22:20:00+07:00
- Author: Media OutReach

Saskatoon, Saskatchewan – [Newsfile Corp.](https://www.newsfilecorp.com/) – April
27, 2026 – **Buffalo Potash Corporation** **(TSXV: BUFF) (OTCQB: BLPTF)** (the “**
Company**” or “**Buffalo**“) is pleased to announce the completion of a Preliminary
Economic Assessment (“**PEA**“) and concurrent release of its maiden 43-101 Mineral
Resource Estimate for its 100%-owned Disley Potash Project (the “**Disley Project**“),
located in Saskatchewan, Canada.

 The PEA has been filed and can be found under the Company’s profile on SEDAR+ (
[www.sedarplus.ca](https://api.newsfilecorp.com/redirect/7n5eoSMQp3)) and on the
Company’s website ([www.buffalopotash.ca](https://api.newsfilecorp.com/redirect/ejg4eUM5W2)).

 **PEA & Mineral Resource Estimate Highlights **

 *  Total production of 1,000,000 tonnes per annum (TPA) of K62 granular-grade Muriate
   of Potash (MOP) and 125,000 TPA of K62 soluble grade MOP
 *  After-tax NPV^((1))(8) of US$1.1B and IRR^((1)) of 30%
 *  US$639M initial CAPEX estimate, including US$128M in contingency
 *  Estimated US$55/t MOP OPEX (Table 4)
 *  Measured and indicated tonnage of 1,671.5 million metric tonnes at an average
   grade of 34.8% KCl, yielding 582 million tonnes of KCl
 *  Over 50 years of mine life at 1,125,000 TPA based on current resource estimate(
   Table 2)^((2))
 *  The advancement of a Feasibility Study (“**FS**“) for Disley East and Disley
   West (the “**HLD Mines**“) will run concurrent with Initial Production Module(“**
   IPM**“) construction, with FS completion representing the key decision gate for
   proceeding to construction of Disley East and Disley West^((3))

^((2) )Based on Measured and Indicated resource estimate of 582Mt at 34.8% KCl. 

^((3) )The PEA does not constitute a feasibility study and does not demonstrate 
economic viability

 **Mr. Steve Halabura P.Geo., Buffalo Chief Executive Officer, commented:**_ “Since
founding Buffalo Potash in 2018, the team and I have invested years of disciplined
work — geological, technical, and strategic — to systematically unlock the potential
of modular selective solution potash mining in Saskatchewan, the key being Buffalo’s
Disley Project. Having spent my career working in Saskatchewan potash, I had a strong
conviction from the beginning that Disley had a substantial resource endowment, 
and this Mineral Resource Estimate confirms exactly that. The PEA illustrates both
low capex per tonne and operating cost per tonne, as well as setting a new environmental
standard for how potash production should look in the 21_^(_st_)_ century — no tailings
stored on surface and minimal freshwater usage.” _

 **Mr. Halabura continued: “**_The team and I believe the Disley Project represents
the next generation of Saskatchewan potash solution mining and are excited to begin
development of the Initial Production Module, which will be the first leg of this
buildout and is expected to bring soluble-grade potash production online within 
the next 12 months. During the development of the Initial Production Module, we 
will also test our patent-pending Vortex Crystallizer, alongside an industry standard
crystallizer, which has the potential to significantly reduce the capex of the Initial
Production Module and further potential build-outs. With global attention turning
to the security of critical supply chains, the urgency to bring reliable, jurisdiction-
stable potash production online has never been greater. This is a proud moment for
our team, our shareholders, and the stakeholders that have supported us along the
way — and we are just getting started.”_

 **Table 1: PEA Summary**

  |   **Line Item**  |   **Units**  |   **Total Project **  |  
 |   Production Rate MOP  |   TPA  |   1,000,000  |  
 |   Production Rate Soluble Grade  |   TPA  |   125,000  |  
 |   Total Initial CAPEX  |   US$ million  |   639  |  
 |   CAPEX per Tonne Capacity  |   US$/tonne  |   568  |  
 |   Average Unit OPEX  |   US$/tonne  |   55  |  
 |   MOP Price (25-year avg.)  |   US$/tonne  |   393.6^((4))  |  
 |   Soluble Grade Price (25-year avg.)  |   US$/tonne  |   373.6^((5))  |  
 |   Pre-Tax NPV^((1)) (8%)  |   US$ million  |   1,534.67  |  
 |   Pre-Tax IRR^((1))  |   %  |   35  |  
 |   Post-Tax NPV^((1)) (8%)  |   US$ million  |   1,085.47  |  
 |   Post-Tax IRR^((1))  |   %  |   30  |  
 |   Steady-State Annual Revenue  |   US$ million  |   442.5  |  
 |   Steady-State Annual EBITDA  |   US$ million  |   251.0  |

 ^((4) )LoM average price of Granular MOP, produced by Disley East and Disley West

^((5) )LoM average price of Soluble Grade MOP, produced by IPM

 The PEA is preliminary in nature and includes inferred mineral resources, which
are considered too speculative geologically to have the economic considerations 
applied to them that would enable them to be categorized as mineral reserves. There
is no certainty that the PEA will be realized.

 **PEA & Mineral Resource Estimate Overview**

 The PEA was prepared by Micon International Co Limited (“**Micon**“) in accordance
with National Instrument 43-101 _Standards of Disclosure for Mineral Projects_ and
evaluates the development of the Disley Project as a phased potash solution mining
operation. The PEA has an effective date of April 15, 2026 and is based on a Mineral
Resource Estimate (“**MRE**“) developed concurrently by Micon with an effective 
date of April 15, 2026, incorporating historical assay data from legacy drilling
programs as well as results from Buffalo Potash’s 2026 confirmation drill program.
The PEA contemplates a phased development approach across three production facilities
on the Disley property:

 1.  **The Initial Production Module (“IPM”) – **is a low-capital entry point designed
    to bring 125,000 tonnes per year of soluble grade MOP to market;
 2.  **Disley East – **a full-scale HLD Mine on the east segment of the Disley Project,
    with a production capacity of 500,000 tonnes per year of granular MOP; and
 3.  **Disley West – **a full-scale HLD Mine on the west segment of the Disley Project,
    with a production capacity of 500,000 tonnes per year of granular MOP.

 Successful construction of the IPM is anticipated to provide technical data used
in the completion of the concurrent FS and would, subject to the results from the
FS and a positive construction decision, be followed by the potential concurrent
development of the Disley East and Disley West HLD solution mines. If fully developed,
the Disley Project is designed to have the capacity to produce 1,000,000 TPA of 
granular MOP and 125,000 TPA of soluble grade MOP (“**Full Production Capacity**“).

 The MRE indicates a resource base that substantially exceeds the project’s current
design requirements, which, if successfully developed, would position the Disley
Project as a long-life asset. This is consistent with the generational mine lifecycles
typically associated with Saskatchewan potash operations, though there is no certainty
that resources will be converted to reserves or that any particular mine life will
be achieved.

 **Table 2: Mineral Resource Estimate**

  |   **Category**  |   **Tonnage (Mt)**  |   ** Avg KCl Grade**  |   **Avg K**_(**2**)**O Grade**  |   **KCl (Mt)**  |   **K**_(**2**)**O (Mt)**  |  
 |   Measured  |   399.7  |   34.82%  |   22.00%  |   139.2  |   87.9  |  
 |   Indicated  |   1,267.4  |   34.84%  |   22.01%  |   441.5  |   278.9  |  
 |   Inferred  |   2,663.2  |   34.96%  |   22.08%  |   930.9  |   588.1  |

 Table 2 Notes:

 1.   The effective date of this MRE is April 15, 2026.
 2.   Dr. Ryan Langdon, Ph.D, CGeol, of Micon is the QP responsible for this MRE.
 3.   The MRE has been classified in the Measured, Indicated and Inferred categories.
 4.   An average specific gravity (SG) value of 2.08 g/cm^(3) was used.
 5.   Conversion between KCl and K_(2)O was made using the formula KCl = K_(2)O * 1.583
 6.   The MRE used economic assumptions for HLD mining. A deduction was made to account
     for the presence of mining anomalies not detected by existing drill holes and 
     seismic lines. The values used are 5% for Measured, 9% for Indicated and 25% for
     Inferred.
 7.   The block model supporting the resource is orthogonal and has a block size of
     50 m x 50 m x 0.9 m.
 8.   The mineral resources described above have been prepared in accordance with the
     current Canadian Institute of Mining, Metallurgy and Petroleum Standards and Practices.
 9.   Numbers have been rounded to the nearest million tonnes. Differences may occur
     in totals due to rounding.
 10.  Mineral Resources are not Mineral Reserves as they do not have demonstrated economic
     viability. The quantity and grade of reported Inferred Mineral Resources are uncertain
     in nature and there has been insufficient exploration; however, it is reasonably
     expected that a significant portion of Inferred Mineral Resources could be upgraded
     into Indicated Mineral Resources with further exploration.
 11.  Micon’s QP has not identified any legal, political, environmental, or other factors
     that could materially affect the potential development of the mineral resource
     estimate.

![294332_592822e3642ebbb0_001full.jpg](https://release.media-outreach.com/release.
php/Images/757514/294332-592822e3642ebbb0-001full.jpg#image-757514)

 _Figure 1: Core Samples from the 7-10 Hole on the Disley Project_

 To view an enhanced version of this graphic, please visit: 
 [https://images.newsfilecorp.com/files/12107/294332_592822e3642ebbb0_001full.jpg](https://images.newsfilecorp.com/files/12107/294332_592822e3642ebbb0_001full.jpg)

 **Mining Method**

 Buffalo intends to develop the Project using solution mining, a well-established
approach that has been successfully deployed across Saskatchewan for more than 50
years. Solution mining is widely recognized as a reliable and efficient technique
for extracting potash from laterally continuous deposits, notably used at both neighboring
properties of the Disley Project — the K+S Bethune mine and the Mosaic Belle Plaine
mine.

 Building on this proven foundation, Buffalo holds a patent on an enhanced solution
mining approach known as Horizontal-Line-Drive Selective Solution Mining (“**HLD
Mining**“), which is the installation of commercially proven oil and gas injection
systems within horizontal wells. This method is designed to optimize efficiency,
reduce overall capital intensity, and significantly limit freshwater requirements,
while remaining grounded in the principles of traditional solution mining.

 Following underground dissolution, potash-rich brine is recovered to surface and
processed through crystallization, drying, and compaction to produce a finished 
potash product ready for local delivery or export via existing road and rail infrastructure
that currently runs adjacent to the Disley Property.

 **Initial Capital Expenditure (CAPEX) **

 The initial capital cost estimate has been prepared in line with the Class 4 definition
outlined by AACE International standards, with a contingency of 25% applied to the
IPM, Disley East, and Disley West components.

 Mechanical equipment represents the largest component of initial capital expenditure
at approximately 38% of Total Project initial CAPEX. For Disley East and Disley 
West, the mechanical scope encompasses the full processing train required to produce
export-grade granular MOP, including crystallization, debrining and drying, compaction
and glazing, soluble product screening, and product storage and loading. For the
IPM, the mechanical scope includes a crystallizer, pumps, tanks, pipework, centrifuge,
dryer, and baghouse. Total initial capital expenditure across all three facilities
is US$639 million, as summarized in the table below.

 **Table 3: Initial CAPEX Summary**

  |   **Description **  |   **IPM**  |   **Disley East**  |   **Disley West**  |   **Total Project**  |  
 |   (US$ million)  |   (US$ million)  |   (US$ million)  |   (US$ million)  |  
 |   Site Works  |   0.7  |   11.3  |   11.3  |   **23.3**  |  
 |   Concrete  |   –  |   5.6  |   5.6  |   **11.2**  |  
 |   Structural Steel  |   1.2  |   9.3  |   9.3  |   **19.9**  |  
 |   Mechanical  |   15.1  |   113.3  |   113.3  |   **241.7**  |  
 |   Piping  |   0.2  |   14.9  |   14.9  |   **30.0**  |  
 |   Electrical  |   –  |   15.0  |   15.0  |   **29.9**  |  
 |   Instrumentation  |   0.1  |   2.9  |   2.9  |   **5.9**  |  
 |   Architecture  |   0.0  |   19.6  |   19.6  |   **39.2**  |  
 |   Minor Mechanical  |   4.7  |   2.4  |   2.4  |   **9.4**  |  
 |   General Construction  |   1.4  |   13.3  |   13.3  |   **28.0**  |  
 |   Indirects  |   –  |   36.1  |   36.1  |   **72.3**  |  
 |   Contingency  |   5.8  |   60.9  |   60.9  |   **127.7**  |  
 |   **Total Capital Expenditure**^((6))  |   **29.2**  |   **304.7**  |   **304.7**  |   **638.6**  |

 ^( (6) )For modelling purposes, the total capital expenditure estimate for the 
PEA assumes use of an industry standard crystallizer instead of Buffalo’s patent-
pending Vortex Crystallizer.

 Sustaining capital of US$483 million (US$17/t MOP) over the life of mine comprises
an annual provision of 2% of original fixed plant and surface infrastructure costs,
plus US$10/t MOP for the drilling, completion and tie-in of replacement wells — 
the dominant component of sustaining capital — based on each set of three wells 
yielding 500,000 tonnes over an approximate 5-year useful life.

 **Operating Expenses (OPEX)**

 Buffalo Potash’s estimated operating cost of US$55/t MOP reflects the structural
advantages of operating in Saskatchewan, a mature potash jurisdiction with competitive
industrial energy rates, an established skilled workforce, and existing road and
rail infrastructure adjacent to the Disley Property enabling low-cost delivery to
both domestic and export markets. Buffalo management anticipates these fundamentals
position the Disley Project to be among the lowest-cost potash producers upon reaching
full production.

 **Table 4: OPEX Summary**

  |   **Item**  |   **Description**  |   **1,125,000 TPA**  |  
 |   (US$ million)  |  
 |   IPM Contingency  |   $14.49/t applied to IPM production only  |   1.8  |  
 |   Wellfield Power  |   500 Hp at $0.063/kWh  |   1.8  |  
 |   Processing Power  |   19,356 Hp at $0.063/kWh  |   18.0  |  
 |   Drilling  |   $25,000/day; 45 days/yr  |   0.1  |  
 |   Pipes, Pumps, Valves  |   Steaming & general maintenance  |   0.8  |  
 |   Instrumentation  |   Monitoring & controls  |   0.4  |  
 |   Labour  |   32 staff  |   7.8  |  
 |   Natural Gas  |   $386/1000m³ incl. carbon tax  |   19.6  |  
 |   Maintenance  |   5% of major equipment capital  |   5.4  |  
 |   Reagents  |   Dedust oil & anticake amines  |   2.0  |  
 |   Water  |   $2.20/m³; 45 m³/hr  |   1.3  |  
 |   General & Admin Supervision  |   Management & safety  |   1.9  |  
 |   Admin Supplies  |   Office & admin supplies  |   0.8  |  
 |   Total Annual OPEX  |   61.7  |  
 |   **OPEX US$/t MOP**  |   **55 / tonne**  |

 **Economic Assumptions**

 The economic analysis evaluates the Disley Project as a phased development consisting
of the IPM to establish early cash flow, followed by the full-scale HLD Mine comprising
Disley West and Disley East. The IPM was evaluated as a standalone project, with
the HLD Mine (Disley East and Disley West) assessed on an incremental basis and 
in combination with the IPM as an overall project. A Discounted Cash Flow (“**DCF**“)
model was constructed with the following assumptions:

 *  All costs and revenues are expressed in constant, first quarter 2026 money terms,
   with no provision for escalation or inflation;
 *  Capital and operating cost estimates denominated in Canadian dollars have been
   converted to US dollars at an exchange rate of CAD 1.38 per USD;
 *  A discount rate of 8% has been applied on an all-equity basis;
 *  The pre-tax results presented include the Saskatchewan Potash Production Tax(
   PPT) and royalties but exclude federal and provincial corporate income tax. The
   after-tax results include corporate income tax (Saskatchewan 12%, Federal 15%);
 *  The IPM ramps up over 3 months at 50% of nominal capacity; Disley West and Disley
   East have a 6-month ramp-up period at 50% of capacity, with the Disley East being
   deferred by a 3-month offset from the West Section;
 *  It is assumed the IPM is scheduled to begin construction July 2026 with commercial
   operations starting January 2027;
 *  It is assumed that a positive construction decision will be reached on Disley
   West and Disley East. Disley West is scheduled to begin construction July 2027,
   with operations beginning July 2029. Construction at Disley East is scheduled
   to be the final facility developed, with construction beginning October 2027 
   and operations beginning October 2029;
 *  Soluble grade MOP produced by the IPM is sold locally, incurring a transport
   cost of US$10/t compared to US$43/t for export grade granular MOP railed FOB 
   Vancouver; soluble grade MOP is priced at a US$20/t discount to granular, reflecting
   a life-of-mine average of US$373.6/t versus US$393.6/t FOB Vancouver;
 *  In addition to MOP, the IPM will produce 50,000 m³ per year of KCl brine that
   may be attractive to regional oilfield services customers at an average transport
   cost of US$10/m³;
 *  Payback period is measured from the start of construction to the point at which
   cumulative cash flow turns positive; and
 *  Although the project’s mine life is anticipated to extend beyond a 25-year time
   frame, the NPV^((1)) and IRR^((1)) calculations reflect a 25-year “LoM” period.

 The primary input parameters for the DCF model are outlined in the table below.

 **Table 5: Summary of Inputs for Economic Analysis**

  |   **Input Parameters**  |   **Unit**  |   **Value**  |  
 |   Evaluation Base Date – IPM  |   Date  |   2026-07-01  |  
 |   Evaluation Base Date – Disley East & Disley West  |   Date  |   2027-07-01  |  
 |   Sales: HLD Mine MOP Sales (granular)  |   TPA  |   1,000,000  |  
 |   Sales: IPM MOP (soluble)  |   TPA  |   125,000  |  
 |   Sales: KCl Brine  |   m^(3)/yr  |   50,000  |  
 |   Price: Granular MOP (FOB Vancouver) 25-year average  |   US$/t  |   394  |  
 |   Price: Soluble MOP 25-year average  |   US$/t  |   374  |  
 |   Price: KCl Brine  |   US$/m^(3)  |   43  |  
 |   Transport Costs: Granular MOP  |   US$/t  |   43  |  
 |   Transport Costs: Soluble MOP  |   US$/t  |   10  |  
 |   Transport Costs: KCl Brine  |   US$/m^(3)  |   10  |  
 |   Corporate Tax (Sask. + Canada)  |   %  |   27%  |  
 |   Contingency for CAPEX  |   %  |   25%  |  
 |   Discount Rate  |   %  |   8%  |  
 |   NPV calculation  |   Years  |   25  |

 The Disley East and Disley West mines have a start date of construction later than
that of the Initial Production Module, and their IRR^((1)), NPV^((1)) and Payback
periods are all calculated from that later date, while the overall Project results
reflect the start date of the IPM. The individual IPM phase has a payback period
of 1.1 years, while Disley East and Disley West each respectively have payback periods
of 2.9 years. The total Project payback of 4.7 years reflects an earlier calculated
start date at the time of first production at the IPM, prior to first production
from Disley East and Disley West.

 **Table 6: Summary of Outputs**

  |   **Metric**  |   **Unit**  |   **Total Project**  |  
 |   Initial CAPEX  |   US$ million  |   639  |  
 |   OPEX  |   US$  |   55 / tonne  |  
 |   Pre-Tax NPV^((1)) (8)  |   US$ million  |   1,534  |  
 |   Pre-Tax IRR^((1))  |   %  |   35%  |  
 |   Post-Tax NPV^((1)) (8)  |   US$ million  |   1,085  |  
 |   Post-Tax IRR^((1))  |   %  |   30%  |

 **The Disley Project**

 The Disley Project is located approximately 50km northwest of Regina and covers
10,610 hectares (Crown and Freehold mineral rights). The property is situated immediately
adjacent 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 amongst 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 2) as evidenced by the success of these neighboring projects^((6)).

![294332_592822e3642ebbb0_002full.jpg](https://release.media-outreach.com/release.
php/Images/757521/294332-592822e3642ebbb0-002full.jpg#image-757521)

 _Figure 2: The Disley Property Situated Amongst Major Potash Solution Mines_^(_(
7)_)

 To view an enhanced version of this graphic, please visit: 
 [https://images.newsfilecorp.com/files/12107/294332_592822e3642ebbb0_002full.jpg](https://images.newsfilecorp.com/files/12107/294332_592822e3642ebbb0_002full.jpg)

 **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 next to several
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 scientific and technical information contained in this news release has been
reviewed and approved by Douglas F. Hambley, PhD, PE, P.Eng., PG, an independent
consultant of the Company and Qualified Person as defined under NI 43-101 Guidelines.
Dr. Hambley is a globally recognized expert in potash geology and mine development
and has assisted Micon in their preparation of the MRE and PEA.

 All related and pertinent information has also been reviewed for this news release
by Jared Galenzoski, P.Geo, FIMMM as an independent consultant and Qualified Person
as defined under NI 43-101. Mr. Galenzoski is also an expert in several potash-related
fields and has assisted Micon in their preparation of the MRE and PEA.

 **Technical Report and Qualified Persons**

 For more information in respect of the Disley Project, including with respect to
key assumptions, parameters, and methods used to estimate the MRE, data validation
and QA/QC procedures, and the basis, qualifications and assumptions for the PEA,
please refer to the entirety of the Technical Report prepared by Ryan Langdon, PhD,
P.Geol.; Jack Nagy, PEng; Christopher Jacobs, CEng., MIMMM; and Richard Thompson,
CEng, MiChemE. Each of the aforementioned persons is considered a “Qualified Person”
for the purposes of NI 43-101 and has reviewed and approved the scientific and technical
disclosure contained in this news release. No limitations were imposed on their 
verification process. Readers are cautioned to review the entirety of the PEA as
it contains additional disclosures material to the matters discussed in this press
release.

 **Notes** 
 ^((7)) The K+S Bethune potash solution mine and north of 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 does not have any 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 any of these mines.

 **Contact** 
 Steve Halabura, P.Geo. | Chief Executive Officer & Director  Email:
[steve@buffalopotash.ca](https://www.thailand-business-news.com/pr-news/steve@buffalopotash.ca)
| Phone: 1-306-220-7715

 ^(**(1) **)**Non-GAAP Financial Measures**

 Net Present Value (“**NPV**“) and internal rate of return (“**IRR**“) are forward-
looking financial measures used by management to evaluate the economic potential
of the Disley Project, as estimated in the PEA. These measures do not have standardized
definitions under IFRS and may not be comparable to similar measures disclosed by
other issuers.

 NPV represents the sum of discounted future after-tax cash flows projected over
the 25-year evaluation period at a discount rate of 8%, net of initial and sustaining
capital expenditures. The most comparable IFRS measure is net income (loss); however,
NPV is a forward-looking measure that reflects projected future cash flows and cannot
be directly reconciled to historical net income. IRR represents the discount rate
at which NPV equals zero across the project’s projected cash flows.

 These measures should not be construed as alternatives to net income, comprehensive
income, or cash flows from operations as determined in accordance with IFRS. Readers
are cautioned that these measures reflect PEA-level estimates and are subject to
the risks and uncertainties disclosed under “Forward-Looking Information” below.

 **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 and the United States Private Securities
Litigation Reform Act of 1995. Forward-looking information is generally identifiable
by the use of words such as “believes,” “may,” “plans,” “will,” “anticipates,” “
intends,” “could,” “estimates,” “expects,” “forecasts,” “projects,” “targets,” “
schedules,” or similar expressions, and the negative of such expressions._

 _Forward-looking information in this news release includes, but is not limited 
to, statements regarding: the results, assumptions, and projections contained in
or derived from the PEA and Mineral Resource Estimate for the Disley Project, including
projected production rates, capital and operating costs, NPV, IRR, payback periods,
and mine life; the anticipated timing and phasing of construction and commercial
production for the IPM, Disley East, and Disley West; the Company’s ability to secure
permitting, financing, and all necessary regulatory approvals; the anticipated cost
and technical performance of the HLD Mining method; expectations regarding MOP and
soluble grade potash pricing, transportation costs, and market access; and the Company’s
broader development plans and strategy for the Disley Project._

 _Forward-looking information is based on management’s reasonable assumptions, estimates,
analysis, and opinions made in light of its experience and 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. Key assumptions underlying the forward-looking
information include, but are not limited to: the accuracy of the Mineral Resource
Estimate and PEA, including geological, engineering, and cost assumptions; no material
adverse changes to commodity prices, exchange rates, or tax and royalty regimes;
the availability of financing on acceptable terms; the Company’s ability to obtain
necessary permits and approvals on anticipated timelines; and the continued availability
of equipment, personnel, and infrastructure._

 _Forward-looking information is subject to known and unknown risks, uncertainties,
and other factors that may cause actual results, performance, or achievements to
differ materially from those expressed or implied, including: the inherent uncertainty
of PEA-level studies and the possibility that actual capital costs, operating costs,
and production rates differ materially from estimates; changes in potash or fertilizer
market prices; fluctuations in currency exchange rates, particularly the Canadian
dollar relative to the US dollar; the risk that permitting, financing, or regulatory
approvals are not obtained on anticipated timelines or at all; risks related to 
the development, commissioning, and operation of novel mining technology; risks 
inherent to solution mining operations; and general business, economic, competitive,
political, and social risks and uncertainties._

 _A PEA is preliminary in nature and includes Inferred Mineral Resources that are
considered too speculative geologically to have the economic considerations applied
to them that would enable them to be categorized as Mineral Reserves. There is no
certainty that the PEA will be realized. Mineral Resources that are not Mineral 
Reserves do not have demonstrated economic viability._

 _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. 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 such information except as required by applicable securities laws._

 _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._

The issuer is solely responsible for the content of this announcement.

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**Source** : [Buffalo Potash Announces Preliminary Economic Assessment for Disley Project with After-Tax NPV of US$1.1B and IRR of 30%; Releases Results from Maiden 43-101 Mineral Resource Estimate](https://www.media-outreach.com/news/canada/2026/04/27/461945/?rand=186006)

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