Altius Royalty Financing Advances the Disley Initial Production Module Toward First Production

Saskatoon, Saskatchewan--(Newsfile Corp. - October 22, 2026) - Buffalo Potash Corporation (TSXV: BUFF) (OTCQB: BLPTF) (FSE: VU5) (the "Company" or "Buffalo") is pleased to announce that it has entered into a binding letter of intent regarding a royalty agreement (the "Royalty Agreement") with Altius Royalty Corporation, a wholly owned subsidiary of Altius Minerals Corporation (TSX: ALS) (OTCQX: ATUSF) ("Altius"), on October 21, 2026, pursuant to which Altius will acquire a 1.0% gross overriding royalty (the "Royalty") on the Company's Disley West property consisting of Subsurface Mineral Permit SMP 199 and certain freehold mineral lands held by Buffalo ("Disley West"), together with a right of first offer on SMP 222 ("Disley East") (the "ROFO"), for aggregate cash consideration of C$8.5 million (the "Transaction").

The Transaction brings increased alignment with one of the most established names in Saskatchewan potash and provides funding to advance Buffalo's Initial Production Module ("IPM"), which is targeting first production in Q1 2027, with a designed annual production capacity of 125,000 tonnes of soluble-grade potash.⁽¹⁾

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.⁽²⁾ The Royalty marks Altius's first royalty on a development-stage potash project.
• Non-dilutive funding for the IPM: Aggregate cash consideration of C$8.5 million, comprising C$3.4 million payable on closing and C$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 C$3 million participation in Buffalo's June 2026 private placement and its acquisition of a 0.16% gross overriding royalty on Buffalo's greenfields 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 C$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.

Mr. Steve Halabura, P.Geo., 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:⁽²⁾

Table 1: Current Altius Potash Royalties

Terms of the Royalty Agreement

Under the Royalty Agreement, Buffalo will grant Altius a 1.0% 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% each. In consideration, Altius will pay Buffalo aggregate cash consideration of C$8.5 million, of which C$3.4 million is payable on closing and the remaining C$5.1 million is payable upon the satisfaction of certain technical conditions related to brine circulation.

Buffalo will also grant Altius a 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

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.

About Altius Minerals

Altius Minerals Corporation (TSX: ALS) (OTCQX: ATUSF) 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, P.Geo., 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.

Neither the TSX Venture Exchange nor its Regulation Service 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) 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 Company's preliminary economic assessment is preliminary in nature. 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 preliminary economic assessment; 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.

(2) Information regarding Altius and the mines underlying its potash royalty portfolio has been derived from publicly available information disclosed by Altius and has not been independently verified by the Company. The Company has no interest in any of the mines referenced in this news release. Mineralization and production at those mines are not necessarily indicative of mineralization on, or potential production from, the Company's Disley Project, and there is no guarantee that the Disley Project will yield comparable results.

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 completion and timing of the Transaction; the receipt of TSX Venture Exchange acceptance and the satisfaction of other closing conditions; the amount, timing and use of the consideration payable by Altius, including the satisfaction of the conditions precedent to, and receipt of, the deferred consideration; the anticipated benefits of the Royalty Agreement and the Company's relationship with Altius; the anticipated timing of first production from the IPM and the IPM's designed production capacity; the development of Disley West and the Company's broader development plans and strategy for the Disley Project; the intended operation and performance of the Horizontal Line-Drive mining method; and 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.

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 that all conditions to closing of the Transaction will be satisfied; that the conditions precedent to the deferred consideration will be satisfied; the performance of solution mining methods; costs of production; the availability of services and equipment; the receipt of required permits and approvals; the availability of financing on acceptable terms; the stability of the regulatory and political environment in which the Company operates; no material adverse changes in potash commodity markets; 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 risk that the Transaction is not completed on the terms described or at all; the risk that TSX Venture Exchange acceptance is not obtained; the risk that the conditions precedent to the deferred consideration are not satisfied and the deferred consideration is not received; the impact of the Royalty on the economics of Disley West; risks related to the procurement, delivery and installation of surface processing equipment and the timing and completion of construction and commissioning activities at the IPM; risks related to the development, commissioning, and operation of novel mining technology; risks inherent to solution mining operations; 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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