Buffalo Potash Completes Initial Drill Hole and Spuds Second Well at Initial Production Module

Buffalo Potash Corporation (BUFF) announced on July 29, 2026, that it completed the 15‑10 “Source Well” ahead of schedule and under budget. The company achieved 100% core recovery over 108 meters and ran full open‑hole logs. The well is now cased to preserve optionality for future conversion to a brine source well.

On July 27, 2026, the company spudded the second vertical well, designated 2‑14 “Disposal Well.” This well will be cored and logged through the Prairie Evaporite and later extended to the Deadwood Formation for brine disposal.

Buffalo Potash reiterates its Integrated Process Module (IPM) design capacity of 125,000 TPA of soluble‑grade potash, with first production targeted for Q1 2027. The company also maintains its full‑build‑out Preliminary Economic Assessment (PEA) metrics, which include a net present value (NPV) of US$1.1 billion, a 30% internal rate of return (IRR), and a 12‑month payback period from IPM start.

Buffalo Potash Corporation (BUFF) reported that its first two vertical wells are being drilled according to plan, with the source well finishing slightly ahead of schedule and under budget. This progress reduces micro-execution risk but provides no new technical, financial, or commercial information. The IPM timeline, capital needs, and project economics remain unchanged.

Earlier releases on July 14 and July 22 had already telegraphed the imminent start of drilling; today’s completion confirms the rig is operating as promised. The market has already priced in the IPM’s near-term progress.

Buffalo Potash Corporation (TSX-V: BUFF, OTCQB: BLPTF, FRA: VU5) is a pre-revenue potash exploration and development company. Its 100%-owned Disley Project spans 10,610 hectares approximately 50 kilometers northwest of Regina, Saskatchewan. The site is located immediately east of the K+S Bethune mine and north of the Mosaic Belle Plaine solution mines, positioning it in the heart of the Regina Sub-Basin solution-mining fairway.

The company utilizes a patented Horizontal Line-Drive (HLD) selective solution-mining method, which is designed to reduce capital intensity compared to conventional vertical cavern mining. A maiden NI 43-101 Mineral Resource Estimate and Preliminary Economic Assessment (PEA), effective April 15, 2026, reported Measured and Indicated (M&I) resources of 1,671.5 million tonnes at 34.8% KCl, containing 582 million tonnes of KCl. The PEA delivered an after-tax NPV at an 8% discount rate of US$1.1 billion, a 30% internal rate of return, and an operating expenditure of US$55 per tonne.

The staged development plan begins with an Initial Production Module (IPM) targeting 125,000 tonnes per annum of soluble-grade potash in Q1 2027. This is scheduled to scale to two 500,000 TPA mines, Disley East and Disley West, for a total production capacity of 1,125,000 TPA. No reserves have been established, and the IPM production decision is not based on a feasibility study, which elevates economic and technical risk.