Buffalo Potash’s flagship project is the Disley potash property about 50 km northwest of Regina, Saskatchewan. This conversation covered the company’s push toward first production using a horizontal drilling and solution mining method, along with the history of the ground, insider ownership, financing, and the risks tied to turning on production.
TL;DR
Buffalo Potash is drilling wells now for its Initial Production Module (IPM), a small-scale facility targeting 125,000 tonnes per year of soluble-grade potash, with CEO Halabura saying they’re aiming to have product crystallizing on a test or continuous basis by year-end 2026 into early 2027. He told me the company believes it has enough cash on hand from its recent financing to reach that first bag of potash without needing to raise again, though he wouldn’t commit to that being guaranteed. Management ownership sits above 30%, with about 30% of that being reporting insiders, and the CEO personally holds roughly 6.8 to 6.9 million shares. There’s no large-scale metallurgical testing done yet because the assay results are said to correlate well with historical and neighboring project data. The company completed a maiden NI 43-101 resource estimate in April 2026 and is going straight to a full feasibility study, skipping a pre-feasibility stage.
What have they done for shareholders lately?
Buffalo closed a private placement in June 2026 raising close to C$15 million, combining hard dollar and flow-through financing. They completed a maiden NI 43-101 mineral resource estimate in April 2026, built largely from re-assayed historical 1960s core plus one newly drilled well. They also ran a 3D seismic program over the Disley site, which Halabura says was used to map structural features and avoid zones where potash beds may have been leached out. Drilling for the IPM wells, described as five wells including a disposal well, a water source well, and three horizontal injector-producer wells, began recently. The company also held a site visit and community open house near the project.
How much money do they have and what are they spending it on?
Halabura said the company is still on track to reach first production with the money already raised, primarily from the June 2026 financing of close to C$15 million (hard dollar units at 45 cents with a half warrant, flow-through at 52 cents, and charity flow-through at 56 cents). He said this covers general and administrative costs as well as items that don’t qualify under flow-through share categories. He would not commit to a timeline or trigger for a future capital raise, saying it isn’t currently anticipated but could happen depending on market conditions. Spending priority is described as going largely into the ground, toward drilling and building out the IPM.
Upcoming catalysts
Technical and operational catalysts include continued drilling of the five IPM wells, establishing the horizontal well interconnection (described as the “knobs and dials” optimization phase), first crystallized potash product targeted for year-end 2026 into early 2027, and a feasibility study that is being developed alongside the drilling program. Corporate catalysts include potential early offtake sales into the oil and gas drilling fluid market and to fertilizer buyers, continued permitting steps (details of which Halabura deferred to other team members), and an investor presentation he mentioned is planned for October.
Risks
The main technical risk flagged is the well interconnection and mining plan optimization process itself, since this is described as a new, unproven method at commercial scale, requiring adjustments to flow rates and temperature once wells are connected. There is also uncertainty around the Vortex Crystallizer, a newer piece of equipment still being engineered and tested, though CEO Halabura said an off-the-shelf alternative could be used if needed, potentially with some cost impact. Permitting steps remain outstanding, though he described them as largely administrative and did not see major obstacles. Cost exposure to the Saskatchewan oilfield services sector was also mentioned as a factor outside the company’s control. Finally, while management said another capital raise isn’t currently planned, that remains dependent on market conditions and isn’t guaranteed.
Buffalo Potash CEO Interview
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