KARNALYTE RESOURCES INC. ANNOUNCES 2023 YEAR END RESULTS AND PROVIDES CORPORATE UPDATE
/NOT FOR DISTRIBUTION TO
In 2023, Karnalyte continued work on the update to its NI 43-101 Compliant Technical Report including additional work to identify cost efficiencies, optimize construction and operation plans and enhance project sustainability.
Market Update – The market conditions for potash softened in 2023 but remain positive. While capacity in
In January of 2022, the Company announced the appointment of
Karnalyte has made diligent progress on this important step toward construction of its
There has been significant growth in
"Karnalyte continues to focus on advancing the update to the NI 43-101 Compliant Technical Report and has continued making steady progress, despite challenges the mining industry is facing beyond our control and the Company's desire to move forward in a responsible way." said
To date, Karnalyte has achieved a number of key milestones in relation to the update to the Report. This includes engaging industry leading solution mining and engineering firm ERCOSPLAN ingenieurgesellschaft Geotechnik und Bergbau mbH ("ERCOSPLAN"), which provided Karnalyte with a positive review of core samples, and confirmation from
In February of 2024, the Company retained
the Company plans to complete the update to its NI 43-101 technical report, to continue to work on identifying cost efficiencies, optimizing construction and operation plans, and enhancing project sustainability. Furthermore, the Company plans to increase business development activities to seek out and attract investment and strategic partners to move one or both Company's projects forward to development.
During the year ended
The following information has been summarised from the Company's audited financial statements. Karnalyte's 2023-year end financial statements, management's discussion and analysis, and annual information form are available at www.sedarplus.ca or on the Company's website at www.karnalyte.com.
Selected annual results |
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Year ended |
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|
2023 |
2022 |
2021 |
|
Total revenue |
- |
- |
- |
|
Interest and other income |
133 |
62 |
19 |
|
Net and comprehensive loss |
(1,422) |
(1,728) |
(2,193) |
|
Basic and diluted per share |
(0.03) |
(0.04) |
(0.05) |
|
Total current assets |
2,716 |
4,209 |
2,498 |
|
Total assets |
8,378 |
9,883 |
8,393 |
|
Total current liabilities |
572 |
628 |
884 |
|
Total liabilities |
1,891 |
2,006 |
2,630 |
|
Total shareholders' equity |
6,487 |
7,877 |
5,763 |
|
|
|
|
|
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Gujarat State Fertilizers & Chemicals Limited ("GSFC") is a leading Indian Fortune 500 chemicals and fertilizer company that has been in business for more than 50 years. GSFC currently operates one ammonia plant that was commissioned in the year 2000, and two urea plants that were established in 1969, at its fertilizer production complex in
As the Company's strategic partner and single largest shareholder, GSFC remains committed to the Company and the
Certain information included in this press release is forward-looking, within the meaning of applicable Canadian securities laws. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "believe", "could", "estimate", "expect", "plan", "intend", "forecast", "future", "guidance", "may", "predict", "project", "should", "strategy", "target", "will" or similar words or phrases suggesting future outcomes or language suggesting an outlook.
The forward-looking statements contained in this press release are based on certain key expectations and assumptions made by Karnalyte, including, without limitation, assumptions as to: projected economics for the Company's planned potash production facility, the confirmation in an independent feasibility study of Karnalyte's assumptions regarding the technical and economic viability of the Proteos Nitrogen project, the ability of Karnalyte to obtain financing on terms favourable to the Company, and the ability of Karnalyte to receive, in a timely manner, the necessary approvals from the Company's board of directors, shareholders, regulatory authorities, and other third parties.
Karnalyte believes the expectations and assumptions upon which the forward-looking information is based are reasonable. However, no assurance can be given that these assumptions and expectations will prove to be correct. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Without limiting the generality of the foregoing, readers are cautioned that the Company has not received a feasibility study prepared by a third party with respect to the Proteos Nitrogen project.
Actual results may vary from the forward-looking information presented in this press release, and such variations could be material. Risk factors and uncertainties could cause actual results to vary from the forward-looking information in this press release. Additional information on forward-looking statements and other factors that could affect Karnalyte's operations and financial results are included in documents on file with Canadian securities regulatory authorities and may be accessed through the Company's profile on the SEDAR+ website (www.sedarplus.ca).
These forward-looking statements are made as of the date hereof and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company assumes no obligation to update or revise them to reflect new events or circumstances.
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