KARNALYTE RESOURCES INC. ANNOUNCES 2025 FIRST QUARTER RESULTS AND RESTATEMENT OF 2024 YEAR END FINANCIAL STATEMENTS AND MD&A
SASKATOON, SK, May 15, 2025 /CNW/ - Karnalyte Resources Inc. ("Karnalyte" or the "Company") (TSX: KRN) today announced its financial results and corporate highlights for the first quarter ended March 31, 2025. The Company also announced the filing of restated financial statements and restated management discussion and analysis for the year ended December 31, 2024 (the "Restatement").
Q1 2025 HIGHLIGHTS
During the quarter, Karnalyte continued to advance its NI 43-101 compliant technical report—a critical milestone toward demonstrating the value of the Company's assets and progressing toward mine development. While no major new developments occurred, work continued steadily with the review and refinement of key technical sections. The Company engaged qualified professionals to perform final reviews, ensuring the accuracy and robustness of the report.
Additionally, efforts were made to update key inputs such as price forecasts and market entry strategies, aligning the project with current market conditions and strategic priorities.
The report remains on track for completion in 2025, setting the stage for new corporate development opportunities. Karnalyte remains committed to the advancement of its potash project, driven by strong global demand and supported by a robust offtake agreement. Potash's role as a critical agricultural input continues to reinforce the Company's long-term strategy.
Review of Development Strategy
In 2024, Karnalyte announced a review of its development strategy to evaluate the economic potential of increasing magnesium chloride production at the Company's Wynyard Project by developing magnesium assets alongside the Potash Project. This work included an assessment of the potential for co-production of magnesium chloride and potassium chloride using advanced solution mining technologies.
Carnallite, also known as hydrated potassium magnesium chloride, is abundant within the Company's mineral deposit. As part of its review, the Company has been studying and evaluating the economic opportunity of developing carnallite for the co-production of magnesium chloride and potassium chloride. The aim is to significantly increase magnesium chloride production, compared to previous studies, through the use of advanced solution mining technologies.
Magnesium is listed as one of Canada's 34 critical minerals and is a key mineral in the clean technologies and advanced manufacturing value chains. Additionally, Magnesium chloride serves as a key raw material in the production of various chemicals, including magnesium metal, magnesium hydroxide, magnesium oxide, and magnesium carbonate. These chemicals are used in high-tech applications such as semiconductor manufacturing, lithium-ion battery production, and in industries including metallurgy, pharmaceuticals, agriculture and wastewater treatment, driving the demand for magnesium chloride.
The study has been progressing as scheduled and the Company anticipates the review to be completed in 2025.
Asset Sales
On March 13, 2025, Karnalyte listed three parcels of farmland for sale that are not core to the focus on advancing the Potash Project. In April 2025, the Company closed on the sale of these three parcels for net proceeds totally $1,409,000. The proceeds from the sale will be directed towards supporting the company's development activities, advancing its project plan and to fund working capital requirements.
OUTLOOK FOR 2025
In 2025, Karnalyte Resources Inc. plans to complete the update to its NI 43-101 technical report, optimize construction and operation plans, and enhance project sustainability. The Company also plans to complete the review of its development strategy. The Company will continue to optimize its asset portfolio, ensuring efficient resource allocation to support project development. Karnalyte is committed to delivering value to its stakeholders through strategic initiatives, disciplined financial management, and sustainable growth. Additionally, the Company will intensify its business development activities, seeking strategic partnerships and investment opportunities to advance its projects and move them forward to development.
2025 FIRST QUARTER RESULTS
At March 31, 2025, the Company had cash of $498,000 to settle trade and other payables of $1,060,000. Subsequent to the period end, three parcels of land were sold for net proceeds totaling $1,409,000. The Company has no debt. Karnalyte's First Quarter 2025 Financial Statements and Managements' Discussion and Analysis are available at www.sedarplus.com and on Karnalyte's website at www.karnalyte.com.
The following information has been summarised from the Company's Condensed Interim Unaudited Financial Statements.March 31, 2025
March 31, 2024(restated)Total revenue
-
-
Net and comprehensive loss
(564)
(522)Basic and diluted per share
(0.01)
(0.01)Total current assets
1,464
2,589Total assets
6,691
8,248Total liabilities
2,667
2,492Total shareholders' equity
4,024
5,756RESTATEMENT
The Company has restated its financial statements as at and for the year ended December 31, 2024 to increase the previously reported amount of decommissioning liability from $1,289,000 to $1,571,000, which then impacted other financial statement items. The provision discrepancy arose from a calculation error when determining the required adjustment to the decommissioning liability in each reporting period. In addition, the provision discrepancy also resulted in adjustments to the expected income tax amount and the change in unrecognized deferred tax assets. The Company has determined this error to be material to the previously issued financial statements and, as such, has restated its financial statements, as applicable. Since the material error also related to prior periods, IFRS requires the correction of the comparative information presented in the financial statements. As such, the comparative periods have also been restated. There is no impact on the previously reported total cash flows used in operating activities or the loss per share, basic and diluted for the years ended December 31, 2024 and 2023.
The Company does not expect any adverse affect on the Company's day to day operations as a result of the restatement.
The decommissioning liability reports the discounted amount of estimated costs required to settle the Company's obligations to dismantle, decommission and to complete activities to remediate site disturbance which are expected to be incurred in 2038. Provisions are made for the estimated cost of site restoration and capitalized in the relevant asset category. Decommissioning provisions are measured at the present value of management's best estimate of expenditure required to settle the present obligations at the reporting date. Subsequent to the initial measurement, the provisions are adjusted at the end of each period to reflect the passage of time and changes in the estimated future cash flows underlying the obligation. The increase in the provision due to the passage of time is recognized as finance costs whereas changes in the estimated future cash flows are either capitalized or recognized immediately in other income.
Karnalyte's restated December 31, 2024 Financial Statements and restated Management Discussion and Analysis are available at www.sedarplus.com
ABOUT KARNALYTE RESOURCES INC.
Karnalyte Resources Inc. is a development stage company focused on two fertilizer products, potash and nitrogen, to be produced and manufactured in Saskatchewan. Karnalyte owns the construction ready Wynyard Potash Project, with planned phase 1 production of 625,000 tonnes per year ("TPY") of high grade granular potash, and two subsequent phases of 750,000 TPY each, taking total production up to 2.125 million TPY. Karnalyte is also exploring the development of the Proteos Nitrogen Project, which is a proposed small-scale nitrogen fertilizer plant with a nameplate production capacity of approximately 700 metric tonnes per day ("MTPD") of ammonia and approximately 1,200 MTPD of urea, and a target customer market of independent fertilizer wholesalers in Central Saskatchewan.
ABOUT THE WYNYARD POTASH PROJECT
The Wynyard Potash Project is a construction ready solution mining potash project located in Wynyard, Saskatchewan, with planned phase 1 production of 625,000 TPY of high grade granular potash, and two subsequent phases of 750,000 TPY each, taking total production up to 2.125 million TPY. All environmental permits remain valid, preliminary detailed engineering is complete, and the existing offtake agreement with Gujarat State Fertilizers & Chemicals Limited remains in effect. Further development is dependent on the continued strength of potash prices and obtaining financing.
ABOUT GUJARAT STATE FERTILIZERS & CHEMICALS LIMITED
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 Vadodara, Gujarat State, India.
As the Company's strategic partner and single largest shareholder, GSFC remains committed to the Company and the Wynyard Potash Project, and is fully supportive of the Company pursuing the development of the Proteos Nitrogen Project. GSFC has also confirmed to the Company that it will continue to support the structuring of the most cost-effective financing package for the development of the Wynyard Potash Project, as GSFC has consistently offered to the Company since becoming a shareholder in 2013.
FORWARD-LOOKING STATEMENTS
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 Plus website (www.sedarplus.com).
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.
SOURCE Karnalyte Resources Inc.
View original content: http://www.newswire.ca/en/releases/archive/May2025/15/c8343.html
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Perseus's Mineral Resource Estimates The Perseus Group's total M&I Mineral Resources reported as at 30 June 2025 are estimated to be 185.9 Mt grading 1.30 g/t gold, containing 7.8 Moz of gold, compared with the estimate of 30 June 2024 of 115.9 Mt grading at 1.31 g/t Au for 4.9 Moz of gold. The Mineral Resource Statement accounts for mining depletion of in-situ Mineral Resources and is reported inclusive of Ore Reserves. Inferred Resources are 39.9 Mt grading at 1.5 g/t Au for 1.9 Moz of gold, compared with the estimate of 30 June 2024 of 24.1 Mt grading at 1.6 g/t Au for 1.3 Moz of gold. Tonnes are reported as dry metric tonnes. All tabulated tonnes, grade and metal have been rounded to reflect appropriate precision in the estimate and may cause some discrepancies in totals. 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The Ore Reserve is classified as Proved and Probable corresponding to the Mineral Resource classifications of M&I and considering other factors where relevant. The deposits' geological models are well constrained. The Ore Reserve classification is considered appropriate given the nature of the deposits, the moderate grade variability, drilling density, structural complexity, confidence in input parameters based on operational experience and mining history. It was therefore considered appropriate to use Measured Mineral Resources as a basis for Proved Ore Reserves and Indicated Mineral Resources as a basis for Probable Ore Reserves. No Inferred Mineral Resources were included in Ore Reserve estimate with the exception of 2.8 koz of incidental Inferred which is included in the CMA underground development and is not considered material to the Ore Reserve. Technical Disclosure: All Mineral Reserves and Mineral Resources other than the Foreign/Historical Estimates were calculated as of 30 June 2025 and have been calculated and prepared in accordance with the standards set out in the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves dated December 2012 (the 'JORC Code') and in accordance with National Instrument 43-101 of the Canadian Securities Administrators ('NI 43-101'). The JORC Code is the accepted reporting standard for the Australian Stock Exchange Limited ('ASX'). The definitions of Ore Reserves and Mineral Resources as set forth in the JORC Code (2012) have been reconciled to the definitions set forth in the CIM Definition Standards. If the Mineral Reserves and Mineral Resources were estimated in accordance with the definitions in the JORC Code, there would be no substantive difference in such Mineral Reserves and Mineral Resources. Competent Person Statement: The information in this report that relates to Mineral Resources is based on, and fairly represents, information and supporting documentation prepared by Daniel Saunders, a Competent Person who is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr Saunders is a full-time employee of Perseus Mining Limited. Mr Saunders has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'' and to qualify as a 'Qualified Person' under National Instrument 43-101 – Standards of Disclosure for Mineral Projects ('NI 43-101'). Mr Saunders consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. The information in this report that relates to Ore Reserves is based on information compiled by Mr Adrian Ralph, a Competent Person who is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr Ralph is a full-time employee of Perseus Mining Limited. Mr Ralph has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activities which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' and a Qualified Person as defined in NI 43-101. Mr Ralph consents to the inclusion in this report of the matters based on his information in the form and context in which it appears. The Company confirms that the material assumptions underpinning the estimates of Ore Reserves described in 'Technical Report — Edikan Gold Mine, Ghana' dated 6 April 2022, 'Technical Report — Yaouré Gold Project, Côte d'Ivoire' dated 18 December 2023, 'Technical Report — Sissingué Gold Project, Côte d'Ivoire' dated 29 May 2015, and 'Technical Report — Nyanzaga Gold Project, Tanzania' dated 10 June 2025 continue to information in this report that relates to the Mineral Resources and Probable Reserves of the Block 14 Project was first reported by the Company in a market announcement 'Perseus Enters into Agreement to Acquire Orca Gold Inc.' released on 28 February 2022. The Company confirms it is not in possession of any new information or data relating to those estimates that materially impacts of the reliability of the estimate of the Company's ability to verify the estimate as a Mineral Resource or Ore Reserve in accordance with Appendix 5A (JORC Code) and the information in that in that original market release continues to apply and have not materially changed. These estimates are prepared in accordance with Canadian National Instrument 43-101 standards and have not been reported in accordance with the JORC Code. A competent person has not done sufficient work to classify the resource in accordance with the JORC Code and it is uncertain that following evaluation and/or further exploration work that the estimate will be able to be reported as a Mineral Resource or Ore Reserve in accordance with the JORC Code. Mr Saunders and Mr Ralph have reviewed this press release and all technical information regarding Orca's NI 43-101 Foreign/historical estimate and this information is approved by Adrian Ralph and Daniel Saunders, each a Qualified Person for the purposes of NI 43-101. Caution Regarding Forward Looking Information: This report contains forward-looking information which is based on the assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Assumptions have been made by the Company regarding, among other things: the price of gold, continuing commercial production at the Yaouré Gold Mine, the Edikan Gold Mine and the Sissingué Gold Mine without any major disruption, development of a mine at Nyanzaga, the receipt of required governmental approvals, the accuracy of capital and operating cost estimates, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used by the Company. Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of gold, the actual results of current exploration, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents. Readers should not place undue reliance on forward-looking information. Perseus does not undertake to update any forward-looking information, except in accordance with applicable securities laws. ASX/TSX CODE: PRUCAPITAL STRUCTURE:Ordinary shares: 1,350,988,737Performance rights: 9,328,134REGISTERED OFFICE:Level 2437 Roberts RoadSubiaco WA 6008Telephone: +61 8 6144 DIRECTORS:Rick MenellNon-Executive ChairmanJeff QuartermaineManaging Director & CEO Amber BanfieldNon-Executive DirectorElissa CorneliusNon-Executive DirectorDan LougherNon-Executive DirectorJohn McGloinNon-Executive DirectorJames RutherfordNon-Executive Director CONTACTS:Jeff QuartermaineManaging Director & FormanInvestor Relations+61 484 036 RyanMedia+61 420 582 These estimates including the tables set out below have been prepared by Orca in accordance with Canadian National Instrument 43-101 standards and have not been reported in accordance with the JORC Code. A competent person has not done sufficient work to classify the resource in accordance with the JORC Code and it is uncertain that following evaluation and/or further exploration work that the estimate will be able to be reported as a mineral resource or ore reserve in accordance with the JORC Code. Orca Ore Reserve and Mineral Resource figures are stated on 100% basis. Attachment 20250821 TSX Annual Resources and Reserves Statement_finalError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
