Latest news with #Karnalyte
Malaysian Reserve
6 days ago
- Business
- Malaysian Reserve
KARNALYTE RESOURCES INC. ANNOUNCES 2025 SECOND QUARTER RESULTS AND CORPORATE HIGHLIGHTS
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./ SASKATOON, SK, Aug. 13, 2025 /CNW/ – Karnalyte Resources Inc. ('Karnalyte' or the 'Company') (TSX: KRN) today announced its financial results and corporate highlights for the second quarter ended June 30, 2025. Q2 2025 HIGHLIGHTS During the quarter, Karnalyte continued to advance its NI 43-101 compliant technical report, which remains a key milestone in demonstrating the value of the Company's assets and advancing toward mine development. While there have been no material changes since the last update, steady progress has continued on the review and refinement of key technical sections. The Company remains actively engaged with its team of qualified professionals to finalize the report's technical inputs, ensuring accuracy and alignment with industry standards. The review team continues to validate and update core assumptions, including price forecasts and market entry strategies, to reflect current market conditions and strategic business objectives. The report remains on track for completion in 2025, positioning Karnalyte for future corporate development opportunities. The Company remains committed to advancing its potash project, underpinned by strong global demand and a robust offtake agreement. Potash's role as a vital agricultural input continues to reinforce the Company's long-term value proposition. REVIEW OF DEVELOPMENT STRATEGY Karnalyte's review of its development strategy, initiated in 2024, remains on schedule and is expected to conclude in 2025. This strategic review focuses on assessing the economic potential of expanding magnesium chloride production at the Wynyard Project by developing magnesium resources alongside the Potash Project. The Company is continuing its evaluation of the co-production of magnesium chloride and potassium chloride through advanced solution mining technologies. The underlying resource, carnallite (hydrated potassium magnesium chloride), is abundant within Karnalyte's mineral deposit. This ongoing analysis is aimed at unlocking additional value through the potential integration of magnesium chloride production into the existing project framework. Magnesium is recognized as one of Canada's 34 critical minerals and is an essential mineral in the clean technologies and advanced manufacturing value chains. ASSET SALES In April 2025, the Company closed on the sale of three parcels of farmland that are not core to the focus on advancing the Potash Project. These three parcels sold for net proceeds totaling $1,408,000. The proceeds from the sale will be directed towards supporting the company's development activities, advancing its project plans and to fund working capital requirements. CORPORATE & GOVERNANCE MATTERS Election of two highly qualified directors During the quarter, at its most recent annual meeting, Karnalyte shareholders elected Ms. Jennifer Haskey and Mr. Larry Long to the board as independent directors of the Company. Ms. Haskey brings over 20 years of domestic and international experience in the energy sector, spanning both technical and commercial roles. She has served in advisory capacities with Deloitte LLP and BMO Capital Markets, where she focused on mergers and acquisitions, corporate strategy, value creation, and financial advisory. Her investment and business development expertise includes portfolio management roles at Passport Capital LLC and St Peter Port Capital, as well as corporate development at Repsol Oil & Gas Canada (formerly Talisman Energy Inc.). Earlier in her career, Ms. Haskey worked as a Reservoir Evaluations Engineer at McDaniel & Associates Consultants, primarily evaluating assets in the Western Canadian Sedimentary Basin. Ms. Haskey holds a Bachelor of Science in Mechanical Engineering from the University of Saskatchewan and currently serves on the Board of Kelt Exploration Ltd. (TSX:KEL). Larry Long is retired following a distinguished career in the mining industry, most recently serving as Senior Vice President of Operations, Potash, at Nutrien—the world's largest provider of crop inputs and services. With over 35 years of industry experience, Mr. Long began his career in 1988 as a field geologist with Noranda in Bathurst, New Brunswick. Mr. Long held several key leadership roles, including Chief Geologist and Production Coordinator for Breakwater Resources in Nunavut and Superintendent of Open Pit Operations at BHP Billiton's Ekati Diamond Mine in the Northwest Territories. He later joined Nutrien (formerly PotashCorp), where he served as General Manager of both the Rocanville and Allan potash mines in Saskatchewan before rising to his senior executive position. In addition to his professional experience, Mr. Long currently serves on the board of the St. Paul's Hospital Foundation and on the campaign cabinet for Saskatchewan Polytechnic's Time to Rise campaign. He previously served as a board member and Chair of the Board for the Saskatchewan Mining Association. Ms. Danielle Favreau, the Company's Chief Executive Officer, commented, 'We are pleased to welcome Ms. Haskey and Mr. Long to the Karnalyte board and look forward to benefiting from their many years of experience in finance, engineering, geology and leadership – particularly in the investment banking and potash industries as we continue to pursue the development of the Wynyard Project.' At the Company's annual general meeting, incumbent directors Ritu Malhotra and Derek Hoffman concluded their terms on the board and did not seek re-election. Ms. Malhotra, who joined the board in 2023 and brought significant experience in engineering and leadership as the President and CEO of March Consulting Associates. Ms. Favreau expressed appreciation, stating: 'Ms. Malhotra has been a very valuable member of the Board of Directors and Karnalyte wishes to express its sincere thanks for her significant contributions.' Mr. Hoffman, who joined the board in 2021, contributed deep expertise in the legal and mining sectors, having served as a Partner and leader of the mining group at Miller Thompson LLP, as well as in-house counsel for the global mining company BHP. Ms. Favreau commented 'Karnalyte sincerely thanks Mr. Hoffman for his dedicated service and the meaningful impact he has made as a member of the Board of Directors.' With the election of Ms. Haskey and Mr. Long and the concurrent retirement of incumbent directors Ms. Malhotra and Mr. Hoffman, the board continues to consist of five directors, all of whom are independent for the purpose of National Instrument 58-101 Disclosure of Corporate Governance Practices. OUTLOOK FOR 2025 In 2025, Karnalyte Resources Inc. plans to: complete the update to its NI 43-101 technical report; complete the review of its development strategy; and optimize construction and operation plans and enhance project sustainability. The Company will continue to optimize its asset portfolio, ensuring efficient resource allocation to support project development. 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. Karnalyte is committed to delivering value to its stakeholders through strategic initiatives, disciplined financial management, and sustainable growth. 2025 SECOND QUARTER RESULTS At June 30, 2025, the Company had cash of $0.9 million and positive working capital of $0.9 million. The Company has no debt. Karnalyte's Second Quarter 2025 Financial Statements and Managements' Discussion and Analysis are available at and on Karnalyte's website at The following information has been summarised from the Company's Condensed Interim Unaudited Financial Statements. June 30, 2025 June 30, 2024 Total revenue – – Net and comprehensive loss 511 (510) Basic and diluted per share 0.01 (0.01) Total current assets 1,562 1,739 Total assets 6,786 7,395 Total liabilities 2,247 2,142 Total shareholders' equity 4,539 5,253 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 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 development stage 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. GSFC is the Company's strategic partner and single largest shareholder. 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 ( 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.
Cision Canada
6 days ago
- Business
- Cision Canada
KARNALYTE RESOURCES INC. ANNOUNCES 2025 SECOND QUARTER RESULTS AND CORPORATE HIGHLIGHTS
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./ SASKATOON, SK, /CNW/ - Karnalyte Resources Inc. (" Karnalyte" or the " Company") (TSX: KRN) today announced its financial results and corporate highlights for the second quarter ended June 30, 2025. Q2 2025 HIGHLIGHTS During the quarter, Karnalyte continued to advance its NI 43-101 compliant technical report, which remains a key milestone in demonstrating the value of the Company's assets and advancing toward mine development. While there have been no material changes since the last update, steady progress has continued on the review and refinement of key technical sections. The Company remains actively engaged with its team of qualified professionals to finalize the report's technical inputs, ensuring accuracy and alignment with industry standards. The review team continues to validate and update core assumptions, including price forecasts and market entry strategies, to reflect current market conditions and strategic business objectives. The report remains on track for completion in 2025, positioning Karnalyte for future corporate development opportunities. The Company remains committed to advancing its potash project, underpinned by strong global demand and a robust offtake agreement. Potash's role as a vital agricultural input continues to reinforce the Company's long-term value proposition. Karnalyte's review of its development strategy, initiated in 2024, remains on schedule and is expected to conclude in 2025. This strategic review focuses on assessing the economic potential of expanding magnesium chloride production at the Wynyard Project by developing magnesium resources alongside the Potash Project. The Company is continuing its evaluation of the co-production of magnesium chloride and potassium chloride through advanced solution mining technologies. The underlying resource, carnallite (hydrated potassium magnesium chloride), is abundant within Karnalyte's mineral deposit. This ongoing analysis is aimed at unlocking additional value through the potential integration of magnesium chloride production into the existing project framework. Magnesium is recognized as one of Canada's 34 critical minerals and is an essential mineral in the clean technologies and advanced manufacturing value chains. ASSET SALES In April 2025, the Company closed on the sale of three parcels of farmland that are not core to the focus on advancing the Potash Project. These three parcels sold for net proceeds totaling $1,408,000. The proceeds from the sale will be directed towards supporting the company's development activities, advancing its project plans and to fund working capital requirements. CORPORATE & GOVERNANCE MATTERS Election of two highly qualified directors During the quarter, at its most recent annual meeting, Karnalyte shareholders elected Ms. Jennifer Haskey and Mr. Larry Long to the board as independent directors of the Company. Ms. Haskey brings over 20 years of domestic and international experience in the energy sector, spanning both technical and commercial roles. She has served in advisory capacities with Deloitte LLP and BMO Capital Markets, where she focused on mergers and acquisitions, corporate strategy, value creation, and financial advisory. Her investment and business development expertise includes portfolio management roles at Passport Capital LLC and St Peter Port Capital, as well as corporate development at Repsol Oil & Gas Canada (formerly Talisman Energy Inc.). Earlier in her career, Ms. Haskey worked as a Reservoir Evaluations Engineer at McDaniel & Associates Consultants, primarily evaluating assets in the Western Canadian Sedimentary Basin. Ms. Haskey holds a Bachelor of Science in Mechanical Engineering from the University of Saskatchewan and currently serves on the Board of Kelt Exploration Ltd. (TSX: KEL). Larry Long is retired following a distinguished career in the mining industry, most recently serving as Senior Vice President of Operations, Potash, at Nutrien—the world's largest provider of crop inputs and services. With over 35 years of industry experience, Mr. Long began his career in 1988 as a field geologist with Noranda in Bathurst, New Brunswick. Mr. Long held several key leadership roles, including Chief Geologist and Production Coordinator for Breakwater Resources in Nunavut and Superintendent of Open Pit Operations at BHP Billiton's Ekati Diamond Mine in the Northwest Territories. He later joined Nutrien (formerly PotashCorp), where he served as General Manager of both the Rocanville and Allan potash mines in Saskatchewan before rising to his senior executive position. In addition to his professional experience, Mr. Long currently serves on the board of the St. Paul's Hospital Foundation and on the campaign cabinet for Saskatchewan Polytechnic's Time to Rise campaign. He previously served as a board member and Chair of the Board for the Saskatchewan Mining Association. Ms. Danielle Favreau, the Company's Chief Executive Officer, commented, "We are pleased to welcome Ms. Haskey and Mr. Long to the Karnalyte board and look forward to benefiting from their many years of experience in finance, engineering, geology and leadership - particularly in the investment banking and potash industries as we continue to pursue the development of the Wynyard Project." At the Company's annual general meeting, incumbent directors Ritu Malhotra and Derek Hoffman concluded their terms on the board and did not seek re-election. Ms. Malhotra, who joined the board in 2023 and brought significant experience in engineering and leadership as the President and CEO of March Consulting Associates. Ms. Favreau expressed appreciation, stating: "Ms. Malhotra has been a very valuable member of the Board of Directors and Karnalyte wishes to express its sincere thanks for her significant contributions." Mr. Hoffman, who joined the board in 2021, contributed deep expertise in the legal and mining sectors, having served as a Partner and leader of the mining group at Miller Thompson LLP, as well as in-house counsel for the global mining company BHP. Ms. Favreau commented "Karnalyte sincerely thanks Mr. Hoffman for his dedicated service and the meaningful impact he has made as a member of the Board of Directors." With the election of Ms. Haskey and Mr. Long and the concurrent retirement of incumbent directors Ms. Malhotra and Mr. Hoffman, the board continues to consist of five directors, all of whom are independent for the purpose of National Instrument 58-101 Disclosure of Corporate Governance Practices. OUTLOOK FOR 2025 In 2025, Karnalyte Resources Inc. plans to: complete the update to its NI 43-101 technical report; complete the review of its development strategy; and optimize construction and operation plans and enhance project sustainability. The Company will continue to optimize its asset portfolio, ensuring efficient resource allocation to support project development. 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. Karnalyte is committed to delivering value to its stakeholders through strategic initiatives, disciplined financial management, and sustainable growth. 2025 SECOND QUARTER RESULTS At June 30, 2025, the Company had cash of $0.9 million and positive working capital of $0.9 million. The Company has no debt. Karnalyte's Second Quarter 2025 Financial Statements and Managements' Discussion and Analysis are available at and on Karnalyte's website at The following information has been summarised from the Company's Condensed Interim Unaudited Financial Statements. 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 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 development stage 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. GSFC is the Company's strategic partner and single largest shareholder. 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 ( 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.
Cision Canada
30-06-2025
- Business
- Cision Canada
KARNALYTE RESOURCES INC. ANNOUNCES ANNUAL AND SPECIAL MEETING VOTING RESULTS
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./ SASKATOON, SK, June 30, 2025 /CNW/ - Karnalyte Resources Inc. (" Karnalyte" or the " Company") (TSX: KRN) announced today that all nominee directors listed in the management information circular dated May 26, 2025, were elected as directors of the Company at the annual and special meeting of the Company's shareholders held on June 30, 2025 (the " Meeting") in Saskatoon, Saskatchewan. At the meeting, 28,370,934 shares were voted, representing 53.24% of the Company's issued and outstanding common shares. The voting results for all matters brought forth at the Meeting are set out below. ELECTION OF DIRECTORS APPOINTMENT OF AUDITORS APPROVAL OF UNALLOCATED STOCK OPTION PLAN NUMBER OF SHARES VOTED IN FAVOR % IN FAVOR NUMBER OF SHARES VOTED AGAINST % AGAINST Unallocated Options 26,248,085 93.58 1,800,731 6.42 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.
Cision Canada
15-05-2025
- Business
- Cision Canada
KARNALYTE RESOURCES INC. ANNOUNCES 2025 FIRST QUARTER RESULTS AND RESTATEMENT OF 2024 YEAR END FINANCIAL STATEMENTS AND MD&A
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./ 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. 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 and on Karnalyte's website at The following information has been summarised from the Company's Condensed Interim Unaudited Financial Statements. 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 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 ( 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.
Yahoo
15-05-2025
- Business
- Yahoo
KARNALYTE RESOURCES INC. ANNOUNCES 2025 FIRST QUARTER RESULTS AND RESTATEMENT OF 2024 YEAR END FINANCIAL STATEMENTS AND MD&A
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./ 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 and on Karnalyte's website at The following information has been summarised from the Company's Condensed Interim Unaudited Financial 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 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 ( 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:
