/Not for distribution to
Karnalyte continues to work on the update to its NI 43-101 compliant technical report, a critical step towards capital investment in and eventual construction of the
The progress Karnalyte made during the quarter demonstrates the Company's commitment to developing its
For the balance of 2023, the Company plans
- to continue progress on the update to its NI 43-101 technical report;
- to continue to work on identifying cost efficiencies, optimizing construction costs and operation plans, as well as enhancing project sustainability; and
- to increase business development activities to seek out and attract investment and strategic partners to move one or both of the Company's projects forward to development.
At
The following information has been summarized from the Company's Condensed Interim Unaudited Financial Statements:
Total revenue | - | - |
Net and comprehensive loss | (229) | (432) |
Basic and diluted loss per share | (0.00) | (0.01) |
Total current assets | 2,904 | 4,628 |
Total assets | 8,568 | 10,306 |
Total liabilities | 1,679 | 1,976 |
Total shareholders' equity | 6,889 | 8,330 |
*Expressed in thousands except loss per share |
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.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
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