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Q1 2024 HIGHLIGHTS
The Company continued to make progress on its NI 43-101 compliant technical report, a key precursor to any mine construction. In the most recent quarter, this included work done by Karnalyte and its advisors to
- Identify cost efficiencies,
- Optimize construction and operation plans; and
- Enhance project sustainability.
In pursuit of cost savings, the Company began an analysis that includes a review of the costs of certain equipment from overseas. This initiative is being supported by our strategic partner, Gujarat State Fertilizers and Chemicals. This cost savings initiative is being led by
As previously announced, industry leading solution mining and engineering firm ERCOSPLAN ingenieurgesellschaft Geotechnik und Bergbau mbH ("ERCOSPLAN") is assisting with the technical report, including the update of the mineral resource estimation and the mine plan for brine field development as the basis for the mineral reserve estimate.
The Company is also exploring product diversification related to the development of the Magnesium operations given that this mineral is on the critical minerals list in
The
Business Development
During the first quarter, Karnalyte took part in business development activities including meeting with providers of funding to explore capital raising opportunities.
The Company also explored other potential cash-generating activities, such as asset sales and securing debt facilities.
In 2024, the Company's plans are as follows:
- Complete the update to its NI 43-101 technical report;
- Continue to work on identifying cost efficiencies, optimizing construction and operation plans, and enhancing project sustainability; and
- Increase business development activities to seek out and attract investment and strategic partners to move the Company's projects forward to development.
At
The following information has been summarised from the Company's Condensed Interim Unaudited Financial Statements.
Total revenue | - | - | |
Net and comprehensive loss | (488) | (386) | |
Basic and diluted per share | (0.01) | (0.01) | |
Total current assets | 2,589 | 4,069 | |
Total assets | 8,248 | 9,740 | |
Total liabilities | 2,239 | 2,246 | |
Total shareholders' equity | 6,009 | 7,494 |
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.sedar.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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