Karnalyte Resources : Condensed Interim Unaudited Financial Statements of Karnalyte Resources Inc. Three Months Ended March 31, 2023 and 2022
May 11, 2023 at 05:52 pm EDT
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Condensed Interim Unaudited Financial Statements of
KARNALYTE RESOURCES INC.
Three months ended March 31, 2023 and 2022
KARNALYTE RESOURCES INC.
Condensed Interim Statements of Financial Position (unaudited) (CAD $ thousands)
March 31,
December 31,
2023
2022
ASSETS
Current assets
Cash and cash equivalents
$
3,495
$
3,681
Trade and other receivables
68
162
Prepaids
506
366
4,069
4,209
Restricted cash
375
375
Capital assets (note 4)
247
250
Exploration and evaluation and other assets (note 5)
5,049
5,049
ASSETS
$
9,740
$
9,883
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Trade and other payables
$
912
$
628
Decommissioning liability (note 6)
1,334
1,378
Total liabilities
2,246
2,006
Shareholders' equity
Share capital (note 7)
135,962
135,962
Contributed surplus
9,717
9,714
Deficit
(138,185)
(137,799)
Total shareholders' equity
7,494
7,877
LIABILITIES AND SHAREHOLDERS' EQUITY
$
9,740
$
9,883
Basis of presentation (note 2), Contingent liabilities (note 10)
See accompanying notes to the financial statements.
Approved on behalf of the Board on May 11, 2023
"signed"
"signed"
Vishvesh Nanavaty, Director
Gerald Scherman, Director
1
KARNALYTE RESOURCES INC.
Condensed Interim Statements of Loss and Comprehensive Loss (unaudited)
For the three months ended March 31, 2023 and 2022 (CAD $ thousands)
2023
2022
Expenses
General and administrative
$
341
$
376
Depreciation (note 4)
3
3
Share-based compensation (note 7(c))
3
14
Impairment (note 5)
134
239
Other income
(66)
(217)
415
415
Finance income
(41)
(3)
Finance expense
12
7
Net finance (income) expense
(29)
4
Loss and Comprehensive loss
$
(386)
$
(419)
Loss per share (note 7(b)) Basic and diluted
$
(0.01)
$
(0.01)
See accompanying notes to the financial statements.
2
KARNALYTE RESOURCES INC.
Condensed Interim Statements of Cash Flows (unaudited)
For the three months ended March 31, 2023 and 2022 (CAD $ thousands)
2023
2022
Cash Flows (used in) from Operating Activities
Net loss for the period
$
(386)
$
(419)
Add (deduct)
Depreciation (note 4)
3
3
Share-based compensation (note 7(c))
3
14
Impairment (note 5)
134
239
Other income
(63)
(209)
Net finance (income) expense
(29)
4
Interest income received
46
3
Changes in non-cash working capital (note 8)
238
(62)
(54)
(427)
Cash Flows used in Investing Activities
Additions to exploration and evaluation and other assets (note 5)
(134)
(239)
Effect of foreign exchange on cash
2
-
Change in cash and cash equivalents
(186)
(666)
Cash and cash equivalents, beginning of period
3,681
1,799
Cash and cash equivalents, end of period
$
3,495
$
1,133
Cash and cash equivalents are comprised of:
Cash
3,426
1,072
Cash equivalents
69
61
Cash and cash equivalents, end of period
$
3,495
$
1,133
See accompanying notes to the financial statements.
3
KARNALYTE RESOURCES INC.
Condensed Interim Statements of Changes in Equity (unaudited)
For the three months ended March 31, 2023 and 2022 (CAD $ thousands)
2023
2022
Number
Amount
Number
Amount
Share Capital
53,283
$
135,962
42,174
$
132,149
Contributed Surplus
Balance, beginning of period
9,714
9,685
Share-based compensation (note 7(c))
3
14
Balance, end of period
9,717
9,699
Deficit
Balance, beginning of period
(137,799)
(136,071)
Net loss for the period
(386)
(419)
Balance, end of period
(138,185)
(136,490)
Balance, end of period
$
7,494
$
5,358
See accompanying notes to the financial statements.
4
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Karnalyte Resources Inc. published this content on 11 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 May 2023 21:49:41 UTC.
Karnalyte Resources Inc. is a Canada-based development stage company. The Company is engaged in the exploration and development of its property and possible construction of a production facility and development of a potash mine. The property is situated in Saskatchewan, south of Wynyard and contains a dominant zone of potash and magnesium minerals. Its Wynyard Potash Project is a Carnallite/Sylvinite solution mining project in central Saskatchewan. It has a 100% interest in KLSA 010, KL 247A, and KL 246 mineral leases comprising approximately 367 square kilometers (km2) (90,766 acres) of mineral rights. It also owns around 4,100 acres of surface land. The project is located approximately 190 km east of Saskatoon, SK, or 176 km north of Regina, SK. It is also exploring the development of the Proteos Nitrogen Project. The Proteos Nitrogen Project is an advanced stage development project consisting of a proposed small-scale nitrogen fertilizer plant to be located in Central Saskatchewan.
KARNALYTE RESOURCES INC. 
