Karnalyte Resources announces 2Q19 results

Wynyard Potash

The company continues to monitor the potash price environment, which shows some positive signs for price improvement, as it continues the process to update initial capital costs and operating costs during the balance of 2019 in order to position the company to advance the development of Wynyard Potash project in Saskatchewan, Canada, when feasible.

Proteos Nitrogen

Progress on the development of the Proteos Nitrogen project in Saskatchewan continues at a steady pace as land assembly for the project site continues, to be followed by environmental baseline field work, technology provider selection and the preparation of an independent feasibility study to solidify the technical project and establish initial project economics. The company is continuing discussions with local agricultural industry partners regarding their potential participation in Proteos Nitrogen.

Appointment of independent director

D.C. Anjaria has been appointed as an independent director of Karnalyte effective as of 8 August 2019. Anjaria is an independent director of Gujarat State Fertilizers and Chemicals Limited and brings to Karnalyte a wealth of experience in international business, capital markets and financial risk management, having worked with Citibank in India, Africa, the Middle East and Europe. Anjaria has also been appointed to the Audit Committee and the Governance and Compensation Committee of Karnalyte. Frank D. Wheatley, CEO of Karnalyte, commented: “We welcome Mr. Anjaria to the Karnalyte Board and look forward to benefiting from his many years of international capital markets experience as Karnalyte pursues the development of both Wynyard Potash and Proteos Nitrogen.”

2Q19 results

At 30 June 2019, the company had cash of CAN$8.6 million, a positive working capital of CAN$8.7 million and no debt. The company has adequate cash to fund any existing commitments in 2019, as well as to meet short term operating and capital requirements. Karnalyte’s 2Q19 Financial Statements and Managements’ Discussion and Analysis are available at www.sedar.com and on Karnalyte’s website at www.karnalyte.com.

Outlook for 2019

During 3Q19, the company will continue its work to update initial capital and operating costs for Wynyard Potash. The company will also focus on land assembly for site acquisition, environmental baseline field work, technology provider selection, initial technical work and discussions with local agricultural industry partners regarding their potential participation in Proteos Nitrogen.

Read the article online at: https://www.worldfertilizer.com/nitrogen/13082019/karnalyte-resources-announces-2q19-results/