Illiquid SPECULATION
Karnalyte Resources (KRN.TO / KRLTF) was founded in 2007 and listed on the Toronto Stock Exchange in December 2010. The $65-million IPO raised $14 million more than expected.
KRLTF : Price = .15, market cap = 9.86M, enterprise value = 7.47M as of 03/11/24
Based on the 2016 National Instrument 43-101 Technical Report, their Wynyard Project is projected to mine 2.125 million tons of potash annually. Additionally, a nitrogen project exists. Approximately 700 metric tons of ammonia and 1,200 metric tons of urea per day can be produced. Nitrogen’s target customer is independent fertilizer wholesalers in Central Saskatchewan.
Further, Fortune India 500 Gujarat State Fertilizers & Chemicals (GSFC) is Karnalyte’s biggest shareholder. As of 2024, GFSC still supports Wynyard Potash and Proteus Nitrogen projects. Gujarat State Fertilizers & Chemicals has contractually guaranteed a long-term availability to purchase Karnalyte’s potash. Detailed engineering has been completed, and all environmental permits remain valid. Funding and market conditions determine Karnalyte’s progress.
Karnalyte Resources’ investment potential is impressive.
Karnalyte’s largest shareholder is Indian agribusiness giant Gujarat State Fertilizers & Chemicals (GSFC). A placement happened in January 2013 for 8.15 Canadian Dollars per share. Karnalyte’s current enterprise value is 5.74M, and its market cap is 7.51 M. This compares favorably to the 19.80% ownership or a 40 million GFSC 2013 investment. GFSC sits on the Karnalyte board and supports Wynyard Potash and Proteus Nitrogen.
This strategic move boosted Karnalyte’s capital by $3.862 million and solidified GSFC’s position as its largest shareholder and board member. The additional investment allowed GFSC to increase its influence within the company.
Potential valuation:
In June 2016, Karnalyte received an updated National Instrument 43-101 Technical Report for its Wynyard Potash Project. The report shows staggering assets.
Potash “NPV (8% ) $3.39 Billion for all 3 phases (after tax)” and Magnesium (NPV (10%) $512 Million (after tax)).
Click here to review the National Instrument 43-101 Technical Report. The 43-101 report details property data verification, metallurgical testing, mineral resource/reserve estimates, recovery methods, market studies/contracts, capital/operating costs, and economic analysis.
Karnalyte’s mineral assets have staggering potential. There is a possibility of $4 billion in potash and $1 billion in magnesium. “There’s enough potash there to sustain the world for I don’t know how many years,” said Dave Van Dam, a prominent Kenora businessman and Karnalyte shareholder. “It’s monstrous.”
Source: http://shadowstock.blogspot.com/2024/03/illiquid-speculation.html
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