Karnalyte Resources : Condensed Interim Unaudited Financial Statements of Karnalyte Resources Inc. Three Months Ended March 31, 2026

About this update from Karnalyte Resources Inc.

Condensed Interim Unaudited Financial Statements of KARNALYTE RESOURCES INC. Three months ended March 31, 2026 and 2025 Condensed Interim Statements of Financial Position (unaudited) (CAD $ thousands) As at March 31, 2026 December 31, 2025 ASSETS Current assets Cash and cash equivalents $ 96 $ 351 Trade and other receivables 75 64 Prepaids 475 286 646 701 Restricted cash 375 375 Capital assets (note 4) 210 213 Exploration and evaluation and other assets (note 5) 4,629 4,629 ASSETS $ 5,860 $ 5,918 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Trade and other payables $ 1,054 $ 551 Other payables 154 185 Decommissioning liability (note 6) 1,584 1,557 Total liabilities 2,792 2,293 Shareholders' equity Share capital (note 7) 135,962 135,962 Contributed surplus 9,825 9,817 Deficit (142,719) (142,154) Total shareholders' equity 3,068 3,625 LIABILITIES AND SHAREHOLDERS' EQUITY $ 5,860 $ 5,918 Basis of presentation (note 2) See accompanying notes to the financial statements. Approved on behalf of the Board of Directors on May 13, 2026 "signed" "signed" Dilip Pathakjee, Director Divyabhash Anjaria, Director KARNALYTE RESOURCES INC. Condensed Interim Statements of Loss and Comprehensive Loss (unaudited) For the three months ended March 31, 2026 and 2025 (CAD $ thousands) 2026 2025 Expenses General and administrative $ 408 $ 304 Depreciation (note 4) 3 3 Share-based compensation (note 7(c)) 8 5 Impairment (notes 4 and 5) 138 245 557 557 Finance income (6) (6) Finance expense 14 13 Net finance expense 8 7 Loss and Comprehensive loss $ (565) $ (564) Basic and diluted loss per share (note 7(b)) $ (0.01) $ (0.01) See accompanying notes to the financial statements. Condensed Interim Statements of Cash Flows (unaudited) For the three months ended March 31, 2026 and 2025 (CAD $ thousands) 2026 2025 Cash Flows (used in) from Operating Activities Net loss for the period $ (565) $ (564) Add (deduct) Depreciation (note 4) 3 3 Share-based compensation (note 7(c)) 8 5 Impairment (notes 4 and 5) 138 245 Net finance expense 8 7 Interest income received 4 5 Changes in non-cash working capital (note 8) 306 149 Other payables (31) - (129) (150) Cash Flows used in Investing Activities Additions to exploration and evaluation and other assets (note 5) (126) (222) Change in cash and cash equivalents (255) (372) Cash and cash equivalents, beginning of period 351 870 Cash and ca...

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