Karnalyte Resources : Management’s Discussion and Analysis – March 31, 2026

About this update from Karnalyte Resources Inc.

For the three months ended March 31, 2026 KARNALYTE.COM TSX: KRN MANAGEMENT'S DISCUSSION AND ANALYSIS TABLE OF CONTENTS MANAGEMENT'S DISCUSSION AND ANALYSIS 3 OVERVIEW 3 General Overview 3 First Quarter Update 3 Asset Sales 4 Outlook for 2026 4 RESULTS OF OPERATIONS 4 General and Administrative Expenses 4 Other Costs Impacting Comprehensive Loss 5 SUMMARY OF QUARTERLY RESULTS 6 INVESTING 8 Exploration and Evaluation and Other Assets 8 Capital Assets 8 LIQUIDITY AND CAPITAL RESOURCES 9 CONTRACTUAL OBLIGATIONS 10 Related Party Transactions 10 Restrictions on Disposition of the Wynyard Project 10 CRITICAL ACCOUNTING ESTIMATES 11 Stage of Development 11 Exploration and Evaluation and Other Assets and Capital Assets 11 Decommissioning Provisions 12 Share-Based Payments 12 FINANCIAL RISK FACTORS 12 Credit Risk 12 Liquidity Risk and Going Concern 12 Market Risk 13 Interest Rate Risk 13 INTERNAL CONTROLS 13 Disclosure Controls and Procedures 13 Internal Controls over Financial Reporting (ICFR) 14 OFF BALANCE SHEET ARRANGEMENTS 14 OUTSTANDING SHARES 14 FORWARD-LOOKING INFORMATION 15 ‌MANAGEMENT'S DISCUSSION AND ANALYSIS This Management's Discussion and Analysis ("MD&A") is intended to provide a summary of the operational and financial results of Karnalyte Resources Inc. ("Karnalyte" or "the Company") for the three months ended March 31, 2026 and 2025. This MD&A should be read in conjunction with the condensed unaudited interim financial statements of the Company and the related notes thereto for the three months ended March 31, 2026 and 2025. This commentary is dated May 13, 2026. The financial statements have been prepared in accordance with International Accounting Standard 34, Interim Financial Statements and should be read in conjunction with the audited financial statements for the year ended December 31, 2025. These documents, the Annual Information Form dated March 31, 2026, and additional information about the Company are available on SEDAR+ at www.sedarplus.ca. Some of the statements made herein contain forward-looking information and accordingly please refer to the "Forward-Looking Information" section at the end of the MD&A. ‌OVERVIEW ‌GENERAL OVERVIEW Karnalyte was incorporated under the Business Corporations Act (Alberta) on November 16, 2007 and is a Saskatchewan-headquartered company focused on the development of potash and magnesium ope...

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