11:59 AM EDT, 05/16/2025 (MT Newswires) -- (Corrects to second paragraph to show a loss of $564,00 in the quarter, not $564 million.)

Karnalyte Resources ( KRLTF ) late on Thursday reported that its first-quarter loss held relatively steady and that it restated its full-year 2024 financial statements.

For the quarter, the net and comprehensive loss increased to $564,000, or $0.01 per share, compared with $522,000, or $0.01, in the year-prior quarter.

The company restated its 2024 financial statements to increase the decommissioning liability amount from $1.3 million to $1.6 million. The decommissioning liability reports the discounted amount of estimated costs required to settle Karnalyte's obligations to dismantle, decommission and complete activities to remediate site disturbance, which are expected to be incurred in 2038.

The company does not expect any adverse effect on day-to-day operations as a result of the restatement.

Karnalyte shares were last seen up $0.015 to $0.16 on the Toronto Stock Exchange.

Price: 0.16, Change: +0.02, Percent Change: +10.34