BOARD APPOINTS PERMANENT CEO AND CFO /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./ SASKATOON, SK, Aug. 14, 2024 /CNW/ - Karnalyte Resources Inc. ("Karnalyte" or the "Company") (TSX:KRN) today announced its financial results and corporate highlights for the second quarter ended June 30, 2024. The Company also announced the appointment of Danielle Favreau as permanent Chief Executive Officer and Christie Gradin as permanent Chief Financial Officer of the Company. "We are very pleased to share the news of the permanent appointments of Ms. Favreau and Ms. Gradin," said Sanjeev Varma, Chair of the Board of Karnalyte. "Both Danielle and Christie have demonstrated exceptional and dedicated leadership in their roles as interim CEO and CFO. We look forward to their future success as our management team continues to advance the Company's Wynyard Project toward development." Danielle Favreau, Chief Executive Officer, said "I would like to thank the Board and our small but dedicated team for their confidence and trust in my leadership. I look forward to continuing our work together to achieve our long-term objectives of becoming a low-cost producer of premium granular potash." Q2 2024 HIGHLIGHTS The Company continued to make progress on its NI 43-101 compliant technical report, a key precursor to any mine construction. In the second quarter, this included work done by Karnalyte and its advisors to Identify cost efficiencies, Optimize construction and operation plans; and Enhance project sustainability. In the second quarter, Karnalyte made progress on the equipment cost savings initiative that the Company previously announced. Through this work, the Company anticipates potential cost savings from sourcing certain equipment from overseas. The Company will provide further details in the second half of the year. Our strategic partner, Gujarat State Fertilizers and Chemicals ("GSFC"), continues to support the project and Wood PLC continues to lead it. As previously announced, industry leading solution mining and engineering firm ERCOSPLAN ingenieurgesellschaft Geotechnik und Bergbau mbH ("ERCOSPLAN") is assisting with the technical report, including the update of the mineral resource estimation and the mine plan for brine field development as the basis for the mineral reserve estimate. The Company also continues to explore product diversification related to the development of the Magnesium operations given that this mineral is on the critical minerals list in Canada and worldwide. The Company's Proteos Nitrogen Project also remains under consideration as part of Karnalyte's future and may diversify our business by adding a second fertilizer product line. CORPORATE & GOVERNANCE MATTERS Election of a highly qualified director During the quarter and at its most recent annual meeting, Karnalyte shareholders elected Mr. Sanjeev Varma to the board as an independent director of the Company. Mr. Varma previously served as a director at Karnalyte from 2015 to 2020. Mr. Varma is currently serving as the Executive Director (Agri Business) at GSFC, where he has worked for over 34 years in various roles. Prior to his current role, he served in the finance department for more than 10 years heading project financing, budgeting, financial control and corporate debt restructuring. He also led the project development department for five years. Throughout his time at GSFC, he has led other core functions including engineering services, marketing and business development. He is a seasoned technological commercial senior executive of GSFC's petrochemical and fertilizer complex. In addition, he has served on the boards of many Indian companies and two foreign joint ventures for several years. Mr. Varma obtained his Bachelor of Engineering degree from Sardar Patel University, Gujarat, India in 1990 and joined GSFC as a Trainee Engineer. While serving at GSFC, he obtained his Master of Business Administration (Finance) in 2002 from MS University Baroda where he received recognition for academic achievement.  Ms. Danielle Favreau, the Company's Chief Executive Officer, commented, "We are pleased to welcome back Mr. Varma to the Karnalyte board and look forward to the ...