PR Newswire
TR-1: Standard form for notification of major holdings
NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible) i
1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached ii:
Karelian Diamond Resources plc
1b. Please indicate if the issuer is a non-UK issuer (please mark with an “X” if appropriate)
Non-UK issuer
2. Reason for the notification (please mark the appropriate box or boxes with an “X”)
An acquisition or disposal of voting rights
X
An acquisition or disposal of financial instruments
An event changing the breakdown of voting rights
Other (please specify) iii:
3. Details of person subject to the notification obligation iv
Name
Adrian Milligan
City and country of registered office (if applicable)
UK
4. Full name of shareholder(s) (if different from 3.) v
Name
City and country of registered office (if applicable)
5. Date on which the threshold was crossed or reached vi:
26/03/2025
6. Date on which issuer notified (DD/MM/YYYY):
27/03/2025
7. Total positions of person(s) subject to the notification obligation
% of voting rights attached to shares (total of 8. A)
% of voting rights through financial instruments (total of 8.B 1 + 8.B 2)
Total of both in % (8.A + 8.B)
Total number of voting rights held in issuer (8.A + 8.B) vii
Resulting situation on the date on which threshold was crossed or reached
4.07%
4.07%
7,000,000
Position of previous notification (if
applicable)
3.87%
3.87%
8. Notified details of the resulting situation on the date on which the threshold was crossed or reached viii
A: Voting rights attached to shares
Class/type of shares
ISIN code (if possible)
Number of voting rights ix
% of voting rights
Direct
(DTR5.1)
Indirect
(DTR5.2.1)
Direct
(DTR5.1)
Indirect
(DTR5.2.1)
7,000,000
4.07%
SUBTOTAL 8. A
7,000,000
4.07%
B 1: Financial Instruments according to DTR5.3.1R (1) (a)
Type of financial instrument
Expiration date x
Exercise/ Conversion Period xi
Number of voting rights that may be acquired if the instrument is
exercised/converted.
% of voting rights
SUBTOTAL 8. B 1
B 2: Financial Instruments with similar economic effect according to DTR5.3.1R (1) (b)
Type of financial instrument
Expiration date x
Exercise/ Conversion Period xi
Physical or cash
Settlement xii
Number of voting rights
% of voting rights
SUBTOTAL 8.B.2
9. Information in relation to the person subject to the notification obligation (please mark the
applicable box with an “X”)
Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer xiii
X
Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entity (please add additional rows as necessary) xiv
Name xv
% of voting rights if it equals or is higher than the notifiable threshold
% of voting rights through financial instruments if it equals or is higher than the notifiable threshold
Total of both if it equals or is higher than the notifiable threshold
TR-1: Standard form for notification of major holdings
NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible) i
1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached ii:
Karelian Diamond Resources plc
1b. Please indicate if the issuer is a non-UK issuer (please mark with an “X” if appropriate)
Non-UK issuer
2. Reason for the notification (please mark the appropriate box or boxes with an “X”)
An acquisition or disposal of voting rights
X
An acquisition or disposal of financial instruments
An event changing the breakdown of voting rights
Other (please specify) iii:
3. Details of person subject to the notification obligation iv
Name
Adrian Milligan
City and country of registered office (if applicable)
4. Full name of shareholder(s) (if different from 3.) v
Name
City and country of registered office (if applicable)
5. Date on which the threshold was crossed or reached vi:
20/03/2025
6. Date on which issuer notified (DD/MM/YYYY):
20/03/2025
7. Total positions of person(s) subject to the notification obligation
% of voting rights attached to shares (total of 8. A)
% of voting rights through financial instruments (total of 8.B 1 + 8.B 2)
Total of both in % (8.A + 8.B)
Total number of voting rights held in issuer (8.A + 8.B) vii
Resulting situation on the date on which threshold was crossed or reached
3.87%
3.87%
6,654,518
Position of previous notification (if
applicable)
N/A
8. Notified details of the resulting situation on the date on which the threshold was crossed or reached viii
A: Voting rights attached to shares
Class/type of shares
ISIN code (if possible)
Number of voting rights ix
% of voting rights
Direct
(DTR5.1)
Indirect
(DTR5.2.1)
Direct
(DTR5.1)
Indirect
(DTR5.2.1)
6,654,518
3.87%
SUBTOTAL 8. A
6,654,518
3.87%
B 1: Financial Instruments according to DTR5.3.1R (1) (a)
Type of financial instrument
Expiration date x
Exercise/ Conversion Period xi
Number of voting rights that may be acquired if the instrument is
exercised/converted.
% of voting rights
SUBTOTAL 8. B 1
B 2: Financial Instruments with similar economic effect according to DTR5.3.1R (1) (b)
Type of financial instrument
Expiration date x
Exercise/ Conversion Period xi
Physical or cash
Settlement xii
Number of voting rights
% of voting rights
SUBTOTAL 8.B.2
9. Information in relation to the person subject to the notification obligation (please mark the
applicable box with an “X”)
Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer xiii
X
Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entity (please add additional rows as necessary) xiv
Name xv
% of voting rights if it equals or is higher than the notifiable threshold
% of voting rights through financial instruments if it equals or is higher than the notifiable threshold
Total of both if it equals or is higher than the notifiable threshold
28 February 2025
Karelian Diamond Resources plc
("Karelian" or the "Company")
Total Voting Rights
Karelian Diamonds (AIM: KDR) announces that the Company's issued share capital as at the date of this announcement comprises of 171,769,411 ordinary shares of €0.00025 each ("Ordinary Shares") with one voting right per share. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of Ordinary Shares and voting rights in the Company is 171,769,411.
The above figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.
Further information:
Karelian Diamond Resources plcBrendan McMorrow, Chairman
Maureen Jones Managing Director +353-1-479-6180 Allenby Capital Limited (Nomad) Nick Athanas / Nick Harriss +44-20-3328-5656 Peterhouse Capital Limited (Joint Broker) Lucy Williams / Duncan Vasey
CMC Markets (Joint Broker)
Douglas Crippen
+44-20-7469-0930
+ 44-20-3003-8632
Lothbury Financial Services Michael Padley +44-20-3290-0707 Hall Communications Don Hall +353-1-660-9377
http://www.kareliandiamondresources.com
28 February 2025
Karelian Diamond Resources plc
(“Karelian” or “the Company”)
Half-yearly results for the six months ended 30 November 2024
Karelian Diamond Resources plc (AIM: KDR), the diamond exploration and natural resources company focused on Finland and Ireland, today announces its unaudited results for the six months ended 30 November 2024. Details of these can be found below and a full copy of the interim results statement can be viewed on the Company’s website (www.kareliandiamondresources.com). Further operational progress was made by Karelian during the period, while the final approval for the proposed diamond mine remains awaited.
Highlights of the half-year period included:
Lahtojoki diamond mine boundaries were finalised with no change to the existing boundaries. Landowner compensation agreed and paid. Final approval on the three outstanding items is expected in H2 2025.
Exploration programme in the Kuhmo region of Finland continues with a follow-up detailed electromagnetic survey conducted over the target area which has identified two diatreme-shaped anomalies that could represent the kimberlitic source of the green diamond. New licence areas and extensions of existing ones have been granted over, and adjacent to, the target areas in Finland. In Northern Ireland expert assessment on the nickel, copper and platinum anomalies have proven very encouraging as being capable of hosting significant economic deposits and as a result further work is being carried out.
Brendan McMorrow, Chairman of Karelian Diamonds, said:
“The Company has made further progress in the period, especially with regards to the granting of the mining permit at the Lahtojoki diamond deposit. We have also made progress towards determining the source of the green diamond the Company discovered in the Kuhmo region in Finland and the Board is very excited regarding the potential for metal ores in Northern Ireland.”
Further Information:
Karelian Diamond Resources PLC
Brendan McMorrow, Chairman
Maureen Jones Managing Director
+353-1-479-6180
Allenby Capital Limited (Nomad)
Nick Athanas / Nick Harriss
+44-20-3328-5656
Peterhouse Capital Limited (Joint Broker)
Lucy Williams / Duncan Vasey
+44-20-7469-0930
CMC Markets (Joint Broker)
Douglas Crippen
+44-20-3003-8632
Lothbury Financial Services
Michael Padley
+44-20-3290-0707
Hall Communications
Don Hall
+353-1-660-9377
http://www.kareliandiamondresources.com
Chairman’s statement
Dear Shareholder,
I have great pleasure in presenting the Company’s Half-Yearly Report and condensed Financial Statements for the period ended 30 November 2024.
The Lahtojoki Diamond Deposit
The mine boundaries for the Lahtojoki diamond deposit were finalised in the period. A hearing of the Finnish Land Court resulted in no change to the existing boundaries. This decision was an essential and long-awaited step as the Company proceeds with its plans for the proposed development of the Lahtojoki diamond deposit.
Additionally, the appeals by two landowners regarding the terms were rejected by the Land Court, except for three minor items. The Company has been informed that these will be determined in the next quarter.
Diamond Exploration Programme in Finland
The Company’s exploration programme in the Kuhmo region of Finland continues to be encouraging up-ice of the Company’s discovery of a green diamond. Basal till sampling suggests that two of the sample locations may be close to the source of the green diamond.
A follow-up semi-airborne unmanned aerial vehicle (“UAV”) based detailed electromagnetic (“EM”) survey has been conducted over the target area. A UAV-based EM survey is a geophysical method used to map the electrical conductivity of the subsurface.
As announced on 24 January 2025, the geophysical interpretation of the electromagnetic data has identified two diatreme-shaped anomalies that could represent the kimberlitic source of the green diamond (and the indicator mineral fan). The anomalies are up-ice of the two highly anomalous basal till sample locations documented in the pitting programme carried out in 2023 (announced by the Company on 19 December 2023) and the green diamond previously discovered in till by the Company (as announced by the Company on 31 January 2017).
Several new licences and licence extensions have been obtained in the area.
As announced on 7 February 2025, the Company has applied for, and been granted, a new reservation, Kuumu 1, at Lentiira in northern Kuhmo, 30 kilometres to the north of the Company´s green diamond discovery (announced by Karelian on 31 January 2017). The reservation provides a one-year privilege to apply for an exploration permit in the area. The Lentiira area is considered highly prospective by the Company.
In addition the exploration permit, Seitaperä, covering the Seitaperä diamondiferous kimberlite (orangeite) in Kuhmo, circa 6 kilometres to the southwest of the exploration permit Kuhmo 1, has been extended for a further 3 year period by TUKES in March 2024 and as announced by the Company on 25 January 2024, extensions for the exploration permits, Riihivaara 26, Riihivaara 24, 24A and 24B in Kuhmo, were granted by TUKES for further 3 years from January 2024. The Riihivaara 26 exploration permit covers Karelian Diamond´s kimberlite (olivine lamproite) discovery at Riihivaara, circa 10 kilometres to the south of the exploration permit Kuhmo 1.
The various licence areas in Kuhmo interlink and cover an area that the Company believes has the potential to become a significant diamond province on the Finnish side of the Karelian Craton.
New exploration permits at Liperi, in the Joensuu region of Eastern Finland, and Salla, in Lapland of Finland, have also been recently granted to the Company.
However, the main focus is on the development of a diamond mine at Lahtojoki which will bring significant benefits to the Company and its shareholders in the near to medium term.
Northern Ireland Nickel, Copper and Platinum Group Metals Projects
An assessment prepared by independent geological consultant, Dr Larry Hulbert, announced on 24 June 2024, confirms the potential for Nickel, Copper, and Platinum-Group Elements (“PGE”), in the Company’s licence areas in Northern Ireland. The results of this assessment were very encouraging.
Dr Hulbert has been engaged to carry out further work in the licence area and, as previously announced, the Company is actively seeking a strategic partner to carry out a two-year exploration programme with a view to developing a number of the targets identified as being capable of hosting significant economic deposits.
The Company holds three prospecting licences, totalling an area of approximately 750Km2, in Northern Ireland.
Finance
The loss after taxation for the half year ended 30 November 2024 was €121,186 (30 November 2023: loss of €136,351) and the net assets as at 30 November 2024 were €9,993,699 (30 November 2023: €9,832,149).
Directors and Staff
I would like to thank my fellow directors, staff and consultants for their support and dedication, which has allowed the Company to continue to develop, especially since the loss of Professor Conroy. Their support and commitment is key to the success of the Company.
Outlook
Over the period the Company has identified new highly prospective metals targets in Northern Ireland, expanded its knowledge of the Kuhmo region and acquired new adjacent licence areas. The Company is also, hopefully, finally reaching the end of the application process for the Lahtojoki diamond deposit which will allow the Company to move forward and develop a mine at the site.
Yours faithfully,
Brendan McMorrow
Chairman
28 February 2025
Condensed income statement
Six-month
period ended 30 November 2024
(Unaudited) €
Six-month period ended 30 November 2023
(Unaudited) €
Year ended 31 May 2024
(Audited) €
Continuing operations
Operating expenses
(164,741)
(255,240)
(418,312)
Movement in fair value of warrants
46,795
122,128
187,628
Operating loss
(117,946)
(133,112)
(230,684)
Interest expense
(3,240)
(3,239)
(6,476)
Loss before taxation
(121,186)
(136,351)
(237,160)
Income tax expense
-
-
-
Loss for the financial period/year
(121,186)
(136,351)
(237,160)
Loss per share
Basic and diluted loss per share
(0.0012)
(0.0014)
(0.0023)
Condensed statement of comprehensive income
Six-month period ended 30 November 2024
(Unaudited) €
Six-month period ended 30 November 2023
(Unaudited) €
Year ended 31 May 2024
(Audited) €
Loss for the financial period/year
(121,186)
(136,351)
(237,160)
Income/(expense) recognised in other comprehensive income
-
-
28 February 2025
Karelian Diamond Resources PLC
("Karelian" or "the Company")
POSITIVE KIMBERLITE INDICATOR MINERAL RESULTS
Kimberlite indicator minerals returned from nineteen till samples up-ice of the green diamond discovery site Three basal till samples and one surface-till sample highly anomalous Abundance of peridotitic garnets suggests close proximity to kimberlitic source Orange mantle garnets present
Karelian Diamond Resources PLC ("Karelian Diamonds") (AIM: KDR) is pleased to announce that the Company has received positive kimberlite indicator minerals ("KIMs") results from Overburden Drilling Management Limited ("ODM"), a Canadian based technical services company, in relation to till samples excavated at the Company's green diamond target area in the Kuhmo region of Eastern Finland.
The twenty-one sampling locations were all up-ice of the green diamond previously discovered by the Company (as announced on 31 January 2017), covering an area as close as possible to the presumed kimberlitic source zone, along the kimberlite indicator mineral train.
These results, in combination with previous KIM results, support the targeting of the recent semi-airborne UAV-based electromagnetic anomaly (as announced by the Company on 24 January 2025) as a potential source of the green diamond.
The KIMs were discovered in nineteen of the twenty-one till samples. A total of seventy-four purple to red peridotitic garnets (G9/G10 pyropes), nine of which in the large range (0.5 to 1.0 mm size), two orange mantle garnets, four chrome diopsides and eighty-one chromites were discovered.
The highest KIM counts were achieved in three highly anomalous basal till samples, containing a total of fifty-nine purple to red peridotitic garnets, two orange mantle garnets and nineteen chromites. The fourth-best KIM count was achieved in a surface till sample, also including one pyrope of the large range.
Partial alteration mantles, referred to as "kelyphitic rims", were present on fifteen peridotitic garnets of the three highly anomalous basal till samples. The kelyphitic rims indicate a relatively short transportation distance from a kimberlitic source, as do the number and size of peridotitic garnets in the same basal till samples as well as in one surface till sample.
One highly anomalous sample contained orange mantle garnets which are likely to be eclogitic, based on the results of adjacent samples taken in 2023. Eclogitic garnets tend to be associated with better diamond grades. All the garnets will be tested by electron microprobe for further classification.
Till locating any further up-ice cannot be sampled by excavation because the thickness of overburden, especially peat on top of till, increases considerably in a swampy area to the north-west of the last sampling point. As a result, the most necessary next step is to drill. Combined with the recent results of the semi-airborne UAV-based electromagnetic survey, the kimberlite indicator mineral analysis, updated with the current results, significantly limits the area to be targeted for drilling.
Maureen Jones, Managing Director of Karelian Diamond Resources PLC, commented:
"We are very encouraged by further excellent kimberlite indicator mineral results highlighting the recently electromagnetic anomaly as a potential source of the green diamond."
Further Information:
Karelian Diamond Resources PLC Brendan McMorrow, Chairman
Maureen Jones, Managing Director
+353-1-479-6180 Allenby Capital Limited (Nomad) Nick Athanas / Nick Harriss +44-20-3328-5656 Peterhouse Capital Limited (Joint Broker) Lucy Williams / Duncan Vasey +44-20-7469-0930 CMC Markets (Joint Broker) Douglas Crippen +44-20-3003-8632 Lothbury Financial Services Michael Padley +44-20-3290-0707 Hall Communications Don Hall +353-1-660-9377
http://www.kareliandiamondresources.com
THIS ANNOUNCEMENT, INCLUDING ITS APPENDICES AND THE INFORMATION HEREIN, IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, RUSSIA, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA, JAPAN, NEW ZEALAND, SINGAPORE OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310. IN ADDITION, MARKET SOUNDINGS WERE TAKEN IN RESPECT OF CERTAIN OF THE MATTERS CONTAINED WITHIN THIS ANNOUNCEMENT, WITH THE RESULT THAT CERTAIN PERSONS BECAME AWARE OF INSIDE INFORMATION. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THOSE PERSONS THAT RECEIVED INSIDE INFORMATION IN A MARKET SOUNDING ARE NO LONGER IN POSSESSION OF SUCH INSIDE INFORMATION, WHICH IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
20 February 2025
Karelian Diamond Resources plc
(“Karelian” or the “Company”)
Fundraising of £323,075
Karelian Diamond Resources plc (AIM: KDR), the Irish mineral resource exploration and development company which has active exploration programmes for Nickel-Copper-Platinum Group Elements in Northern Ireland and for diamonds in the Kuhmo region of Finland, today announces a placing and subscription to raise a total of £323,075 (before expenses) at 0.75 pence per ordinary share (the “Issue Price”) (the “Fundraising”).
HIGHLIGHTS
The Company plans to use the funds to continue with its initial exploration work for Nickel-Copper-Platinum Group Elements in Northern Ireland where it is seeking a strategic partner to carry out a two year exploration programme with a view to developing a number of targets capable of hosting significant economic deposits. Funds will also be used to continue its diamond exploration and development programme in Finland where recently high priority targets were identified in the Company’s search for the source of the green diamond discovery. The Company is planning to advance the proposed development of the Lahtojoki deposit where finalisation of the mine boundary and landowner compensation is anticipated to be achieved in the second quarter of 2025. Funds will also be used to provide additional working capital for the Company.
Brendan McMorrow, Chairman of Karelian, commented:
“We welcome the completion of this fundraising in a difficult market which comes at an important time for the Company as we progress work on our licence areas in both Finland and Northern Ireland. With these funds, together with the potential for follow on finance through the exercising of related warrants, the year ahead promises to be an exciting one for the Company.”
FUNDRAISING SUMMARY
The Issue Price represents a discount of 37.5 per cent. to the closing mid-market price of 1.20 pence on 19 February 2025, being the last practicable date prior to this announcement. Peterhouse Capital Limited (“Peterhouse”) acted as the Company's broker in respect of the Fundraising. The Fundraising consists of placing and subscription elements, as detailed below:
The placing is for 34,066,667 ordinary shares of €0.00025 each (“Ordinary Shares”) at the Issue Price (the “Placing Shares”) to raise approximately £255,500 before expenses (the “Placing”).
The subscription is for 9,010,000 Ordinary Shares at the Issue Price (the “Subscription Shares”) to raise approximately £67,575 before expenses (the “Subscription”).
Each Placing Share and Subscription Share carries a warrant to subscribe for one new Ordinary Share at a price of 1.5 pence per Ordinary Share exercisable for a period of 24 months from the admission to trading on AIM of the Placing Shares and Subscription Shares (“Admission”), creating 43,076,667 warrants (the “Fundraising Warrants”). In the circumstances set out below, the Company can require the holders of the Fundraising Warrants to exercise them within 7 days or they will expire.
The Fundraising Warrants have an accelerator clause which will apply should the Ordinary Shares have a closing mid-market price of 1.75 pence or greater for any 5 trading days within a 10 trading day period following which the Company will have the right to issue Fundraising Warrant holders with a one week notice to exercise their Fundraising Warrants. Unexercised Fundraising Warrants would be cancelled, and any Fundraising Warrants exercised under this notice must be fully paid up to the Company within one week of notification being made to the Company that the Fundraising Warrants will be exercised.
The Placing Shares and Subscription Shares will represent approximately 25.08 per cent. of the enlarged issued share capital of the Company and have been issued to a combination of mainly new investors and certain existing shareholders.
The Fundraising is conditional on Admission becoming effective.
ADMISSION, WARRANTS AND TOTAL VOTING RIGHTS
The issue of the Placing Shares and Subscription Shares and the possible issue of new Ordinary Shares from the exercise of the Fundraising Warrants will be undertaken pursuant to the Company’s existing share authorities.
An application will be made shortly to the London Stock Exchange for Admission of the Placing Shares and the Subscription Shares. It is expected that Admission will become effective and that dealings in the Placing Shares and Investment Shares on AIM will commence on or around 27 February 2025.
The Fundraising Warrants will not be admitted to trading on AIM or any other stock market and will not be transferable. The issuance of the Fundraising Warrants is subject to Admission.
In accordance with the FCA’s Disclosure Guidance and Transparency Rules, the Company confirms that on completion of the Fundraising, and following Admission, the Company’s enlarged issued ordinary share capital will comprise 171,769,411 Ordinary Shares.
The Company does not hold any Ordinary Shares in Treasury. Therefore, following Admission, the above figure may be used by shareholders in the Company as the denominator for the calculations to determine if they are required to notify their interest in, or a change to their interest in the Company, under the FCA’s Disclosure Guidance and Transparency Rules.
Further information:
Karelian Diamond Resources plcBrendan McMorrow, Chairman
Maureen Jones Managing Director +353-1-479-6180 Allenby Capital Limited (Nomad) Nick Athanas / Nick Harriss +44-20-3328-5656 Peterhouse Capital Limited (Joint Broker) Lucy Williams / Duncan Vasey
CMC Markets (Joint Broker)
Douglas Crippen
+44-20-7469-0930
+ 44-20-3003-8632
Lothbury Financial Services Michael Padley +44-20-3290-0707 Hall Communications Don Hall +353-1-660-9377
http://www.kareliandiamondresources.com
Karelian Diamond Resources plc
("Karelian Diamonds" or the "Company")
13 February 2025
Holdings in Company
Karelian Diamonds (AIM: KDR) announces that it was informed today that David John Naylor has, following an acquisition of shares on 12 February 2025, an interest of 10,509,468 ordinary shares of €0.00025 each ("Ordinary Shares"), equivalent to 8.17 per cent. of the current issued Ordinary Shares and voting rights of the Company.
Further Information:
Karelian Diamond Resources plc Professor Richard Conroy, Chairman +353-1-479-6180 Allenby Capital Limited (Nomad) Nick Athanas / Nick Harriss +44-20-3328-5656 Peterhouse Capital Limited (Joint Broker) Lucy Williams / Duncan Vasey
CMC Markets (Joint Broker)
Douglas Crippen
+44-20-7469-0930
+ 44-20-3003-8632
Lothbury Financial Services Michael Padley +44-20-3290-0707 Hall Communications Don Hall +353-1-660-9377
http://www.kareliandiamondresources.com
7 February 2025
Karelian Diamond Resources PLC
("Karelian" or "the Company")
KARELIAN DIAMOND RESOURCES LICENCING AND OPERATING UPDATE
Kuhmo, Finland - Licences extended over the areas targeted by diamond exploration programme Lahtojoki, Finland - Landowner compensation expected to be finalised in the first half of 2025 Northern Ireland - Strategic partner sought for emerging Nickel Copper PGE district
Karelian Diamond Resources PLC ("Karelian Diamonds") (AIM: KDR) is pleased to announce a licencing and operating update including that the Company is extending its diamond exploration programme in the Kuhmo region of Eastern Finland.
Exploration programme at Kuhmo
The Company has received notification from the Finnish Safety and Chemicals Agency ("TUKES") of the granting of a new reservation, Kuumu 1, at Lentiira in northern Kuhmo, 30 kilometres to the north of the Company's green diamond discovery (announced by Karelian on 31 January 2017). The reservation provides a one-year privilege to apply for an exploration permit in the area.
The Lentiira area is considered highly prospective by the Company. Several orangeite dikes with highly prospective indicator mineral compositions were discovered in the area by European Diamonds PLC in the early 2000s, and diamonds were discovered by till sampling in a number of locations. Considering the fact that the ultimate sources of the main indicator fans still remain unlocated, the exploration possibilities for the Company in the Lentiira area are intriguing.
The Company has submitted an application to TUKES for an uninterrupted extension of the exploration permit, Kuhmo 1, where a follow-up excavation programme was recently completed up-ice of the green diamond discovery (as announced by the Company on 25 September 2024). The results of this programme are expected in the first quarter of 2025. The Company plans to continue its exploration programme in the Kuhmo region in 2025 focussing in particular on the green diamond target area where a high priority drilling target has already been identified from the detailed electromagnetic survey conducted over the Company's green diamond target area, the results of which were announced on 24 January 2025.
The exploration permit, Seitaperä, covering the Seitaperä diamondiferous kimberlite (orangeite) in Kuhmo, circa 6 kilometres to the southwest of the exploration permit Kuhmo 1, has been extended for a further 3 year period by TUKES in March 2024. Karelian has shown the Seitaperä kimberlite to be the largest known kimberlite in Finland, extending over a surface area of 6.9 hectares. As announced by the Company on 25 January 2024, extensions for the exploration permits, Riihivaara 26, Riihivaara 24, 24A and 24B in Kuhmo, were granted by TUKES for further 3 years from January 2024. The Riihivaara 26 exploration permit covers Karelian Diamond's kimberlite (olivine lamproite) discovery at Riihivaara, circa 10 kilometres to the south of the exploration permit Kuhmo 1.
All of the above-mentioned Karelian licence areas in Kuhmo, combined with the new reservation extending the area of interest north to Lentiira, may together prove to become a significant diamond province on the Finnish side of the Karelian Craton.
In addition, new exploration permits at Liperi, in the Joensuu region of Eastern Finland, and Salla, in Lapland of Finland, have been recently granted.
Lahtojoki Diamond Deposit
The Company expects to finalise all outstanding aspects of the landowner compensation in the second quarter of 2025. As set out in the Company's announcement of 18 October 2024 the decision of the Land Court has now gained legal force with only three matters remaining to be finalised with the National Land Survey. The court hearing was in relation to appeals by two landowners regarding amounts of compensation to be paid to them and the mine boundary itself at the Company's proposed mine development at Lahtojoki, in the Kuopio Kaavi region of Finland.
A mining concession application for the Lahtojoki diamond deposit has already been approved by TUKES. The Company is reaching out to potential strategic partners to advance the Company's proposed development of the Lahtojoki diamond deposit. Finalisation of the mine boundary and landowner compensation is an essential step in progressing this development.
Northern Ireland Nickel, Copper and Platinum Group Metals Projects
An assessment prepared by independent geological consultant, Dr Larry Hulbert, announced on 24 June 2024, confirms the potential for Nickel, Copper, and Platinum-Group Elements ("PGE"), in the Company's license areas in Northern Ireland, following the discovery by the Company of indicator minerals for Nickel, Copper and PGE, during the course of a stream sediment sampling program. This initial work identified several targets for follow up within the Company's licence area. The Company has engaged Dr. Hulbert to carry out further work on its licences in Fermanagh where he believes that multiple exploration indicators suggest a highly prospective district, comparable to Michigan's Eagle Mine Nickel district model. This work is ongoing and includes work on the potential of the North East of the country to add materially to a portfolio of targets in what would be a new Nickel, Copper and PGE district.
The company is actively seeking a strategic partner to carry out a two year exploration programme with a view to developing a number of targets in the province capable of hosting significant economic deposits.
Brendan McMorrow, Chairman, Karelian commented:
"The year ahead promises to be an exciting one for the company with several aspects to the Company's portfolio capable of progressing rapidly."
Further Information:
Karelian Diamond Resources PLC Brendan McMorrow, Chairman Maureen Jones Managing Director +353-1-479-6180 Allenby Capital Limited (Nomad) Nick Athanas / Nick Harriss +44-20-3328-5656 Peterhouse Capital Limited (Joint Broker) Lucy Williams / Duncan Vasey +44-20-7469-0930 CMC Markets (Joint Broker) Douglas Crippen +44-20-3003-8632 Lothbury Financial Services Michael Padley +44-20-3290-0707 Hall Communications Don Hall +353-1-660-9377
http://www.kareliandiamondresources.com
24 January 2025
Karelian Diamond Resources PLC
("Karelian" or "the Company")
HIGH PRIORITY DRILLING TARGET REVEALED BY GEOPHYSICAL INTERPRETATION OF UAV ELECTROMAGNETIC SURVEY DATA IN GREEN DIAMOND TARGET AREA
Semi-airborne UAV-based electromagnetic field survey completed and data processed over the green diamond target area Two diatreme-shaped electromagnetic anomalies identified up-ice of the existing Kimberlite Indicator Mineral fan
Karelian Diamond Resources PLC (AIM: KDR) is pleased to announce that a semi-airborne unmanned aerial vehicle ("UAV") based detailed electromagnetic ("EM") survey has been conducted and the EM data has been processed by Radai Oy, on behalf of Karelian, over the Company's green diamond target area in the Kuhmo region of Eastern Finland. A UAV-based EM survey is a geophysical method used to map the electrical conductivity of the subsurface.
The geophysical interpretation of electromagnetic data has identified two diatreme-shaped anomalies that could represent the kimberlitic source of the green diamond (and the indicator mineral fan) that is the focus of the Company's exploration in the area. The anomalies are up-ice of the two highly anomalous basal till sample locations documented in the pitting programme carried out in 2023 (announced by the Company on 19 December 2023) and the green diamond previously discovered in till by the Company (as announced by the Company on 31 January 2017).
The 3D resistivity mesh model obtained from the inversion of the EM data, from three layers (at the depths of 10 metres, 60 metres and 110 metres below the surface), reveal a weak (resistivity > 300-1000 m) but confined pipe-like conductivity anomaly, located to the northwest of the Company's existing Kimberlite Indicator Mineral ("KIM") fan. At increasing depths, another smaller conductivity anomaly appears close to the former.
Weak electromagnetic anomalies are typically related to certain zones of kimberlites or lamproites which can be highly weathered into clay minerals at the surface. Combined with the Company's existing high resolution magnetic data, there is a negative magnetic anomaly overlapping with the main EM anomaly of the 3D resistivity model. The Company is classifying the resultant target as a high priority for drilling and has incorporated the testing of this target into its plans for 2025.
The semi-airborne EM survey was carried out using specialised measurement equipment created by Radai Oy, attached to a UAV. In this specialised EM measurement system, the aerial device tows an EM receiver approximately 30 metres behind it. The receiver, together with a transmitter located on the ground, is capable of measuring the electrical conductivity of the ground and bedrock.
The EM survey was flown on a Northeast-Southwest orientation with 38 flight lines at 50 metres spacing and 5 Northwest-Southeast tie-lines 500 metres apart at a height of circa 40 metres. The survey comprised 70 line-kilometres, covering an area of 3 km2. The survey was made using multiple transmitter loop locations, making the total length of flights over 600 kilometres.
Maureen Jones, Managing Director of Karelian, commented:
"We are delighted that this new innovative UAV geophysical survey has been so successful in the identification of a diatreme shape kimberlite target and possible source of the green diamond. This kimberlite target is further supported by the kimberlite indicator mineral fan, making it a very exciting and high priority drilling target. We look forward to progressing our exploration programmes both in Northern Ireland and Finland in addition to moving the Lahtojoki mining project forward as it moves to the next phase."
Further Information:
Karelian Diamond Resources PLC Brendan McMorrow, Chairman
Maureen Jones, Managing Director
+353-1-479-6180 Allenby Capital Limited (Nomad) Nick Athanas / Nick Harriss +44-20-3328-5656 Peterhouse Capital Limited (Joint Broker) Lucy Williams / Duncan Vasey +44-20-7469-0930 CMC Markets (Joint Broker) Douglas Crippen +44-20-3003-8632 Lothbury Financial Services Michael Padley +44-20-3290-0707 Hall Communications Don Hall +353-1-660-9377
http://www.kareliandiamondresources.com
Karelian Diamond Resources PLC
("Karelian" or the "Company")
27 December 2024
Resignation of Director
Karelian Diamond Resources PLC (AIM: KDR), the natural resource exploration and development company focused on Finland, announces the resignation, effective from 28 December 2024, of Non-Executive Director and Deputy Chairman, Séamus FitzPatrick. Mr Fitzpatrick has significant business interests in the USA and due to the demanding nature of these interests he no longer believes that he can dedicate sufficient attention to the Company.
On behalf of the Board, Brendan McMorrow, Chairman of Karelian, commented:
"Seamus has confirmed his ongoing support and commitment to the success of Karelian and I would like to thank Seamus for his work and contribution to the Company over many years. We wish him all success in his other business interests going forward."
Further Information:
Karelian Diamond Resources PLC +353-1-479-6180 Allenby Capital Limited (Nomad) Nick Athanas / Nick Harriss +44-20-3328-5656 Peterhouse Capital Limited (Joint Broker) Lucy Williams / Duncan Vasey +44-20-7469-0930 CMC Markets (Joint Broker) Douglas Crippen +44-20-3003-8632 Lothbury Financial Services Michael Padley +44-20-3290-0707 Hall Communications Don Hall +353-1-660-9377
http://www.kareliandiamondresources.com
18 December 2024
Karelian Diamond Resources plc
("Karelian Diamonds" or the "Company")
RESULT OF ANNUAL GENERAL MEETING
Karelian Diamond Resources Plc (AIM: KDR), the diamond exploration company focused on Finland, announces that all resolutions put to shareholders at the Company's annual general meeting ("AGM") held earlier today were duly passed.
All resolutions were passed on a poll in accordance with Euroclear requirements. The votes received from shareholders on each resolution put to the AGM are set out below.
Resolutions
Votes for*
%
Votes against
%
Votes withheld**
Resolution 1
30,368,456
100.00
0
0.00
0
Resolution 2 (a)
30,147,955
99.27
220,501
0.73
0
Resolution 2 (b)
30,148,342
99.28
220,101
0.72
0
Resolution 3
30,368,456
100.00
0
0.00
0
Resolution 4
30,368,456
100.00
0
0.00
0
Resolution 5
30,148,355
99.28
220,101
0.72
0
*Includes discretionary votes
**A vote withheld is not a vote in law and is not counted in the calculation of the proportion of votes "For" or "Against" any of the resolutions
A short update presentation given by the Company following the AGM will be available shortly on the Company's website (www.kareliandiamondresources.com). No new information was provided in this presentation.
Further Information:
Karelian Diamond Resources plc Brendan McMorrow, Chairman Maureen Jones, Managing Director +353-1-479-6180 Allenby Capital Limited (Nomad) Nick Athanas / Nick Harriss +44-20-3328-5656 Peterhouse Capital Limited (Joint Broker) Lucy Williams / Duncan Vasey +44-20-7469-0930CMC Markets (Joint Broker)
Douglas Crippen
+ 44-20-3003-8632
Lothbury Financial Services Michael Padley +44-20-3290-0707 Hall Communications Don Hall +353-1-660-9377
http://www.kareliandiamondresources.com
27 November 2024
Karelian Diamond Resources plc
(“Karelian” or “the Company”)
FINAL RESULTS FOR THE YEAR TO 31 MAY 2024
NOTICE OF ANNUAL GENERAL MEETING
Karelian Diamond Resources plc (AIM: KDR), the diamond exploration company focused on Finland, announces its Audited Accounts for the year ended 31 May 2024. Details of these can be found below and a full copy of the Annual Results can be viewed on the Company’s website. During the period progress was made in developing the Company’s prospects in both Finland and Ireland.
Highlights of the period included:
The long awaited decision regarding mine boundaries for the Lahtojoki diamond deposit were finalised, post year end, at a hearing of the Finnish Land Court resulting in no change to the existing boundaries. This decision was an essential step as the Company proceeds with its plans for the proposed development of the Lahtojoki diamond deposit. Additionally, regarding the appeals by two landowners the majority of the items were rejected by the Land Court. Three items were referred back to the Land Survey to review. Analysis of basal till samples excavated at various target locations in the Kuhmo region of Finland, suggests that the Company’s search for the source of the green diamond the Company discovered has narrowed, with garnets, identified in two sample locations. This suggests close proximity to a kimberlite source. The Company’s exploration programme for Nickel, Copper and Platinum - Group Elements in Northern Ireland adds a significant, exciting and possibly very important wing to the Company’s diamond exploration and development programme in Finland. The Company now holds three prospecting licences, totalling an area of approximately 750Km², in Northern Ireland. Samples from a stream sediment sampling programme over the prospecting licences dispatched for analysis and an independent assessment carried out.Brendan McMorrow, Chairman of Karelian, said:
“I have pleasure in presenting the Company's Annual Report and Financial Statements for the year ended 31 May 2024. However, it is also tinged with great sadness as I do so following the passing of our founder and Executive Chairman, Professor Richard Conroy. It now falls to myself and the team to continue Richard’s work and I look forward with confidence to continued success for the Company both in Finland, where we are looking to open a diamond mine, and in Northern Ireland where we have potential Nickel, Copper and Platinum - Group Elements deposits.”
Annual Report and Accounts for the year to 31 May 2024
The full audited annual report and accounts for the year to 31 May 2024 has been posted to shareholders and will be published on the Company's website (www.kareliandiamondresources.com) shortly. Key elements can also be viewed at the bottom of this announcement.
Annual General Meeting
The Annual General Meeting of the Company ("AGM") will be held at The Conrad Dublin Hotel, Earlsfort Terrace, Dublin at 12.30pm on 18 December 2024. A copy of the notice of AGM can be viewed on the Company's website.
Further Information:
Karelian Diamond Resources plcBrendan McMorrow, ChairmanMaureen Jones, Managing Director +353-1-479-6180 Allenby Capital Limited (Nomad)Nick Athanas / Nick Harriss +44-20-3328-5656 Peterhouse Capital Limited (Joint Broker)Lucy Williams / Duncan Vasey +44-20-7469-0930 CMC Markets (Joint Broker)Douglas Crippen + 44-20-3003-8632 Lothbury Financial ServicesMichael Padley +44-20-3290-0707 Hall Communications Don Hall +353-1-660-9377 http://www.kareliandiamondresources.comChairman’s statement
Dear Shareholder,
I have pleasure in presenting the Company's Annual Report and Financial Statements for the year ended 31 May 2024. However it is also tinged with great sadness as I do so following the passing of our founder and Executive Chairman, Professor Richard Conroy after a brief illness.
Richard’s accomplishments across the diverse range of medicine, politics and indeed mineral exploration garnered respect from all. His entrepreneurial and inquiring spirit was excited by the opportunities in mine exploration and development, and his skills, honed in zinc and gold projects in Ireland, spread to Finland where his vision of the Karelian Craton having the potential for a significant European diamond mine is being steadily realised by the Company. Equally, the Company’s recent progress on its Copper, Nickel and Platinum-Group Elements project in Northern Ireland held true to his belief in the potential of Ireland to provide a European solution to the shortfall in critical minerals necessary for a modern economy. In Karelian Diamond Resources, we intend to continue to build on his substantial legacy and deliver on Richard’s vision for the company.
The Lahtojoki Diamond Deposit
The mine boundaries for the Lahtojoki diamond deposit were finalised, post year end, at a hearing of the Finnish Land Court resulting in no change to the existing boundaries. This decision in relation to the boundaries was an essential and long awaited step as the Company proceeds with its plans for the proposed development of the Lahtojoki diamond deposit.
Additionally, regarding the appeals by two landowners regarding the amount of compensation payable to them, the majority of the items upon which they had based their claims were rejected by the Land Court, except for three items which were referred back to the Land Survey to review. The appellants were also required to contribute to the Company’s legal costs.
We will provide further updates on this matter as and when we are in a position to do so.
Diamond Exploration Programme in Finland
The Company is, however, not only involved in the development of the Lahtojoki diamond deposit in Finland, which it owns, but is also active in an increasingly exciting diamond exploration programme in Finland.
Diamond kimberlites are generally found in Cratons. These are areas of ancient crustal stability such as those found in Southern Africa and in Canada. The Karelian Craton which extends across Finland, is one of the largest Cratons in the world and has been proven to contain world class diamond deposits. In general terms the larger the Craton, the larger the kimberlites.
The presence of the Lahtojoki diamond deposit confirms that the Finnish section of the Karelian Craton is diamondiferous, and the sheer size of the Karelian Craton in Finland suggests the potential for the occurrence of a world class diamond deposit.
The Company has carried out an extensive and systematic exploration programme for diamonds in Finland using, inter alia, geology, geophysics, kimberlitic indicator trains, airborne and UAV (unmanned aerial vehicle) drone surveys together with excavation and drilling and the analysis of basal till samples. The programme led to the previous discovery of a green diamond in the Kuhmo region of Finland – the best possible kimberlitic indicator.
Analysis of basal till samples excavated at various target locations in the Kuhmo region of Finland, suggests that the Company’s search for the source of the green diamond has narrowed, with garnets identified in two sample locations which suggest close proximity to a kimberlite source.
Exploration for Nickel, Copper and Platinum Group Metals in Northern Ireland
It is not entirely unusual for a company engaged in diamond exploration to be successful in Nickel, Copper and Platinum- Group Elements exploration. One of the most successful discoveries in this context was the Voisey’s Bay nickel –copper – cobalt deposit in Labrador, Canada, one of the largest nickel discoveries in the world.
The Company’s exploration programme for Nickel, Copper and Platinum-Group Elements in Northern Ireland adds a significant, exciting and possibly very important wing to the Company’s diamond exploration and development programme in Finland.
The Company now holds three prospecting licences, totalling an area of approximately 750Km2, in Northern Ireland. Samples from a stream sediment sampling programme over the prospecting licences were previously dispatched to Overburden Drilling Management Limited (“ODM”) in Canada for mineral concentration, picking and analysis for indicator mineralogy using ODM’S trade-marked metamorphic/ magmatic massive sulphide indicator minerals (MMSIMS) technique. ODM has been a key contributor to numerous discoveries world-wide, including the Voisey’s Bay discovery in Canada. The results of this programme, taken in conjunction with results from a previous programme indicate a highly anomalous river catchment area. Five samples each yielded over 1,000 indicator minerals for Nickel, Copper and Platinum mineralisation.
An independent assessment by Dr Larry Hulbert, an internationally recognised expert in Nickel, Copper and Platinum – Group Elements, confirmed the potential for Nickel, Copper and Platinum-Group Elements in the Company’s licence areas in Northern Ireland. Dr Hulbert’s review also noted marked resemblances to the Baraga Basin in Michigan that hosts the world class Eagle and Eagle East Nickel - Copper and Platinum–Group Elements deposits and recommended that the Eagle deposit should serve as Karelian’s exploration model.
Environmental, Social and Governance Issues
Environmental, social and governance (ESG) issues are becoming increasingly critical in the Mining industry. Great emphasis is placed by the Company on these issues and the Company is committed to high standards of corporate governance and integrity in all its activities and operations, including rigorous health and safety compliance, environmental consciousness and the promotion of a culture of good ethical values and behaviour.
Financials
The loss after taxation from continuing operations for the financial year ended 31 May 2024 was €237,160 (31 May 2023: loss of €291,467) and the net assets of the Company at 31 May 2024 were €9,741,609 (31 May 2023: €9,786,074). During the year there was a fundraising of £250,000 at 2.5 pence per ordinary share. Post year end a further fundraising of £328,747 at 1.5 pence per ordinary share was concluded.
Directors and Staff
I would like to express my very deep appreciation of the support and dedication of Directors, staff, and consultants which has made possible the continued progress and success which the Company has achieved.
Future Outlook
I look forward with confidence to continued success for the Company both in diamond exploration and development in Finland and in Nickel, Copper and Platinum-Group Elements exploration in Northern Ireland.
Brendan McMorrow
Chairman
26 November 2024
Professor Richard Conroy – an Appreciation
Professor Richard Conroy (1933 – 2024) – Former Chief Executive and Chairman of the Board of DirectorsProfessor Richard T. W. L. Conroy, who died on the 14th October 2024, was a proud Irishman whose life in all its forms was an inspiration to all, especially those close to him and those who will remember him for his devotion to family, his great faith and enduring courtesy, and for his work in public office, medicine, education and natural resources exploration and development.
His was a long and productive life exemplified by his many undertakings and achievements. He leaves a rich legacy not least amongst those who loved and admired him as family, neighbours, colleagues, and all who enjoyed his friendship, and amongst those dedicated colleagues and associates inspired by his incredible intellect, energy and passion.
Born in Birmingham in 1933, Richard returned to Ireland at age 5, prior to the demise of his father, himself a Professor of Spanish.
A gentleman, entrepreneur, businessman, diplomat and politician, Richard was deeply devoted to his family, and generous in contributing his deep knowledge, experience, and expertise to a wide range of disciplines across the many and varied fields in which he was successful. Qualified as a medical doctor, his pioneering work on the study of Circadian Rhythms gained him his PhD. In 1969 he was appointed Professor of Physiology at the Royal College of Surgeons in Ireland - one of the youngest ever professional appointments in the British Isles, and a post he held until his retirement in 1998.
A Founder Fellow of the Faculty of Occupational Medicine and an eundem Fellow of the Royal College of Physicians of Ireland, Richard brought his business acumen to the fore as Chairman of Tallaght Hospital Board, successfully overseeing its construction and commissioning, under budget and on time.
A proud Irishman and member of Fianna Fail, he was elected a member of Seanad Eireann on two separate occasions (1977-1981 & 1989-1993) holding posts as Government spokesman in the Upper House on Industry and Commerce, Foreign Affairs, and Northern Ireland. In local government, he served as a member of Dublin County Council for Ballybrack (1991-1994) and Dún Laoghaire-Rathdown County Council (1994-1999) holding the position of ‘Cathaoirleach’ (Chairman). Until his death, Richard also represented Ireland as member of the Executive Council and Chairman of the Irish group on the Trilateral Commission - a body founded in 1973 to foster closer cooperation between Western Europe, Japan, and North America.
A champion of the Irish natural resource sector, Richard’s fascination with the world of geology, the process of exploration, the joy of discovery, and his unswerving drive to prove that Ireland is indeed a nation ‘rich in natural resources’ together combined to find expression in a way that younger generations now working in the sector may well reflect upon with admiration. His activities in the natural resource sector began with the establishment of Trans-International Oil Exploration Ltd in 1975 – a venture that later merged with Aran Energy and was subsequently acquired by Statoil in 1979.
Enough to light the flame that was to inspire him throughout his commercial life, Richard founded Conroy Petroleum and Natural Resources in 1980 which, only six years later, went on to discover the Galmoy, Co. Kilkenny zinc and lead deposit.
Critical for the revival of the minerals industry in Ireland - it being the first commercial discovery since the Navan mine in 1970 - Richard brought Galmoy from a greenfield discovery through feasibility studies, the environmental impact phase, and the permitting process. This vital work led to the emergence of Galmoy as an operating mine, generating over 200 jobs within the local area, 300 additional jobs in the wider economy, and a contribution to the State of €65m in royalties, taxes, and rates. (Significant in this context was the discovery along trend in 1990 of the adjacent Lisheen deposit)
Before moving into gold exploration with the setting up of Conroy Diamonds and Gold, Richard’s appetite for exploration had been whetted by the success of Stoneboy consortium whose discovery of the Pogo gold deposit in Alaska transformed into a world-class gold mine that is still in production.
With Conroy Diamonds and Gold formed, Richard turned his focus towards Clontibret in Co. Monaghan, inspired by his memory as a young man of a gold discovery made there in 1956, down what was an old Antimony mine.
Virtually in parallel, his knowledge of Finland, the story of a diamond found in till in Eastern Finland, and his awareness that significant diamond deposits existed across the border in Russia, together led Richard and Conroy Diamonds and Gold to conduct a diamond exploration programme in that country.
One of the first foreign companies granted an exploration licence after Finland had opened its doors to foreign investment, in order to facilitate this and other plans he had in mind, Karelian Diamond Resources was formed while Conroy Diamonds and Gold evolved into the more appropriately named Conroy Gold and Natural Resources. Pursuing his belief - triggered by his memory of gold found there in an old Antimony mine – Richard steered Conroy Gold and Natural Resources towards Clontibret where - through an extensive exploration programme - a 517,00- ounce Au JORC Resource, open in all directions, has been defined there in the heart of what later proved to be the highly-prospective Longford-Down Massif.
Fervent in his belief that Ireland was an emerging gold province with significant potential for economic scale ore bodies, Richard’s inquisitive mind led him to explore the wider potential of the region, a pursuit in which two district scale gold trends were discovered: the Orlock and Skullmartin discoveries with a combined surface gold anomalism of 90kms. This systematic approach to exploration recently led to the discovery of visible 123.0 g/t Au (native) gold in outcrop. In Finland, his leadership at Karelian Diamond Resources has moved the dial forward from a belief that diamonds may exist there to the discovery of a new emerging kimberlite province in that country’s Kuhmo region.
There, the Company has discovered the Riihivaara kimberlite and established the Seitaperä kimberlite pipe as the largest (6.9Ha) kimberlite in Finland. In addition, the Company has discovered a green diamond in till and identified a series of significant regional kimberlitic indicator mineral anomalies.
Of special interest is the Lahtojoki diamond deposit acquired by the Company – now at an advanced stage of being granted a mining permit to proceed with development. A key feature of the Lahtojoki diamond deposit highlighted by Richard is the significant percentage of coloured (pink) diamonds believed to be present there which, upon recovery, would create at Lahtojoki the first diamond mine in the EU. Richard’s vision always was the discovery of world class deposits that could be proven economic through development into mines: a vision he demonstrated at Galmoy and Pogo, and currently in the development of Clontibret and at Lahtojoki.
Ever focused as he was, he had an amazing eye for detail, a naturally inquisitive mind, and an ability to look at things just slightly differently, manifest in the number of successes he has seen, and in his contention that a ‘little bit of luck’ is very often the vital element that every successful explorer needs. Intrigued by that thought, and by the story of the discovery in 1816 of a diamond in Co. Fermanagh known as ‘The Brookeborough Diamond’, another major chapter in the life of Professor Richard Conroy has opened which, at his death, was coming to fruition. Code named the Fermanagh Ni-Cu-PGE project, it represents yet another example of the genius that Richard brought to his various undertakings. With the knowledge in the mid-1990s of the discovery in Fermanagh - revealing potential kimberlite indicator minerals – Richard felt that further investigation was warranted, particularly in conjunction with the TELLUS airborne geophysical data.
As the world class Nickel discovery at Voisey’s Bay in Canada would suggest, diamond exploration can sometimes lead to the discovery of Nickel-Copper-PGE. Following positive results from a stream sampling programme on Karelian’s licences, the exploration programme carried out by the Company in Fermanagh led to an exciting new development: revealed in a detailed technical review was the potential for the discovery in Northern Ireland of a major Nickel, Copper, and Platinum Group elements deposit.
A steadfast and consistent voice in the support and promotion of the Irish exploration and mining industry, and the attractiveness of Ireland as a destination for inward investment, Richard was a popular and familiar delegate and exhibitor at leading industry-related events. A steadfast supporter of the Irish Association for Economic Geology, he attended all major events, always willing to provide sponsorship for activities - one being the Prospectors Developers Association Convention in Toronto.
From Medicine to Mining, Richard has left a rich and enduring legacy. Those close to him will be sustained by the memory of an exceedingly kind and courteous gentleman and a man of great faith; a loving family man devoted to his late wife Pamela, and to his daughters Deirdre and Sorca, his grandchildren, sons-in-law and their loved ones all. May he Rest in Peace.
Ní bheidh a leithéid arís ann, ar dheis Dé go raibh a anam dilis.
Extract from the Independent Auditor's Report
The following section is extracted from the Independent Auditor's Report but shareholders should read in full the Independent Auditor's Report contained in the Annual Report.
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
We draw attention to Note 1 in the financial statements, which indicates that the Company recorded a loss of €237,160 for the financial year ended 31 May 2024 and had net current liabilities of €1,948,585 as at that date.
As stated in Note 1 in the financial statements, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the Company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.
Our evaluation of the directors’ assessment of the Company’s ability to continue to adopt the going concern basis of accounting included
obtaining an understanding of the Company’s relevant controls over the preparation of cash flow forecasts and approval of the projections and assumptions used in cash flow forecasts to support the going concern assumption; assessing the design and determining the implementation of these relevant controls; evaluating directors’ plans and their feasibility by agreeing the inputs used in the cash flow forecast to expenditure commitments and other supporting documentation; challenging the reasonableness of the assumptions applied by the directors in their going concern assessment; obtaining confirmations received by the Company from the directors and former directors evidencing that they will not seek repayment of amounts owed to them by the Company within 12 months of the date of approval of the financial statements, unless the Company has sufficient funds to repay; assessing the mechanical accuracy of the cash flow forecast model; and assessing the adequacy of the disclosures made in the financial statementsStatement of profit or loss
for the financial year ended 31 May 2024
2024 2023 € € Continuing operations Operating expenses (418,312) (297,386) Movement in fair value of warrants 187,628 9,565 Operating loss (230,684) (287,821) Interest expense (6,476) (3,646) Total finance costs (6,476) (3,646) Loss before taxatio
Karelian Diamond Resources plc
("Karelian Diamonds" or the "Company")
11 November 2024
APPOINTMENT OF NEW CHAIRMAN AND COMPANY UPDATE
Brendan McMorrow appointed as Company Chairman Update on current Company activity
Karelian Diamond Resources Plc (AIM: KDR) is pleased to announce that Brendan McMorrow has been appointed Non-Executive Chairman of the Company with immediate effect. Brendan was appointed to the Board of the Company as a non-executive director on 15 November 2018. He assumes leadership of the Board following the death of Company founder and Executive Chairman, Professor Richard Conroy, last month.
Professor Conroy as Executive Chairman had led the Company for many years and has left it with a very strong foundation including diamond exploration and development opportunities in Finland and copper, nickel and platinum group metal exploration licences in Northern Ireland. These projects offer significant upside value and opportunity for the Company and its shareholders.
Update on current activity
Diamond exploration and development projects in Finland
The Karelian craton, which extends across Finland, is one of the largest cratons in the world and has been proven to contain world class diamond deposits. The presence of the Lahtojoki diamond deposit confirms that the Finnish section of the Karelian craton is diamondiferous, and the size of the Karelian craton in Finland suggests the potential for the occurrence of a world class diamond deposit.
Lahtojoki Diamond Deposit
Karelian's acquisition of the Lahtojoki diamond deposit in the Kuopio - Kaavi region of Finland was driven by the Company's experience in diamond exploration. A preliminary economic assessment carried out by the Company in 2017 suggested that 2.11 million carats would be recoverable from the mine. The presence of pink diamonds at Lahtojoki is significant and could have a considerable effect on the profitability of a mine as they command a substantially higher price than colourless diamonds (up to twenty times higher). Analyst calculations based on a 3% pink diamond content at Lahtojoki estimated a net present value for the project of $69 million at an 8% discount rate.
The Company has been progressing the project steadily towards the granting of a mining concession. The last step in this process is the finalisation of landowner compensation. The Land Survey decision in relation to this requirement was given in late 2023 and compensation paid in early 2024. Two landowners appealed the decision in relation to aspects of the mine boundary and the quantum of compensation. The mine boundaries for the Lahtojoki diamond deposit were finalised by the decision of the Finnish Land Court, announced on 13 August 2024, resulting in no change to the existing boundaries. The Court also held in the Company's favour on most of the matters raised in the appeal in relation to compensation with three remaining matters referred back to the Land Survey to review. The appellants were also required to contribute to the Company's legal costs. With no further appeal having been lodged, the decision has now gained legal force. Following finalisation of these last matters regarding compensation the Company will progress to the development phase of this project.
Diamond exploration programme
The Company is also active in an increasingly exciting diamond exploration programme in Finland. The Company has carried out an extensive and systematic exploration programme for diamonds using, inter alia, geology, geophysics, kimberlitic indicator mineral trains, airborne and UAV (unmanned aerial vehicle) drone surveys together with excavation and drilling and the analysis of basal till samples. The programme has led to the previous discovery of a green diamond in the Kuhmo region of Finland - the best possible kimberlitic indicator.
Analysis of basal till samples excavated at various target locations in the Kuhmo region of Finland, suggests that the Company's search is narrowing for the source of the green diamond with the amount and type of garnets identified in sample locations suggesting a close proximity to a kimberlite source. Further work is ongoing in relation to this effort, the results of which will be released at the appropriate time.
Exploration for Nickel, Copper and Platinum Group Metals in Northern Ireland
The Company is carrying out an exploration programme for nickel, copper and platinum-group elements in Northern Ireland. Initial results from this programme indicate a highly anomalous river catchment area. This area has yielded five samples each having over 1,000 indicator minerals. The indicator minerals are primarily Chromite and Forsterite with some Chalcopyrite. Microprobe analysis on Chromite grains from samples taken from this area showed high zinc oxide values. Such high zinc oxide values can be a signature of sulphide rich nickel-copper platinum-group elements deposits. It was also noted that several of the chromites have inclusions of nickel as well as on the Chromite margins, which is significant as it indicates the presence of nickel mineralisation.
The Company now holds three prospecting licences, totalling an area of approximately 750km2, in Northern Ireland. An independent assessment by Dr Larry Hulbert, an internationally recognised expert in nickel-copper and platinum-group elements, confirmed the potential for these elements in the Company's licence areas in Northern Ireland. Dr Hulbert's review also noted marked resemblances to the Baraga Basin in Michigan that hosts the world class Eagle and Eagle East nickel-copper and platinum-group elements deposits and recommended that the Eagle deposit should serve as Karelian's exploration model.
Mr. McMorrow, Chairman of the Company, commented:
"I am looking forward to leading the Board as we move into the next phase of our work at Lahtojoki in Finland where the mining permit is in the process of being finalised. This, together with progressing the ongoing search for the source of the Green Diamond at Kuhmo, should make 2025 an exciting year for the Company in Finland. In addition, we will be following up on the promise of our projects in Northern Ireland, where the independent review carried out by Dr Hulbert confirmed that our licences are prospective for nickel, copper and platinum-group elements with marked resemblances to the Baraga Basin in Michigan that hosts world class deposits. I appreciate the confidence shown in me by my fellow directors to take the vision of Professor Richard Conroy to its next stage."
Further Information:
Karelian Diamond Resources plc Brendan McMorrow, Chairman Maureen Jones, Managing Director +353-1-479-6180 Allenby Capital Limited (Nomad) Nick Athanas / Nick Harriss +44-20-3328-5656 Peterhouse Capital Limited (Joint Broker) Lucy Williams / Duncan Vasey +44-20-7469-0930CMC Markets (Joint Broker)
Douglas Crippen
+ 44-20-3003-8632
Lothbury Financial Services Michael Padley +44-20-3290-0707 Hall Communications Don Hall +353-1-660-9377
http://www.kareliandiamondresources.com
8 November 2024
Karelian Diamond Resources plc
("Karelian Diamonds" or the "Company")
Change of Registered Office Address
Karelian Diamond Resources plc (AIM: KDR) announces that it has changed its registered office address to Shannon Airport House, Shannon Free Zone, Shannon, County Clare, V14 E370, Ireland.
Further Information:
Karelian Diamond Resources plc Maureen Jones, Managing Director +353-1-479-6180 Allenby Capital Limited (Nomad) Nick Athanas / Nick Harriss +44-20-3328-5656 Peterhouse Capital Limited (Joint Broker) Lucy Williams / Duncan Vasey +44-20-7469-0930CMC Markets (Joint Broker)
Douglas Crippen
+ 44-20-3003-8632
Lothbury Financial Services Michael Padley +44-20-3290-0707 Hall Communications Don Hall +353-1-660-9377
http://www.kareliandiamondresources.com
Karelian Diamond Resources plc
(“Karelian Diamonds” or the “Company”)
18 October 2024
LAND COURT DECISION FINAL
Mine boundaries finalised Three items regarding compensation referred back to the National Land Survey
Karelian Diamond Resources plc (“Karelian Diamonds”) (AIM: KDR) is pleased to provide an update on its proposed Lahtojoki project. Further to the announcement on 13th August 2024, the sixty day appeal period has now passed and the Company’s legal advisors have confirmed that no application to appeal the decision has been lodged with the Finnish Supreme Court.
As a result, the decision of the Land Court has now gained legal force. The court hearing was in relation to appeals by two landowners regarding amounts of compensation to be paid to them and the mine boundary itself at the Company’s proposed mine development at Lahtojoki, in the Kuopio Kaavi region of Finland.
A mining concession application for the Lahtojoki diamond deposit has already been approved by TUKES (the Finnish mining authority). The National Land Survey has carried out the process in relation to ground rental compensation for the local landowners and the decided compensation has been paid by the Company. The finalisation of the mine boundary is an essential step in relation to the Company’s proposed development of the Lahtojoki diamond deposit.
The decision of the Court confirmed that there would be no change to the mine boundary for the proposed development. The Court also rejected the majority of items upon which the appellants based their claims for compensation and referred three items back to the National Land Survey for review. Finally, the Court ruled that the appellants must contribute to the Company’s legal costs.
Further Information:
Karelian Diamond Resources plc Maureen Jones, Managing Director +353-1-479-6180 Allenby Capital Limited (Nomad) Nick Athanas / Nick Harriss +44-20-3328-5656 Peterhouse Capital Limited (Joint Broker) Lucy Williams / Duncan Vasey +44-20-7469-0930CMC Markets (Joint Broker)
Douglas Crippen
+ 44-20-3003-8632
Lothbury Financial Services Michael Padley +44-20-3290-0707 Hall Communications Don Hall +353-1-660-9377
http://www.kareliandiamondresources.com
Karelian Diamond Resources PLC
("Karelian" or the "Company")
15 October 2024
Death of Director
Karelian Diamond Resources PLC (AIM: KDR), the natural resource exploration and development company focused on Ireland and Finland, announces with great sadness that its founder and Executive Chairman, Professor Richard Conroy, has passed away after a brief illness.
On behalf of the Board, Séamus FitzPatrick, Deputy Chairman of Karelian, commented:
"Richard's accomplishments across the diverse range of medicine, politics and indeed mineral exploration garnered respect from all. His entrepreneurial and inquiring spirit was excited by the opportunities in mine exploration and development, and his skills, honed in Zinc and Gold in Ireland, spread to Finland where his vision of the Karelian Craton having the potential for a significant European diamond mine is being steadily realised by the Company. Equally, the Company's recent progress on its Copper, Nickel and Platinum-Group-Element project in Northern Ireland held true to his belief in the potential of Ireland to provide a European solution to the shortfall in critical minerals necessary for a modern economy. In Karelian Diamond Resources, we intend to continue to build on his substantial legacy and deliver on Richard's vision for the company."
Further Information:
Karelian Diamond Resources PLC +353-1-479-6180 Allenby Capital Limited (Nomad) Nick Athanas / Nick Harriss +44-20-3328-5656 Peterhouse Capital Limited (Joint Broker) Lucy Williams / Duncan Vasey +44-20-7469-0930 CMC Markets (Joint Broker) Douglas Crippen +44-20-3003-8632 Lothbury Financial Services Michael Padley +44-20-3290-0707 Hall Communications Don Hall +353-1-660-9377
http://www.kareliandiamondresources.com
25 September 2024
Karelian Diamond Resources PLC
("Karelian" or the "Company")
FOLLOW-UP EXCAVATION COMPLETED IN KUHMO
Follow-up excavation programme in Kuhmo green diamond target area completed A total of twenty-one glacial till samples collected Samples to be dispatched for kimberlite indicator mineral analysis Drilling proposed to commence in winter
Karelian Diamond Resources PLC (AIM: KDR) is pleased to announce that the Company has completed a follow-up excavation programme in the Kuhmo region of Finland, up-ice of the two anomalous basal till sample locations recorded in the year 2023 pitting programme (as announced by the Company on 19 December 2023) and the green diamond previously discovered by the Company (as announced by the Company on 31 January 2017).
The thickness of the glacial till cover increases up-ice to the north-west towards a swampy area which is inaccessible to an excavator until the ground is frozen. The indicator mineral train leads into a zone where there is the presence of an airborne electromagnetic anomaly. The recent pits were targeted as close as possible down-ice of this airborne electromagnetic anomaly zone which is believed to be a likely source for the kimberlitic indicator minerals and the green diamond. Six of the potential kimberlite targets previously identified by geophysics are located inside this same area. Many of the pits were placed exactly down-ice of these targets, one of them on a straight line up-ice from the location of the green diamond discovery along the indicator mineral train.
Glacial till samples for kimberlite indicator mineral testing were collected in a total of twenty-one locations, fifteen of which were from basal till, five from medium layer till and one from surface till.
Each glacial till sample consisted of three c. 30kg bags of glacial till. One of the bags was kept as a reference and two of the bags were passed through a 2 mm sieve, to produce 30 kg of sieved material for analysis. These sieved samples are to be dispatched to Overburden Drilling Management Limited ("ODM") in Canada for kimberlite indicator mineral analysis.
After receiving the results from ODM, the Company intends to follow up with a drilling programme in winter when the ground freezes and a drill rig can get on site. The results of the kimberlite indicator mineral analyses will provide critical information for targeting diamond drilling by further delineating the potential kimberlitic source area where any highly anomalous targets are to be tested.
Professor Richard Conroy, Chairman, Karelian Diamond Resources PLC commented:
"This has been a highly successful and very encouraging excavation programme which brings the Company ever closer to the discovery of the source of the Kuhmo green diamond."
Further Information:
Karelian Diamond Resources PLC Professor Richard Conroy, Chairman +353-1-479-6180 Allenby Capital Limited (Nomad) Nick Athanas / Nick Harriss +44-20-3328-5656 Peterhouse Capital Limited (Joint Broker) Lucy Williams / Duncan Vasey +44-20-7469-0930 CMC Markets (Joint Broker) Douglas Crippen +44-20-3003-8632 Lothbury Financial Services Michael Padley +44-20-3290-0707 Hall Communications Don Hall +353-1-660-9377
http://www.kareliandiamondresources.com
Karelian Diamond Resources plc
("Karelian Diamonds" or the "Company")
19 August 2024
Holdings in Company
Karelian Diamonds (AIM: KDR) announces that it was informed today that David John Naylor has an interest of 9,088,056 ordinary shares of €0.00025 each ("Ordinary Shares"), equivalent to 7.06 per cent. of the current issued Ordinary Shares and voting rights of the Company.
Further Information:
Karelian Diamond Resources plc Professor Richard Conroy, Chairman +353-1-479-6180 Allenby Capital Limited (Nomad) Nick Athanas / Nick Harriss +44-20-3328-5656 Peterhouse Capital Limited (Joint Broker) Lucy Williams / Duncan Vasey
CMC Markets (Joint Broker)
Douglas Crippen
+44-20-7469-0930
+ 44-20-3003-8632
Lothbury Financial Services Michael Padley +44-20-3290-0707 Hall Communications Don Hall +353-1-660-9377
http://www.kareliandiamondresources.com
Karelian Diamond Resources plc
("Karelian Diamonds" or the "Company")
13 August 2024
LAND COURT HEARING RE LAHTOJOKI DIAMOND DEPOSIT
Mine Boundaries finalised Three items regarding compensation referred back to the National Land Survey
Karelian Diamond Resources plc ("Karelian Diamonds") (AIM: KDR) is pleased to announce that, on 12 August 2024, it was informed of the Finnish Land Court's decision, regarding the appeals by two landowners in relation to the amount of compensation to be paid to them and the mine boundary in relation to the development of a diamond mine by the Company, at Lahtojoki, in the Kuopio Kaavi region of Finland.
The decision of the Finnish Land Court, which is subject to appeal within sixty days, has maintained the original decision on the mine boundary, i.e. no change in the mine boundary. With regards to the amount of compensation payable to the two landowners the majority of the items upon which they based their claims were rejected by the Finnish Land Court except for three items which were referred back to the National Land Survey to review. The appellants were also required to contribute to the Company's legal costs.
A mining concession application for the Lahtojoki diamond deposit has already been approved by TUKES (the Finnish mining authority) and the National Land Survey has carried out the process in relation to ground rental compensation for the local landowners and the decided compensation has been paid by the Company. The current court hearing was to finalise the appeals by two of the landowners regarding the amount of compensation to be paid to them and also a change to the mine boundary.
Finalisation of the mine boundaries is an essential step in relation to the Company's proposed development of the Lahtojoki diamond deposit.
The Board believes that the development of a diamond mine at Lahtojoki will not only bring significant benefits to the Company, but also to the entire surrounding Kuopio-Kaavi area.
The diamond mine at Lahtojoki, when in production, is expected to be the first diamond mine in the European Union.
The Lahtojoki diamond deposit, as well as containing high quality colourless gem diamonds, also contains pink diamonds and other coloured diamonds. Such diamonds are highly sought after and can command prices up to 20 times that of normal colourless gem diamonds.
Professor Richard Conroy, Chairman of Karelian Diamond Resources PLC, commented:
"We are pleased to receive the decision of the Finnish Land Court which brings finalisation to the establishment of the mine boundaries. We will await the completion of proceedings in relation to the compensation to the two landowners concerned."
Further Information:
Karelian Diamond Resources plc Professor Richard Conroy, Chairman +353-1-479-6180 Allenby Capital Limited (Nomad) Nick Athanas / Nick Harriss +44-20-3328-5656 Peterhouse Capital Limited (Joint Broker) Lucy Williams / Duncan Vasey
CMC Markets (Joint Broker)
Douglas Crippen
+44-20-7469-0930
+ 44-20-3003-8632
Lothbury Financial Services Michael Padley +44-20-3290-0707 Hall Communications Don Hall +353-1-660-9377
http://www.kareliandiamondresources.com
31 July 2024
Karelian Diamond Resources plc
("Karelian" or the "Company")
Total Voting Rights
Karelian Diamonds (AIM: KDR) announces that the Company's issued share capital as at the date of this announcement comprises of 128,692,744 ordinary shares of €0.00025 each ("Ordinary Shares") with one voting right per share. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of Ordinary Shares and voting rights in the Company is 128,692,744.
The above figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.
Further Information:
Karelian Diamond Resources plc Professor Richard Conroy, Chairman +353-1-479-6180 Allenby Capital Limited (Nomad) Nick Athanas / Nick Harriss +44-20-3328-5656 Peterhouse Capital Limited (Joint Broker) Lucy Williams / Duncan Vasey
CMC Markets (Joint Broker)
Douglas Crippen
+44-20-7469-0930
+ 44-20-3003-8632
Lothbury Financial Services Michael Padley +44-20-3290-0707 Hall Communications Don Hall +353-1-660-9377
http://www.kareliandiamondresources.com
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