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HELSINKI - Karelian Diamond Resources plc (AIM:KDR) has received a mining concession certificate from the Finnish Safety and Chemical Agency (Tukes) for its Lahtojoki diamond deposit, marking a critical milestone in the company’s plans to develop what could become Europe’s first diamond mine outside Russia.
The mining concession covers 71 hectares, including a kimberlite pipe with a surface area of 1.6 hectares. Following this regulatory approval, the company is now focused on securing strategic investment to advance the project through development and into production.
In the Kuhmo region of Finland, Karelian’s exploration work identified two diatreme-shaped anomalies that could represent the source of a green diamond discovery. The company has classified these targets as high priority for drilling in its plans for the financial year ending May 2026.
The company also expanded its portfolio with new licences in Finland’s Lentiira area, approximately 30 kilometers north of the green diamond discovery site. These licences, along with extensions for existing permits covering the Seitaperä diamondiferous kimberlite and Riihivaara kimberlite discovery, are valid until at least Q1 2027.
In Northern Ireland, Karelian is exploring for nickel, copper, and platinum group elements across licences covering over 1,000 square kilometers. The company recently identified the historic Cappagh Copper Mine as a significant new target within its KDR 4 licence area.
For the financial year ended May 31, 2025, Karelian reported a loss of €279,357 compared to a loss of €237,160 in the previous year. The company had total assets of €12.2 million and net assets of €10.1 million.
The company raised approximately £651,822 during the year through share issuances at prices ranging from 0.75 pence to 1.5 pence per share, with a further £185,000 raised in June 2025.
This information is based on a press release statement from the company.
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