Karelian Diamond Resources plc swung to a loss during the last financial year at its projects in East Finland and Northern Ireland.
EXPENDITURE
The company is exploring for diamonds on the Lahtojoki deposit in the Kuopio – Kaavi region and in the Kuhmo region as well as for nickel, copper and platinum group elements in County Tyrone and mid-Ulster.
For the year ending 31 May 2023, the company posted a loss of €291,467 (2022: profit €13,593). The company expects further expenditure during 2023-24.
Net assets totalled €9,786,074 (2022: €9,480,803) and net current liabilities of €1,241,046 (€1,429,982).
Karelian said its directors would not seek repayment of amounts owed to them of €1,291,969 (€1,106,970) within 12 months of the financial statements’ approval.
These include chairman Professor Richard Conroy, non-executive director Séamus P. FitzPatrick, managing director Maureen T.A. Jones, NEDs Dr. Sorċa Conroy, Brendan McMorrow, Howard Bird and former director James P. Jones.
Chairman Professor Richard Conroy added: “The company has made excellent progress with the National Land Survey’s procedures regarding the Lahtojoki diamond deposit in Finland now concluded and the determined compensation paid.
“New survey work in Finland has identified additional diamond targets and an excavation and drilling programme on the targets has begun.
“In Northern Ireland the company has been granted new licences and the exploration programme for nickel, copper and PGE has commenced, the results from which could greatly increase Karelian’s potential value and also diversify the company’s exploration programme.”