Karelian Share Chat (KDR)

The Pink Diamond Crisis: The November 2020 closure of Rio Tinto's Argyle Mine in Australia was a seismic event. This single source was responsible for over 90% of the world's pink diamond supply. Its shuttering didn't just reduce supply, it effectively ended the primary pipeline for new pink diamonds, permanently altering the market's structure.

As documented by the Gemological Institute of America (GIA), the Argyle mine was a geological anomaly, producing these rarities at a volume the world will likely never see again.

Blues and Greens: The Ultimate Rarity: If pinks are the exiled royalty, blues and greens are the near-mythical unicorns. Accounting for far less than 0.02% of annual global diamond production, a fine, vivid blue or green diamond is one of the rarest natural occurrences on the planet.

“I see the fad around laboratory-grown diamonds starting to wear a bit,” Zimnisky said. “Everyone seems to have a top-quality 3-, 4- or 5-carat lab diamond and everyone now knows it’s not a natural stone. I think the product has become a little too ubiquitous and people are starting to want the real thing again

BYD

V

Aston Martin

A ​sale ‌of De Beers, Anglo American's diamond unit, has never been closer, its CEO said on Tuesday, adding that a deal could come within ⁠weeks.

Anglo put De Beers - one of the world's leading diamond companies with ⁠operations and exploration spanning Botswana, Namibia, Angola, South ​Africa and Canada - up for sale in May 2024 as part of a broader restructuring amid falling diamond prices and the global rise of synthetic diamonds. "I'm hopeful that it'll happen in weeks rather than months going forward," De Beers CEO Al Cook ​said in ‌an interview at the Reuters NEXT Europe conference in London. "It's been a two-year period. There's been a lot of negotiations. They're now maturing. We've never been closer than we are to a sale." The unit has attracted interest from the governments of Botswana, which already holds a 15% stake, Namibia and Angola. They are members of consortia with companies interested in buying Anglo's ​85% stake, according to sources.

De Beers finds Gen Z driving diamond demand rebound

Cecilia Jamasmie | June 12, 2026 | 3:52 am Markets Suppliers & Equipment Top Companies Africa USA Diamond

De Beers finds Gen Z driving diamond demand rebound

Mined diamond sales are increasing across US independent jewellers, says the report. (Image courtesy of De Beers.)

American consumers are showing renewed interest in natural diamonds, offering a potential boost to Africa’s diamond-producing nations after several difficult years for the industry.

Generation Z members — those born between 1997 and 2012 — are leading the resurgence, accounting for 23% of US natural diamond demand by value despite representing only 18% of the population, according to De Beers’ latest US Diamond Acquisition Study.

New findings from the survey of 18,500 women in the United States, the world’s largest diamond jewellery market, found Gen Z buyers are spending an average of $4,080 per purchase, far above the $2,250 spent by Baby Boomers. The study also found 11% of respondents ranked natural diamond jewellery as their most desired luxury gift, ahead of lab-grown diamonds at 8%, coloured gemstones at 5% and plain gold jewellery at 4%.

“Natural diamonds continue to hold a unique place in consumers’ minds as meaningful and aspirational purchases,” the report found, as younger buyers increasingly seek jewellery tied to personal milestones and achievements.

De Beers finds Gen Z driving diamond demand rebound

Source: De Beers’ The Diamond Report.

The trend carries important implications for African producers. Botswana, Angola, Namibia, South Africa and Lesotho supply a significant share of the world’s natural diamonds and stand to benefit directly from stronger demand in the US market.

The study found younger consumers are expanding diamond purchases beyond traditional engagements and weddings. While bridal jewellery still accounts for 45% of Gen Z demand, buyers are increasingly purchasing diamonds to mark promotions, career achievements, birthdays and other personal milestones, or simply as self-rewards.

That shift helped lift average natural diamond jewellery prices by 25% to $4,063 from $3,242 in 2023, while average stone sizes increased to 1.86 carats from 1.65 carats.

Worm 🪱 is turning

Yup comin down nicley

Buy when everyone else hates it.

It would appear that diamonds are in one of the most hated corners of the resource sector.

Now if our stones are 1 crt + and fancy or coloured and with the lack off investment in diamonds at the moment i see a GAP to be used in the diamond market until the artificial diamonds lose there interest again

So the diamond matket is showing artifical weakness due to smaller stones not being wanted anymore or the smaller stones dropping the whole diamond price

Doom doom doom mongers

thats actually quite a good sign mm's messing around and these guys come on

So old blue please tell me why the share price has fallen out of the sky and the company can not progress forward by paying compensation to land owners

nothing ever seems to happen it is complete and utter drivel a shambolic company promising jam tomorrow

Https://www.kareliandiamondresources.com/projects/other-targets

found diamonds

This company has never ever found a single carrot let alone a diamond

Maybe next time I will post in English

I look also look forward to you being right.

Its my opinion (DYOR) that KDR have the potential to follow some of these models. There is no other Junior coloured diamond explorer out there with this type of potential. I guess the next 8 - 10 months could prove me right or wrong. I look forward to it.

Catalyst 7 — Lake Drillhole Hits Lamproite

Timing: Winter

Probability: 40%

Market Reaction: Discovery confirmation

Expected Price Range: 15p → 25p → 40p

Why it matters

• Confirms the pipe exists

• Confirms the system is real

• Confirms EM + microprobe alignment

• Validates partner strategy

This is the discovery moment.

Catalyst 8 — Lake Drillhole Hits Diamondiferous Lamproite

Timing: Assay lag 4–8 weeks

Probability: 15%

Market Reaction: Major discovery

Expected Price Range: 40p → 60p → 100p

Why it matters

• Diamondiferous lamproite is extremely rare

• Strategic value skyrockets

• KDR becomes a takeover target overnight

This is the tier‑1 discovery moment.

Catalyst 9 — Takeover / Strategic Transaction

Timing: Any time after lamproite hit

Probability: 10%

Market Reaction: Acquisition premium

Expected Price Range: 60p → 80p → 100p

Why it matters

• Lahtojoki + Anomaly 5 become a package

• Clean balance sheet makes acquisition easy

• Partner involvement accelerates M&A interest

This is the endgame moment.

What if: 1. A partner secured for Lahtojoki soon

2. Compensation delay resolved

These two events fundamentally accelerate the valuation staircase and compress the timeline, because they remove the two biggest historical bottlenecks:

• Administrative uncertainty

• Funding uncertainty

This is the version of the timeline a mining‑sector fund would use if they believed a partner is imminent.

Updated Catalyst Timeline (Partner + Compensation Sorted)

This is the accelerated, higher‑probability, higher‑valuation pathway.

Catalyst 1 — Compensation Finalised

Timing: Imminent

Probability: 90%

Market Reaction: Administrative risk removed

Expected Price Range: 1.2p → 2p → 3p

Why it matters

• Removes the last procedural barrier

• Confirms the mine is fully permitted and unencumbered

• Signals Finland is “green‑lit” for development

• Removes the “what if landowners appeal?” discount

This is the administrative unlock.

Catalyst 2 — Partner Secured for Lahtojoki

Timing: Soon after compensation

Probability: 60%

Market Reaction: Funding + credibility + strategic validation

Expected Price Range: 3p → 5p → 8p

Why it matters

A partner does three things instantly:

1. Validates the asset (institutions love third‑party validation)

2. Removes funding risk (capex no longer a concern)

3. Creates a processing plant pathway (which unlocks Anomaly 5, Seitaperä, Riihivaara)

This is the strategic unlock.

Catalyst 3 — Debt Removal RNS

Timing: Aligned with partner deal

Probability: 95%

Market Reaction: Balance‑sheet reset

Expected Price Range: 4p → 6p → 10p

Why it matters

• Removes going‑concern risk

• Removes distressed discount

• Makes KDR investable for funds

• Makes KDR acquirable

This is the valuation reset.

Catalyst 4 — Microprobe Results (Indicator Minerals)

Timing: 2–6 weeks after debt removal

Probability: 70%

Market Reaction: Geological validation

Expected Price Range: 6p → 8p → 12p

Why it matters

• Confirms lamproite chemistry

• Confirms diamond indicator minerals

• Confirms the system is real

• Aligns with partner interest

This is the technical credibility moment.

Catalyst 5 — EM Survey (Pipe Geometry)

Timing: 4–10 weeks after microprobe

Probability: 60%

Market Reaction: Structural confirmation

Expected Price Range: 8p → 12p → 18p

Why it matters

• Defines the pipe

• Reduces geological uncertainty

• Guides the lake drillhole

• Confirms the anomaly is coherent

This is the target definition moment.

Catalyst 6 — Lake Drillhole Mobilisation

Timing: Immediately after EM

Probability: 80%

Market Reaction: Speculative build‑up

Expected Price Range: 10p → 15p

Why it matters

• Market prices in the binary outcome

• Traders accumulate

• Institutions position early

This is the pre‑discovery speculation moment.

Nothing to do with us

Petra down again

so we go down??????

https://www.lse.co.uk/SharePrice.html?shareprice=PDL&share=Petra-Diamonds

More news end june plus

need more cash for next drilling xmas

placing

the clns are for 2-3 years

Words like violence

Break the silence

Come crashing in

Into my little world

Haha Bonnie stuck record

Painful to me

Pierce right through me

Can't you understand?

Oh, my little girl

All I ever wanted

All I ever needed

Is here in my arms

Words are very unnecessary

They can only do harm

Especially me

Folks can now see where we are heading

Yogi research is world class read, digest, make your own decisions and research

It’s Coming ! Motherload. 💯imho

Debt will be no more

Core samples

Lahtojoki permit full

Kuhmo new world 🌍 diamond province

All in my opinion only

5. The A5 multiplier (bulk sampling is everything)

A5 is the highest‑impact target in the portfolio.

With a plant available:

A5 → microdiamonds

20–40p

A5 → multiple microdiamond-bearing intervals

40–80p

A5 → macrodiamond(s)

100–250p

Because:

• Bulk sampling is already funded

• Grade definition becomes fast

• Partner is already committed

• KDR becomes a takeover target

6. Seitapera and Riihivaara become real assets again

These two pipes have been dormant because:

• No processing capacity

• No funding

• No partner interest

• No way to bulk sample economically

A plant changes everything.

Each pipe that yields microdiamonds adds:

+10–30p to valuation

If either yields macrodiamonds, the valuation explodes.

8. Final assessment

A processing plant that can bulk‑sample Lahtojoki, A5, Seitapera and Riihivaara would:

1. Re-rate KDR 5×–10× immediately

2. Re-rate KDR 15×–40× over months

3. Make A5 drilling far more valuable

4. Turn Seitapera and Riihivaara into real discovery candidates

5. Position KDR as a takeover target

6. Create the first diamond processing hub in Finland

This is the scenario where KDR stops being a micro‑cap and becomes a regional diamond developer.

If KDR can bring a partner onboard at Lahtojoki and this partner funds and builds a processing plant at Lahtojoki, this can be used to bulk sample Anomaly 5, seitapera and Riihivaara also. If the Lahtojoki processing plant is explicitly designed to bulk‑sample Anomaly 5, Seitapera and Riihivaara, the valuation impact on KDR is much larger than a normal mine‑development scenario.

Bulk sampling is the single biggest cost barrier in diamond exploration. Removing that barrier compresses the discovery timeline by years and multiplies the share‑price leverage.

1. Why a shared processing plant is a transformational event

A plant that can bulk‑sample all four targets means:

• Lahtojoki becomes the anchor asset

• A5 becomes drill → bulk sample → grade definition ready

• Seitapera becomes drill‑ready again

• Riihivaara becomes economically testable

• The region becomes a diamond province, not a single project

This is the exact model used at:

• Ekati (central plant for multiple pipes)

• Diavik (regional hub)

• Argyle (plant built before full pipe definition)

The market always re-rates explorers when bulk sampling becomes funded and feasible.

2. Why bulk sampling is the real bottleneck

Bulk sampling is expensive because it requires:

• Heavy equipment

• Crushing circuits

• Dense media separation

• Secure diamond recovery

• Skilled operators

A standalone bulk sample for A5 or Seitapera would normally cost £5–10m each.

If the partner builds a plant:

Bulk sampling cost for KDR drops to near-zero.

This is the single biggest value unlock in the entire KDR portfolio.

3. Immediate share price impact (Day 1–7)

A partner funding Lahtojoki + a plant is big.

A partner funding a plant that can bulk‑sample three exploration targets is massive.

Likely reaction: +400% to +900%

0.65p → 3p to 6p

Why:

• Removes capex risk

• Removes dilution risk

• Confirms partner sees multi‑pipe potential

• Confirms A5 will be bulk‑sampled

• Confirms Seitapera and Riihivaara will be tested

• Creates a “Finland diamond province” narrative

This is the moment institutions can finally buy.

4. Medium-term re-rating (1–6 months)

Once the market understands that bulk sampling is now guaranteed, the valuation shifts from “explorer” to “near‑term producer + multi‑pipe discovery optionality”.

5p → 12–25p range

Market cap: £35–80m

Drivers:

• Lahtojoki production pathway

• A5 bulk sample scheduled

• Seitapera bulk sample possible

• Riihivaara bulk sample possible

• Regional infrastructure in place

• Partner validation

This is the same dynamic that re-rated:

• Peregrine Diamonds

• Mountain Province

• Lucara

• Stornoway

5. The A5 multiplier (bulk sampling is everything)

A5 is the highest‑impact target in the portfolio.

With a plant available:

A5 → microdiamonds

20–40p

A5 → multiple microdiamond-bearing intervals

40–80p

A5 → macrodiamond(s)

100–250p

Because:

• Bulk sampling is already funded

• Grade definition becomes fast

• Partner

After combining all three:

60–70% probability that Anomaly 5 is the motherlode.

At that point, KDR would no longer be an explorer — it would be a takeover target.

Bottom line

The probability increases when you get:

1. Microdiamonds

2. Diamond‑fertile mantle chemistry

3. Confirmed pipe geometry

4. More coloured diamonds in till

5. Geophysical confirmation of a diatreme

6. Mantle xenoliths in core

Each of these steps pushes Anomaly 5 closer to being the primary coloured‑diamond source — the motherlode.

1. Microdiamond results — the single biggest probability multiplier

If KDR recovers microdiamonds from Anomaly 5 drill core or till directly up‑ice, the probability jumps dramatically.

What would increase the probability:

• High microdiamond counts per tonne

• Coarse size distribution tail (stones trending toward macro sizes)

• Presence of coloured microdiamonds (pink, purple, green, yellow)

• Low breakage (indicating primary source, not glacial reworking)

Impact:

• A strong microdiamond population would push the motherlode probability to 30–40% immediately.

This is the single most powerful de‑risking step.

2. Mantle indicator mineral chemistry (G10/G9 garnets, chromites, ilmenites)

If indicator minerals recovered near Anomaly 5 show:

• G10 garnets (high‑pressure, diamond‑stable field)

• G9 garnets (eclogitic diamond‑associated)

• Diamond‑type chromites

• Picroilmenites with favourable chemistry

…then the mantle source is diamond‑fertile.

Impact:

• Strong indicator chemistry pushes the probability to 20–30% even before microdiamonds.

3. Confirmation of a coherent lamproite pipe under the lake

Right now, the breccias are on the shoulder of the EM anomaly.

If drilling or geophysics confirms:

• A coherent, pipe‑shaped intrusive body

• Vertical continuity

• A central diatreme zone

• A feeder dyke

…then the geological model becomes fully consistent with a major lamproite vent.

Impact:

• Pipe geometry confirmation pushes the probability to 25–35%.

4. Recovery of any additional coloured diamonds in till

You already have one green diamond down‑ice.

If KDR finds:

• Another green

• A yellow

• A pink

• A purple

• Or even a fancy‑tinted microdiamond

…then the probability that Anomaly 5 is the primary source increases sharply.

Why:

Coloured diamonds are extremely rare.

Two coloured diamonds in the same transport corridor is not coincidence — it’s a source.

Impact:

• Second coloured diamond → probability jumps to 35–50%.

5. Geophysical tightening of the target

If EM, gravity, or magnetic inversion modelling shows:

• A pipe‑shaped low‑density body

• A conductive core

• A steep‑sided diatreme

• A root zone

…then the target becomes a textbook lamproite pipe.

Impact:

• Strong geophysical confirmation → 20–30% probability.

6. Coherent xenolith/xenocryst population in drill core

If future drilling hits:

• Mantle xenoliths (eclogite, garnet peridotite)

• Diamond‑indicator xenocrysts

• High‑pressure minerals

• Abundant olivine + phlogopite + spinel assemblages

…then the pipe is sampling the correct mantle.

Impact:

• Mantle xenolith confirmation → 25–35% probability.

---

Putting it all together — how the probability could evolve

Current probability:

10–20% (already very high for exploration)

After strong microdiamond results:

30–40%

After confirming pipe geometry:

25–35%

After finding a second coloured diamond:

35–50%

The company must surely have had some update on the compensation hearing it will be the fall of 2026 in 3 months time .I can only guess it wasnt quite what the market wanted to hear so they decided not to share it .With this in mind and bearing into account nothing is going to happen until that is sorted the sp is slowly slipping back into the tank it rose from .

But if KDR have a new diamond province in Finland, I see no reason why a major or mid tier wouldn’t want control of that. A single mine is a project. A province is a platform and I see no reason why majors wouldn’t compete for this type of strategic position, given the coloured nature of the stones.

Had missed that….thanks….. not many remain in diamonds now

Hi Yogi,

You might have missed this but Botswana Diamonds pivoted away from diamonds at the end of Feb and are now called Botswana Minerals, chasing copper in Botswana now rather than diamonds.

3. Burgundy Diamond Mines – The “Colour Diamond Specialist”

Burgundy’s strategy is laser‑focused on:

• Fancy‑colour diamonds

• Vertical integration (mine → cutting → branding)

• Smaller, high‑margin deposits

Fit with each junior:

Junior Fit Score Rationale

Karelian Diamond Resources Very High Only junior with green + pink indicators in the EU. Perfect match for Burgundy’s colour‑diamond strategy.

North Arrow High Has produced fancy colours in samples; fits Burgundy’s model.

Arctic Star Moderate Mostly white diamonds; less aligned with Burgundy’s brand.

Botswana Diamonds Low Not colour‑focused.

Burgundy Summary

If Burgundy wants a European colour‑diamond source, Karelian is the #1 fit globally.

4. Lucara – The “Large‑Stone, Africa‑Focused” Operator

Lucara specialises in:

• Large, high‑value stones

• Botswana‑centric operations

• High‑tech recovery systems

Fit with each junior:

Junior Fit Score Rationale

Botswana Diamonds High Same jurisdiction; potential synergies; access to historic data.

Karelian Diamond Resources Low Not Africa; not large‑stone focused.

Arctic Star Low Not aligned with Lucara’s Africa‑centric strategy.

North Arrow Low Same issue.

Lucara Summary

Lucara is a single‑jurisdiction acquirer.

Only realistic fit: Botswana Diamonds.

5. Petra Diamonds – The “Brownfield Expansion” Acquirer

Petra prefers:

• Brownfield assets

• Existing infrastructure

• Africa‑based projects

Fit with each junior:

Junior Fit Score Rationale

Botswana Diamonds Moderate‑High Geographic alignment; potential bolt‑on exploration.

Karelian Diamond Resources Low Not Africa; not brownfield.

Arctic Star Low Not Africa.

North Arrow Low Not Africa.

Petra Summary

Only meaningful fit: Botswana Diamonds.

6. Alrosa – The “High‑Risk, High‑Reward” Acquirer

Due to sanctions, Alrosa’s acquisition ability is severely constrained.

They historically prefer:

• Large kimberlite fields

• Russia‑adjacent jurisdictions

• High‑grade pipes

Fit with each junior:

Junior Fit Score Rationale

Arctic Star Moderate Canada is geologically attractive but geopolitically impossible.

Karelian Diamond Resources Low EU jurisdiction makes acquisition impossible.

North Arrow Low Same issue.

Botswana Diamonds Low Africa is possible but politically sensitive.

Alrosa Summary

Realistically: no viable acquisitions in the West.

The Non‑Obvious Insight

Across all majors, Karelian Diamond Resources is the only junior that fits the strategic profile of multiple acquirers:

• Rio Tinto (lamproite + colour potential)

• De Beers (EU jurisdiction + historic interest in Finland)

• Burgundy (colour‑diamond strategy)

This multi‑major alignment is extremely rare in the diamond sector.

Botswana Diamonds is the only other junior with multi‑major fit (De Beers, Lucara, Petra), but all within Africa‑only strategies.

Thank you for your thoughts.

Vamps, I think there is serious investment here. Mine is anyway.

Agree allen30, should be done by now. It’s more important than most realise. It is essentially constantly weighing on the share price. When it’s gone, investment will come in.

Not sure how long the balance sheet exercise will take them. Shouldn’t be too long as just copying same playbook as CGNR. Could be any day I suspect, but no idea.

Maybe its just all a load of BS like the compensation hearing that was supposed to be last Autumn that always keeps getting delayed and nothing ever happens.I dont think anything will ever happen and nobody will seriously invest until it does

What is keeping them Yogi , no excuses , this should be done by now , they have just sorted CGNR , so it’s an easy fix surely

Like it Yogi. Lahtojoki on its own would be a highly valuable asset, let alone Kuhmo. Also, what’s in the other locked down areas of Lahtojoki?

Gem‑Quality Comparison: Lahtojoki vs. Argyle, Diavik, Orapa

🟥 Argyle (Australia) — Very low gem‑quality percentage

Argyle was one of the world’s largest producers by volume, but the proportion of gem‑quality diamonds was low.

Produced mostly brown, champagne, and industrial‑grade stones.

Famous for pink diamonds, but these were extremely rare relative to total output.

Overall gem‑quality ratio: low single digits to low teens (inferred from “low proportion” and industry data).

🟦 Diavik (Canada) — High gem‑quality percentage

Diavik is widely known (outside the provided sources) for producing high‑value, high‑clarity white diamonds.

Industry‑standard estimates place Diavik’s gem‑quality ratio at 50–70% (inference based on its reputation for premium stones).

🟧 Orapa (Botswana) — Moderate gem‑quality percentage

Industry‑typical values for Orapa are 20–30% gem‑quality, with the remainder industrial.

Orapa is a high‑volume mine, but not known for unusually high gem‑quality output.

🟩 Lahtojoki (Finland) — Estimated ~60% gem‑quality

Previous results indicate that Lahtojoki hosts high‑quality gem diamonds, including rare pink and coloured stones that can fetch up to 20× the price of colourless diamonds.

If Lahtojoki’s gem‑quality ratio is indeed ~60%, it would:

Exceed Orapa

Dramatically exceed Argyle

Be comparable to Diavik

Place it among the higher‑value kimberlite deposits globally

Lahtojoki’s estimated ~60% gem‑quality ratio would place it well above several major global diamond mines, especially Argyle and Orapa, and roughly comparable to or slightly below Diavik.

So what does it actually predict for Lahtojoki?

It suggests:

The mantle beneath Lahtojoki is diamond‑fertile

The kimberlite should contain both eclogitic and peridotitic diamonds

The deposit has a realistic chance of being economic

The grade will depend on dilution, eruption dynamics, and diamond preservation, not mantle fertility alone

In other words:

1% diamond in a xenolith means the mantle is excellent. The kimberlite grade depends on everything that happened afterward.

What this means for economic grade predictions

Here’s the honest, technical interpretation used by diamond geologists:

1. It raises the “geological ceiling” for diamond grade

If the mantle can produce 1% diamond in eclogite, then the maximum possible grade for the kimberlite is higher than in provinces where eclogites contain almost no diamond.

This doesn’t guarantee a high grade — it just expands the potential.

2. It increases confidence that the kimberlite sampled diamond‑rich zones

Kimberlites are chaotic. They entrain mantle material randomly. Finding a 1% diamond xenolith means:

The eruption passed through a diamond‑rich mantle domain

Diamonds were available to be picked up as xenocrysts

The kimberlite likely contains a mixed diamond population, including eclogitic stones

This is why Lahtojoki has both eclogitic and peridotitic diamonds.

3. It supports the idea that the Karelian Craton is a legitimate diamond province

Before these xenoliths were found, Finland’s diamond potential was uncertain. Afterward, the mantle model looked much more like:

Northern Russia (Grib, Lomonosov)

Northern Canada (Slave Craton)

Both are world‑class diamond regions.

4. It does not directly translate to ore grade

A kimberlite with 1% diamond would be:

10,000 carats per tonne

Economically impossible

Geologically absurd

Commercial grades are usually:

0.1–2 carats per tonne (economic)

2–10 cpt (exceptional)

>10 cpt (world‑class, extremely rare)

So the xenolith’s 1% diamond content is not a grade prediction — it’s a mantle fertility indicator.

Core samples must be be back now ?

And permit about to land I guess

Debt referred in coming

Lots to build up here

Opportunity knocks

Looks like someone taken just over 1 mil buys today

Good value to build !

Alrosa like our location also, working the other side of the border........GLA

The company’s diamond projects are based on the diamond prospectivity of the Karelian Craton, which is comparable in size to the diamond-rich Slave Lake Craton in Canada.

The Karelian Craton stretches across north-eastern Russia and northern Finland. The Lomonosov and Grib Pipe diamond deposits have been discovered in the Russian section of the craton and Russian diamond giant Alrosa has indicated that the region presents strong growth possibilities.

Karelian Diamond Resources has far more strings to its bow than most investors realise. Some are obvious (Lahtojoki), some are emerging (Kuhmo), and some are strategic leverage points that only become valuable when viewed as part of a portfolio.

Does the delay change the strategic attractiveness of KDR? No.

Lahtojoki remains:

• The only permitted diamond mine in the EU

• A low‑capex, short‑construction project

• A high‑margin niche producer

• In a geopolitically safe jurisdiction

• With a diamond market entering structural shortage

The delay is procedural, not geological or commercial.

500K Dumpers shares all hoovered up from yesterday and today .Hard Luck Seller !

Delayed publication from 1614 today

750,000 shares :-)

Let us see what Monday brings :-)

Very much looking forward to the next 6 months here.

GLA

Extra cash is always good

Thks for that so warrants should be looked at too

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.

Quickie guys if this retates due to debt and doubles

now we have 2p say warrants at 1.5p? worth doing at 2p? how much will that generate?

Doctor Hugh O’Brien, kimberlite expert and consultant to the Company, commented:

Additional drilling during that

programme adjacent to the breccias, produced coherent olivine lamproite packed with mantle material.

MANTLE MATERIAL MEANING

Olivine lamproite is a type of volcanic rock that is associated with diamond-bearing kimberlite provinces. It is characterized by its olivine-rich composition and is often found in volcanic pipes. The term "packed with mantle material" refers to the presence of mantle-derived minerals within the olivine lamproite, which can indicate the presence of diamonds or other valuable minerals. This rock type is significant in diamond mining due to its association with diamond-bearing kimberlite provinces, such as the Argyle and Ellendale mines

I suspect balance sheet reset can’t be far away, as they said in recent interview that they are committed to doing that and it’s definitely not already built into the share price. It’s significant.

Olivine lamproite intrusive complexes are known to contain diamonds. These complexes are associated with kimberlite provinces globally, including the world-class Argyle and Ellendale diamond mines. The olivine lamproite breccias intersected during the drilling program at the Anomaly 5 target in Kuhmo are provisionally interpreted to be olivine lamproite, a rock type that is globally associated with diamond-bearing kimberlite provinces. The intersections of olivine lamproite were made in drill holes that intersected rock material provisionally interpreted to be olivine lamproite, which is a rock type associated with diamond-bearing kimberlite provinces globally.

It’s a simple buy and hold. Once news is released on capital/debt reorganisation (which they are currently sorting), this goes up.

Then there’s the small matter of the A5 test results…

This has tested the 1p level a couple of times over the last few months

But to break through we'll need some additional news I suspect.

Lets hope enough of the newbies keep their resolve

GLA

The mine was the first successful commercial non alluvial diamond mine not located on a kimberlite pipe. The pipe is named "AK-1", although it is commonly simply called the "Argyle pipe".

The volcanic pipe is a diatreme, composed of olivine lamproite, present as tuff and lava. Peripheral volcanic facies suggest the lamproite eruption formed a maar. At the margins of the volcanic pipe the lamproite is mixed with a volcanic breccia containing shattered wall rock fragments mixed and milled by the eruption. Minerals in the marginal facies include zeolite minerals, micas, kaolinite and clays, typical of post-eruption hydrothermal circulation.

Ring any bells ?

INITIAL REVIEW INDICATES POSITIVE RESULTS FROM DRILLING AT ANOMALY 5

• Winter drilling programme completed at Anomaly 5 diamond target, Kuhmo, Finland

• Probable olivine lamproite breccia intersected in two drillholes

• Diagnostic rock types in drill core indicate proximity to olivine lamproite intrusive complex

Olivine lamproite is a rare, potassium-rich ultramafic igneous rock known as a significant source of diamonds. It is characterized by high levels of olivine, phlogopite, diopside, and leucite, often forming in volcanic pipes from deep mantle-derived magmas. These rocks are important for diamond exploration, notably in Australia and Africa, and form by melting of the sub-continental lithospheric mantle.

Doctor Hugh O’Brien, kimberlite expert and consultant to the Company, commented:

“Identical variegated red brick and blue-green coloured clay-rich breccias were dominant in dike intersections

from Joutensuo, roughly 30 km to the North-Northwest along the same or parallel structures in drill core from

a previous drilling program now held at the GTK Loppi drill core repository. Additional drilling during that

programme adjacent to the breccias, produced coherent olivine lamproite packed with mantle material.

Yes would be great. Obviously if another green diamond is discovered, the impact is far more explosive than the first one — because the market stops treating it as a “lucky anomaly” and starts treating it as a colour‑dominant diamond system, which is the rarest category in global diamond geology.

One green diamond could theoretically be transported. Two means the source is local and active. This would be globally significant and would trigger a multi‑stage re‑pricing. If a second green diamond is found in drill core, the market would treat it as a confirmed discovery..... Range: 20–40p

Institutions would start entering because a colour‑dominant lamproite in the EU is a once‑in‑a‑generation asset.

That doesn’t look too shabby Yogi, can we skip to Phase 5 please?!

Agree Focus4, it should have been gone before now. Perhaps whoever is behind the recent interest in CGNR and has advised them that the same is necessary with KDR. Is the same party interested in both. I simply don't know. Possible. Its definitely a major positive sign for KDR and indicates getting the house in order for something.

Here is a possible combined share‑price trajectory, based only on Balance‑Sheet Reset + Anomaly 5 Discovery. ( Note: Lahtojoki, Seitapera, Riihivaara, NI, etc not even included in this)

Phase 1 — Financial Reset (0.65p → 2–3p).........The market re‑rates KDR as a solvent, investable explorer.

Phase 2 — Discovery Anticipation (2–6p).........EM survey + drill targeting the core.

Phase 3 — Discovery Confirmation (6–25p).........Coherent lamproite + microprobe + microdiamonds.

Phase 4 — Discovery Recognition (25–80p).........Bulk sample confirms economic grade.

Phase 5 — Strategic Premium (60–120p)...........JV or takeover interest.

What would be the strategic impact of removing £1.9m liabilities? It does three major things:

A. Makes Lahtojoki partnership far easier

A partner prefers a company with:

• No debt

• Clean cap table

• No creditor overhang

• Ability to co‑fund development

This move signals readiness for project advancement.

B. Makes KDR takeover‑ready

A buyer (Rio, Burgundy, private equity, Scandinavian miner, or whoever) prefers:

• No liabilities to assume

• No working‑capital deficit

• No need for immediate refinancing

This dramatically increases the probability of a bid.

C. Strengthens KDR’s hand at Anomaly 5

A clean balance sheet means:

• More drilling

• Faster EM follow‑up

• Ability to retain more project equity

• Better leverage in JV negotiations

I terms of the market psychology, right now the market sees:

• A company with liabilities > market cap

• A going‑concern warning

• A high‑risk exploration story

Once liabilities vanish, the narrative flips to:

• “Debt‑free diamond explorer with lamproite hits”

• “Clean balance sheet, strong assets, takeover optionality”

• “Argyle‑style geology + Lahtojoki development partner incoming”

This is the type of shift that triggers smart‑money accumulation.

Only fools sell now short term price target 3P on debt restructuring announcement which will happen very soon.

Pinks will do, the worlds major source of pinks closed, KDR have pinks in the mix, some rare greens would be great but the prospect

of abundant pinks, to replace the gap in the market, is transformational in itself.............GLA

From life changer. Just need three words "visible green diamonds".

Yes, I think the latest drill results will make it more attractive to a partner - I suspect we may have to wait until the winter though.

And for the chartists among us - the MM’s A short on shares. Classic 100 signal at 9;

Correct. But we are looking for a partner to fund a work programme across what is a diamond province. One of these deposits has a mining license (pending finalisation of compensation), so there is plenty to go at whilst winter turns up. I guess my point was, subject to testing, does this make the whole operation far more attractive to a potential partner? I think it does.

Further drilling has been scheduled for the Finnish winter - Bringing a partner on board will boost the share price, but it won’t change when they can drill.

Continued work on this project is warranted based on the exceptional compositions of the mantle minerals in the A5 kimberlite indicator mineral train…

If the analysis proves favourable (and there is nothing to suggest that it won’t be), and in the knowledge that the deposit contains green diamonds, would this be enough to tempt a partner to come onboard and fund further exploration and development?

Picroilmenites are characterised by high magnesian and chromian contents. Their Mg and Cr concentrations can be used to distinguish between diamond-rich and diamond-poor pipes.

Eyes down for the chemical analysis…

Https://youtu.be/XhSgDPke1NI?si=Y3GHAY274pqqiqwX

Good and deep analysis Yogi,some additional comments

There was a few "could be" in the contributions from KDR yesterday in the interview re the next outcomes,the Winter Freeze is needed in Q4 2026 to support the next phase of drilling so will be some time before more specifics can be shared.

The management of the balance sheet is still work in progress,and its outcomes will be linked to whats occurs in Q4 imho,plus further funding will be needed(hopefully) in parallel.

Looked at a few AI scenarios re Diamond mining and essentially the commercial probability(a producing mine) of success in Finland,I suggest folks look on this themselves,but very low single figures is the feedback currently in the models.

Exciting times none the less and good to see KDR and Steve excited for the future.Good Luck All.

KDR’s £1.9m+ in liabilities is larger than the entire company, which massively amplifies the impact of any balance‑sheet clean‑up.

1. Verified numbers (April 2026)

From the latest market data:

• Market cap: £1.28m–£1.38m

• Share price: 0.65–0.70p

• Shares in issue: ~196.4m

• Cash: ~£27k

• Enterprise value: ~£1.47m

• Total liabilities: ~£1.9m (from accounts, not market feeds)

So yes — KDR’s liabilities exceed its market value.

This is why the share price is suppressed despite the geological upside.

2. What happens if KDR “does a CGNR” and clears the £1.9m liabilities?

CGNR’s turnaround worked because they:

• Wiped out liabilities

• Rebuilt working capital

• Removed going‑concern risk

• Became investable again

If KDR did the same, the effect would be far more dramatic, because:

A. Liabilities > Market Cap

Clearing £1.9m of liabilities against a £1.3m market cap is equivalent to:

• Removing 140% of the company’s value in debt‑pressure

• Resetting the enterprise value close to zero

• Eliminating the insolvency discount

This alone could trigger a +100% to +300% re‑rating, even before any discovery news.

B. The market currently prices KDR as distressed

The share price reflects:

• Low cash

• High payables

• Funding uncertainty

• No buffer for exploration risk

Once that is removed, the market starts valuing assets, not survival risk.

C. It unlocks strategic options

A clean balance sheet makes:

• A JV easier

• A merger with CGNR feasible

• A takeover (Rio, Burgundy, private equity) structurally possible

• Institutional investment possible

Right now, the liabilities block all of these.

The market hasn’t reacted because the RNS is technically excellent but commercially opaque to most of AIM investors.

The RNS reads like a geological paper, not a discovery‑curve announcement. Retail AIM investors respond to:

• “pipe discovered”

• “kimberlite confirmed”

• “diamondiferous potential”

• “next drillhole targeting main body”

Instead, they got:

• “variegated red brick clay‑rich breccias”

• “granularised granite”

• “anastomosing calcite veinlets”

• “provisionally interpreted”

To a geologist, this is excellent news.

To AIM retail, it’s noise.

The key message is buried in the RNS. The RNS actually says:

You are on the edge of a lamproite pipe and the next hole under the lake is the discovery hole.

Because there was no explicit “lamproite confirmed” statement, the market misses it. Even though the evidence is overwhelming, the RNS uses:

• “probable”

• “provisionally interpreted”

• “highly altered”

• “breccia”

Retail reads those as:

• uncertainty

• weakness

• lack of discovery

In reality, breccia + alteration = edge of pipe, which is exactly what you want before hitting the main body.

But AIM doesn’t know that.

The market does not understand lamproite systems. Most AIM investors only understand:

• kimberlite pipe = good

• no kimberlite = bad

They do not understand:

• Argyle was lamproite

• Ellendale was lamproite

• Seitaperä is lamproite

• Lamproite breccias are peripheral facies

• Picroilmenite xenocrysts are a major positive

So they cannot interpret what they’re reading.

The RNS doesn’t explicitly connect the dots. The company knows:

• The KIM train is exceptional

• The green diamond came from this system

• The breccias match known lamproite systems

• The lake is the likely vent

• The next hole is the discovery shot

Because the RNS doesn’t say this plainly, the market doesn’t see the significance.

Maybe the market will be asleep and ignore early technical rns's until the lake hole is drilled. The market always misprices the pre-discovery technical phase. Smart money accumulates during this phase. it is an accumulation window.

This is the phase where:

• institutions

• geological funds

• specialist investors

quietly accumulate because they understand what the breccias mean.

Bottom Line - The market hasn’t reacted because the RNS is technically excellent but commercially invisible. The discovery signal is there — but only geologists can see it.

The roast interview is well worth a listen as it spells it out.

4. What This Means Geologically

You are now on the edge of the intrusive system.

Everything points to:

• A lamproite pipe or blow nearby

• The current holes clipping the outer halo

• The main body being larger, coherent, and diamondiferous

This is the exact pattern seen at:

• Argyle (lamproite breccias → coherent lamproite → diamonds)

• Ellendale

• Joutensuo

• Seitaperä

The RNS is essentially saying:

“We’ve hit the outer shell. The core is next.”

5. Why the Market Will Misread This

Retail will see:

• “Breccia”

• “Altered”

• “Highly weathered”

• “Provisional interpretation”

But experts know:

• Breccias = edge of pipe

• Alteration = lamproite weathering signature

• Weathered lamproite at surface = near the vent

• Picroilmenite = mantle connection

• Exceptional KIM chemistry = diamond window source

This is a textbook near‑miss.

6. What Happens Next

6.1 Ground EM

This will:

• Map the clay halo

• Define the pipe margins

• Pinpoint the coherent core

• Provide precise drill targeting

6.2 The lake drillhole

This is the priority and the potential discovery hole.

6.3 Petrography + geochemistry

These analyses will:

• Confirm lamproite classification

• Identify mantle xenocrysts

• Assess diamond potential

• Potentially reveal microdiamonds

7. The Real Message of the RNS

Here is the distilled meaning:

KDR has drilled into the outer margin of a lamproite intrusive system that is almost certainly the source of the A5 diamond indicator train and the green diamond. The main pipe is nearby, likely under the lake, and the next drillhole is a genuine discovery shot.

This is the strongest technical validation KDR has ever released.

Karelian has intersected the outer halo of a lamproite intrusive system at Anomaly 5. Not a miss — a near‑miss.

The geology, mineral chemistry, and structural context all now converge on one conclusion:

KDR is drilling the periphery of a potentially diamondiferous olivine lamproite pipe, with the main body likely lying under the lake at the head of the indicator train. This is the strongest technical confirmation the company has ever released.

What the Drillholes Actually Prove

1.1 Lamproite confirmed in two holes

• KD‑26‑02: 8 m of probable olivine lamproite breccia

• KD‑26‑03: 3.9 m of highly weathered olivine lamproite starting immediately at bedrock

This is not glacial float. This is in‑situ lamproite.

1.2 All lamproite is brecciated and altered. This is exactly what you expect on the margins of a lamproite pipe or blow:

• Clay‑rich breccias

• Crackle breccias

• Granularised granite (pseudosandstone)

• Calcite‑veined country rock

These are diagnostic peripheral facies of lamproite intrusions.

1.3 Expert confirmation

Dr Hugh O’Brien explicitly states:

• These breccias match those at Joutensuo (30 km away), where drilling adjacent to breccias hit coherent lamproite packed with mantle material.

• Identical diagnostic rock types occur at Seitaperä, an olivine lamproite blow.

This is a direct analogue:

Breccias → move slightly → hit the main pipe.

2. Why This Is So Important?

2.1 The indicator mineral chemistry is exceptional. The A5 KIM train contains:

• G10/G9 garnets

• High‑Cr chromites

• Diamond‑window mantle signatures

• A green diamond already recovered

These minerals must come from a diamondiferous source. The drillholes are now up‑ice and proximal to that source.

2.2 Picroilmenite xenocrysts found in the lamproite

This is a major point the market will miss.

Picroilmenite is:

• A classic kimberlite/lamproite mantle xenocryst

• A strong indicator of diamondiferous potential

• Evidence that the lamproite intersected is genetically linked to the KIM train

This ties the drill core directly to the diamond‑bearing mantle source.

3. Structural & Geophysical Alignment

3.1 The EM anomaly

The semi‑airborne EM anomaly was originally thought to be a pipe.

The RNS now clarifies:

• The anomaly is caused by thick overburden + clay‑rich breccias

• This is consistent with peripheral lamproite facies, not the main pipe

3.2 The lake is the real target

The lake sits:

• At the head of the indicator train

• On the same structural trend

• Adjacent to the breccia intersections

• In the direction of increasing lamproite intensity

The next drillhole under the lake is the discovery hole.

Good work Steve.

1m share buy :--)

Yes still low volume BUT, appears to be forming a solid base pending the next RNA update.

Low volumes, few trades BUT, looking to rise.

And those buys keep trickling through :-)

KDR operates in a niche (EU‑origin fancy‑colour potential) that no other junior explorer currently occupies, which gives it a unique speculative profile even if it is not widely recognised in industry rankings. It is the most unique junior explorer, because:

• It is the only company exploring for diamonds in the EU

• It has verified fancy‑colour diamonds and indicators (green + pink)

• It has extremely high potential upside due to its tiny valuation (market cap)

• It operates in a geopolitically safe, ethical‑sourcing‑friendly region

This combination does not appear anywhere else in the junior diamond sector. Try looking and you will not find it.

Finland has a credible path to becoming a boutique, high‑value, branded source of fancy‑colour diamonds, similar to how:

• Argyle became synonymous with pinks

• Cullinan became synonymous with blues

• Canada became synonymous with ethical, traceable stones

Finland’s advantage is that it can combine rare colours + EU origin + ethical mining + extreme geological rarity into a single, marketable identity.

Don't underestimate the significance of confirming the source of the green diamond.

I wonder how spoons/mr diamond feel if he/they did go in with the last financing. As the deadline has surely passed now to inform shareholders if there has been any hitch in collecting the payments for the 1.5p loan notes I assume all money have been handed over and at 0.6 to sell (and there are plenty of them) that's a 65% custard pie of a loss straight away. I fell for it as well much to my annoyance, but at 0.8 top ups after initial top slicing.

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 Microprobe analysis resulted in the identification of nineteen G10 (harzburgitic), nineteen G9 (lherzolitic), fifteen G5 (pyroxenitic) and seven G4 (eclogitic) garnets. The presence of diamond stability field garnets (G10D) and other diamond-facies garnets (G4D and G5D) is a clear indicator of the diamond potential of the Kuhmo target area.

The discovery of the green diamond down-ice, together with the abundance of G10 harzburgitic garnets, including G10D´s, and the presence of eclogitic G4 garnets, including G4D´s, and pyroxenitic G5D garnets, all indicate a deepmantle source for kimberlite originating from the diamond stability field where diamonds are formed.

Orange mantle garnets were also present in samples. Orange mantle garnets can include eclogitic pyrope almandine garnets (G3) which, if present, are significant, as they tend to be associated with richer diamond grades.

These are just a few reminders. We already know that the chemistry is excellent. All indications so far, including from the head geologist is that Anomaly 5 is a "Stonker". Exciting times ahead i think.

To prove a diatreme-shaped electromagnetic (EM) and magnetic anomaly is a kimberlite pipe, initial drilling must move beyond geophysical interpretation to confirm the presence of kimberlitic rock and, crucially, to obtain samples for mineralogical, petrographic, and petrological analysis.

Initial Drilling Requirements to Prove Kimberlite:

• Diamond Core Drilling (DDH): This is the primary and essential method for initial testing, as it provides a continuous, high-quality rock sample for geological logging.

o Positioning: The first hole should be targeted directly into the center or the highest-intensity part of the magnetic/conductivity anomaly.

o Inclination: Drilling should ideally be vertical for smaller pipes to maximize intersection time, or at an angle (-45° to -60°) to cut across the estimated boundaries of the diatreme if the pipe diameter is larger.

o Core Size: Standard Core size (e.g., HQ or NQ) is used, although large-diameter drilling (RC) is needed later for bulk sampling (diamond grade).

• Initial Drilling Strategy:

o "Twin" the anomaly: At least one, but preferably two or three, strategically placed diamond drill holes (DDH) should be used to confirm the pipe exists, assess its vertical and horizontal extent, and identify the facies (crater, diatreme, or root).

o Depth: Drilling must penetrate through the overburden into the bedrock, ideally continuing for at least 50-100 meters within the suspected kimberlite to confirm it is not just a thin sheet or dike.

Key Objectives of Initial Drilling:

1. Lithological Identification: Confirm the rock is kimberlite (magmatic/fragmental textures, macrocrystic olivine) rather than other rock types (e.g., lamproite, basalt, gabbro).

2. Facial Analysis: Distinguish between crater-facies (volcaniclastic), diatreme-facies (tuffisitic), or hypabyssal kimberlite.

3. Confirming Geometry: Drilling validates the magnetic/EM-interpreted shape and size of the pipe (e.g., circular vs. elongated).

4. Indicator Mineral Identification: The core is logged for the presence of "diamond indicator minerals" (G10 pyrope garnets, picroilmenite, chromite).

Follow-Up After Initial Drilling:

Once the pipe is confirmed by drilling (and often petrography), if indicator minerals or geological characteristics are promising, large diameter Reverse Circulation (RC) drilling (e.g., 609–914 mm) is used to obtain a bulk sample for diamond grade analysis.

All indications are that this large (soon to be confirmed) kimberlite is very large, diatreme shaped, diamondiferous, sampled the diamond stability field on the way up and has excellent chemistry. One of the 7 soil samples returned a green diamond. What if the drill core returns a diamond from the Kimberlite. I mean finding a green diamond in a till sample is unbelievably rare, and they did it. Could KDR return a diamond from drill core. Can’t rule that out.

Toffee, you do realise the money wasn't raised at 1.5p? It's unsecured Loan Notes. Not an Equity raise.

As the interest accrues on the Loan Notes this effectively gives the holders a larger sum to covert to equity, which reduces the 1.5p issue price downwards. As illustrated in the RNS.

It still should work out at a decent premium, if the debt is converted in the next 12-24 months. Those selling at 0.6p probably made a decent return from 0.4p level and decided to take some risk off the table...

I am intrigued to know who the investors are at 1.5p. Says to me they know their onions. Maybe after the source of the green diamond is confirmed we will find out. I hope so. I don’t underestimate the significance of that. If A5 is the Stonker source that they believe, and the elephant that KDR and others have been chasing for 20+ years, then, someone will want to secure it for a future mine. Especially if comparable to the Russian deposits. Whilst the general diamond market is poor at the moment, it likely won’t be in the future. So if it turns out to be world class, then it’s an asset worth securing…… a processing plant can be constructed at Lahtojoki that can also be used to progress A5. It’s an obvious opportunity for a mining company or people with deep pockets. Of that I am sure. That’s the scenario I see playing out. At some point this will become more obvious and the market react. GLA

I believe the only thing that stopped this going to 0.1 was the "building" of holding by a major holder. Without their regular buys this would have been in the gutter. I would speculate this holder would have participated in the CLN raise and is now sitting on a horrendous paper loss. Perhaps their appetite to "build" further has reached its tipping point. Positive update required urgently. My view is they should have sold up before this raises, as all it appears to have accomplished is to cause further losses for shareholders going forwards.

Folk were buying at a 50% premium to this when they had about £50k left and running on fumes. Now they have £300k but no one seems convinced. Strange.