Exercise of Warrants

Karelian Diamond Resources plc

("Karelian Diamonds" or "the Company")

11 October 2023

Exercise of Warrants

Karelian Diamond Resources plc (AIM: KDR) announces that it has received warrant exercise notices to subscribe for a total of 600,000 new ordinary shares of €0.00025 each in the Company ("Ordinary Shares") at an exercise price of 2 pence per Ordinary Share.

Application will be made for the 600,000 new Ordinary Shares to be admitted to trading on AIM ("Admission"). Admission is expected to become effective and dealings in the new Ordinary Shares will commence at 8.00 a.m. on 16 October 2023.

Following Admission, the Company will have 95,092,749 Ordinary Shares in issue with voting rights. The Company does not currently hold any shares in treasury. Accordingly, this figure of 95,092,749 Ordinary Shares 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 in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

Further Information:

http://www.kareliandiamondresources.com