Karelian Diamond Resources PLC announced that an assessment prepared by independent geological consultant, Dr. Larry Hulbert, confirms the potential for Nickel, Copper and Platinum-Group Elements, in the Company's licence areas in Northern Ireland. Dr. Hulbert is an internationally recognised expert in Platinum-Group Elements, Nickel-Copper sulphide and Chrome and Iron-Titanium-Vanadium Oxide Mineralisation, and has over 40 years' experience in the Metallogeny of Mafic-Ultramafic Rocks. He is a licenced member of Associations of Professional Engineers and Geoscientists and as such is a "Qualified Person" for the purposes of NI 43-101 reporting.

The review, by Dr. Hulbert, followed the discovery in 12 October 2023 by the Company of indicator minerals for Nickel, Copper and Platinum Group Elements, during the course of a stream sediment sampling programme over the Company's licence area in Northern Ireland. Dr. Hulbert's review notes marked resemblances to the Baraga Basin in Michigan (Mid-Continental Rift system of North America), that hosts the world class Eagle and Eagle East Nickel, Copper and Platinum Group Elements deposits. Dr. Hulbert recommends that the Eagle deposit should serve as Karelian's exploration model.

Similarities were also noted to the continental flood basalts; i.e. Norilsk Russia (Triassic) and the Emeishan Large Igneous Province in China, that also host world-class Ni-Cu-PGE deposits. A series of targets for Nickel, Copper and Platinum Group Elements within the Company's licence area in Northern Ireland were identified by Dr. Hulbert during the course of his review and recommended for follow up. Dr. Hulbert's review also included the establishment of a comprehensive data base incorporating geology, geochemistry, geophysics, remote sensing, and base Geographic Information System (GIS) information including TELLUS data and gravity geophysical data.