Finnish-focused diamond explorer Karelian Diamond Resources posted a pre-tax loss of €215,342 for the six months to November 30th, 2018. The explorer, of which Prof Richard Conroy is chairman, last year raised €569,390 through the issue of shares.

The Dublin-headquartered group is active across three projects in Finland. Mr Conroy, also the chairman of Conroy Gold and Natural Resources, said it has made "successful progress, particularly in regard to regulatory matters, with its Lahtojoki diamond mining project". The company has yet to receive a mining permit for that project.

However, it said analysis performed by a Canadian laboratory found “microdiamond results” which indicate the potential for high quality diamonds.

In a stock market announcement on Monday the company said its two other projects have yielded positive results. At “Anomaly Five” the company is searching for green diamonds, while at “Riihavaara” the group is pursuing its long-term goal of discovering a major diamond deposit.