TIDMCGNR 
 
19 May 2023 
 
                     Conroy Gold and Natural Resources plc 
 
                       ("Conroy Gold" or "the Company") 
 
     DEBT CAPITALISATION OF AMOUNTS OWED BY KARELIAN DIAMOND RESOURCES PLC 
 
  * Capitalisation of debt amounting to £125,000 into new ordinary shares in 
    Karelian Diamond Resources plc at a price of 2.5p per share 
  * Exchange of debt amounting to £112,500 into a convertible loan of £112,500 
    in Karelian Diamond Resources plc 
 
Conroy Gold and Natural Resources PLC (AIM: CGNR), the gold exploration and 
development company focused on Ireland and Finland, is pleased to announce that 
it has acquired an equity interest in AIM-quoted Karelian Diamond Resources plc 
("Karelian Diamonds" - AIM: KDR) through entering into a debt capitalisation 
arrangement, including the issue of convertible loan notes, (together, the 
"Investment") with Karelian Diamonds. 
 
As set out in the Company's financial statements, the Company shares 
accommodation and staff with Karelian Diamonds which has certain common 
Directors and shareholders. As at the end of the six-month period ending 30 
November 2022 Conroy Gold was owed ?234,651 by Karelian Diamonds.  In order to 
address amounts owing, Karelian Diamonds and Conroy Gold have reached agreement 
that it capitalises an amount equivalent to £125,000 of this balance into 
5,000,000 new ordinary shares of ?0.00025 each in the capital of Karelian 
Diamonds ("KDR Shares") at a price of 2.5p per KDR Share (the "Debt 
Capitalisation Shares"). 
 
Remaining outstanding amounts equivalent to £112,500 will be incorporated into 
a convertible loan note (the "Loan Note") with a term of 18 months attracting 
an interest rate of 5% per annum, payable on the redemption or conversion of 
the Loan Note.   The Loan Note can be converted at the option of Conroy Gold at 
a price equivalent to 5p per KDR Share. 
 
The Investment is being made concurrently with an equity fundraising undertaken 
by Karelian Diamonds to raise £100,000 at 2.5p per KDR Share, full details of 
which have been announced by Karelian Diamonds today and which can be found on 
the Karelian Diamonds website - www.kareliandiamondresources.com. 
 
Following the Investment and completion of the fundraising by Karelian 
Diamonds, Conroy Gold is expected to be interested in 5,000,000 KDR Shares 
equivalent to 5.29% of the enlarged issued share capital of Karelian Diamonds. 
 
KARELIAN DIAMOND RESOURCES PLC 
 
Karelian Diamonds is targeting diamond assets in the Finnish section of the 
Karelian Craton which straddles Finland and Russia and contains two world class 
diamond deposits on the Russian side of the border. 
 
Karelian Diamonds owns the Lahtojoki diamond deposit over which it has secured 
a mining concession and also has further diamond exploration licences in the 
Kuhmo region. A Preliminary Economic Assessment ("PEA") on its Lahtojoki 
diamond deposit has been re-evaluated by the company's brokers First Equity 
Limited to incorporate the known presence of pink diamonds in the deposit as 
their price is up to 10 times the price of colourless diamonds. This revised 
PEA has been risked to factor in exploration, financing and discovery risk 
giving a revised risked NPV(8) of US$33.1 million. 
 
Karelian Diamonds has also been conducting a successful exploration programme 
in the Kuhmo area close to the Russian border, highlights of which include: 
 
  * A green diamond discovered in surface till at Kuhmo Anomaly 5 
  * Kimberlite indicator minerals, including G9 and G10 garnets, which are 
    known indicators of diamond prospectivity 
  * A kimberlite dyke, 350m in strike length (open along strike and at depth), 
    at Riihivaara, confirming presence of kimberlite bodies in the immediate 
    area 
  * Drone survey data leading to identification of 23 kimberlite targets 
 
It also has licences in Northern Ireland in which assay results from stream 
sediment sampling are indicative of the possible presence of 
Nickel-Copper-Platinum mineralisation. 
 
The Investment, in conjunction with the fundraising undertaken by Karelian 
Diamonds, will assist Karelian Diamonds in accelerating its exploration 
programmes. 
 
For further information please contact: 
 
Conroy Gold and Natural Resources plc                Tel: +353-1-479-6180 
 
Professor Richard Conroy, Chairman 
 
                                                     Tel: +44-20-3328-5656 
Allenby Capital Limited (Nomad) 
 
Nick Athanas/Nick Harriss 
 
 
First Equity Limited (Broker)                        Tel: +44-20-7330-1883 
Jason Robertson 
 
Lothbury Financial Services                          Tel: +44-20-3290-0707 
 
Michael Padley 
 
Hall Communications                                  Tel: +353-1-660-9377 
 
Don Hall 
 
Visit the website at: www.conroygold.com 
 
 
 
END

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May 19, 2023 02:00 ET (06:00 GMT)

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