The Tepsi ultrabasic body is located in the northeastern Fennoscandian Shield close to the junction of the Serpentinite Belt–Tulppio Belt (SB–TB) with suites of the Lapland–Belomorian Belt (LBB) of Paleoproterozoic age. The body is a deformed laccolith that has tectonic contacts with Archean rocks. Its primary textures and magmatic parageneses are widely preserved. Fine-grained olivine varies continuously from Fo90.5 to Fo65.4. The whole-rock variations in MgO, Fe2O3, SiO2, and other geochemical data are also indicative of a significant extent of differentiation. Compositional variations were examined in the grains of calcic and Mg-Fe amphiboles, clinochlore, micas, plagioclase, members of the chromite–magnetite series, ilmenite, apatite, pentlandite, and a number of other minor mineral species. Low-sulfide disseminated Ni-Cu-Co mineralization occurred sporadically, with the presence of species enriched in As or Bi, submicrometric grains rich in Pt and Ir, or diffuse zones in pentlandite enriched in (Pd + Bi). We recognize two series: the pentlandite series (up to 2.5–3 wt.% Co) and the cobaltpentlandite series (~1 to ~8 apfu Co). The latter accompanied serpentinization. The two series display differences in their substitutions: Ni ↔ Fe and Co → (Ni + Fe), respectively. Relative enrichments in H2O, Cl, and F, observed in grains of apatite (plus high contents of Cl in hibbingite or parahibbingite), point to the abundance of volatiles accumulated during differentiation. We provide the first documentation of scheelite grains in ultrabasic rocks, found in evolved olivine-rich rocks (Fo77–72). We also describe unusual occurrences of hypermagnesian clinopyroxene associated with tremolite and serpentine. Abundant clusters of crystallites of diopside display a microspinifex texture. They likely predated serpentinization and formed due to rapid crystallization in a differentiated portion of a supercooled oxidized melt or, less likely, fluid, after bulk crystallization of the olivine. We infer that the laccolithic Tepsi body crystallized rapidly, in a shallow setting, and could thus not form megacycles in a layered series or produce a well-organized structure. Our findings point to the existence of elevated PGE-Au-Ag potential in numerous ultrabasic–basic complexes of the SB–TB–LBB megastructure.