Mr. Yari Nieken reports

MARGARET LAKE DIAMONDS ENTERS INTO IR AGREEMENTS

Margaret Lake Diamonds Inc. has entered into investor relations agreements with Mining Investor Resources Media Ltd. doing business as MiningIR.com (MiningIR), Canary Capital Corp. (Canary Capital), 2686362 Ontario Corp. doing business as CanaCom Group (CanaCom) and Market One Media Group Inc. This news release is made in accordance with the requirements of TSX Venture Exchange Policy 3.4 -- Investor Relations, Promotional and Market Making Activities.

Mining Investor Resources Media

The company has entered into an investor marketing services agreement dated Aug. 2, 2022, with MiningIR to provide the company with investor marketing services through mining and resource news, lead generation services, social media services, and creation of an information company profile page. The MiningIR agreement is for a term ending June 30, 2023, for total compensation equalling $36,000. MiningIR is headquartered in Dublin, Republic of Ireland. Neither MiningIR nor its affiliates currently own any securities of the company. MiningIR and the company are unrelated and unaffiliated entities.

Canary Capital

The company has entered into a media services contract with Canary Capital. In accordance with the terms and conditions of the Canary agreement, Canary Capital will be responsible for the administration and management of the company's website, SEO (search engine optimization), presentation materials, strategic introductions to institutional and retail investors, and comprehensive digital ad campaign services.

The Canary agreement is for a term of one year for total compensation equalling $200,000 plus GST (goods and services tax) to be paid to Canary Capital in connection with the services contemplated therein.

On May 10, 2022, Canary Capital participated in a private placement of the company through which it purchased 343,000 non-flow-though units (NFT units) at a price of 14 cents per NFT unit for a total of $48,020. Each NFT unit consists of one common share and one common share purchase warrant. Each whole warrant entitles the holder to purchase, for a period of 24 months from the date of issue, one additional common share of the company at a price of 28 cents per share. On July 5, 2022, Canary Capital purchased an additional 350,660 flow-through units (FT units) at a price of 15 cents per FT unit for a total of $52,599. Each FT unit consists of one common share and one common share purchase warrant. Each whole warrant entitles the holder to purchase, for a period of 24 months from the date of issue, one additional common share of the company at a price of 32 cents per share.

2686362 Ontario dba CanaCom Group

The company has entered into an agreement with CanaCom, pursuant to which CanaCom agreed to provide digital content, marketing and media distribution services to the company. The CanaCom agreement is for a term of 12 months commencing on Aug. 3, 2022, for total compensation of $200,000. CanaCom is a full-service marketing agency based in Toronto, Ont. CanaCom provides digital marketing awareness via advertising through its fully owned platform theDeepDive.ca, which includes both video and written content coverage of Canadian small-cap stories. To the best of the company's knowledge, CanaCom does not have any equity interest in the securities of the company or a right to acquire such an interest. CanaCom operates as an arm's-length service provider to the company.

Market One Media Group

The company previously signed an agreement with Market One dated June 1, 2022, pursuant to which Market One agreed to provide marketing and social media expertise in support of the company's growth initiatives. Pursuant to the terms of the Market One agreement, such marketing services are to be provided over a 12-month period, commencing on Aug 3, 2022, for total compensation of $100,000, plus applicable taxes. Market One is a marketing agency for public companies with offices in Vancouver and Toronto. It offers a multiplatform media solution for the capital markets operating in print, digital and broadcast television. To the best of the company's knowledge, Market One does not have any equity interest in the securities of the company or a right to acquire such an interest. Market One operates as an arm's-length service provider to the company.

All the above agreements are subject to TSX Venture Exchange approval.

All references to currency in this news release are to Canadian currency.

Larry Timlick, director and secretary of the company, stated: "Margaret Lake was taken public as a diamond exploration company, and we are now firmly back in that sector. We currently own an 18.5-per-cent interest in the Diagras diamond project located in the Northwest Territories, in conjunction with Arctic Star Diamonds Inc., where recent exploration work has yielded promising results. The company has been somewhat inactive for a time, and the diamond exploration industry has not attracted much investor interest for the past several years, so we believe that in order for us to contribute to further exploration and potentially increase our stake in Diagras, we need to raise the company's profile. We are in the process of developing a brand new website and marketing materials which we hope will be completed and rolled out shortly."

About Margaret Lake Diamonds Inc.

Margaret Lake is a Canadian-based mineral exploration company. As part of its joint venture with Arctic Star Exploration, Margaret Lake holds an 18.5-per-cent interest in the Diagras diamond project, Northwest Territories, property. The property hosts 13 known kimberlites originally discovered by DeBeers in the 1990s, and the company believes there is an opportunity to apply modern exploration techniques to define additional kimberlites.

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