Mr. Yari Nieken reports

MARGARET LAKE DIAMONDS ANNOUNCES RESULTS OF AGM AND ASSET DIVESTURE

Margaret Lake Diamonds Inc. has released the results of its annual general and special meeting (AGSM), held on April 6, 2023. All resolutions presented to the shareholders were approved with over 81.9 per cent of votes cast being in favour of each resolution (see the SEDAR filing of the company's information circular, dated March 6, 2023).

As a result:

• Dale Matheson Carr-Hilton LaBonte LLP was reappointed as the auditor of the company.
• The number of directors was set at three with the following nominees elected as directors: Yari Nieken, Quinn Field-Dyte, Andreas Schleich.
• The company's 10-per-cent rolling stock options plan was reapproved.
• The company's restricted share unit (RSU) plan was approved, subject to TSX Venture Exchange approval.
• Authorization to apply to voluntarily delist the common shares from the TSX Venture Exchange and to seek approval from the Canadian Securities Exchange, or other qualified stock exchange, to list its securities for public trading was approved by the majority of the minority shareholders of the company.
• A share consolidation of the outstanding common shares on the basis of one postconsolidated common share for up to 10 preconsolidated common shares was approved, subject to TSX Venture Exchange approval.

The company has also entered into an asset purchase agreement with Elco Securities Ltd. whereby the company will sell 100 per cent of the shares of its wholly owned subsidiary, National Uranium Corp., a Colorado corporation which owns 100 per cent of the mining claims known as the Mormon Lake project, Gilia Country, Arizona, for consideration of $30,000. Associated project branding, developed creative content, and third party sourced/compiled data and technical publications related to Mormon Lake will also be sold as part of the transaction. The sale of this non-core asset is being conducted to simplify the company's operations and reduce expenses related to maintaining the asset package.

We seek Safe Harbor.