Mr. Yari Nieken reports

MARGARET LAKE DIAMONDS INC. ANNOUNCES SHARE CONSOLIDATION

Following shareholder approval of a consolidation of the common shares of Margaret Lake Diamonds Inc. at the annual general and special meeting of shareholders of the company held on April 6, 2023, the company's issued and outstanding common shares will be consolidated on the basis of one postconsolidation share for 10 preconsolidation common shares. The consolidation is subject to TSX Venture Exchange approval.

As of the date of this news release, the company has 47,412,288 common shares issued and outstanding. Following completion of the consolidation, the company is expected to have approximately 4,741,228 common shares issued and outstanding. The company's name and stock symbol will remain the same after the consolidation but the company's Cusip and ISIN numbers will change.

No fractional common shares will be issued pursuant to the consolidation. Each fractional common share remaining after the consolidation that is less than one-half of one common share will be cancelled and each fractional common share that is at least one-half of one common share will be changed to one whole common share.

A letter of transmittal will be mailed to registered shareholders by the company's transfer agent, Endeavor Trust Corp., once the consolidation has taken effect. The letter of transmittal contains instructions on how registered shareholders can exchange their share certificates evidencing their preconsolidation shares for new share certificates representing the number of postconsolidation shares to which they are entitled. Beneficial shareholders holding their shares through a brokerage may be subject to different procedures for obtaining their postconsolidation shares. If shareholders have any questions in this regard, they are encouraged to contact their respective brokerage or intermediary.

The company will issue a further news release notifying shareholders as to when the effective date of the consolidation will be and the date on which the company's common shares will commence trading on the TSX-V on a consolidated basis.

We seek Safe Harbor.