Mr. Yari Nieken reports

MARGARET LAKE DIAMONDS INC. ANNOUNCES EFFECTIVE DATE OF SHARE CONSOLIDATION

Margaret Lake Diamonds Inc., further to the company's news release dated May 24, 2023, will consolidate its common shares on the basis of 10 preconsolidation shares for one postconsolidation share of the company.

The company's postconsolidation shares are expected to begin trading on the TSX Venture Exchange on June 16, 2023. The name of the company and trading symbol will remain the same after the consolidation. The new CUSIP No. will be 56658A401 and the new ISIN No. will be CA56658A4019, postconsolidation.

The consolidation will result in the number of issued and outstanding shares being reduced from 47,412,288 to 4,741,230 shares. No fractional shares will be issued pursuant to the consolidation. Each fractional share remaining after the consolidation that is less than one-half of one share will be cancelled and each fractional share that is at least one-half of one 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.

We seek Safe Harbor.