Mr. R. Nick Horsley reports

MARGARET LAKE ANNOUNCES CLOSING OF ITS NON-BROKERED PRIVATE PLACEMENT AND APPOINTMENT OF A NEW DIRECTOR

Margaret Lake Diamonds Inc., further to its news release dated March 18, 2025, has closed its non-brokered private placement of 4,479,445 units at a price of 6.5 cents per unit for gross proceeds of $291,163.93.

Each unit consists of one common share and one transferable common share purchase warrant. Each warrant entitles the holder to purchase one additional share of the company at a price of 8.5 cents per share for a period of 36 months from the date of issuance, subject to final TSX Venture Exchange approval.

The net proceeds from the private placement will be allocated towards exploration activities and for general corporate purposes. The company did not pay any finders' fees in connection with the private placement. All securities issued pursuant to the private placement are subject to a hold period expiring on Aug. 17, 2025, as required under applicable securities legislation.

Certain insiders of the company purchased an aggregate of 1,134,355 units in the private placement. The insider participation is exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101, Protection of Minority Securityholders in Special Transactions, by virtue of the exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, based on that the fair market value of such insider participation does not exceed 25 per cent of the company's market capitalization.

The company also announces the appointment of Daryn Gordon to its board of directors. Mr. Gordon is a chartered professional accountant (CPA, CA) with more than two decades of finance and accounting experience. He started his career at global auditing firms Grant Thornton LLP and PwC Canada. For the last 14 years, Mr. Gordon has continued to expand his expertise and knowledge by providing chief financial officer services to Canadian companies across a variety of industries. Mr. Gordon has a bachelor of accounting degree from the University of Lethbridge.

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