File: '\\swfile\EmailIn\20250428 171556 Attachment Margaret Lake.News Release re Letain agreement (April 28, 2025) - FINAL (W0461563-3x10917F).docx'

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NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION

IN THE UNITED STATES

MARGARET LAKE DIAMONDS PROVIDES

UPDATE ON LETAIN NICKEL TRANSACTION

Vancouver, British Columbia - April 28, 2025 - Margaret Lake Diamonds Inc. (TSXV:DIA) (OTC:DDIAF) (FSE:M85A) ("DIA" or the "Company") announces that further to its news release dated February 12, 2025, the Company has received TSX Venture Exchange acceptance, has made the initial payment of $5,000 to the Vendor and has issued an aggregate of 125,000 common shares of the Company (the "Shares") to the Vendor in connection with the option to re acquire the Letain Nickel Project (the "Letain Project") located approximately 70km east-southeast of Dease Lake in northern BC, Canada. Upon satisfaction of the remaining conditions pursuant to the agreement with the Vendor, the Company will acquire a 100% right, title and interest in and to the Letain Project. The Shares issued to the Vendor are subject to a hold period expiring on August 29, 2025, as required under applicable securities legislation.

Figure 1. Rock Chip Sample Location facing South at 1,840 Meters During Margaret Lake's Sampling program at Letain - 2021

The Company previously held the property and had a NI 43-101 Technical report prepared by J. T. Shearer, M.Sc., P.Geo. (BC & Ontario) FSEG Geologist titled "LETAIN NICKEL PROJECT, TENURES 1058958, 1058959, 1058961 LETAIN LAKE DEASE LAKE AREA, BC" and dated March 15, 2021.

R. Nick Horsley CEO Margaret Lake Diamonds stated "We are happy to have closed the Letain Nickel project and will now look to plan an exploration program."

About the Letain Nickel Project

The Company Provided the Following Update on The project on October 21, 2021. See Press Release Here

The Letain Project mineral claims feature-disseminated awaruite, a naturally occurring Ni-Fe alloy that is hosted in peridotite and minor dunite. Several peridotite-hosted zones contain fine and coarse Ni-Fe alloy grains. Surface sampling of rock chips average approximately 0.25% nickel, exposed along a ridge ranging from 1,700-2,050 meters elevation. The Letain property covers part of the Cache Creek Terrain separated from the volcanic and sedimentary rocks of the Quesnellia Terrain by the Thibert fault to the north and the Kutcho Fault to the west. The King Salmon Fault displaces the transition between the Cache Creek Terrain and the sediments and volcanics of Stikinia Terrain. Geochemical analysis of rock chips returned values ranging from 1700-3800 ppm Ni (Source: historic rock sampling of 144 rock samples collected in 2011, assay method 1E/8FPX 4 acid digestion method, analysis by ICP-ES). SGS ran 10 samples for concentrate (I.e., heavy mineral separation) and arrived at the percentage of magnetic fraction:

Figure 2 - LET-1 (with low magnetic content) was a black dyke and not representative of the overall lithology

Awaruite mineralization occurs in 2 different habits: fine Ni-Fe alloys or larger composite grains. Fine awaruite grains (10-100 microm) are disseminated in the serpentine matrix. Ni-Fe alloys have a highly reflective white/silver colour. Larger composite grains (100-300 microm) are a mixture of Ni-Fe alloys and lesser Ni-Fe sulphides the area is underlain by a highly differentiated peridotite with numerous porphyritic, sheared and vein-veinlet-breccia textures. In the south portion of the property, the peridotite is characterized by disseminated magnetite and chromite abundant disseminated and vein-fracture filling apple green-dark green coloured minerals such as picrolite and lizardite. In the north portion of the property the peridotite is massive, black in colour with fewer vein-fracture textures, however the change in texture of the peridotite appears to have little or no effect on the Ni-Cr-Co content which range of 1,700-3,800 ppm Ni, 1,000-3,000 ppm Cr and 100-150 ppm Co. Several peridotite-hosted zones contain fine and coarse Ni-Fe alloy grains (awaruite) that are exposed as bedrock ridges in the east-central portion of the claim group at 1,700-2,050 m elevation. Disseminated fine to coarser grain awaruite was found in serpentinized ultramafic rocks. In the north portion of the property the peridotite is massive, black in colour with fewer vein-fracture textures. Samples from the central ridge of the property delineated a 1,100 metre long discontinuous zone of coarse-grained (>100microm) awaruite. The Letain mineral property has geological similarities to the Decar nickel deposit (located 70 km northwest of Ft. St James, B.C.), which contains awaruite mineralization that is characterized as 'magnetically recoverable nickel' and pyro-metallurgical smelting is not required to produce nickel.

Qualified Person

Andris Kikauka (P.Geo) is a non-independent Qualified Person within the meaning of 43-101, and has prepared, reviewed and approved technical information in this press release.

Terms of the Transaction

The Company has entered into an option with the joint owners of the Letain Project, 1240089 BC LTD (50%) and 1258713 BC LTD. (50%) (collectively, the "Vendor") who have granted to Margaret Lake Diamonds Inc. the sole and exclusive right and option to acquire up to 100% of the right, title and interest in and to the Letain Project, free and clear of all Encumbrances.

The right of the Company to exercise its option to acquire a 100% right, title and interest in and to the Letain Project, free and clear of all encumbrances, is conditional upon the Company satisfying the following obligations:

(a) Payment of $5,000 on TSV Venture Exchange approval and resumption of trading.

(b) Completing a qualified work program of no less than $10,000 to be completed or a payment in lieu of exploration before October 2025;

(c The issuance of an aggregate of 125,000 Common Shares of the Company to the Vendor;

(d) $50,000 payment to the Vendor on the 2nd anniversary of the agreement. (payable in cash or shares at the election of the Vendor.);

(e) $115,000 payment to the Vendor on the 3rd anniversary of the agreement (payable in cash or stock at the election of the Vendor.); and

(f) 2% Net Smelter Royalty ("NSR") with one-half (1%) being able to be purchased for $1.0 Million

On behalf of the Board:

Margaret Lake Diamonds Inc.

"R. Nick Horsley"

President, Chief Executive Officer, Chairman

Tel: 604.880.2189 | Email: rnpshorsley@gmail.com

ANY SECURITIES REFERRED TO HEREIN WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933 (THE "1933 ACT") AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO A U.S. PERSON IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE 1933 ACT.

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Disclaimer for Forward-Looking Information

This release includes forward-looking statements regarding DIA, and the Letain Project, which may include, but is not limited to, statements with respect to the completion of the acquisition of the Letain Project, and the ability to obtain regulatory approvals, and other factors. Often, but not always, Forward-looking statements can be identified by the use of words such as "plans", "is expected", "expects", "scheduled", "intends", "contemplates", "anticipates", "believes", "proposes", "estimates" or variations of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such statements are based on the current expectations of the management of each entity. The forward-looking events and circumstances discussed in this release, including completion of the acquisition of the Letain Project, may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the Company, including the risk that DIA may not obtain all requisite approvals for the acquisition, including the approval of the TSXV, risks of the resource industry, failure to obtain any other required regulatory approvals, economic factors, any estimated amounts, timing of the acquisition and requited payments, the equity markets generally and risks associated with growth, exploration and development. Although DIA has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made DIA undertaked no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

File: Attachment Margaret Lake.News Release re Letain agreement (April 28, 2025) - FINAL (W0461564x10917F).pdf

NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

MARGARET LAKE DIAMONDS PROVIDES UPDATE ON LETAIN NICKEL TRANSACTION Vancouver, British Columbia - April 28, 2025 - Margaret Lake Diamonds Inc. (TSXV:DIA) (OTC:DDIAF) (FSE:M85A) ("DIA" or the "Company") announces that further to its news release dated February 12, 2025, the Company has received TSX Venture Exchange acceptance, has made the initial payment of $5,000 to the Vendor and has issued an aggregate of 125,000 common shares of the Company (the "Shares") to the Vendor in connection with the option to re acquire the Letain Nickel Project (the "Letain Project") located approximately 70km east-southeast of Dease Lake in northern BC, Canada. Upon satisfaction of the remaining conditions pursuant to the agreement with the Vendor, the Company will acquire a 100% right, title and interest in and to the Letain Project. The Shares issued to the Vendor are subject to a hold period expiring on August 29, 2025, as required under applicable securities legislation.

Figure 1. Rock Chip Sample Location facing South at 1,840 Meters During Margaret Lake's Sampling program at Letain - 2021

The Company previously held the property and had a NI 43-101 Technical report prepared by J. T. Shearer, M.Sc., P.Geo. (BC & Ontario) FSEG Geologist titled "LETAIN NICKEL PROJECT, TENURES 1058958, 1058959, 1058961 LETAIN LAKE DEASE LAKE AREA, BC" and dated March 15, 2021.

R. Nick Horsley CEO Margaret Lake Diamonds stated "We are happy to have closed the Letain Nickel project and will now look to plan an exploration program."

About the Letain Nickel Project

The Company Provided the Following Update on The project on October 21, 2021. See Press Release Here

The Letain Project mineral claims feature-disseminated awaruite, a naturally occurring Ni-Fe alloy that is hosted in peridotite and minor dunite. Several peridotite-hosted zones contain fine and coarse Ni-Fe alloy grains. Surface sampling of rock chips average approximately 0.25% nickel, exposed along a ridge ranging from 1,700-2,050 meters elevation. The Letain property covers part of the Cache Creek Terrain separated from the volcanic and sedimentary rocks of the Quesnellia Terrain by the Thibert fault to the north and the Kutcho Fault to the west. The King Salmon Fault displaces the transition between the Cache Creek Terrain and the sediments and volcanics of Stikinia Terrain. Geochemical analysis of rock chips returned values ranging from 1700-3800 ppm Ni (Source: historic rock sampling of 144 rock samples collected in 2011,

1 assay method 1E/8FPX 4 acid digestion method, analysis by ICP-ES). SGS ran 10 samples for concentrate (I.e., heavy mineral separation) and arrived at the percentage of magnetic fraction:

Figure 2 LET-1 (with low magnetic content) was a black dyke and not representative of the overall lithology

Awaruite mineralization occurs in 2 different habits: fine Ni-Fe alloys or larger composite grains. Fine awaruite grains (10-100 microm) are disseminated in the serpentine matrix. Ni-Fe alloys have a highly reflective white/silver colour. Larger composite grains (100-300 microm) are a mixture of Ni-Fe alloys and lesser Ni-Fe sulphides the area is underlain by a highly differentiated peridotite with numerous porphyritic, sheared and vein-veinlet-breccia textures. In the south portion of the property, the peridotite is characterized by disseminated magnetite and chromite abundant disseminated and vein-fracture filling apple green-dark green coloured minerals such as picrolite and lizardite. In the north portion of the property the peridotite is massive, black in colour with fewer vein-fracture textures, however the change in texture of the peridotite appears to have little or no effect on the Ni-Cr-Co content which range of 1,700-3,800 ppm Ni, 1,000-3,000 ppm Cr and 100-150 ppm Co. Several peridotite-hosted zones contain fine and coarse Ni-Fe alloy grains (awaruite) that are exposed as bedrock ridges in the east-central portion of the claim group at 1,700-2,050 m elevation. Disseminated fine to coarser grain awaruite was found in serpentinized ultramafic rocks. In the north portion of the property the peridotite is massive, black in colour with fewer vein-fracture textures. Samples from the central ridge of the property delineated a 1,100 metre long discontinuous zone of coarse- grained (>100microm) awaruite. The Letain mineral property has geological similarities to the Decar nickel deposit (located 70 km northwest of Ft. St James, B.C.), which contains awaruite mineralization that is characterized as 'magnetically recoverable nickel' and pyro-metallurgical smelting is not required to produce nickel.

Qualified Person

Andris Kikauka (P.Geo) is a non-independent Qualified Person within the meaning of 43-101, and has prepared, reviewed and approved technical information in this press release.

Terms of the Transaction

The Company has entered into an option with the joint owners of the Letain Project, 1240089 BC LTD (50%) and 1258713 BC LTD. (50%) (collectively, the "Vendor") who have granted to Margaret Lake Diamonds Inc. the sole and exclusive right and option to acquire up to 100% of the right, title and interest in and to the Letain Project, free and clear of all Encumbrances.

The right of the Company to exercise its option to acquire a 100% right, title and interest in and to the Letain Project, free and clear of all encumbrances, is conditional upon the Company satisfying the following obligations:

2 (a) Payment of $5,000 on TSV Venture Exchange approval and resumption of trading.

(b) Completing a qualified work program of no less than $10,000 to be completed or a payment in lieu of exploration before October 2025;

(c The issuance of an aggregate of 125,000 Common Shares of the Company to the Vendor;

(d) $50,000 payment to the Vendor on the 2nd anniversary of the agreement. (payable in cash or shares at the election of the Vendor.);

(e) $115,000 payment to the Vendor on the 3rd anniversary of the agreement (payable in cash or stock at the election of the Vendor.); and

(f) 2% Net Smelter Royalty ("NSR") with one-half (1%) being able to be purchased for $1.0 Million

On behalf of the Board:

Margaret Lake Diamonds Inc. "R. Nick Horsley" President, Chief Executive Officer, Chairman Tel: 604.880.2189 | Email: rnpshorsley@gmail.com

ANY SECURITIES REFERRED TO HEREIN WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933 (THE "1933 ACT") AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO A U.S. PERSON IN THE ABSENCE OF SUCH REGISTRATION OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE 1933 ACT.

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Disclaimer for Forward-Looking Information This release includes forward-looking statements regarding DIA, and the Letain Project, which may include, but is not limited to, statements with respect to the completion of the acquisition of the Letain Project, and the ability to obtain regulatory approvals, and other factors. Often, but not always, Forward-looking statements can be identified by the use of words such as "plans", "is expected", "expects", "scheduled", "intends", "contemplates", "anticipates", "believes", "proposes", "estimates" or variations of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such statements are based on the current expectations of the management of each entity. The forward-looking events and circumstances discussed in this release, including completion of the acquisition of the Letain Project, may not occur by certain specified dates or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting the Company, including the risk that DIA may not obtain all requisite approvals for the acquisition, including the approval of the TSXV, risks of the resource industry, failure to obtain any other required regulatory approvals, economic factors, any estimated amounts, timing of the acquisition and requited payments, the equity markets generally and risks associated with growth, exploration and development. Although DIA has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made DIA undertaked no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

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