Mr. Dean Taylor reports

DIAMCOR REPORTS FISCAL YEAR ENDED MARCH 31, 2023 RESULTS

Diamcor Mining Inc. has released its annual financial statements and related management discussion and analysis for the fiscal year ended March 31, 2023.

The company's focus during the year continued to be on managing costs, advancing trial mining efforts, and preparations for the start of drilling and bulk sampling efforts to determine the extent and location of the proposed displacement from the higher grounds of Venetia onto the greater areas of the company's Krone-Endora at Venetia project.

Highlights:

• The company reduced its net loss for the year ended March 31, 2023, to $762,308 (minus $2,445,855 -- March 31, 2022), resulting in a one-cent-per-share loss for the year ended March 31, 2023 (minus three cents -- March 31, 2022).
• Operating expenses were reduced by 18 per cent to $3,596,175 for the year ended March 31, 2023 ($4,256,072 -- March 31, 2022), while gross margin increased by 139 per cent to $3,614,597 ($1,511,585 -- March 31, 2022). General and administrative expenses remained consistent at $2,811,983 for the year ended March 31, 2023 ($2,827,823 -- March 31, 2022).
• Long-term debt was reduced by $360,457 to $6,110,216 in the year ended March 31, 2023 ($6,470,673 -- March 31, 2022). Of this debt, $5,795,478 is attributable to the deferred term loan and convertible debenture associated with the company's Tiffany & Co. strategic alliance which is recorded as a current liability as no amortization schedule for repayment of this has yet been established by the parties.
• During the fiscal year ended March 31, 2023, the company tendered and sold 18,476 carats of rough diamonds (18,781 -- March 31, 2022), which included an increase in the recovery of larger special rough diamonds (plus 10.8 carats) which resulted in a 37-per-cent increase in revenues to $6,291,487 (U.S.) ($4,581,129 (U.S.) -- March 31, 2022) and a 39-per-cent increase in the resulting average dollar per carat of $340.51 (U.S.) per carat ($243.91 (U.S.) -- March 31, 2022).
• In total, continuing trial mining exercises at the project from inception through March 31, 2023, have resulted in the incidental recovery, tender and sale of 198,279.85 carats of rough diamonds generating revenue of $37,827,271 (U.S.), resulting in an average price of $190.78 (U.S.) per carat.
• Extensive planning and preparations continued throughout the period ended March 31, 2023, on power solutions aimed at minimizing the continuing negative effects of load-shedding in South Africa by the state-run national power supplier (Eskom). Efforts during the period included refinements to the project's backup generator power systems, efforts to reduce the power usage at the project's processing plants, and the streamlining of heavy equipment circuits and cycle times, which all combined are aimed at achieving sustained processing volumes and eliminating the project's reliance on Eskom supplied power.
• The company had 128,502,937 common shares issued and outstanding as at March 31, 2023, and has authorized capital of an unlimited number of shares.

"We are pleased to be able to announce these improved results in virtually every metric over the previous year given the significant challenges with consistent power supply we had to endure during the latter half of the fiscal year," stated Dean H. Taylor, chief executive officer of Diamcor. "We believe these results demonstrated the potential the project has and we now look to shift our focus to advancing the drilling and bulk sampling efforts over the greater areas of the project to further support increased processing volumes and operational consistency."

The company's recently filed financial statements for the fiscal year ended March 31, 2023, and accompanying management discussion and analysis can be viewed by interested parties on the company website or on SEDAR-plus.

About Diamcor Mining Inc.

Diamcor Mining is a fully reporting publicly traded Canadian diamond mining company with a well-established proven history in the mining, exploration and sale of rough diamonds. The company's primary focus is on the mining and development of its Krone-Endora at Venetia project which is co-located and directly adjacent to De Beers' Venetia diamond mine in South Africa. The Venetia diamond mine is recognized as one of the world's top diamond-producing mines and the deposits which occur on Krone-Endora have been identified as being the result of shift and subsequent erosion of an estimated 50 million tonnes of material from the higher grounds of Venetia to the lower surrounding areas in the direction of Krone and Endora. The company focuses on the acquisition and development of mid-tier projects with near-term production capabilities and growth potential and uses unique approaches to mining that involves the use of advanced technology and techniques to extract diamonds in a safe, efficient and environmentally responsible manner. The company has a strong commitment to social responsibility, including supporting local communities and protecting the environment.

Qualified person statement:

James P. Hawkins (BSc, PGeo), is manager of exploration and special projects for Diamcor Mining and the qualified person in accordance with National Instrument 43-101 responsible for overseeing the execution of Diamcor's exploration programs and a member of the Association of Professional Engineers and Geoscientists of Alberta (APEGA). Mr. Hawkins has reviewed this press release and approved of its contents.

We seek Safe Harbor.