Mr. Dean Taylor reports

DIAMCOR ANNOUNCES REVISED TERM LOAN FINANCING

Diamcor Mining Inc. intends to complete a term loan financing of up to $1-million. Term loans under the financing will be unsecured and carry an annual interest rate of 15 per cent, and the company will issue a total of 400,000 common shares in its authorized share capital for every $100,000 of principal advanced under the financing by participants/lenders pursuant to Policy 5.1 of the TSX Venture Exchange corporate finance manual. There will be no warrants issued as part of the financing. The principal and interest of the term loans will be due and payable on the 12-month anniversary of the closing date. As has been the case in other recent financings completed by the company, management and key shareholders are expected to participate in this financing.

The proceeds of the financing will be used to advance efforts aimed at processing material at significantly higher volumes in 2025 at the company's Krone-Endora at Venetia project, for the advancement of work programs previously under way, for expansion into the greater portions of the project and for general corporate purposes. The company also notes that it is in advanced discussions with various larger industry groups and financiers on the provision of larger non-dilutive facilities to support future growth, and further details will be provided when available in the coming weeks. As a result of the above, the company will not be proceeding with the financing previously announced on Oct. 30, 2024.

The financing is subject to regulatory approval of the TSX Venture Exchange along with completion of all definitive documentation and filings as required. All securities issued pursuant to the above will be subject to a hold period of four months plus one day following the closing.

About Diamcor Mining Inc.

Diamcor 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 development of its Krone-Endora at Venetia project, which is co-located and directly adjacent to De Beers's 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 involve 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, the qualified person in accordance with National Instrument 43-101 responsible for overseeing the execution of Diamcor's exploration programs, a member of the Association of Professional Engineers and Geoscientists of Alberta. Mr. Hawkins has reviewed this press release and approved of its contents.

We seek Safe Harbor.