Mr. Neil Foran of Margaret Lake reports

MARGARET LAKE DIAMONDS PROVIDES CORPORATE UPDATE ON JOINT VENTURE WITH ARCTIC STAR

Margaret Lake Diamonds Inc.'s joint venture partner Arctic Star Exploration Corp. will proceed with a non-brokered private placement of up to $3.4-million. The private placement will consist of the issuance of up to 8,571,428 non-flow-through units at a price of seven cents for gross proceeds of up to $600,000 and up to 35 million flow-through units at a price of eight cents for gross proceeds of up to $2.8-million. Proceeds will be used to carry out further exploration on the companies' JV, commencing in March, as well as general and corporate purposes.

The plan is to complete 10 holes at the diamond-bearing Sequoia kimberlite complex. This drilling will help define the size of the complex, the microdiamond grade and geology. After drilling at Sequoia, the drill is expected to be deployed to discover new kimberlites. Phase 1 of the airborne survey completed coverage of 46 per cent of the property in late 2021. Arctic Star's geophysical consultants have selected over 33 possible kimberlite targets from a review of this work, and ground crews are expected to be deployed for follow-up. Phase 2 of the airborne survey is also expected to be completed.