Mr. Yari Nieken reports

MARGARET LAKE DIAMONDS ANNOUNCES BOARD CHANGES

Margaret Lake Diamonds Inc. has made changes to its board of directors. Effective June 27, 2022, Mr. Timlick is appointed as a member of the board of directors and is replacing Neil Foran, who has resigned from the board for personal reasons.

Mr. Timlick is president of Triplet Management, a boutique business management consulting firm for start-up companies to build out their business models, find capital to develop/expand their businesses and ultimately take the companies to the public market.

Mr. Timlick was most recently vice-president, Western Canada, for Avaya, a telecommunications company. He has extensive knowledge of the public market and has been acting as an independent public board member since 2005 for resource/mining companies, software fintech technology companies and a wellness company. Mr. Timlick has a total public board member experience of 31-plus years with a number of companies listed on the Toronto Stock Exchange, TSX Venture Exchange, Nasdaq and the Canadian Securities Exchange.

Prior to Avaya, Mr. Timlick was the regional sales leader of Western Canada for Arista Networks, a provider of cloud networking solutions for large data centre and computing environments. Between 1991 and 2004, Mr. Timlick was with Cisco Systems Canada, where he was responsible for opening and developing the Western Canada sales region.

The board is very pleased to have Mr. Timlick as part of the team as it moves the company forward.

About Margaret Lake Diamonds Inc.

Margaret Lake is a Canadian-based mineral exploration company. As part of its joint venture with Arctic Star Exploration, Margaret Lake holds an 18.5-per-cent interest in the Diagras diamond project, Northwest Territories property. The property hosts 13 known kimberlites originally discovered by DeBeers in the 1990s, and Margaret Lake believes there is an opportunity to apply modern exploration techniques to define additional kimberlites. Additionally, Margaret Lake owns a 100-per-cent interest in the Mormon Lake uranium property near Payson, Ariz.

We seek Safe Harbor.