Mr. Yari Nieken reports

MARGARET LAKE DIAMONDS ANNOUNCES MANAGEMENT CHANGES AND SETTLES CERTAIN OUTSTANDING DEBTS

Effective Aug. 2, 2022, Margaret Lake Diamonds Inc. has appointed Richard Barnett as the chief financial officer of the company. Mr. Barnett is a Chartered Professional Accountant, Certified General Accountant (CPA, CGA), and is currently a Director or CFO of several TSX-V and CSE listed companies. Mr. Barnett has over 30 years of accounting and management experience with companies involved in mineral exploration in Canada, South America, West Africa, and Iceland. He is President and CEO of Jerico Management Ltd., a privately owned company since 2001.

Mr. Barnett replaces Mr. George Kovalyov who recently resigned as a Director and Chief Financial Officer of the Company for personal reasons. The Company also wishes to announce that Mr. Joel Warawa has resigned as a Director of the Company. The Company is currently searching to find a replacement. The Company thanks both Mr. Kovalyov and Mr. Warawa for their contributions and wishes them well in their future endeavours.

In addition, further to the Company's news release dated July 12, 2022, the Company wishes to announce that it has settled two of the three previously announced outstanding debts with creditors, totaling CAD$128,537.02 (the "Debt Settlements") and is continuing its efforts to finalize the third. Pursuant to the Debt Settlements, the Company has issued an aggregate of 806,876 units (the "Units") at a deemed price of CAD$0.14 per Unit and paid CAD$10,000. Each Unit is comprised of one common share in the capital of the Company (each, a "Common Share") and one common share purchase warrant (each, a "Warrant"). Each Warrant entitles the holder thereof to purchase one Common Share at a price of CAD$0.28 per Common Share for a period of two years from issuance. The third debt settlement remains subject to the approval of the TSX Venture Exchange. The securities issued in connection with the Debt Settlements bear a statutory four month hold period from the date of issuance in accordance with applicable securities legislation.

About Margaret Lake Diamonds Inc.

MLD is a Canadian based mineral exploration company. As part of its joint venture with Arctic Star Exploration, MLD 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 1990's and MLD believes there is an opportunity to apply modern exploration techniques to define additional kimberlites. Additionally, MLD owns 100% interest in the Mormon Lake Uranium Property near Payson, Arizona.

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