Mr. Richard Barnett reports

MARGARET LAKE DIAMOND ANNOUNCES DELAY IN FILING AUDITED ANNUAL FINANCIAL STATEMENTS

Margaret Lake Diamonds Inc. was not able to file its audited annual financial statements, management's discussion and analysis, and related certifications for the fiscal year ended May 31, 2022, on or before Sept. 29, 2022, as over the last few months the company has experienced a significant change of its directors and management. This also includes a change of accountants, offices and lawyers. The company's auditors have been engaged, but they advised that they would not be able to complete their audit before the filing deadline. The company has made progress on the completion, preparation and delivery of the audit file. The company's staff and directors are working to progress the company's audit on an expedited basis, but will require additional time for filing of the company's statements and anticipate filing no later than Oct. 31, 2022.

Accordingly, the company requested the issuance of a management cease trade order (MCTO) under the provisions of National Policy 12-203 -- Cease Trade Orders for Continuous Disclosure Defaults, so as to permit the continued trading in the company's common shares by persons other than insiders and employees of the company.

The company confirms that it intends to satisfy the provisions of NP 12-203 and issue biweekly default status reports for so long as the company remains in default of the financial statement filing requirement, containing any material changes to the information in this release, all actions taken by the company to remedy the default, particulars of any failure by the company to fulfill these provisions, any subsequent defaults of the company requiring a default announcement and any other material information concerning the affairs of the company not previously disclosed. The company is not subject to any insolvency proceedings nor is there in other material information concerning the affairs of the company that has not been generally disclosed.

We seek Safe Harbor.