Margaret Lake Diamonds Inc. Announces Non-Brokered Private Placement

VANCOUVER, BC / December 2, 2021 / Margaret Lake Diamonds Inc. ("MLD" or the "Company") (TSXV:DIA) (FKT:M85) (OTC PINK:DDIAF) is pleased to announce a non-brokered private placement (the "Private Placement") for up to 5,500,000 Units ("Units") at a price of CA$0.135 per Unit.

Each Unit will consist of one common share in the capital of the Company (each a "Common Share) and one common share purchase warrant ("Warrant"). Each Warrant is exercisable into one Common Share at a price of CA$0.18 for a period of two years from the date of issue. Each Warrant is callable by the Company in the event its Common Shares trade on the TSXV at a 10 day volume weighted average price equal to or greater than CA$0.22.

The securities issued under the Private Placement will be subject to a hold period of four-months and a day. Use of proceeds will be General Administrative expenses, identification and due diligence of mining properties, and legal and accounting fees.

Contact Information

Neil Foran Chief Executive Officer (604) 681-7735 [email protected]

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This press release contains forward-looking information or forward-looking statements (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "potentially" and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors. The reader is referred to the Company's public filings for a more complete discussion of such risk factors and their potential effects, which may be accessed through the Company's profile on SEDAR at www.sedar.com.