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Margaret Lake Diamonds Announces Meeting of Shareholders And Filing of Quarter 2 Financial Statements

Financials Shareholder Meetings

Margaret Lake Diamonds Announces Meeting of Shareholders

And Filing of Quarter 2 Financial Statements

VANCOUVER, BC / January 27, 2023 / Margaret Lake Diamonds Inc. ("MLD" or the "Company")

(TSXV:DIA) (FKT:M85) (OTC PINK:DDIAF) announces that its board of directors has called an

annual general meeting of shareholders (the “AGM”) to be held on April 6, 2023. In connection

with the AGM, the Company has filed a notice of meeting and record dates on SEDAR

(www.sedar.com).

The Company is also pleased to announce that it has filed its interim consolidated financial

statements and management discussion and analysis for the six months ended November 30,

2022 and is now completely up to date on its required financial filings.

About Margaret Lake Diamonds Inc.

MLD is a Canadian based mineral exploration company. As part of its joint venture with Arctic Star

Exploration Corp. (“Arctic Star”), 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. The Margaret Lake/Arctic Star joint venture has recently discovered 5 new

kimberlites in the prolific Lac De Gras kimberlite field which demonstrates their ability to apply

modern exploration techniques to define additional kimberlites.

On behalf of the board

Margaret Lake Diamonds Inc.

"Yari Nieken"

President/Chief Executive Officer, Chairman

Tel: 604.328.0425 | Email: [email protected]

Disclaimer for Forward-Looking Information:

Certain statements in this release are forward-looking statements, which reflect the expectations of management. Forward-looking

statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or

intentions regarding the future. Actual future results may differ materially. There can be no assurance that such statements will prove to

be accurate, and actual results and future events could differ materially from those anticipated in such statements. There is no assurance

any of the conditions for closing will be met. Forward-looking statements reflect the beliefs, opinions, and projections on the date the

statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective

parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies.

Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning

2

these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of

beliefs, opinions, projections, or other factors, should they change, except as required by law

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture

Exchange) accepts responsibility for the adequacy or accuracy of this release.