Margaret Lake Diamonds Reverse Take over Target “Emerging Goldfields” Announces Loan Facility Letter and Provides Update

1

NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE SERVICES OR FOR

DISSEMINATION

IN THE UNITED STATES

MARGARET LAKE DIAMONDS REVERSE TAKE OVER TARGET “EMERGING

GOLDFIELDS” ANNOUNCES LOAN FACILITY LETTER AND PROVIDES UPDATE

Vancouver, British Columbia – April 9, 2024 - Margaret Lake Diamonds Inc. (TSXV:DIA)

(OTC:DDIAF) (FSE:M85A) ("DIA" or the "Company") wishes to announce that it has

divested of its 18.5 per -cent interest, pursuant to an option and joint Venture agreement dated

November 7, 2016 between Arctic Star and Margaret Lake (the OJVA).

Arctic Star has provided its consent to an arm's -length transaction, whereby Margaret Lake sold

its 18.5-per-cent interest in the Diagras joint venture to a new joint venture party. The acquirer is

an arm's-length party to Margaret Lake and is a privately held company. Arctic Star has entered

into an assignment, co nsent and acknowledgement agreement with the acquirer and Margaret

Lake, whereby Arctic Star has consented to the assignment of Margaret Lake's 18.5 -per-cent

interest in the Diagras joint venture to the acquirer.

Margaret Lake received $300,000 in consideration from the privately held company for its interest

in the Diagras joint venture.

On behalf of the Board

Margaret Lake Diamonds Inc.

"Yari Nieken"

President, Chief Executive Officer, Chairman

Tel: 604.328.0425 | Email: [email protected]

ANY SECURITIES REFERRED TO HEREIN WILL NOT BE REGISTERED UNDER

THE U.S. SECURITIES ACT OF 1933 (THE "1933 ACT") AND MAY NOT BE OFFERED

OR SOLD IN THE UNITED STATES OR TO A U.S. PERSON IN THE ABSENC E OF

SUCH REGISTRATION OR AN EXEMPTION FROM THE REGISTRATION

REQUIREMENTS OF THE 1933 ACT.

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR

DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH

THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.

2

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

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

Exchange has in no way passed upon the merits of the Transaction and has neither approved nor

disapproved the content of this press release.

The information contained or referred to in this press release relating to Emerging has been furnished by

Emerging. Although DIA has no knowled ge that would indicate that any statement contained herein

concerning Emerging is untrue or incomplete, neither DIA nor any of its respective directors or officers

assumes any responsibility for the accuracy or completeness of such information.

Completion of the Transaction is subject to a number of conditions, including but not limited to, Exchange

acceptance, receipt of requisite regulatory approvals, completion of the Private Placement and shareholder

approval. Where applicable, the Transaction cannot c lose until the required shareholder approvals, and

any ancillary matters thereto, are obtained. There can be no assurance that the Transaction will be

completed as proposed or at all.

Disclaimer for Forward-Looking Information

This release includes forward-looking statements regarding DIA, Emerging, the Resulting Issuer and their

respective businesses, which may include, but is not limited to, statements with respect to the completion of

the Transaction, the Proposed Private Placement, the terms and timing on which the Transaction and the

Proposed Private Placements are intended to be completed, the use of the net proceeds from the Proposed

Private Placements, the ability to obtain regulatory and shareholder approvals, the proposed business plan

of the Resulting Issuer and other factors. Often, but not always, Forward -looking statements can be

identified by the use of words such as "plans", "is expected", "expects", "scheduled", "intends",

"contemplates", "anticipates", "believes", "proposes", "estimates" or variations of such words and phrases,

or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur

or be achieved. Such statements are based on the current expectations of the mana gement of each entity.

The forward -looking events and circumstances discussed in this release, including completion of the

Transaction and the Proposed Private Placement, may not occur by certain specified dates or at all and

could differ materially as a r esult of known and unknown risk factors and uncertainties affecting the

companies, including the risk that DIA and Emerging may not obtain all requisite approvals for the

Transaction, including the approval of the TSXV for the Transaction (which may be con ditional upon

amendments to the terms of the Transaction), shareholder approval of the Transaction, risks of the resource

industry, failure to obtain regulatory or shareholder approvals, economic factors, any estimated amounts,

timing of the Proposed Private Placements, the equity markets generally and risks associated with growth,

exploration and development. Although DIA and Emerging have attempted to identify important factors

that could cause actual actions, events or results to differ materially from t hose described in forward -

looking statements, there may be other factors that cause actions, events or results to differ from those

anticipated, estimated or intended. No forward -looking statement can be guaranteed. Except as required

by applicable securities laws, forward-looking statements speak only as of the date on which they are made

and DIA and Emerging undertake no obligation to publicly update or revise any forward-looking statement,

whether as a result of new information, future events, or otherwise.

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 news release.