Diamcor Issues Bi-Weekly MCTO Default Status Report

Shares Issued and Outstanding: 120,320,746

TSXV:DMI

OTCQB:DMIFF

FRA:DC3A

KELOWNA, BC / ACCESSWIRE / August 12, 2022 / Diamcor Mining Inc. (TSXV:DMI / OTCQB:DMIFF), (the "Company") is providing this bi-weekly default status report in accordance with National Policy 12-203 - Management Cease Trade Orders ("NP 12-203").

On July 29, 2022 the Company announced (the "Default Notice") that it had filed an application with the British Columbia Securities Commission and the Alberta Securities Commission under NP 12-203, requesting that a temporary management cease trade order ("MCTO") be granted in respect of the anticipated late filing of the Company's audited financial statements and corresponding management's discussion and analysis for the year ended March 31, 2022 (the "Annual Filings"). Due to ongoing delays in South Africa related to Stage 6 load-shedding (also known as rolling blackouts) last month by the state-owned electricity utility, Eskom, the Company was unable to file Annual Filings on or before the prescribed filing deadline of July 29, 2022 as required by National Instrument 51-102 - Continuous Disclosure Obligations. The MCTO was granted August 3, 2022.

The Company confirms that since the date of the Default Notice: (i) there has been no material change to the information set out in the Default Notice that has not been generally disclosed; (ii) there has been no failure by the Company in fulfilling its stated intentions with respect to satisfying the provisions of the alternative information guidelines set out in NP 12-203; (iii) there has not been any other specified default by the Company under NP 12-203; and (iv) there is no other material information concerning the affairs of the Company that has not been generally disclosed.

The Company confirms that its directors, officers and insiders cannot trade the Company's securities until the Annual Filings have been made.

The Company is working to provide the additional documentation to its auditors and to complete the audit of the financial statements for the year ended March 31, 2022. The Company anticipates that it will be in a position to file its Financial Disclosure on or before August 31, 2022. The Company confirms that it will comply with the alternative information guidelines included in NP 12-203, for so long as it remains in default of a specified requirement.