Emerging Goldfields Resources Ltd. signed a non-binding letter of intent to acquire Margaret Lake Diamonds Inc. (TSXV:DIA) in a reverse merger transaction on June 26, 2023. Each issued and outstanding common shares in the capital of Emerging at the time of closing will be exchanged into one Newco Common Share on a 1:1 basis and the outstanding warrants to purchase Emerging Shares shall each be exchanged for one Newco Warrant, exercisable on a 1:1 basis so that all of the issued and outstanding Emerging Shares will be exchanged for 59,800,000 Newco Common Shares, each outstanding Emerging Warrant will be exchanged for 600,000 Newco Warrants. The corporation resulting from the transaction (the "Resulting Issuer") will carry on the business of Emerging as currently constituted and be listed for trading on the Exchange as a Tier 2 mining issuer and the Frankfurt Stock Exchange under the name "Emerging Goldfields Resources Ltd.", or such other name as the parties may agree.

The completion of the proposed transaction is subject to several conditions, including approval by the directors of Margaret and Emerging, satisfactory completion of due diligence, execution of the Definitive Agreement, applicable regulatory approvals, and applicable shareholder approvals.