. Announces Balance Sheet Improvements and Increased Sales
KELOWNA, February 28, 2022 – Diamcor Mining Inc. (TSX-V.DMI), (OTCQB-DMIFF), (FRA:DC3A), (“Diamcor” or, the “Company”) today reported its quarterly financial statements and related management discussion and analysis for the quarter ended December 31, 2021.

Highlights

Tender and sale of 5,441.88 carats of rough diamonds during the period, an increase of 25% over the previous quarter in 2021, generating revenue of (USD) $1,074,748, resulting in an average price of (USD) $197.50 per carat.
Debt was reduced by (CAD) $3,100,353 during the period.
Focus continued during the period on maintaining reduced costs, and efforts aimed at increasing operational hours and processing volume capabilities for the long-term.
The Company completed the first phase of its planned expansions ahead of schedule during the period, and by the end of the period had shifted its focus to the advancement of the second phase, which remains on track to be completed by June 30, 2022.
Careful management of operational salary and wages expenses, as well as variable operational costs and historical fixed costs, continued throughout the period given the continued restrictions associated with COVID-19.
A net loss of $939,916 was recorded for the interim period ended December 31, 2021, a ~34% improvement over Q3 2020.
The Company had 114,661,800 common shares issued and outstanding as at December 31, 2021.
“We are very pleased to announce the improvements to our balance sheet made in the quarter, and we remain optimistic that the expansion efforts both completed and underway will allow our Company to be well-positioned at a time when rough diamond supplies continue to be constrained” stated Mr. Dean Taylor, Diamcor CEO. “Recent tenders and sales have shown strong demand and price increases in various categories, and we believe this trend has the potential to continue in the coming months as considerable quantities normally supplied by Russia may be impacted due to recently announced economic sanctions”.

The Company’s recently filed financial statements for the quarter ended December 31, 2021 and accompanying management discussion and analysis can be viewed by interested parties on SEDAR at www.sedar.com