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Lithoquest Diamonds Provides Corporate Update

July 30, 2020

VANCOUVER, B.C., July 30, 2020 – Lithoquest Diamonds Inc. (TSX-V: LDI) (“Lithoquest”, or the “Company”) today provided a corporate update.

New Project Initiatives

Funding for diamond exploration has become increasingly difficult to secure due to challenging conditions in the overall diamond industry. As a result, the Company has placed the North Kimberley Diamond Project on care and maintenance until financing conditions improve.

In order to build value, the Company, along with its advisors, has commenced a process to actively review mineral projects. The objective is to secure, through acquisition or joint venture, one or more projects that offer significant discovery potential. Preference is being given to projects located in stable jurisdictions, containing gold and copper, however, other mineral commodities are also being considered. The Company will provide further updates as appropriate.

Grant of Options

The Company has granted stock options in accordance with the terms and conditions of its rolling Stock Option Plan, entitling the purchase of an aggregate 2,225,000 common shares by certain officers, directors, consultants, and advisors to the Company. Each stock option will be exercisable at $0.10 per common share until July 30, 2025.

For further information, please contact:

Lithoquest Diamonds Inc.

+1 (604) 506-2804

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Information

This news release includes certain information that may constitute “forward-looking information” under applicable Canadian securities legislation. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.