As Reactors Reach Their Full Production Capacity Adamas One Anticipates More Than $12 Million in Annual Revenue from the Current Factory

Adamas One Corp. (Nasdaq: JEWL) (“Adamas One,” “Adamas” or the “Company”), The Original Lab-Grown Diamond Company™, a high-tech company that leverages proprietary technology to produce high-quality, single-crystal, Lab-Grown Diamonds for jewelry and diamond materials for industrial uses, today provides a business update for investors regarding the ramp-up of its expanded factory facilities in South Carolina.

The Company now has 12 full-capacity reactors that are growing diamonds at a rate of approximately 3,000 rough carats of diamonds a month. Based on the rate of production, Adamas One management believes that it will begin to receive additional revenue by mid-summer 2023. With reactors at their full production capacity and full marketing underway, the Company anticipates more than $12 million in annual sales revenue from the current factory in Greenville, South Carolina.

“The ramp-up of our current factory is now complete and we have already achieved production at full capacity for this phase of growth. We are looking forward to expanded sales and distribution of our high-quality, high-purity lab-grown diamonds into a waiting market, and believe that upon completion and regular repetition of our production cycle that we will achieve $12 million in annual revenue just from this additional phase of growth,” stated Adamas One CEO, Jay Grdina.

About Adamas One Corp

Adamas is a lab-grown diamond manufacturer that produces near flawless single-crystal diamonds for gemstone and industrial applications, in its facilities in Greenville, South Carolina. The Company holds 36 patents and uses its proprietary chemical vapor deposition (CVD) to grow gem-sized and smaller diamond crystals. Adamas One™ lab-grown diamonds have the same physical, chemical and optical properties as mined diamonds. The Company’s controlled manufacturing processes enables it to produce very high-quality, high-purity, single-crystal colorless, near colorless and fancy colored Type IIA diamonds to suit a variety of industrial and gemstone applications. The Company intends to market and sell its diamonds into the wholesale jewelry and industrial markets. For more information, visit www.adamasone.com.

Not Mined. Not Fake. Just sped up perfection. ™

Forward-Looking StatementsThis press release may include “forward-looking statements.” To the extent that the information presented in this press release discusses financial projections, information, or expectations about our business plans, results of operations, products or markets, or otherwise makes statements about future events, such statements are forward-looking. Such forward-looking statements can be identified by the use of words such as “should”, “may,” “intends,” “anticipates,” “believes,” “estimates,” “projects,” “forecasts,” “expects,” “plans,” and “proposes.” Although we believe that the expectations reflected in these forward-looking statements are based on reasonable assumptions, there are a number of risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading “Risk Factors” and elsewhere in documents that we file from time to time with the Securities and Exchange Commission. Forward-looking statements speak only as of the date of the document in which they are contained, and Adamas One Corp. does not undertake any duty to update any forward-looking statements except as may be required by law. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.

For more information contact:

Investor RelationsCORE IRScott Arnold, Managing Partner516 222 [e-mail]

Media RelationsCORE IRJules Abraham917 885 7378

Source: Adamas One Corp.