OLIVUT RESOURCES LTD. EXPLORATION UPDATE

Toronto, February 5, 2024 – Olivut Resources Ltd. (“Olivut” or the “Company”) (TSXV:OLV), is pleased to provide an exploration update.  Results of a recent sampling program on the Seahorse Project, a 50/50 joint venture between the Company and Talmora Diamond Inc., have become available.

Saskatchewan Research Council (“SRC”) has reported the recovery of 18 microdiamonds (<0.5mm) from caustic fusion analysis of a 323.35 kg sample of beach sand heavy mineral concentrate taken proximal to the main Seahorse target.  The beach sand sample was collected from paleo strand line material, naturally concentrated through wave action and typically fine grained in small lakes.  More than 95% of the analyzed material was less than 0.5 mm in grain size, which would limit the probability of the recovery of any macro diamonds (>0.5 mm).

The mini bulk sample was taken to follow-up on the previously reported one macrodiamond, one microdiamond, two G-9 pyrope garnets and a picroilmenite identified in a small 1.8 kg sample taken from the same location.

The identification of 19 microdiamonds and one macrodiamond from these sediment samples proximal to geophysical targets is extremely positive and very encouraging, as it is very rare to identify microdiamonds or macrodiamonds in field sediment samples.

Five stream samples also were obtained in the general region close to the Seahorse target.  Four pyrope garnets in in addition to numerous picroilmenites and chromites were identified by SRC in these samples.

It has been previously reported that heavy minerals such as opaque oxides (rutile, pseudorutile, ilmenite, titanium magnetite, chromite), garnet of various compositions, Rare Earth Element (“REE”) minerals (allanite, monazite), zircon, barite and hypersthene are concentrated in the less than 1mm fraction of beach samples.  In addition to elevated REE values, the beach sand also contained significantly elevated titanium oxide (“TiO2”), zirconium and barium in heavy mineral concentrates.

In light of these results, planning for next steps is underway and will be reported to shareholders when available.

The Company considers the Seahorse Project to have the potential to host diamondiferous kimberlite bodies of significant size and perhaps other mineral deposits, based on a combination of:  the recent caustic fusion results; REE and TiO2 results; 2019 drill program results; favourable diamond stability indicator minerals found regionally and locally, including 18 macro diamonds found down-ice in regional samples to the west and northwest; specific geophysical targets; regional and local faults that would favour kimberlite emplacement; occurrence of diamondiferous kimberlites to the north and southeast, as well as other geochemical data in the area.

There is no known historical detailed exploration work in the region. Due to its remoteness, the project area must be supplied by small aircraft and helicopter.

Separately, on the HOAM Project, numerous targets are drill ready and a detailed helimag program is proposed for additional regional geophysical anomalies in order to finalize the drill priority list. Completion of the HOAM work program is contingent on the raising of additional funds.

The Company will report further details once they are available.

COVID-19 and its effects prevented any field program related work being conducted from 2020 -2022 on the HOAM Project and on the Seahorse Project. Work programs may continue to be affected by potential supply chain disruptions and additional related costs arising from the COVID-19 pandemic, particularly on planning and work in the Northwest Territories.

Please visit www.olivut.com for detailed corporate and project information.

This press release contains forward-looking statements with respect to the Company, and matters concerning the raising of additional capital, the business, operations, strategy, and financial performance of the Company. Actual results may differ materially from those indicated by such statements. These statements generally, but not always, can be identified by use of forward-looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. All statements, other than statements of historical fact, included herein, including, without limitations statements regarding future production, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations, including that the estimates and projections regarding the Company’s properties are realized. Forward-looking statements are based on a number of assumptions which may prove to be incorrect. Unless otherwise stated, all forward looking statements speak only as of the date of this press release and the Company does not undertake any obligation to update such statements except as required by law.

Martin St. Pierre, P.Geophys., a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical disclosure in this press release.

Leni Keough, P.Geo.

President and Chief Executive Officer

 For further information, please contact:

Leni Keough

President and Chief Executive Officer

Olivut Resources Ltd.

(780) 866-2226

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

OLIVUT RESOURCES LTD. ANNOUNCES CHANGES TO THE BOARD OF DIRECTORS AND GRANT OF STOCK OPTIONS

Toronto, August 30, 2023 – Olivut Resources Ltd. (“Olivut” or the “Company”) (TSXV:OLV)  is pleased to announce the addition of Mr. Kenny Ruptash to the Board of Directors of the Corporation.

Currently, Mr. Ruptash serves as President of Nahanni Construction, based in Yellowknife, Northwest Territories (“NWT”).  Over the past 20 years he has played a significant role in northern mine development and reclamation, gaining expertise in the construction and remediation of mine sites.  During this time, he has been involved in the construction of mines in the NWT and Nunavut (“NU”), as well as in the reclamation of major legacy mine sites such as the Lupin, Tundra and Giant Mines. His extensive experience has given him a deeper understanding of northern Canada while providing insight into the challenges and opportunities associated with extremely remote mining operations.

Mr. Ruptash is also currently serving his second term as the President of the NWT/NU Chamber of Mines which advocates for the interests of mining and exploration companies and promotes sustainable practices.  He is  a second-term director of the Business Development Investment Corporation, a government lending facility that supports businesses in the NWT.  He is committed to empowering Indigenous communities and creating economic opportunities for Northern entrepreneurs and served as the Chair of the Métis Dene Development Fund.

Mr. Ruptash is a graduate of the University of Victoria, B.C. with a BSc. Honours Double Major Math and Statistics.  His extensive experience will be a significant asset and the Olivut team looks forward to working with him.

The Company also announces that, pursuant to the Company’s stock option plan, the continuation of which was approved by ordinary resolution of the shareholders at the Company’s annual general meeting of shareholders on March 22, 2023, it has granted to Mr. Ruptash options to purchase up to 100,000 common shares in the capital of the Company.  The options are exercisable for a period of ten years ending on August 30, 2033 and are exercisable at a price of $0.065 per common share, being the closing price of the Company’s common shares on the TSXV on the date immediately preceding the grant.  The options vest as to one-third (1/3) one year after the date of grant, one-third (1/3) eighteen months after the date of grant and the remaining one-third (1/3) two years after the date of grant.

Olivut is a diamond exploration company with a 100% mineral interest in the HOAM Project (the “HOAM Project”) and a 50% interest in the Seahorse Project (the Seahorse Project”), both projects being located in Canada’s Northwest Territories.

The HOAM Project has numerous drill ready targets.  The Company considers the Seahorse Project to have the potential to host diamondiferous kimberlite bodies of significant size and other potential mineral deposits, based on a combination of the previously reported recent caustic fusion results; REE and titanium oxide results; 2019 program results; favourable diamond inclusion field indicator minerals found regionally and locally, including 18 macro diamonds found down-ice in regional samples to the west and northwest; specific geophysical targets; regional and local faults that would favour kimberlite emplacement; occurrence of diamondiferous kimberlites to the north and southeast, as well as other geochemical data in the area.  As previously reported, a field program is being expedited to sample in the vicinity of the main Seahorse target. The program will include collection of a heavy mineral mini bulk sample from the beach sands to recover KIMs including diamond and other heavy minerals.  It is anticipated that additional caustic fusion analysis will be required.  Covid-19 and its effects prevented any field program related work being conducted since 2020 on the HOAM Project and on the Seahorse Project.

Please visit www.olivut.com for detailed corporate and project information.

This press release contains forward-looking statements with respect to the Company, and matters concerning the raising of additional capital, the business, operations, strategy, and financial performance of the Company. Actual results may differ materially from those indicated by such statements. These statements generally, but not always, can be identified by use of forward-looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. All statements, other than statements of historical fact, included herein, including, without limitations statements regarding future production, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations, including that the estimates and projections regarding the Company’s properties are realized. Forward-looking statements are based on a number of assumptions which may prove to be incorrect. Unless otherwise stated, all forward looking statements speak only as of the date of this press release and the Company does not undertake any obligation to update such statements except as required by law.

Martin St. Pierre, P.Geophys., a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical disclosure in this press release.

Leni Keough, P.Geo.

President and Chief Executive Officer

 For further information, please contact:

Leni Keough

President and Chief Executive Officer

Olivut Resources Ltd.

(780) 866-2226

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

OLIVUT ANNOUNCES CLOSING OF PRIVATE PLACEMENT OF COMMON SHARES

Toronto, August 22, 2023 – Olivut Resources Ltd. (“Olivut” or the “Company”) (TSXV:OLV)  is pleased to announce that the Company has closed a non-brokered private placement (the “Private Placement”) comprised of 6,100,000 common shares (the “Common Shares”) for proceeds of $305,000 at a price of $0.05 per Common Share.  The Common Shares are subject to resale restrictions pursuant to applicable securities laws requirements and will not be freely tradable until four months after the date of issue.

Olivut will use the proceeds of the Private Placement for exploration and general corporate purposes.

The Company paid a finder’s fee of $2,500, equal to 5% of certain gross proceeds of the Private Placement, to an individual.

Closing of the Private Placement is subject to final approval from the TSX Venture Exchange.

One insider participated in the Private Placement, thereby making the Private Placement a “related party transaction” as defined under Multilateral Instrument 61-101 (“MI 61-101”).  Ms. Leni Keough, President and Chief Executive Officer and a director of the Company, purchased 1,000,000 Common Shares and owns or controls 9,303,928 common shares or approximately 12.4% of the total common shares issued and outstanding after completion of the Private Placement.   The Private Placement was unanimously approved by the directors of the Company, with Ms. Keough disclosing her interest and abstaining from voting with respect thereto.  The Private Placement was exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any Common Shares issued to or the consideration paid by such persons exceeded 25% of the Company’s market capitalization.

Olivut is a diamond exploration company with a 100% mineral interest in the HOAM Project (the “HOAM Project”) and a 50% interest in the Seahorse Project (the Seahorse Project”), both projects being located in Canada’s Northwest Territories.

The HOAM Project has numerous drill ready targets.  The Company considers the Seahorse Project to have the potential to host diamondiferous kimberlite bodies of significant size and other potential mineral deposits, based on a combination of the previously reported recent caustic fusion results; REE and titanium oxide results; 2019 program results; favourable diamond inclusion field indicator minerals found regionally and locally, including 18 macro diamonds found down-ice in regional samples to the west and northwest; specific geophysical targets; regional and local faults that would favour kimberlite emplacement; occurrence of diamondiferous kimberlites to the north and southeast, as well as other geochemical data in the area.  As previously reported, a field program is being expedited to sample in the vicinity of the main Seahorse target. The program will include collection of a heavy mineral mini bulk sample from the beach sands to recover KIMs including diamond and other heavy minerals.  It is anticipated that additional caustic fusion analysis will be required.  Covid-19 and its effects prevented any field program related work being conducted since 2020 on the HOAM Project and on the Seahorse Project.

Please visit www.olivut.com for detailed corporate and project information.

This news release is intended for distribution in Canada only and is not intended for distribution to United States newswire services or dissemination in the United States. The securities being offered have not, nor will they be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.

This press release contains forward-looking statements with respect to the Company, and matters concerning the raising of additional capital, the business, operations, strategy, and financial performance of the Company. Actual results may differ materially from those indicated by such statements. These statements generally, but not always, can be identified by use of forward-looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. All statements, other than statements of historical fact, included herein, including, without limitations statements regarding future production, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations, including that the estimates and projections regarding the Company’s properties are realized. Forward-looking statements are based on a number of assumptions which may prove to be incorrect. Unless otherwise stated, all forward looking statements speak only as of the date of this press release and the Company does not undertake any obligation to update such statements except as required by law.

Martin St. Pierre, P.Geophys., a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical disclosure in this press release.

Leni Keough, P.Geo.

President and Chief Executive Officer

 For further information, please contact:

Leni Keough

President and Chief Executive Officer

Olivut Resources Ltd.

(780) 866-2226

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

OLIVUT RESOURCES LTD. EXPLORATION UPDATE

Toronto, July 17, 2023 – Olivut Resources Ltd. (“Olivut” or the “Company”) (TSXV:OLV), is pleased to provide an exploration update.  Results of recent further sample analyses from the Seahorse Project, a 50/50 joint venture between the Company and Talmora Diamond Inc., have become available.

Saskatchewan Research Council (“SRC”) has reported the recovery of one macrodiamond from caustic fusion analysis of a beach sand heavy mineral concentrate sample weighing 1.8 kg taken proximal to the main Seahorse target.  The macrodiamond has dimensions of approximately 1.9mm x 1.4mm and weighs 5.2628 mg. The diamond is described as off-white, transparent, distorted, octahedral, and having minor resorption with inclusions and surface pitting.

In addition, Dr. Malcolm McCallum and associate in laboratory facilities located in Loveland, Colorado, have identified a microdiamond (<0.5mm) from the same 1.8 kg sample. As previously reported, Dr. McCallum’s initial evaluation of this beach sand indicates that heavy minerals such as opaque oxides (rutile, pseudorutile, ilmenite, titanium magnetite, chromite), garnet of various compositions, Rare Earth Element (“REE”) minerals (allanite, monazite), zircon, barite and hypersthene are concentrated in the less than 1mm fraction.  In addition to elevated REE values, this beach sand also contains significantly elevated titanium oxide (“TiO2”), zirconium and barium in heavy mineral concentrates.

Also, two G-9 pyrope garnets and a picroilmenite were confirmed previously in this sample.  The identification of a macrodiamond and a microdiamond,  in addition to the previously reported geochemical results, from this relatively small sample is highly encouraging in the context of the sample’s proximity to geophysical targets.

In light of these recent results, as soon as possible, a field program will be expedited to sample in the vicinity of the main Seahorse target. Logistical planning is underway. The program will include collection of a heavy mineral mini bulk sample from the beach sands to recover kimberlite indicator minerals including diamond and other heavy minerals.  It is anticipated that additional caustic fusion analysis will be required.

Additionally, a staking program will be carried out during the current year to cover certain targets within the larger prospecting permit boundaries as current legislation requires.

The Company considers the Seahorse Project to have the potential to host diamondiferous kimberlite bodies of significant size and perhaps other mineral deposits, based on a combination of:  the recent caustic fusion results; REE and TiO2 results; 2019 drill program results; favourable diamond stability indicator minerals found regionally and locally, including 18 macro diamonds found down-ice in regional samples to the west and northwest; specific geophysical targets; regional and local faults that would favour kimberlite emplacement; occurrence of diamondiferous kimberlites to the north and southeast, as well as other geochemical data in the area.

There is no known historical detailed exploration work in the region. Due to its remoteness, the project area must be supplied by small aircraft and helicopter.

Numerous targets are drill ready on the HOAM Project and a detailed helimag program is proposed for additional regional geophysical anomalies in order to finalize the drill priority list. Completion of the HOAM work program is contingent on the raising of additional funds.

The Company will report further details once they are available.

COVID-19 and its effects prevented any field program related work being conducted since 2020 on the HOAM Project and on the Seahorse Project. Work programs may continue to be affected by potential supply chain disruptions and additional related costs arising from the COVID-19 pandemic, particularly on planning and work in the Northwest Territories.

Please visit www.olivut.com for detailed corporate and project information.

This press release contains forward-looking statements with respect to the Company, and matters concerning the raising of additional capital, the business, operations, strategy, and financial performance of the Company. Actual results may differ materially from those indicated by such statements. These statements generally, but not always, can be identified by use of forward-looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. All statements, other than statements of historical fact, included herein, including, without limitations statements regarding future production, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations, including that the estimates and projections regarding the Company’s properties are realized. Forward-looking statements are based on a number of assumptions which may prove to be incorrect. Unless otherwise stated, all forward looking statements speak only as of the date of this press release and the Company does not undertake any obligation to update such statements except as required by law.

Martin St. Pierre, P.Geophys., a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical disclosure in this press release.

Leni Keough, P.Geo.

President and Chief Executive Officer

 For further information, please contact:

Leni Keough

President and Chief Executive Officer

Olivut Resources Ltd.

(780) 866-2226

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

OLIVUT RESOURCES LTD. EXPLORATION UPDATE

Toronto, June 7, 2023 – Olivut Resources Ltd. (“Olivut” or the “Company”) (TSXV:OLV), is pleased to provide an exploration update.  Results of recent further analyses of samples from the Seahorse Project, a 50/50 joint venture between the Company and Talmora Diamond Inc., have become available.

Selected samples from the Seahorse Project were recently sent to Saskatchewan Research Council’s (“SRC”) new rare earth element (“REE”) facility established in 2022 for the purpose of conducting rare earth analyses.  The Company applied for and was awarded a research grant during late 2022 that covered all costs relating to SRC’s more detailed investigation of the REE content of the homogeneous clays intersected during the 2019 drill program. These REE levels are generally higher than, or consistent with, levels of REE detected in clays found to occur over some identified kimberlites in some locations of the world (e.g. western Australia and Namibia).  Results received in February 2023 for this evaluation confirmed previous results and warranted further investigations regarding REE potential of materials in the vicinity.

The beach sand that was collected during 2018, analyzed for kimberlitic indicator minerals (“KIMs”) and subjected to geochemical analysis, also had elevated REE content.  As a result of the recent 2023 SRC REE evaluation of the clays, the beach sand concentrates were treated and are in the process of being microscopically re-examined by Dr. Malcolm McCallum and associate in laboratory facilities located in Loveland, Colorado, in an attempt to determine the source of the REE content. Dr. McCallum’s evaluation of the beach sands indicates that heavy minerals such as opaque oxides (rutile, pseudorutile, ilmenite, titanium magnetite, chromite), garnet of various compositions, REE minerals (allanite, monazite), zircon, barite and hypersthene are concentrated in the less than 1mm fraction.  A sample of these <1mm concentrates that was recently sent to SRC for additional geochemical analysis reconfirmed elevated REE content.

In addition to elevated REE values, the beach sand also contains significantly elevated titanium oxide (“TiO2”), zirconium and barium in heavy mineral concentrates. Consequently, more extensive investigation of these beach sands is warranted.

During the 2023 field season the Company intends to protect its targets within the larger prospecting permit boundaries as current legislation requires.  Furthermore, as part of these field operations,  and depending on results of the ongoing geochemical evaluations, further sampling is intended to ascertain heavy mineral potential in the immediate vicinity.

The Company considers the Seahorse Project to have the potential to host diamondiferous kimberlite bodies of significant size and perhaps other mineral deposits, based on a combination of the recent REE and TiO2 results; 2019 drill program results; favourable diamond stability indicator minerals found regionally and locally, including 18 macro diamonds found down-ice in regional samples to the west and northwest; specific geophysical targets; regional and local faults that would favour kimberlite emplacement; occurrence of diamondiferous kimberlites to the north and southeast, as well as other geochemical data in the area.

This region has been subjected to no known previous detailed exploration work. Due to its remoteness, the project area must be supplied by small aircraft and helicopter.

Numerous targets are drill ready on the HOAM Project and a detailed helimag program is proposed for additional regional geophysical anomalies in order to finalize the drill priority list. Completion of this work program is contingent on the raising of additional funds.

The Company will report further details once they are available.

COVID-19 and its effects prevented any field program related work being conducted since 2020 on the HOAM Project and on the Seahorse Project. Completion of further work programs is contingent on potential supply chain disruptions and additional related costs arising from the COVID-19 pandemic, particularly on planning and work in the Northwest Territories.

Please visit www.olivut.com for detailed corporate and project information.

This press release contains forward-looking statements with respect to the Company, and matters concerning the raising of additional capital, the business, operations, strategy, and financial performance of the Company. Actual results may differ materially from those indicated by such statements. These statements generally, but not always, can be identified by use of forward-looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. All statements, other than statements of historical fact, included herein, including, without limitations statements regarding future production, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations, including that the estimates and projections regarding the Company’s properties are realized. Forward-looking statements are based on a number of assumptions which may prove to be incorrect. Unless otherwise stated, all forward looking statements speak only as of the date of this press release and the Company does not undertake any obligation to update such statements except as required by law.

Martin St. Pierre, P.Geophys., a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical disclosure in this press release.

Leni Keough, P.Geo.

President and Chief Executive Officer

 For further information, please contact:

Leni Keough

President and Chief Executive Officer

Olivut Resources Ltd.

(780) 866-2226

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

OLIVUT ANNOUNCES CLOSING OF PRIVATE PLACEMENT OF COMMON SHARES

Toronto, January 27, 2023 – Olivut Resources Ltd. (“Olivut” or the “Company”) (TSXV:OLV)  is pleased to announce that the Company has closed a non-brokered private placement (the “Private Placement”) comprised of 6,000,000 common shares (the “Common Shares”) for proceeds of $300,000 at a price of $0.05 per Common Share.  The Common Shares are subject to resale restrictions pursuant to applicable securities laws requirements and will not be freely tradable until four months after the date of issue.

The Private Placement was unanimously approved by the directors of the Company.

Olivut will use the proceeds of the Private Placement for exploration and general corporate purposes.

The TSX Venture Exchange conditionally approved for listing the Common Shares issued under the Private Placement on January 27, 2023.

Olivut is a diamond exploration company with a 100% mineral interest in the HOAM Project (the “HOAM Project”) and a 50% interest in the Seahorse Project (the Seahorse Project”), both projects being located in Canada’s Northwest Territories.

The HOAM Project has numerous drill ready targets.  The Company considers the Seahorse Project to have the potential to host diamondiferous kimberlite bodies of significant size and perhaps other mineral deposits, based on a combination of: 2019 drill program results; favourable diamond stability indicator minerals found regionally and locally, including 18 macro diamonds found in regional samples to the west and northwest; specific geophysical targets; regional and local faults that would favour kimberlite emplacement; occurrence of diamondiferous kimberlites to the north and southeast, as well as other geochemical data in the area.

The Coronavirus pandemic prevented any field work being conducted since the last fall drilling program in 2019. Completion of further work programs is contingent on the raising of funds and potential supply chain disruptions and additional related costs arising from the Coronavirus pandemic, particularly on planning and work in the Northwest Territories.

Please visit www.olivut.com for detailed corporate and project information.

This news release is intended for distribution in Canada only and is not intended for distribution to United States newswire services or dissemination in the United States. The securities being offered have not, nor will they be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.

This press release contains forward-looking statements with respect to the Company, and matters concerning the raising of additional capital, the business, operations, strategy, and financial performance of the Company. Actual results may differ materially from those indicated by such statements. These statements generally, but not always, can be identified by use of forward-looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. All statements, other than statements of historical fact, included herein, including, without limitations statements regarding future production, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations, including that the estimates and projections regarding the Company’s properties are realized. Forward-looking statements are based on a number of assumptions which may prove to be incorrect. Unless otherwise stated, all forward looking statements speak only as of the date of this press release and the Company does not undertake any obligation to update such statements except as required by law.

Martin St. Pierre, P.Geophys., a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical disclosure in this press release.

Leni Keough, P.Geo.

President and Chief Executive Officer

 For further information, please contact:

Leni Keough

President and Chief Executive Officer

Olivut Resources Ltd.

(780) 866-2226

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

OLIVUT RESOURCES LTD. SHARE OPTION GRANT

Toronto, June 27, 2022 – Olivut Resources Ltd. (“Olivut” or the “Company”) (TSXV:OLV), announces that it has granted stock options to certain Directors, Officers and Consultants of the Company pursuant to the Company’s stock option plan to purchase up to 2,545,000 common shares in the capital of the Company at an exercise price of $0.05 per common share.   The stock options will expire on June 27, 2032.

The grant of options is subject to regulatory approval, including approval of the TSX Venture Exchange.

Covid-19 and its effects prevented any field work being conducted in 2020 and 2021 on the HOAM Project and on the Seahorse Project; however, planning is now underway to further advance the projects.  Numerous targets are drill ready on the HOAM Project. A 2019 drill program on the Seahorse Project was completed and each of the holes intersected varying depths of a distinct homogeneous, extremely fine-grained clay that did not appear to be derived from the dolomite country rock that is exposed proximal to the targets.  Whole rock and multi-element geochemical results returned complex chemistry characterized by elevated rare earth element content.

Completion of further work programs is contingent on the raising of funds and supply chain disruptions arising from the COVID-19 pandemic, particularly on planning and work in the Northwest Territories.

Olivut is a diamond exploration company with a 100% mineral interest in the HOAM Project and a 50% interest in the Seahorse Project, both projects being located in Canada’s Northwest Territories.  Please visit www.olivut.com for detailed corporate and project information.

This press release contains forward-looking statements with respect to the Company, and matters concerning the raising of additional capital, the business, operations, strategy, and financial performance of the Company. Actual results may differ materially from those indicated by such statements. These statements generally, but not always, can be identified by use of forward-looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. All statements, other than statements of historical fact, included herein, including, without limitations statements regarding future production, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations, including that the estimates and projections regarding the Company’s properties are realized. Forward-looking statements are based on a number of assumptions which may prove to be incorrect. Unless otherwise stated, all forward looking statements speak only as of the date of this press release and the Company does not undertake any obligation to update such statements except as required by law.

Martin St. Pierre, P.Geophys., a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical disclosure in this press release.

Leni Keough, P.Geo.

President and Chief Executive Officer

 

For further information, please contact:

Leni Keough

President and Chief Executive Officer

Olivut Resources Ltd.

(780) 866-2226

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

OLIVUT ANNOUNCES CLOSING OF PRIVATE PLACEMENT OF COMMON SHARES

Toronto, December 22, 2020 – Olivut Resources Ltd. (“Olivut” or the “Company”) (TSXV:OLV) is pleased to announce that the Company has closed a non-brokered private placement (the “Private Placement”) comprised of 5,000,000 common shares (the “Common Shares”) for proceeds of $400,000 at a price of $0.08 per Common Share.  The Common Shares are subject to resale restrictions pursuant to applicable securities laws requirements and will not be freely tradable until four months after the date of issue.

One insider participated in the Private Placement, thereby making the Private Placement a “related party transaction” as defined under Multilateral Instrument 61-101 (“MI 61-101”). Mr. Pierre Lassonde, as insider of the Company, purchased 1,250,000 Common Shares and owns or controls 8,097,000 common shares or approximately 12.9% of the total common shares issued and outstanding after the completion of the Private Placement.  The Private Placement was unanimously approved by the directors of the Company.  The Company is relying on Section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101 because the fair market value of the issuance to Mr. Lassonde is less than 25% of the market capitalization of the Company.

Olivut will use the proceeds of the Private Placement for exploration and general corporate purposes.

The TSX Venture Exchange approved for listing the Common Shares issued under the Private Placement on December 22, 2020.

Olivut is a diamond exploration company with a 100% mineral interest in the HOAM Project (the “HOAM Project”) and a 50% interest in the Seahorse Project (the Seahorse project”), both projects being located in Canada’s Northwest Territories.

Numerous targets are drill ready on the HOAM Project and a detailed helimag program is proposed for additional regional geophysical anomalies. It is anticipated that many additional new targets will be added to the current list of priority drill targets. Completion of this work program is contingent on the raising of funds and the effects of the current Coronavirus pandemic particularly on planning and work in the Northwest Territories.

The Company considers the Seahorse Project to have the potential to host diamondiferous kimberlite bodies of significant size and perhaps other mineral deposits, based on a combination of: 2019 drill program results; favourable diamond stability indicator minerals found regionally and locally, including 18 macro diamonds found in regional samples to the west and northwest; specific geophysical targets; regional and local faults that would favour kimberlite emplacement; occurrence of diamondiferous kimberlites to the north and southeast, as well as other geochemical data in the area.

The Coronavirus pandemic and its effects particularly on planning and work in the Northwest Territories prevented any field work being conducted in 2020.

Please visit www.olivut.com for detailed corporate and project information.

This news release is intended for distribution in Canada only and is not intended for distribution to United States newswire services or dissemination in the United States. The securities being offered have not, nor will they be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.

This press release contains forward-looking statements with respect to the Company, and matters concerning the raising of additional capital, the business, operations, strategy, and financial performance of the Company. Actual results may differ materially from those indicated by such statements. These statements generally, but not always, can be identified by use of forward-looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. All statements, other than statements of historical fact, included herein, including, without limitations statements regarding future production, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations, including that the estimates and projections regarding the Company’s properties are realized. Forward-looking statements are based on a number of assumptions which may prove to be incorrect. Unless otherwise stated, all forward looking statements speak only as of the date of this press release and the Company does not undertake any obligation to update such statements except as required by law.

Martin St. Pierre, P.Geophys., a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical disclosure in this press release.

Leni Keough, P.Geo.

President and Chief Executive Officer

 For further information, please contact:

Leni Keough

President and Chief Executive Officer

Olivut Resources Ltd.

(780) 866-2226

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

OLIVUT ANNOUNCES 50% OPTION EXERCISE ON SEAHORSE PROJECT

Toronto, July 6, 2020 – Olivut Resources Ltd. (“Olivut” or the “Company”) (TSXV:OLV) is pleased to announce that it has exercised its option to earn 50% of the Seahorse Project, located in the Northwest Territories, Canada in accordance with the terms of the Option Agreement signed with Talmora Diamond Inc. (“Talmora”) on July 6, 2018.  Olivut and Talmora will be joint (50/50) owners of the assets.

All earn-in requirements have been completed: on December 9, 2019 Olivut provided notice to Talmora that it had incurred the minimum work cost requirement of $1,200,000 ($1,295,000 spent to October 31, 2019) and a cash payment of $200,000 was made to Talmora in July, 2018. Talmora retains a 1% net smelter return royalty on certain land.

The Company considers the Seahorse Project to have the potential to host diamondiferous kimberlite bodies of significant size and perhaps other mineral deposits, based on a combination of: 2019 program results as described below; favourable diamond stability indicator minerals found regionally and locally, including 18 macro diamonds found in regional samples to the west and northwest; specific geophysical targets; regional and local faults that would favour kimberlite emplacement; occurrence of diamondiferous kimberlites to the north and southeast, as well as other geochemical data in the area.

As previously announced, Olivut successfully completed a helimag geophysical program during April and May 2019. Detailed, low-level, 50 metre line spacing magnetic information was collected and analyzed over multiple anomalies previously identified from regional geophysics.

During August and September 2019 six holes were drilled to test certain regional geophysical targets that had been confirmed and further delineated by the detailed helimag program. The holes were drilled to a maximum depth of 316’ (96.3 metres) using a reverse circulation, heli-portable drill.

Beneath tills, each of the holes intersected varying depths of a distinct homogeneous, extremely fine-grained clay that did not appear to be derived from the dolomite country rock that is exposed proximal to the targets. Down hole drilling conditions were exceptionally challenging, as was the recovery of drill sample material, due primarily to the nature of these intersected clays.  Samples were collected from each of the holes and sent for analysis to Saskatchewan Research Council (“SRC”).

Preliminary visual inspection, as well as further microscopic examination of many of the collected samples, could not specifically identify the host rock from which the clay material is derived. Subsequently, whole rock and multi-element geochemical results returned complex chemistry characterised by elevated Rare Earth Element (“REE”) content. Further analysis is ongoing to relate these findings to till samples taken down-ice in the general region.  These REE levels are generally higher than, or consistent with, levels of REE detected in clays found to occur over some identified kimberlites in some locations of the world (e.g. western Australia and Namibia). Sulphides, including pyrite, galena and sphalerite, as well as other mafic minerals were easily identified in many downhole samples.

The Seahorse Project area underwent periods of extreme warming and laterization that destroyed silicate indicator minerals as evidenced from regional till sampling results. However, some opaque oxide indicator minerals and diamonds survive this type of weathering.

To determine the potential presence of any kimberlitic indicator minerals (“KIM”), additional samples from five drill holes, each consisting mostly of the homogeneous clay, were submitted for heavy mineral analysis to SRC. Chromites, ilmenites (some manganese bearing) and abundant pseudorutile (an alteration product of ilmenite which is common in intensely weathered kimberlite) are present.  Although the chromites and ilmenites are not unequivocally kimberlitic, a few definite KIMs (G-9 pyropes and picroilmenites) were recovered from beach sand concentrates taken from a lake in the vicinity of the drill holes.

A surprising result of the heavy mineral analysis is the number of microfossils and the abundance of various forms of pyrite (some replacing organic material and microfossils) found in the concentrates. Also present are spherules (tiny bead-like features) believed to be associated with a meteorite impact. Microfossils and pyrite associated with anoxic (low oxygen) conditions require a different explanation for the origin of the clay than intensely altered kimberlite.  Given the results to date, there are a number of possible scenarios that could explain the genesis of these clays and further work is required to obtain more information before arriving at a conclusion.

In addition to the drilling program described above, limited regional prospecting was conducted. A large gossan zone was identified on the property comprising the Seahorse Project that appears to have a strike length of approximately eight kilometres.  Very limited sampling was conducted due to budget and fuel constraints.  Some of these samples returned trace amounts of gold which may be significant given the limited number of samples collected.  Further work is required to obtain more information before arriving at a conclusion.   The linear gossan zone occurs within the dolomite country rock and likely represents a sulphide bearing fault zone.  The Company’s interest in the Seahorse Project includes any mineral deposits discovered, whether diamonds or other minerals.

This region has been subjected to no known previous detailed exploration work. The Company will report further details once they are available. Due to its remoteness, the project area must be supplied by small aircraft and helicopter.  Although Talmora has been active in the area of the Seahorse Project, prior to Olivut’s involvement it had not been able to conduct meaningful exploration due to a lack of financing during the prolonged negative capital market environment for junior exploration companies.

The Coronavirus pandemic and its effects particularly on planning and work in the Northwest Territories will likely prevent any field work being conducted in 2020. Measures have been put in place to mitigate risks to the health and safety of northern people and communities.

Olivut is a diamond exploration company with a 100% mineral interest in the HOAM Project (the “HOAM Project”) and a 50% interest in the Seahorse Project, both projects being located in Canada’s Northwest Territories. Please visit www.olivut.com for detailed corporate and project information.

This press release contains forward-looking statements with respect to the Company, and matters concerning the raising of additional capital, the business, operations, strategy, and financial performance of the Company. Actual results may differ materially from those indicated by such statements. These statements generally, but not always, can be identified by use of forward-looking words such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intends”, “believe” or “continue” or the negative thereof or similar variations. All statements, other than statements of historical fact, included herein, including, without limitations statements regarding future production, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Such forward-looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations, including that the estimates and projections regarding the Company’s properties are realized. Forward-looking statements are based on a number of assumptions which may prove to be incorrect. Unless otherwise stated, all forward looking statements speak only as of the date of this press release and the Company does not undertake any obligation to update such statements except as required by law.

Martin St. Pierre, P.Geophys., a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical disclosure in this press release.

Leni Keough, P.Geo.

President and Chief Executive Officer

 For further information, please contact:

Leni Keough

President and Chief Executive Officer

Olivut Resources Ltd.

(780) 866-2226

 

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

OLIVUT ANNOUNCES CHANGE TO ANNUAL GENERAL AND SPECIAL MEETING LOCATION

Toronto, March 17, 2020 – Olivut Resources Ltd. (“Olivut” or the “Company”) (TSXV:OLV) announces today that its annual general and special meeting (the “Meeting”) of holders of common shares of the Company, which was originally to be held on March 25, 2020 at 2:00 p.m. (Eastern Time) at the offices of Stikeman Elliott LLP will now be held at the Company’s offices on March 25, 2020 at 12:30 p.m. (Mountain Time).

Due to ongoing concerns regarding the Coronavirus (COVID-19) and to mitigate risks to the health and safety of our communities, other shareholders, employees and other stakeholders, the Company strongly encourages that all shareholders wishing to listen to the Meeting do so by calling the number below. The Company strongly encourages that all shareholders vote prior to the Meeting. We intend to hold the Meeting in person; however, we are actively monitoring the current Coronavirus (COVID-19) outbreak. In light of the rapidly evolving news and guidelines related to the Coronavirus (COVID-19) outbreak, we ask that, in considering whether to attend the Meeting, shareholders follow the instructions of the Public Health Agency of Canada (https://www.canada.ca/en/public-health/services/diseases/coronavirus-disease-covid-19.html) and all additional provincial and local instructions.  We ask that shareholders not attend the Meeting in person if experiencing cold or flu-like systems, or if a shareholder or someone the shareholder has been in close contact with has travelled to/from outside of Canada within the 14 days prior to the Meeting.

Shareholders are reminded that there are a number of voting methods available to them, including:

Shareholders may use the following information to listen to the Meeting via conference call:

 Dial-In Numbers:

 Toll-Free: 1-800-969-9731

Confirmation Code: 2960893

 The Meeting will be held on March 25, 2020, at 12:30 p.m. (Mountain Time) at the offices of the Company located at:

 14 Mountain Park Properties

27010 Highway 16

Jasper East, Alberta

The Company has filed an amended notice of meeting and notice of availability of proxy materials on SEDAR and both have been made available to shareholders for download. Anyone not attending the Meeting in person will not be able to participate.

The Company apologizes for any inconvenience this may cause.

Olivut is a diamond exploration company with a 100% mineral interest in the HOAM Project (the “HOAM Project”) and an option to earn 50% interest in the Horton Project, both projects being located in Canada’s Northwest Territories. Please visit www.olivut.com for detailed corporate and project information.

This news release is intended for distribution in Canada only and is not intended for distribution to United States newswire services or dissemination in the United States. The securities being offered have not, nor will they be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.

This communication to shareholders and the public contains certain forward-looking statements. Actual results may differ materially from those indicated by such statements.  All statements, other than statements of historical fact, included herein, including, without limitations statements regarding future production, are forward-looking statements that involve various risks and uncertainties.  There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipate in such statements.

Leni Keough, P.Geo.

President and Chief Executive Officer

 

For further information, please contact:

Leni Keough

President and Chief Executive Officer

Olivut Resources Ltd.

(780) 866-2226

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