Olivut Announces Closing of Private Placement of Common Shares

www.olivut.com T 780 866 2226 F 780 866 3713

PO Box 6690, Hinton, Alberta Canada T7V 1X8

PRESS RELEASE

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR

DISSEMINATION IN THE UNITED STATES

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 Pro ject has n umerous 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 kimber lite 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 th ose 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",

www.olivut.com T 780 866 2226 F 780 866 3713

PO Box 6690, Hinton, Alberta Canada T7V 1X8

PRESS RELEASE

"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 uncertain ties

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, al l 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.Geo phys., a Qualified Person as defined by National In strument 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.