Ms. Leni Keough reports

OLIVUT ANNOUNCES CLOSING OF PRIVATE PLACEMENT OF COMMON SHARES AND EXPLORATION UPDATE

Olivut Resources Ltd. has closed a non-brokered private placement comprising 7,462,500 common shares for proceeds of $597,000 at a price of eight cents 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.

Closing of the private placement is subject to final approval from the TSX Venture Exchange.

Two insiders participated in the private placement, thereby making the private placement a related party transaction as defined under Multilateral Instrument 61-101. Leni Keough, president and chief executive officer and a director of the company, purchased 625,000 common shares and owns or controls 9,928,928 common shares or approximately 12.1 per cent of the total common shares issued and outstanding after completion of the private placement. Pierre Lassonde, an insider of the company, purchased 500,000 common shares and owns or controls 8,597,000 common shares or approximately 10.4 per cent 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, 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 per cent of the company's market capitalization.

Olivut is a diamond exploration company with a 100-per-cent mineral interest in the HOAM project and a 50-per-cent interest in the Seahorse project, both projects being located in Canada's Northwest Territories.

Olivut is pleased to report that a summer field program was undertaken during August and September, 2024, to conduct staking within the Seahorse project permit boundaries and to sample in the vicinity of the main Seahorse project target. The program included collection of a mini-bulk sample from the beach sands for caustic fusion analysis for potential recovery of additional diamonds. In addition, general reconnaissance work to aid future work program planning was also carried out.

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: recent caustic fusion results including 19 microdiamonds and one macrodiamond; rare earth element and titanium oxide results; 2019 drill program results; favourable diamond stability 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.

The HOAM project has numerous drill-ready targets.

Martin St. Pierre, PGeophys, a qualified person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical disclosure in this press release.

We seek Safe Harbor.