Olivut Resources Ltd. Exploration Update - Seite 2

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.