Mr. Samuel Pelaez reports

OLIVE RESOURCE CAPITAL ANNOUNCES MAY 31, 2023 NAV OF C$0.059 PER SHARE

Olive Resource Capital Inc. has estimated the net asset value of the company at 5.9 cents per share for May 31, 2023 (see an attached table). At the end of May, the company's price per share was three cents.

Samuel Pelaez, president, chief executive officer, chief investment officer and director, stated: "Major commodities posted negative returns during the month of May. Weaker economic data ranging from China to Germany led to increased concerns of an impending global economic recession. On the monetary side, major central banks around the world continue to tighten monetary conditions. The U.S.-dollar [United States] index rose for the first time in three months, reducing the appetite for risk and for natural resource equities."

Derek Macpherson, executive chairman, stated: "We were able to preserve portfolio value in May, despite weak markets. This was driven by a move to cash in our liquid portfolio and our larger, less-liquid and private investments maintaining value. Importantly, the company continues to maintain significant liquidity, positioning it to take advantage of market weakness."

About Olive Resource Capital Inc.

Olive is a resource-focused merchant bank and investment company with a portfolio of publicly listed and private securities. The company's assets consist primarily of investments in natural resource companies in all stages of development.

We seek Safe Harbor.