Mr. Samuel Pelaez reports

OLIVE RESOURCE CAPITAL ANNOUNCES JUNE 30, 2023 NAV OF C$0.066 PER SHARE

Olive Resource Capital Inc. has provided investors an updated, unaudited net asset value (NAV) per share. Management has estimated the NAV of the company at 6.6 cents per share for June 30, 2023 (see an attached table). At the end of May, the company's price per share was 3.5 cents.

Samuel Pelaez, president, chief executive officer, chief investment officer and director, stated: "Major commodities and resource sectors posted range-bound performance for the month of June. Widely anticipated pauses in central-bank tightening cycles materialized. In spite of this, monetary conditions continue to tighten globally, as measured by the monetary base. We remain cautious as major commodities remain in downtrend channels."

Derek Macpherson, executive chairman, stated: "The increase to our NAV is driven by the performance of Rockcliff, because of its definitive agreement with HudBay Minerals. We view this transaction as beneficial for Olive shareholders, and the anticipated change in Olive's liquidity will allow the company to better balance its investment portfolio and take advantage of the investment opportunities presented by current market conditions."

Under the continuing normal course issuer bid, the company repurchased 800,000 shares during the month of June. These securities are currently held in treasury pending cancellation.

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.