Mr. Derek Macpherson reports

OLIVE RESOURCE CAPITAL ANNOUNCES AUGUST 31, 2023 NAV OF C$0.068 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 6.8 cents per share for Aug. 31, 2023. At the end of August, the company's price per share was three cents.

Working capital is calculated as cash minus management's estimate for known liabilities, and is subject to change with future estimates or financial reports.

Olive defines liquid investments as investments that can be liquidated in less than a one-day average trading volume for that security.

Samuel Pelaez, the company's president, chief executive officer, chief information officer and director, stated: "Commodities resumed their downtrends in August. The U.S. dollar resumed its uptrend. Major central banks continued to pursue tighter monetary policy. A notable exception is crude oil, which resumed its uptrend following further assurances from OPEC and Russia to curtail production."

Derek Macpherson, executive chairman, stated, "Despite challenging markets for resource equities in 2023, Olive's NAV remains up year to date and, with the completion of the sale of Rockcliff Metals to Hudbay Minerals Inc., we believe that Olive is well positioned to take advantage of what appears to be depressed values for resource equities."

During the month of August, the company repurchased 700,000 shares at prices between 2.5 cents and three cents pursuant to the normal course issuer bid. As of Aug. 31, 2023, the company has repurchased a total of two million shares pursuant to the NCIB in 2023. These shares are currently held in treasury pending cancellation.

As of the date of this news release, Olive has 111,768,709 common shares outstanding.

Use of non-GAAP (generally accepted accounting principles) financial measures:

This news release contains references to NAV or net asset value per share, which is a non-GAAP financial measure. NAV is calculated as the value of total assets less the value of total liabilities divided by the total number of common shares outstanding as at a specific date. The term NAV does not have any standardized meaning according to GAAP and therefore may not be comparable with similar measures presented by other companies. There is no comparable GAAP financial measure presented in the company's consolidated financial statements and thus no applicable quantitative reconciliation for such non-GAAP financial measure. The company believes that the measure provides information useful to its shareholders in understanding the company's performance and may assist in the evaluation of the company's business relative to that of its peers. These data are furnished to provide additional information and do not have any standardized meaning prescribed by GAAP. Accordingly, NAV should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP, and is not necessarily indicative of other metrics presented in accordance with GAAP. Existing NAV of the company is not necessarily predictive of the company's future performance or the NAV of the company as at any future date.

About Olive Resource Capital Inc. (formerly Norvista Capital Corp):

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.