Mr. Samuel Pelaez reports

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

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

Samuel Pelaez, president, chief executive officer, chief investment officer and director, stated: "Overall trends remained in place during September. Commodities continued their downtrends and the U.S. dollar continued its uptrend. Despite economic indicators increasingly signalling a recessionary environment ahead, major central banks continued to pursue tighter monetary policy. This environment is not favourable for risk assets, and Olive will allocate capital accordingly. Crude oil continues to be an exception, with supply constraints enacted by OPEC [Organization of the Petroleum Exporting Countries] and Russia leading to further price increases during the month."

Derek Macpherson, executive chairman, stated: "With the sale of Rockcliff Metals to Hudbay Minerals Inc. now complete, Olive has materially increased its overall liquidity, at a time of exceptionally poor sentiment for resource equities. We believe this poor sentiment has resulted in the material mispricing of some equities, and we plan to take a measured approach as we redeploy our capital to take advantage of these opportunities."

During the month of September, the company repurchased 200,000 shares at three cents per share pursuant to the normal course issuer bid. As of Sept. 30, 2023, the company has repurchased a total of 2.2 million shares pursuant to the NCIB in 2023. These shares 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.