Mr. Derek Macpherson reports

OLIVE RESOURCE CAPITAL ANNOUNCES OCTOBER 31, 2023 NAV OF C$0.065 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 6.5 cents per share for Oct. 31, 2023 (see attached table). At the end of October, the company's price per share was three cents.

Samuel Pelaez, the company's president, chief executive officer, chief investment officer and director, stated: "Geopolitical events in the Middle East led to increased volatility during the month of October. The U.S. dollar rose while gold outperformed due to its safe-haven status. Other commodities continued their downtrends as major central banks continued to pursue tighter monetary policy. This environment remains unfavourable for risk assets."

Derek Macpherson, executive chairman, stated: "Given the markets lack of support for risk assets, like commodity company equities, Olive has elected to take a cautious approach to redeploying capital, particularly since there also appears to additional downward pressure from tax-loss-related selling. However, this is creating opportunity and there remains several high-quality resource equities that are clearly mispriced, and we are slowly redeploying capital to take advantage of these opportunities."

During the month of October, the company did not repurchase shares pursuant to the normal course issuer bid. As of Oct. 31, 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.

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

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.