Mr. Samuel Pelaez reports

OLIVE RESOURCE CAPITAL ANNOUNCES DECEMBER 31, 2023 NAV OF C$0.064 PER SHARE AND OFFERS UPDATE ON ITS NORMAL COURSE ISSUER BID

Olive Resource Capital Inc. has provided investors an updated, unaudited net asset value per share. Management has estimated the NAV of the company at 6.4 cents per share for Dec. 31, 2023. At the end of December, the company's price per share was three cents.

                          OLIVE NAV BREAKDOWN


Name                                     Ticker          Value     Value per share

Black Sheep Income Corp.                 Private      $1,265,589        $0.012
Nevada Zinc Corp.                        NZN: TSX-V     $449,960        $0.004
Guided Therapeutics Inc.                 Private        $383,698        $0.004
Working capital and liquid investments                $3,191,036        $0.029
Other investments                                     $1,731,944        $0.016
Total                                                 $7,022,228        $0.064

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 whose position can be liquidated in less than one day's average trading volume for that security.

Samuel Pelaez, the company's president, chief executive officer, chief information officer and director, stated: "December offered a clear continuation of November's trends. The U.S. dollar index continued to drop, while metal's prices continued to rebound off the year's lows in October. Even though Western central banks' monetary system remains tight, China's central bank continues to inject liquidity, lending support to its rising manufacturing index, and providing a favourable environment for junior resource equities."

Derek Macpherson, executive chairman, stated: "As we look back at 2023, we completed another strategic milestone with the sale [of] Rockcliff, and managed to modestly increase our NAVPS by approximately 12 per cent. As we start 2024, we are far more constructive about the current state of junior mining equities and have the liquidity to take advantage of it. Additionally, we continue to focus on our strategic objective of expanding the asset base."

Normal course issuer bid

On Dec. 11, 2023, the company repurchased 394,000 shares pursuant to the NCIB, bringing the total repurchased to date to 2,594,000 shares. On Dec. 15, 2023, the current NCIB expired. On Dec. 21, 2023, the company cancelled 2,594,000 shares which had been repurchased pursuant to the NCIB during 2023. No shares remain in treasury as of the date of this press release. On Dec. 21, 2023, the company applied to renew its NCIB, and the submission is currently being reviewed by the TSX Venture.

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.