Mr. Samuel Pelaez reports

OLIVE RESOURCE CAPITAL ANNOUNCES JANUARY 31, 2024 NAV OF C$0.064 PER SHARE

Olive Resource Capital Inc. has provided an updated, unaudited net asset value (NAV) per share. Management has estimated the NAV of the company at 6.4 cents per share for Jan. 31, 2024 (see the table entitled "Olive NAV breakdown"). At the end of January, the company's price per share was three cents.

Samuel Pelaez, the company's president, chief executive officer, chief information officer and director, stated: "The new year started with decent performance for major commodities and for larger resource equities. Junior resource stocks were volatile and, in most cases, dropped during the month. Global financial conditions continue to ease, driven by China's monetary system which continues to inject substantial liquidity to the system. This macroeconomic environment should be favourable for junior resource equities, however, we are taking a measured approach to capital deployment as price action in the sector is showcasing weakness."

Derek Macpherson, executive chairman, stated: "After a strong performance in 2023 (up approximately 12 per cent), we started 2024 effectively flat, net of expenses, month-over-month, which continues to outperform major resource indices (Toronto Stock Exchange Gold Index -- minus-8.3 per cent; TSX Venture Exchange Materials Index -- minus-9.5 per cent). In particular, a few of the investments where we started redeploying capital in Q4 2023 were Olive's strongest-performing investments. While there are bright spots in the broader commodity market, like uranium, the current market presents attractive opportunities in precious, base and battery metals to get positioned in top-quality assets at very attractive valuations."

Normal course issuer bid (NCIB)

During the month of January, the company did not purchase any shares pursuant to its NCIB. As of the date of this release, the company currently holds nil shares in treasury pending cancellation.

As of the date of this release, Olive Resource Capital has 109,174,709 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.