Mr. Samuel Pelaez reports

OLIVE RESOURCE CAPITAL ANNOUNCES FEBRUARY 29, 2024 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 Feb. 29, 2024. At the end of February, the company's price per share was 2.5 cents.

Samuel Pelaez, the company's president, chief executive officer, chief information officer and director, stated: "The month of February was mixed for commodities and major commodity producers. Oil and associated equities performed well, while copper and its associated equities declined. Junior resource stocks predominantly dropped for the month, widening the valuation gaps with their larger counterparts. At Olive, we initiated a measured approach to deploy capital into the junior resource space as price declines in the sector appear too excessive on a relative basis."

Derek Macpherson, executive chairman, stated: "Olive's NAV was up a modest 2 per cent month-over-month, ahead of the XGD Gold ETF (down 5.6 per cent) and the TSX-V Materials Index (down 2.7 per cent). Our patient accumulation of quality gold stocks had Olive well positioned to capitalize when the gold price hit a new all-time high, earlier this month. In particular, Olive has had strong performance from our positions in Mawson Gold (up 73 per cent) and K92 Mining (up 20 per cent) since the end of February. Additionally, we are seeing positive surprises from recent corporate actions with our position in Aurion Gold (up 22 per cent) and Karora Resources (up 12 per cent) since the end of February."

Normal course issuer bid (NCIB)

During the month of February, the company repurchased 500,000 common shares at a price of 2.5 cents per share pursuant to its NCIB. As of the date of this release, the company currently holds 500,000 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.