Mr. Derek Macpherson reports

OLIVE RESOURCE CAPITAL INC. CLOSES NON-BROKERED PRIVATE PLACEMENT

Olive Resource Capital Inc. has closed its previously announced non-brokered private placement for gross proceeds of approximately $3,218,200.

The offering consisted of the sale of 29,256,545 common shares of the corporation at a price of 11 cents per common share.

"We are pleased to complete this financing and welcome some new key shareholders to Olive. Additionally, we are thankful to the many existing shareholders who also participated in this offering. We look forward to deploying this capital into what management believes is the early stages of a new bull market in commodities," stated Derek Macpherson, executive chairman.

The corporation intends to use the proceeds of the offering for general corporate and working capital purposes.

The offering remains subject to the final approval of the TSX Venture Exchange. All securities issued pursuant to the offering are subject to a hold period of four months and one day from the date of issuance, expiring Dec. 15, 2026, in accordance with applicable Canadian securities laws. No finders' fees, commissions, or other compensation were paid or are payable in connection with the offering.

Certain directors and officers and an existing 10 per cent security holder of the corporation acquired an aggregate of 7.25 million common shares under the offering. The participation of Insiders in the offering constitutes a related party transaction within the meaning of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The corporation is relying on exemptions from the formal valuation and minority shareholder approval requirements applicable to related party transactions under sections 5.5(a) and 5.7(1)(a), respectively, of MI 61-101, as neither the fair market value of the securities acquired by the participating insiders nor the consideration paid by the insiders exceeds 25 per cent of the corporation's market capitalization (as determined under MI 61-101). The insiders' subscriptions were approved by the disinterested directors of the corporation who concluded that the subscriptions were entered into on market terms and were fair to minority security holders. No special committee was established in connection with the same, and no materially contrary view or abstention was expressed or made by any director of the corporation in relation thereto. The corporation did not file a material change report related to the insiders' subscriptions more than 21 days before the expected closing of the offering as required by MI 61-101, as the corporation wished to close the offering on an expedited basis for sound business reasons.

About Olive Resource Capital Inc.

Olive Resource Capital is a resource-focused merchant bank and investment company with a portfolio of publicly listed and private securities. The corporation's assets consist primarily of investments in natural resource companies in all stages of development.

We seek Safe Harbor.