Olive Resource Capital Announces Results of Annual and Special Meeting of Shareholders

Toronto, October 12, 2022 - Olive Resource Capital Inc. (TSXV: OC) ("Olive" or the "Company") is pleased to announce the results of its Annual and Special Meeting of Shareholders (the "Meeting"), held on October 7, 2022. At the Meeting, incumbent directors Derek Macpherson, Samuel Pelaez, Jeffrey Singer, and David Regan were re-elected as directors of Olive. Evelyn Foo was elected as a new director replacing Darren Koningen who did not stand for re-election. All other items put forth at the Meeting were also approved, including the re-appointment of the Company's auditors, as well as the approval of the Company's incentive stock option plan.

Derek Macpherson, Executive Chairman stated: "We would like to thank Darren Koningen for his years of service to Olive (formerly Norvista Capital Corp). Darren was a driving force behind the management and strategy transition that occurred in 2021, setting the Company on the path it is currently on. We wish Darren all the best with his future endeavours."

Samuel Pelaez, the Company's President, CEO, CIO and Director stated: "We are pleased to welcome Evelyn Foo to our Board of Directors. Evelyn brings over 30 years of experience in the asset management industry. Her expertise in finance, operations, and compliance is highly complementary to Olive's Board."

Evelyn Foo, CPA, CA, has over 30 years of experience in the asset management industry specializing in operational execution, financial analysis, regulatory compliance, risk infrastructure development and analysis, securities valuation, investment product structure, and merger and acquisition strategy. Previously Evelyn was President, CFO, COO and CCO at Galileo Global Equity Advisors Inc. a boutique asset management firm. Prior to that, Evelyn held numerous senior positions at Canadian banks and independent investment fund families in Toronto. Evelyn holds a Bachelor of Commerce from University of Toronto and is a Certified Professional Accountant of Canada and Ontario.

About Olive Resource Capital Inc. (formerly Norvista Capital Corp):

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.

For further information, please contact:

Derek Macpherson, Executive Chairman at derek@olive-resource.com or by phone at (416)294-6713 or Samuel Pelaez, President, CEO & CIO at sam@olive-resource.com or by phone at (202)677-8513. Olive's website is located at www.olive-resource.com.

Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this release. The TSX Venture Exchange Inc. has in no way approved nor disapproved the information contained herein.

Cautionary Note Regarding Forward-Looking Statements: This press release contains "forward-looking information" within the meaning of applicable Canadian securities laws. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, identified by words or phrases such as "believes", "anticipates", "expects", "is expected", "scheduled", "estimates", "pending", "intends", "plans", "forecasts", "targets", or "hopes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "will", "should", "might", "will be taken", or "occur" and similar expressions) are not statements of historical fact and may be forward-looking statements.

This news release includes forward-looking statements that are subject to risks and uncertainties. Forward-looking statements involve known and unknown risks, uncertainties, and other factors that could cause the actual results of Olive to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. All statements contained in this news release, other than statements of historical fact, are to be considered forward-looking. Although Olive believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: past success or achievement does not guarantee future success; negative investment performance; downward market fluctuations; downward fluctuations in commodity prices and changes in the prices of commodities in general; uncertainties relating to the availability and costs of financing needed in the future; interest rate and exchange rate fluctuations; changes in economic and political conditions that could negatively affect certain commodity prices; an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains; and those risks set out in the Company's public documents filed on SEDAR. Accordingly, readers should not place undue reliance on forward-looking information. Olive does not undertake to update any forward-looking information except in accordance with applicable securities laws.

This commentary is provided for general informational purposes only and does not constitute financial, investment, tax, legal or accounting advice nor does it constitute an offer or solicitation to buy or sell any securities referred to. The information provided in this recording has been obtained from sources believed to be reliable and is believed to be accurate at the time of publishing but we do not represent that it is accurate or complete and it should not be relied upon as such.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/140221