Olive Resource Capital Announces November 30, 2023 NAV of C$0.064 per Share and Announces Grant of Options

In This Article:

Toronto, Ontario--(Newsfile Corp. - December 6, 2023) - Olive Resource Capital Inc. (TSXV: OC) ("Olive" or the "Company") is pleased to provide investors an updated, unaudited Net Asset Value ("NAV") per share. Management has estimated the NAV of the Company at C$0.064 per share for November 30, 2023 (Table 1). At the end of November, the Company's price per share was C$0.03.

Table 1: Olive NAV Breakdown

Name

Ticker

Value

Value per Share

Black Sheep Income Corp.

Private

$1,262,256

$0.011

Nevada Zinc Corp.

NZN:TSXv

$449,960

$0.004

Guided Therapeutics Inc.

Private

$390,713

$0.003

Working Capital1 & Liquid Investments2

$3,581,035

$0.032

Other Investments

$1,517,201

$0.014

Total

$7,201,165

$0.064

 

  1. Working Capital is calculated as cash, minus management's estimate for known liabilities and is subject to change with future estimates or financial reports.

  2. 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, CEO, CIO and Director stated: "The U.S. dollar index dropped in November, lending increased liquidity to global markets. Metals' prices rose and risk assets rebounded off the years' lows. Crude oil prices dropped as the geopolitical tensions eased somewhat, and many producers increased supply. The global monetary system remains tight, with the exception of China whose central bank continues to inject liquidity and whose manufacturing index remains in expansionary mode."

Derek Macpherson, Executive Chairman stated: "As we have been evaluating the state of mining equities and the apparent lack of interest, as reflected by share prices and trading multiples, we believe that the Q4 2023, has similar characteristics, Q4 2015. From the lows in Q4 2015, to highs in H1 2016 gold increased by about 20%; however, many gold equities, both large and small delivered well over 100% returns in that period. While we are not certain that history will repeat, the gold price is already up about 12% off the lows and we are positioning Olive's portfolio to take advantage of this potential opportunity."

During the month of November, the Company did not repurchase shares pursuant to the Normal Course Issuer Bid. As of November 30, 2023 the Company has repurchased a total of 2,200,000 shares pursuant to the NCIB in 2023. These shares are currently held in treasury pending cancellation.

As of the date of this release Olive Resource Capital Inc. has 111,768,709 common shares outstanding.