Olive Resource Capital Reports Record Third Quarter Investment Performance of 61.8% and Net Income of $5.2 Million

Executive Summary

• Olive Resource Capital Inc. reported record financial results for the nine months ended September 30, 2025, driven by strong investment performance and significant appreciation in its portfolio.
• The Company reported a net income of $7,205,626 ($0.07 per share) for the nine-month period, a stark contrast to the net loss of $147,715 reported for the same period in 2024.
• The investment portfolio value surged to $14,352,286 as of September 30, 2025, resulting in a Net Asset Value (NAV) per share of $0.128, representing a 113.5% year-to-date increase.

Key Details

• Net Income (9 Months Ended Sept 30, 2025): $7,205,626, or $0.07 per share (basic and diluted).
• Net Income (3 Months Ended Sept 30, 2025): $5,170,183, or $0.05 per share.
• Comparison to Prior Year: The nine-month 2025 income of $7,205,626 compares to a net loss of $147,715 ($0.00 per share) for the nine months ended September 30, 2024. The increase of $7,353,341 is attributed to higher unrealized and realized gains on investments.
• Investment Portfolio Value: Total value reached $14,352,286 as of September 30, 2025 (up from $8,600,797 at June 30, 2025, and $6,419,124 at December 31, 2024).
• Net Asset Value (NAV):
  • NAV per share as of Sept 30, 2025: $0.128.
  • NAV per share as of June 30, 2025: $0.079.
  • Year-to-date NAV increase: 113.5%.
  • Q3 2025 NAV increase: 61.8%.
• Significant Investment Holdings (as of Sept 30, 2025):
  • Omai Gold Mines Corp. (OMG.v): $3,379,050 (up from $456,720 in Dec 2024).
  • Sterling Metals Corp. (SAG.c): $1,625,864 (up from $85,906 in Dec 2024).
  • Troilus Gold Corp. (TLG): $610,680.
  • Arizona Sonoran Copper Co. (ASCU): $581,400.
  • Bravo Mining Corp. (BRVO.v): $477,500.
  • Aurion Resources Ltd. (AU.v): $458,280.
  • Sailfish Royalty Corp. (FISH.v): $435,402.
  • Aquitaine Metals Corp.: $323,190.
• Shares Outstanding: 106,144,709 common shares.
• NCIB Status: The Company holds 1,000,000 common shares in treasury pending cancellation.
• Valuation Methodology: Public equity valuations are based on closing prices; private equity and convertible debentures are valued per recent financial statements adjusted for interest accruals and convertibility. Out-of-the-money warrants are valued using Black-Scholes (35% volatility, 3% interest rate), while in-the-money warrants are valued at intrinsic value.

Notable Quotes

• "Olive's portfolio delivered a second consecutive record performance this quarter. Olive's portfolio remains well positioned to continue to benefit from the major underlying themes supporting this bull market; multi-decade resource underinvestment, monetary debasement, and the inability of existing assets to meet demand growth forecasts." — Samuel Pelaez, President, CEO, CIO, and Director