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Olive Resource Capital Announces March 31, 2024 NAV of C$0.064 per Share
Toronto, Ontario--(Newsfile Corp. - April 10, 2024) - Olive Resource Capital Inc. (TSXV: OC) ( "O...
About this update from Olive Resource Capital Inc.
[{"type":"text","content":"Olive Resource Capital Announces March 31, 2024 NAV of C$0.064 per ShareToronto, Ontario--(Newsfile Corp. - April 10, 2024) - 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 March 31, 2024 (Table 1). At the end of March, the Company's price per share was C$0.03.Table 1: Olive NAV BreakdownNameTickerValueValue per ShareBlack Sheep Income Corp.Private $1,265,589 0.012 Guided Therapeutics Inc.Private $372,610 0.003 Nevada Zinc Corp.NZN:TSXv $269,976 0.002 Working Capital1 and Liquid Investments2 $2,801,540 0.026 Other Public Equity Investments $1,429,046 0.013 Other Private Equity Investments $720,410 0.007 Other Merchant Banking Investments $107,725 0.001 Total $6,966,897 0.064  Working Capital is calculated as cash, minus management's estimate for known liabilities and is subject to change with future estimates or financial reports.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: \"Major commodities posted a strong rally during the month of March. Major commodity producers saw their stocks perform strongly, tracking the moves in commodities. Meanwhile, junior resource equities posted more modest advances. At Olive, we continued to deploy capital into the junior resource space as we expect junior equities to follow the advance of their larger counterparts.\" Derek Macpherson, Executive Chairman stated: \"Olive's NAV was effectively flat month over month (MoM) despite strong gains over the majority of the positions in the portfolio, including Omai Gold Mines up 83%, Mawson Gold up 52%, Aurion Resources up 27%, Victoria Gold up 25% and Karora Resources up 24%. However, these gains were entirely offset by a significant decline in the value of Nevada Zinc's shares, a legacy position, as its current financial distress appears to have been recognized by the market. This underperformance driven by a single investment having such a large portfolio impact highlights why Olive has been working to diversify its portfolio.\"Normal Course Issuer Bid (\"NCIB\")During the month of March, the Com...