Announcement • Jul 31
Olive Resource Capital Inc., Annual General Meeting, Sep 19, 2025 Olive Resource Capital Inc., Annual General Meeting, Sep 19, 2025. Announcement • Sep 26
Olive Resource Capital Inc. Announces Board Changes Olive Resource Capital Inc. at its Annual and Special Meeting of Shareholders held on September 25, 2024 announced that Jacob Willoughby was elected as a new director replacing David Regan who did not stand for re-election. Mr. Jacob Willoughby, holds degrees in Geology and an MBA from the University of Windsor, Ontario. Jacob has 20 years of experience in mining capital markets having been a published mining analyst at three different Toronto based broker dealers as well as over five years of experience as a consultant to mining companies. Additionally, he has senior corporate management experience at junior mining companies and has previously been a corporate director as well. Most recently, Mr. Willoughby occupied the role of Vice President of Corporate Development and Strategy at Battery Mineral Resources Corp. based in Toronto. Announcement • Jul 17
Olive Resource Capital Inc., Annual General Meeting, Sep 25, 2024 Olive Resource Capital Inc., Annual General Meeting, Sep 25, 2024. New Risk • May 30
New major risk - Revenue and earnings growth Earnings have declined by 3.7% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (22% average weekly change). Earnings have declined by 3.7% per year over the past 5 years. Revenue is less than US$1m (CA$174k revenue, or US$127k). Market cap is less than US$10m (€2.21m market cap, or US$2.39m). Reported Earnings • Nov 28
Third quarter 2023 earnings released: EPS: CA$0 (vs CA$0.013 loss in 3Q 2022) Third quarter 2023 results: EPS: CA$0 (improved from CA$0.013 loss in 3Q 2022). Net income: CA$17.7k (up CA$1.21m from 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has only fallen by 35% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 31
Second quarter 2023 earnings released: EPS: CA$0.001 (vs CA$0.043 loss in 2Q 2022) Second quarter 2023 results: EPS: CA$0.001 (up from CA$0.043 loss in 2Q 2022). Net income: CA$146.6k (up CA$3.17m from 2Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 42 percentage points per year, which is a significant difference in performance. Announcement • Jun 13
Olive Resource Capital Inc., Annual General Meeting, Jul 12, 2023 Olive Resource Capital Inc., Annual General Meeting, Jul 12, 2023, at 11:00 US Eastern Standard Time. Location: 130 King Street West, Suite 3680, Toronto Ontario Canada Agenda: To receive and consider the financial statements of the Corporation for the financial year ended December 31, 2022 and the report of the auditors thereon; to appoint McGovern Hurley LLP, Chartered Accountants as the auditors of the Corporation for the upcoming year and to authorize the directors to fix their remuneration; to elect the directors of the Corporation for the upcoming year; to consider and approve for the upcoming year, the Corporation's long-term performance incentive plan last approved by the Shareholders on October 7, 2022; and to transact such other business as may properly come before the Meeting or any adjournments or postponements thereof. Reported Earnings • May 07
Full year 2022 earnings released: CA$0.045 loss per share (vs CA$0.026 loss in FY 2021) Full year 2022 results: CA$0.045 loss per share (further deteriorated from CA$0.026 loss in FY 2021). Net loss: CA$3.75m (loss widened 108% from FY 2021). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has fallen by 23% per year, which means it is performing significantly worse than earnings. Reported Earnings • Nov 26
Third quarter 2022 earnings released: CA$0.013 loss per share (vs CA$0.027 loss in 3Q 2021) Third quarter 2022 results: CA$0.013 loss per share (improved from CA$0.027 loss in 3Q 2021). Net loss: CA$1.19m (loss narrowed 37% from 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 23% per year, which means it is performing significantly worse than earnings. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director David Regan was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Sep 13
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 2 experienced directors. No highly experienced directors. Independent Director Darren Koningen is the most experienced director on the board, commencing their role in 2016. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 26
Second quarter 2022 earnings released: CA$0.043 loss per share (vs CA$0.003 profit in 2Q 2021) Second quarter 2022 results: CA$0.043 loss per share (down from CA$0.003 profit in 2Q 2021). Net loss: CA$3.02m (down CA$3.22m from profit in 2Q 2021). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Reported Earnings • May 06
Full year 2021 earnings released: CA$0.026 loss per share (vs CA$0.04 profit in FY 2020) Full year 2021 results: CA$0.026 loss per share (down from CA$0.04 profit in FY 2020). Net loss: CA$1.81m (down 165% from profit in FY 2020). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Buying Opportunity • Mar 16
Now 26% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be CA$0.055, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% per annum over the last 3 years. The company became loss making over the last year. Buying Opportunity • Jan 25
Now 21% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be CA$0.06, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% per annum over the last 3 years. The company became loss making over the last year. Director Overboarding • Sep 02
Director Derek Macpherson has joined 3rd company board Derek Macpherson has been appointed to the board of Rockcliff Metals Corporation (CNSX:RCLF). Macpherson now sits on a total of 3 company boards. With 3 board positions including the role of CEO at Gold79 Mines Ltd. (TSXV:AUU), the director is at risk of having too many board obligations according to the Simply Wall St Risk Model. Director Overboarding • Sep 02
Director Derek Macpherson has joined 3rd company board Derek Macpherson has been appointed to the board of Rockcliff Metals Corporation (CNSX:RCLF). Macpherson now sits on a total of 3 company boards. With 3 board positions including the role of CEO at Gold79 Mines Ltd. (TSXV:AUU), the director is at risk of having too many board obligations according to the Simply Wall St Risk Model. Director Overboarding • Sep 02
Director Derek Macpherson has joined 3rd company board Derek Macpherson has been appointed to the board of Rockcliff Metals Corporation (CNSX:RCLF). Macpherson now sits on a total of 3 company boards. With 3 board positions including the role of CEO at Gold79 Mines Ltd. (TSXV:AUU), the director is at risk of having too many board obligations according to the Simply Wall St Risk Model. Director Overboarding • Sep 02
Director Derek Macpherson has joined 3rd company board Derek Macpherson has been appointed to the board of Rockcliff Metals Corporation (CNSX:RCLF). Macpherson now sits on a total of 3 company boards. With 3 board positions including the role of CEO at Gold79 Mines Ltd. (TSXV:AUU), the director is at risk of having too many board obligations according to the Simply Wall St Risk Model. Reported Earnings • Aug 21
Second quarter 2021 earnings released: EPS CA$0.003 (vs CA$0.055 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CA$1.05m (down 75% from 2Q 2020). Net income: CA$200.2k (down 95% from 2Q 2020). Profit margin: 19% (down from 91% in 2Q 2020). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Executive Departure • Jun 17
MD & Director Robert Durham has left the company On the 14th of June, Robert Durham's tenure as MD & Director ended after 7.0 years in the role. As of March 2021, Robert still personally held only 863.53k shares (€25k worth at the time). Robert is the only executive to leave the company over the last 12 months. Recent Insider Transactions • Jun 12
Insider recently sold €323k worth of stock On the 3rd of June, Robert G. Sobey sold around 4m shares on-market at roughly €0.081 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €125k more than they bought in the last 12 months. Reported Earnings • Jun 02
First quarter 2021 earnings released: CA$0.007 loss per share (vs CA$0.028 loss in 1Q 2020) First quarter 2021 results: Revenue: -CA$354.7k (down 80% from 1Q 2020). Net loss: CA$486.5k (loss narrowed 75% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 25
Full year 2020 earnings released: EPS CA$0.04 (vs CA$0.078 loss in FY 2019) The company reported a soft full year result with weaker revenues and profit margins, although earnings were improved. Full year 2020 results: Revenue: CA$4.20m (down 187% from FY 2019). Net income: CA$2.79m (up CA$8.30m from FY 2019). Profit margin: 66% (down from 114% in FY 2019). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 6% per year. Reported Earnings • Nov 29
Third quarter 2020 earnings released: EPS CA$0.028 The company reported a soft third quarter result with weaker revenues and profit margins, although earnings were improved. Third quarter 2020 results: Revenue: CA$2.14m (down 210% from 3Q 2019). Net income: CA$1.94m (up CA$4.57m from 3Q 2019). Profit margin: 91% (down from 135% in 3Q 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 8% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Oct 24
Independent Chairman recently bought €167k worth of stock On the 21st of October, Stanley William Spavold bought around 2m shares on-market at roughly €0.083 per share. This was the largest purchase by an insider in the last 3 months. Stanley William has been a buyer over the last 12 months, purchasing a net total of €149k worth in shares. 
