Toronto, Ontario, Apr 06, 2022 (Newsfile Corp via COMTEX) -- Toronto, Ontario--(Newsfile Corp. - April 6, 2022) - Olive Resource Capital Inc. /zigman2/quotes/201341246/delayed CA:OC -10.00% ( "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$0.116 per share for March 31, 2022 (Table 1). At the end of March, the Company's price per share was C$0.065.
Table 1: Olive NAV Breakdown
Samuel Pelaez, the Company's President, CEO, CIO and Director, stated: "The month of March was highly volatile for commodity prices. Prices rose sharply in the first half of the month as a result of supply uncertainties attributed to the conflict in Ukraine, and the western sanctions imposed against Russia. Unfortunately, most commodities were unable to maintain their price strength into month end. On a positive sign, junior mining stocks revalued and outperformed commodity prices. "
Derek Macpherson, Executive Chairman, stated: "March was a another strong investment performance month for Olive with NAVPS up 7% from February. Two of the Company's legacy positions were the main drivers, with Nevada Zinc up 70% and Minera Alamos up 17%. For Nevada Zinc, the recent financing coupled with the shares for debt settlement, which was supported by Olive, has cleaned up the balance sheet and allowed Nevada Zinc to resume its multiphase pilot program to produce zinc sulftate, a key micronutrient used in agriculture. We believe this resumption of activity has resulted in Nevada Zinc's outperformance which has continued into April."
Use of Non-GAAP Financial Measures:
This press release contains references to NAV or "net asset value per share" which is a non-GAAP financial measure. NAV is calculated as the value of total assets less the value of total liabilities divided by the total number of common shares outstanding as at a specific date. The term NAV does not have any standardized meaning according to GAAP and therefore may not be comparable to similar measures presented by other companies. There is no comparable GAAP financial measure presented in the Company's consolidated financial statements and thus no applicable quantitative reconciliation for such non-GAAP financial measure. The Company believes that the measure provides information useful to its shareholders in understanding the Company's performance, and may assist in the evaluation of the Company's business relative to that of its peers. This data is furnished to provide additional information and does not have any standardized meaning prescribed by GAAP. Accordingly, it should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP, and is not necessarily indicative of other metrics presented in accordance with GAAP. Existing NAV of the Company is not necessarily predictive of the Company's future performance or the NAV of the Company as at any future date.
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 securities issued by companies engaged in precious and base metal exploration and development. The Company's core investments include Minera Alamos Inc., Rockcliff Metals Corporation, Great Bear Royalties Corp., and Nevada Zinc Corp.
For further information, please contact:
Derek Macpherson, Executive Chairman at email@example.com or by phone at 416-294- 6713 or Samuel Pelaez, President, CEO & CIO at firstname.lastname@example.org 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.
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