Mr. Shawn Westcott of Ophir Metals reports

OPHIR METALS SAMPLES 3.47% LI2O AT THE HW1 SHOWING AT PILIPAS, JAMES BAY, QUEBEC

Ophir Metals Corp. has released initial results from multiple spodumene-bearing pegmatite dikes discovered during the recently completed surface sampling program on the Pilipas lithium property, located in the Eeyou Istchee James Bay region in Quebec. The project is located proximal to existing hydroelectric power that flanks the property to the east and an all-season road that crosses the western side of the property.

Highlights:

• Validation of the Highway showing (HW1), with 16 spodumene pegmatite grab samples averaging 1.98 per cent Li2O (lithium oxide);
• 15 samples returned values greater than 1.0 per cent Li2O, six of which exceeded 2.3 per cent Li2O, over a 150-metre exposed strike length and 30-metre width;
• HW1 showing remains open to the northwest;
• Six spodumene pegmatite grab samples from a mineralized trend, the HW2 showing, approximately 500 metres south of HW1 returned an average of 1.18 per cent Li2O, with two samples assaying 1.83 per cent and 1.98 per cent Li2O;
• Four outcrop samples between 1.7 kilometres to 7.5 kilometres east of the HW1 showing assayed between 348 parts per million to 604 parts per million Ta2O5 (tantalum pentoxide);
• Analytical results for 138 samples remain to be received;
• Drill planning for a 2,000-metre summer program has been finalized, with a rig expected to be mobilized soon.

Nathan Schmidt, geologist/project manager of Dahrouge Geological, commented: "The first batch of analytical results received from the Pilipas project to date have exceeded expectations. At the HW1 showing, assays confirmed the visual estimates of spodumene the team observed over the 150-metre strike length of exposure. Both the additional spodumene pegmatite outcrops at the HW2 showing and the highly anomalous tantalum results to the east show the propertywide potential at Pilipas. We are excited to receive the remaining surface sample assays and test these targets at depth, with the inaugural drill program commencing in early August."

"We are incredibly excited to get the drill rig turning at Pilipas to see the extent of mineralization in three dimensions at the HW1 showing, particularly along strike where it is completely open to the northwest," commented Shawn Westcott, chief executive officer of Ophir Metals.

The 2024 prospecting, mapping and rock sampling program was completed on June 29, 2024, with a total of 494 grab samples collected (437 outcrop and 57 boulder). Samples were collected from all encountered pegmatite outcrops and select boulders, regardless of visual mineralization, in addition to several samples collected for their gold potential. To date, results for 356 samples have been received from the lab, including several samples collected from the Highway (HW1) showing. Assay results remain to be received for 138 surface samples. Sample results from HW1 demonstrate the widespread nature of the mineralization throughout the outcropping area, with 15 of the 19 pegmatite samples collected from the showing exceeding 1.0 per cent Li2O.

Results for spodumene pegmatite samples collected from the HW2 showing have also been received, highlighted by two samples with assays of 1.83 per cent and 1.98 per cent Li2O, and a total of six samples assaying greater than 0.5 per cent Li2O. Additionally, several lithium/cesium/tantalum (LCT) pegmatite outcrops have been identified up to 7.5 kilometres east of HW1, with four samples returning greater than 348 parts per million up to 604 parts per million Ta2O5 -- the highest tantalum assay received to date on the property. Tantalum is an excellent pathfinder element for lithium in pegmatites. Collectively, these results indicate the propertywide potential of LCT-mineralized pegmatites.

The company eagerly awaits the start of its inaugural drill program, scheduled to commence in August, 2024, to test the extent and mineralization of the HW1 showing at depth. The program is fully permitted, with crews anticipated to mobilize in early August. The proximity of the HW1 showing to the Billy Diamond highway provides a logistical advantage for future exploration and development work.

Quality assurance/quality control

All samples were collected in the field using a hammer, chisel and/or a battery-operated diamond-bladed angle grinder. Locations were obtained using a hand-held GPS (Global Positioning System) or tablet with samples placed in prelabelled sample bags. Metal tags with the sample numbers and flagging tape were left at each sample location. Samples were securely transported by field staff to SGS Canada's laboratory in Radisson, Que., for standard sample preparation (code PRP90) which includes drying at 105 C, crushing to 90 per cent passing two millimetres, riffle splitting 250 grams and pulverizing 85 per cent passing 75 microns. The pulps were then shipped to SGS Canada's laboratory in Burnaby, B.C., where they were subsequently analyzed for multielement (including lithium and tantalum) using sodium peroxide fusion with ICP-AES/MS finish (code GE_ICM91A50). A quality assurance/quality control protocol was incorporated into the program and included the insertion of certified reference material at and silica blanks at a rate of approximately 5 per cent and 5 per cent, respectively. SGS Canada is independent of the company.

Management cautions that prospecting surface rock samples and associated assays, as discussed herein, are selective by nature and represent a point location and therefore may not necessarily be fully representative of the mineralized horizon sampled.

Qualified person

The technical content of this news release has been reviewed and approved by Nathan Schmidt, PGeo, senior geologist for Dahrouge Geological Consulting Ltd., a registered special authorization holder with Ordre des Geologues du Quebec (AS-10512) and a qualified person under National Instrument 43-101 on standards of disclosure for mineral projects.

Mr. Schmidt has verified all scientific and technical data disclosed in this news release, including the sampling and QA/QC results, and certified analytical data underlying the technical information disclosed. Mr. Schmidt verified the data disclosed (or underlying the information disclosed) in this news release by reviewing the assay data and checking the performance of blank samples and certified reference materials. Mr. Schmidt detected no significant QA/QC issues during review of the data and noted no errors or omissions during the data verification process. The company and Mr. Schmidt do not recognize any factors of sampling that could materially affect the accuracy or reliability of the data disclosed in this news release.

About the Pilipas lithium project

In December, 2023, the company entered into an option agreement with Azimut Exploration Inc. to earn 70-per-cent interest in the Pilipas property, consisting of 135 claims totalling 7,100 hectares situated within the La Grande subprovince (Archean Superior province). It is primarily underlain by volcano-sedimentary rocks (greenstone) of the Lower Eastmain greenstone belt: conglomerate, sandstone, basalts and felsic to intermediate tuffs. Two regional northwest-southeast dextral faults transect the southwestern and northeastern parts of the property.

About Ophir Metals Corp.

Ophir Metals is a diversified mineral exploration company focused on the exploration and development of the Pilipas and Radis lithium properties in James Bay, Quebec, and the past-producing Breccia gold property located in Lemhi county, Idaho.

Ophir holds an option to earn a 100-per-cent interest in the Radis property over a three-year period from Eastmain Resources Inc., a wholly owned subsidiary of Fury Gold Mines Ltd., an option to earn a 70-per-cent interest in the Pilipas property over a three-year period from Azimut Exploration and an option to earn a 100-per-cent interest in the Breccia property.

We seek Safe Harbor.