Mr. Shawn Westcott reports

OPHIR CONFIRMS SPODUMENE PEGMATITE AT RADIS, SAMPLES 2.33% LI2O IN OUTCROP

Ophir Gold Corp. has confirmed multiple spodumene-bearing pegmatite outcrops on its Radis lithium property, located in the Eeyou Istchee James Bay, Quebec. The property is located approximately 70 kilometres east-northeast of Wemindji, and proximal to the all-season Billy-Diamond Highway and hydro-power line infrastructure in the region.

Highlights:

• Confirmation of historically mapped lithium pegmatite (newly termed Chou showing) returned three outcrop samples of 2.33 per cent, 1.68 per cent and 1.17 per cent Li2O (lithium oxide).
• Newly discovered spodumene pegmatite, the Navet showing, in the area historically described as tourmaline pegmatite, with one outcrop sample assaying 1.26 per cent Li2O.
• Two additional lithium-cesium-tantalum (LCT) pegmatite outcrops discovered (newly termed Courgette showing) proximal to Navet showing, assaying 867 parts per million (ppm) and 227 ppm Ta2O5 (tantalum pentoxide).

Shawn Wescott, company chief executive officer, comments: "We are off to an incredible start, with only 1.5 days spent on the property before activities were forced to be paused due to regional forest fires. Ophir now has two confirmed spodumene-bearing pegmatite outcrops proving the potential at Radis. The vast majority of the property remains unexplored for its lithium potential and we feel that we have just barely scratched the surface from this initial phase of exploration. We look forward to getting back on the ground when conditions allow, to aggressively follow up on these discoveries."

The 2023 exploration program began on June 2 and extended for just 1.5 days before being paused due to regional forest fires at the request of the ministry (see news release dated June 5, 2023). While on site, field crews targeted the historically documented lithium/spodumene pegmatite outcrop occurrences identified from data compilation. Over this 1.5-day period, a total of 11 samples were collected from 10 outcrops and one boulder. Of these samples, four returned values greater than 1 per cent Li2O, up to a peak value of 2.33 per cent Li2O (see the table entitled "Assays for grab samples collected from the Radis property over the 1.5-day program to date"). The results confirm the presence of spodumene pegmatite on the property at two locations -- the Chou showing (2.33 per cent Li2O) and Navet showing (1.26 per cent Li2O), separated by approximately 2.1 kilometres.

Additionally, approximately 500 metres along trend of the Navet showing, toward the Chou showing, two lithium-cesium-tantalum pegmatite outcrops (the Courgette showing) were discovered. Although poorly mineralized in lithium, both samples returned high-grade tantalum (227 ppm and 867 ppm Ta2O5, respectively). This discovery further strengthens the potential of the trend between the Navet and Chou showings, and highlights the presence of a sizable LCT pegmatite system in the area. As an LCT pegmatite with nominal lithium content may be immediately proximal to an LCT pegmatite with significant lithium content, the presence of these two outcrops is significant.

Due to the work stoppage, the field team was not able to properly map the pegmatite outcrops discovered, nor complete a significant evaluation of the area surrounding the Chou and Navet showings. The area in between and extensions along strike, including the 300-foot-by-70-foot potential spodumene zone identified from historical data compilation (see news release dated March 14, 2023), remain to be fully evaluated. The company will aggressively follow up on these initial results as soon as conditions permit access, as well as continue to carry out its wider lithium pegmatite exploration program as planned across the property.

The two confirmed spodumene pegmatite showings (Navet and Chou) on the Radis property are along geological strike of the roughly eight km to 10 km discontinuous pegmatite outcrop trend present on the adjacent Mia property, which is host to the Mia Li-1 (2.65 per cent Li2O), Mia Li-2 (2.27 per cent Li2O) and Carte 1879 (1.65 per cent Li2O) lithium occurrences. The 2023 prospecting work has confirmed that the lithium mineralization continues along trend onto the Radis property, with only a small portion of the target area evaluated.

Management cautions that past results or discoveries on adjacent properties (that is, Mia) may not necessarily be indicative to the presence of mineralization on the company's properties (that is, Radis).

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 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 Val d'Or, Que., for standard sample preparation (code PRP89) which includes drying at 105 degrees, crushed to 75 per cent passing two millimetres (mm), riffle split 250 grams and pulverized to 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 Li and Ta) using sodium peroxide fusion with ICP-AES/MS (inductively coupled plasma atomic emission spectroscopy/mass spectrometry)finish (code GE_ICM91A50). The company has relied on the internal lab QA/QC for the surface sample analysis. 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., and a qualified person under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, who has prepared and reviewed the content of this press release.

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 noted no errors or omissions during the data verification process. The company and Mr. Schmidt do not recognize any factors of sampling or recovery that could materially affect the accuracy or reliability of the assay data disclosed in this news release.

About the Radis lithium property

In December, 2022, the company entered into an option agreement to earn 100-per-cent interest in the Radis property. The Radis property consists of 152 claims totalling 7,850.3 hectares and is situated within a volcano-sedimentary sequence (that is, a greenstone belt) belonging to the Yasinski group. The greenstone belt over the property contains at least one known lithium pegmatite and is considered highly prospective for additional lithium pegmatites, hosting a tight regional fold which may provide favourable zones of dilation for pegmatite emplacement.

About Ophir Gold Corp.

Ophir Gold is a diversified exploration company focused on the exploration and development of the past-producing Breccia gold property located in Lemhi county, Idaho. The company has an option to earn a 100-per-cent interest in the property over a three-year period from Canagold Resources Ltd. (formerly Canarc Resource Corp.) and DG Resource Management Ltd.

The company also has an option to earn a 100-per-cent interest in the Radis lithium property over a three-year period from Eastmain Resources Inc., a wholly owned subsidiary of Fury Gold Mines Ltd.

We seek Safe Harbor.