Mr. Shawn Westcott reports

OPHIR PROVIDES UPDATE ON THE BRECCIA GOLD PROJECT IN IDAHO

Ophir Gold Corp. has provided an update on the Breccia gold property, located approximately 40 kilometres southwest of Salmon, Idaho.

"With the recent success at the Radis lithium property in James Bay, Quebec, discovering the Chou and Navet spodumene pegmatites, the future of the company is rapidly shifting towards lithium in Quebec. Today's Breccia news reinforces that shift," states Shawn Westcott, chief executive officer of Ophir.

Permitting the five-year plan of operation (POO) with the United States Forestry Service (USFS) has taken considerably longer than first anticipated and by guidance provided by the USFS. The five-year POO has advanced over the last few months and has been approved by NEPA (National Environmental Policy Act). The company expects that the five-year POO may be issued in Q4 2023.

With the longer-than-expected permitting process, the Breccia claims optionor, DG Resource Management Ltd. (vendor), and the company have restructured the agreement by terminating the September, 2020, agreement and replacing it with a new agreement that removes the remaining work commitments, the National Instrument 43-101 resource estimate requirement and extends the agreement by three years.

As consideration, the company shall (in addition to the previous cash and share payments made by the company to the vendor under the terms of the 2020 agreement) pay to the vendor the final purchase price as follows:

1. Total cash consideration of $75,000 payable by the company to the vendor as follows:
   1. $50,000 payable in cash on or before Sept. 15, 2023 (same as under the previous September, 2020, agreement);
   2. $25,000 on or before May 31, 2027;
   3. The grant of a 2.5-per-cent net smelter returns (NSR) royalty subject to the buyback option of 1 per cent (such that the remaining royalty will be reduced to 1.5 per cent) for the sum of $1-million (same as under the previous September, 2020, agreement).

The termination of the 2020 agreement, which also included Canagold Resources as a party (previously Canarc Resources), means that the company's acquisition of the four Lightning Tree property claims has been terminated. The net result is the company's land position in the area has been reduced from 84 mineral claims to 80 mineral claims.

About Ophir Gold Corp.

Ophir Gold is a diversified mineral exploration company focused on the exploration and development of the Radis lithium property in the James Bay, Quebec, and the past-producing Breccia gold property located in Lemhi county, Idaho. The company 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., and an option to earn a 100-per-cent interest in the Breccia property from DG Resource Management Ltd.

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