Mr. Shawn Westcott reports

OPHIR GOLD CORP. OPTIONS HIGHLY PROSPECTIVE LITHIUM PROJECT IN THE JAMES BAY REGION, QUEBEC

Ophir Gold Corp. has entered into an option with Azimut Exploration Inc. (the optionor) to acquire up to an undivided 70-per-cent interest in the Pilipas lithium property, located approximately 50 kilometres south of the company's Radis lithium project in the James Bay region of Quebec.

The Pilipas property consists of 135 claims totalling 7,100 hectares and is 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. The property is immediately adjacent to the newly discovered Ninaaskumuwin spodumene pegmatite made by Quebec Precious Metals on its Elmer East project. The Pilipas property is a highly prospective environment for lithium-cesium-tantalum (LCT) pegmatites, as well as highly prospective for both gold and copper.

Lithium potential:

• Two district-scale shears, and secondary structures with multiple large-scale folds with dilation along fold axis and in folds, have potential to host potential LCT pegmatites.
• The SIGEOM database contains records of several pegmatite outcrops (SIGEOM code I1G), while hyperspectral and high-resolution satellite imagery suggests numerous large white pegmatite dikes that straddle the greenstone contact, and major fault zones.
• Pilipas is immediately adjacent to the newly discovered 175-metre-long-by-42-metre-wide Ninaaskumuwin spodumene pegmatite immediately to the south.

Gold and copper potential:

• The Pilipas property is in structural continuity with the InSight prospect on the adjacent Munischiwan property (up to 100.5 grams per tonne gold, 435 g/t silver, 156 g/t tellurium and 1.67 per cent copper from grab samples).
• A 2019 induced polarization survey at Munischiwan suggests that the prospect may extend onto Pilipas.

Historical work:

• A geophysical (versatile time-domain electromagnetic) survey in 2006 covering most of the property (630 line km at a nominal line spacing of 100 m and 50 line km at 1,000 m spacing) and a magnetic survey in 2013 (2,514 line km with 25 m spacing and 137 line km with 500 m spacing);
• A regional lake-bottom sediment survey (13 samples) and limited rock sampling (32 grab samples);
• A soil sampling survey in 2005 covering most of the property (former Eastmain Resources Inc., now Fury Gold Mines Ltd.: 1,045 samples analyzed for 35 elements).

Infrastructure

• The Billy-Diamond Highway passes through the centre of the property.
• Hydropower flanks the east side of the property.
• Easily accessible from Radisson and KM 381 Relais Routier.

"For over a year now, we have been diligently evaluating numerous projects to compliment our Radis lithium project," comments Ophir chief executive officer Shawn Westcott. "We are eager to get crews on site, to rapidly advance any new LCT pegmatite discoveries."

Management cautions that discoveries on adjacent properties (that is, spodumene on the Ninaaskumuwin discovery at Elmer East and gold on the InSight prospect on the Munischiwan property) may not necessarily be indicative to the presence of mineralization on the Pilipas property. Grab samples are selective by nature and unlikely to represent average grades. The company considers the Pilipas property to host potential for spodumene pegmatites (LCT) due to its favourable greenstone geological setting, regional faulting, sheer zones and hinge fold.

Acquisition agreement

The terms of the agreement provide the company the option acquire a 70-per-cent direct interest in the property by making the cash and share payments noted herein and incurring exploration expenditures.

After satisfying the year 2 commitments, the company shall earn a 50-per-cent interest in the property. After satisfying the year 3 commitments, the company shall earn a 70-per-cent interest in the property. If the company earns a 70-per-cent interest in the property, the parties shall form a joint venture that is 70 per cent held by the company and 30 per cent by the vendor. If the company earns a 50-per-cent interest in the property but fails to earn a 70-per-cent interest, the parties shall form a joint venture that is 50 per cent held by the company and 50 per cent by the vendor. If after formation of the joint venture either party's interest is diluted below 10 per cent, it shall be converted into a 2-per-cent net smelter royalty (NSR) on the property.

The parties are dealing at arm's length and no finder's fee are payable in connection with the transaction. The agreement remains subject to the approval of the TSX Venture Exchange.

Disclosure

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, who has prepared and reviewed the content of this press release.

The results discussed in this document are historical. An Ophir Gold qualified person has not performed sufficient work or data verification to validate these results in accordance with National Instrument 43-101. The company nevertheless believes that they provide an indication of the property's potential and are relevant for any future exploration program.

About Ophir Gold Corp.

Ophir Gold is a diversified mineral exploration company focused on the exploration and development of the Radis lithium property in 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.

We seek Safe Harbor.