Mr. Shawn Westcott reports

OPHIR RECEIVES APPROVAL TO OPTION THE PILIPAS LITHIUM PROJECT IN THE JAMES BAY REGION, QUEBEC

Further to Ophir Gold Corp.'s news release of Dec. 11, 2023, the TSX Venture Exchange has approved its option agreement with Azimut Exploration Inc. 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.

Pursuant to the option agreement, the company has the option to acquire a 70-per-cent direct interest in the property by making cash and share payments and incurring exploration expenditures as shown in the attached table.

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.

About Ophir Gold Corp.

Ophir Gold is a diversified mineral exploration company focused on the exploration and development of the Radis and Pilipas lithium properties in James Bay, Que., 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., an option to earn a 70-per-cent interest in the Pilipas property over a three-year period from Azimut Exploration Inc. and an option to earn a 100-per-cent interest in the Breccia property from DG Resource Management Ltd.

About Azimut Exploration Inc.

Azimut is a leading mineral exploration company with a solid reputation for target generation and partnership development. Azimut holds the largest mineral exploration portfolio in Quebec (Canada). Its wholly owned flagship project, the Elmer gold project, has advanced to the resource stage with a strong exploration upside. Azimut also controls a strategic land position for copper-gold, nickel and lithium.

Azimut uses a pioneering approach to big data analytics (the proprietary AZtechMine expert system) enhanced by extensive exploration know-how. Azimut's competitive edge is based on systematic regional-scale data analysis and concurrently active projects. Azimut maintains rigorous financial discipline and a strong balance sheet, with 85.2 million shares issued and outstanding.

We seek Safe Harbor.