Mr. Shawn Westcott reports

OPHIR PROVIDES AN UPDATE ON THE PILIPAS LITHIUM PROJECT IN JAMES BAY, QUEBEC

Ophir Gold Corp. has provided an update on the Pilipas lithium project in James Bay, Quebec. The project is located proximal to existing hydroelectric power and all-season road infrastructure, and is situated in highly prospective greenstone terrain.

Following the announced option agreement with Azimut Exploration Inc. (see news release dated Dec. 11 2023), the company has identified numerous documented occurrences of pathfinder elements in historical sampling on Pilipas that indicate further potential for a fertile LCT (lithium-cesium-tantalum) geological setting. From historical literature, rock samples with anomalous concentrations of Ta (tantalum), Ce (cesium), Nb (niobium) and Sn (tin) geochemistry have been reported. Additionally, numerous tourmaline within white pegmatite dikes have been documented. Collectively, the information is strongly suggestive of a fertile LCT environment.

The geochemical findings are in addition to the encouraging LCT potential reported in the news release on Dec. 11 2023, and recapped below.

• 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.

"High-resolution satellite imagery of the numerous documented pegmatites on Pilipas resemble in size, shape and colour to the spodumene-bearing pegmatite dike discovered south of Pilipas and elsewhere in the region. Coupled with the geology and geochemistry, Pilipas has the potential to host a significant number of large scale LCT pegmatites," 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 (such as 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. The company considers the Pilipas property to host significant potential for spodumene pegmatites (LCT) due to its favourable greenstone geological setting, regional faulting, sheer zones and hinge fold, as well as anomalous Ta, Cs, Nb and Sn geochemistry and numerous observed tourmaline in described white pegmatites.

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, 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 the Pilipas lithium project

In December, 2023, the company entered into an option agreement 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. The property is immediately adjacent to the newly discovered Ninaaskumuwin spodumene pegmatite made by Quebec Precious Metals on its Elmer East project; however, mineralization on Ninaaskumuwin may not necessarily be indicative to the presence of mineralization on the Pilipas property. The Pilipas property is a highly prospective environment for lithium-cesium-tantalum (LCT) pegmatites, as well as highly prospective for both gold and copper.

About Ophir Gold Corp.

Ophir is a diversified mineral exploration company focused on the exploration and development of the Radis and Pilipas 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 from DG Resource Management Ltd.

We seek Safe Harbor.