Ophir Announces Restart of Exploration Work at the Radis Lithium Project in James Bay Quebec

Vancouver, British Columbia--(Newsfile Corp. - August 31, 2023) - Ophir Gold Corp. (TSXV: OPHR) (OTCQB: KPZIF) (FSE: 80M) ("Ophir" or the "Company") is pleased to announce that due to the lifting of the fire ban and improved conditions in the Western half of the Eeyou Istchee, James Bay region of Quebec, it has restarted exploration activities at the Radis lithium project.

Exploration activities will be prioritized on the three showings identified in early June which provided the results below (also see news release dated June 29^th, 2023):

• Chou Showing which returned three (3) outcrop samples of 2.33%, 1.68 % and 1.17%, Li₂O

• Navet Showing in the area historically described as tourmaline pegmatite with one (1) outcrop sample assaying 1.26% Li₂O

• Courgette Showing, which returned assay values of 867 ppm and 227 ppm Ta₂O₅

Crews will focus on the detailed mapping of the identified showings, locating possible extensions along strike and prospecting areas yet to be fully assessed, including the 300 ft x 70 ft potential spodumene zone identified from historical data compilation (see news release dated March 14, 2023), which has yet to be evaluated.

The field work, along with the high-resolution magnetic data recently conducted will be utilized to assist drill targeting of the Chou Showing (2.33% Li₂O), and the Navet Showing (1.26% Li₂0), as well as other potential targets the program identifies, for a maiden drill program in Q4 2023/ Q1 2024. Timing of the drill program will be based on both the availability of resources, as well as adequate field time to access and prioritize drill targets.

Figure 1: Radis Property Lithium and Tantalum Showings

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The initial 2023 exploration program began on June 2^nd 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 eleven (11) samples were collected from ten (10) outcrops and one (1) boulder. Of these samples, four (4) returned values >1.0% Li₂O up to a peak value of 2.33% Li₂O (Figure 1). The results confirm the presence of spodumene pegmatite on the Property at two (2) locations - the Chou Showing (2.33% Li₂O) and Navet Showing (1.26% Li₂O), separated by approximately 2.1 km.

Additionally, approximately 500 m along trend of the Navet Showing, towards the Chou Showing, two (2) Lithium-Cesium-Tantalum ("LCT") 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 a LCT pegmatite with nominal lithium content, may be immediately proximal to a LCT pegmatite with significant lithium content, the presence of these two (2) outcrops is significant.

Figure 2: Chou Showing outcrop with three samples that returned >1.17% to 2.33% Li2O

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Figure 3: Navet Showing outcrop (left) and spodumene mineralization from grab sample which assayed 1.26% Li₂O (right)

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Management cautions that past results or discoveries on adjacent properties (i.e. Mia) may not necessarily be indicative to the presence of mineralization on the Company's properties (i.e. Radis). The Company considers its Radis Property to host significant potential for spodumene pegmatite due historical descriptions of lithium and potential spodumene occurrences, favorable geological setting, and proximity along geological trend to known spodumene pegmatites.

The Company also announces that, subject to regulatory approval, it has retained the services of JTG Investment and Marketing Consulting ("JTG") to provide investor relations and strategic communications services to the Company.

JTG has been contracted to provide comprehensive investor relations and strategic communications services. JTG is based in Vancouver, British Columbia and managed by its principal Joe Gray who has over 15 years' experience providing investor relations and strategic communications services. The terms of the agreement provide that it may be terminated by the Company or JTG on thirty days' notice. JTG is arm's length to the Company. JTG through its principal owns 53,500 common shares and 250,000 stock options of the Company. The agreement with JTG is for monthly fees of $6,000 that will be paid from its cash on hand. The agreement with JTG is subject to acceptance by the TSX Venture Exchange.

Qualified Person

The technical content of this news release has been reviewed and approved by Nathan Schmidt, P. Geo., Senior Geologist for Dahrouge Geological Consulting Ltd., and a Qualified Person under NI 43-101 on 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% interest in 152 claims of the Radis Property, with an additional three (3) claims acquired through separate purchase agreement in March 2023. The Radis Property consists of 155 claims totalling 8,005.35 hectares and is situated within a volcano-sedimentary sequence (i.e., a greenstone belt) belonging to the Yasinski group. The greenstone belt contains at least two distinct spodumene bearing outcrops sampled in 2023: the Chou Showing (2.33% Li2O, 1.68% Li2O and 1.17% Li2O) and the Navet Showing (1.26% Li2O) 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 the Company

Ophir Gold Corp. is an 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% 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% interest in the Radis Lithium Property over a three-year period from Eastmain Resources Inc., a wholly owned subsidiary of Fury Gold Mines Limited.

On behalf of the Board of Directors

"Shawn Westcott"
Ophir Gold Corp.

For further information, please contact:

Shawn Westcott, CEO
Phone 1 (604) 365 6681
swestcott@ophirgoldcorp.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note

The information contained herein contains "forward-looking statements" and "forward-looking information" (collectively referred to as "forward-looking statements") within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable and include statements in this press release related to the exploration and discovery potential of the Property, the details of the planned exploration program on the Property, the strong lithium pegmatite exploration potential on the Property, the strong potential of the Radis Property, potential targets on the Property and the Company's future plans with respect to the Property. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risk related to the failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of technical reports, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances, except in accordance with applicable securities laws. Actual events or results could differ materially from the Company's expectations or projections.

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