Ophir Gold Corp. announced that further to its news release of December 11th, 2023, the TSX Venture Exchange has approved its Option Agreement (the "Agreement") with Azimut Exploration Inc. (the "Optionor") to acquire up to an undivided 70% interest in the Pilipas Lithium Property (the "Property"), located approximately 50 km 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% direct interest in the Property.

After satisfying the Year 2 commitments, the Company shall earn a 50% interest in the Property. After satisfying the Year 3 commitments, the Company shall earn a 70% interest in the Property. If the Company earns a 70% interest in the Property, the parties shall form a joint venture that is 70% held by the Company and 30% by the vendor.

If the Company earns a 50% interest in the Property but fails to earn a 70% interest, the parties shall form a joint venture that is 50% held by the Company and 50% by the vendor. If after formation of the joint venture either party's interest is diluted below 10%, it shall be converted into a 2% 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.