Ophir Gold Corp. (TSXV: OPHR) (OTCQB: OPHRF) (FSE: 80M) has announced the TSX Venture Exchange’s approval of its agreement with Azimut Exploration Inc. (TSXV: AZM) (OTCQX: AZMTF) to option up to a 70% interest in the Pilipas Lithium Project in Quebec’s James Bay region.

Details of the Ophir-Azimut Option Agreement

The terms of the Option Agreement allow Ophir to acquire a direct 70% interest through payments and exploration investments over three years. The commitments for Ophir include cash payments totaling $100,000 CAD, the issuance of 6,000,000 shares, and exploration expenditures amounting to $4,000,000 CAD.

After meeting the second-year obligations, Ophir will earn a 50% stake, which will increase to 70% by fulfilling the third-year commitments. Upon earning a 70% interest, a joint venture with Azimut will be established with a 70/30 split. A diluted interest below 10% will convert into a 2% Net Smelter Royalty.

Implications for Ophir and the Mining Industry

This transaction is significant for Ophir as it enhances its lithium project portfolio in the James Bay region. It also indicates continued interest and investment in Quebec’s emerging lithium sector.

About Ophir Gold Corp.

Ophir Gold Corp. specializes in mineral exploration with a focus on lithium projects in Quebec and a gold property in Idaho. The company is known for its financial discipline and robust portfolio management.

As Ophir expands its influence in lithium exploration, industry observers anticipate a positive impact on the regional mining sector and future commodity markets.

About Azimut Exploration Inc.

Azimut, renowned for its innovative data analytics and exploration expertise, holds one of the largest mineral portfolios in Quebec. The partnership with Ophir reflects its commitment to advancing key projects through strategic collaborations.

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