Amarc to Participate in Consolidation of Aurora West Through Aurora Minerals LTD

Amarc Resources Ltd. (AHR) has confirmed that Freeport-McMoRan Mineral Properties Canada Inc. is acquiring a controlling interest in two private companies to purchase TDG Gold Corp.'s AuRORA West property. The acquired property falls within the Area of Interest (AOI) defined in the existing Aurora Minerals Ltd. (AML) Shareholders Agreement.

Under the agreement, Freeport will fund the first estimated $30 million to $35 million of the acquisition costs through its remaining Stage 2 expenditures to earn a 70% interest in AML. Amarc has a 45-day window to elect to contribute the applicable claims and rights to AML, after which it must fund its 30% share of the costs. The company confirmed it is in a strong financial position following a C$20 million private placement closed in September 2026.

Separately, Amarc and Freeport successfully completed the $22 million 2026 exploration program at the JOY District, comprising 13,962 meters of core drilling across 16 holes. Assay results for the 2026 program are pending verification and will be reported once available.

Amarc Resources Ltd. (AHR) is navigating a procedural execution of its existing joint venture framework rather than a new strategic pivot. Freeport’s consolidation of the AuRORA West property directly fulfills the AOI clause of the August 2025 Shareholders Agreement, validating the joint venture structure. The $30-$35 million acquisition cost will be largely carried by Freeport through the remaining Stage 2 earn-in expenditures, preserving Amarc’s immediate cash flow.

The completion of the $22 million 2026 drill program confirms Freeport’s continued capital commitment and operational execution on the ground. The material catalyst remains the pending assay results, which will define the geological upside and potentially accelerate Freeport's path to a 70% interest. Amarc's recent $20 million equity raise provides a buffer, but the company will eventually need to fund its 30% share of the AOI acquisition costs or negotiate a carry.

Amarc Resources Ltd. (AHR) is an exploration-stage company focused on gold, copper, molybdenum, and silver in British Columbia, Canada. The company acts as the project operator for its portfolio, managing exploration programs through joint venture entities. Currently in the pre-resource stage, Amarc relies on exploration drilling and geophysical surveys to define mineralization.

The company’s flagship project is the AuRORA deposit within the JOY District, a high-grade porphyry copper-gold-silver system. The JOY District spans 630 square kilometers in the Toodoggone region and hosts multiple targets, including the TWINS discovery, NWG system, and ROE target.