Amarc and Freeport Continue to Expand High Grade AuRORA Copper-Gold-Silver Deposit

The November 3, 2025 news release announces additional drill results from the 2025 exploration program at the AuRORA copper-gold-silver deposit, part of the JOY District in British Columbia. The program is a collaboration with partner Freeport-McMoRan.

Key drill intercepts highlighted include: - JP25091: 231.0 metres of 0.83 g/t Au - JP25089: 126.0 metres of 0.97 g/t Au - JP25094: 153.6 metres of 0.79 g/t Au - JP25100: 200.4 metres of 0.70 g/t Au

The company states these results continue to expand the high-grade deposit, which remains open for further expansion. CEO Dr. Diane Nicolson reiterated that the AuRORA discovery is a "game changer" and that the grades encountered are among the highest porphyry grades intercepted in British Columbia.

This news is materially positive as it successfully demonstrates the expansion of the AuRORA deposit with long intercepts of significant gold mineralization. The results confirm the continuity of the system and add confidence that AuRORA is a large porphyry deposit.

However, a critical review of the historical results provides important context. The initial discovery holes announced in January 2025, which caused the stock price to surge from $0.27 to over $1.00, featured significantly higher-grade intercepts (e.g., 81m of 3.69 g/t Au in JP24074 and 81m of 3.58 g/t Au in JP24060). Follow-up results in February were also very strong (e.g., 90m of 2.53 g/t Au in JP24080).

The grades in this latest release (0.70 g/t to 0.97 g/t Au), while excellent for a porphyry system and economically significant over such long intervals, are a step down from the bonanza-grade cores of the initial discovery.

Therefore, this news should be viewed as confirmation and expansion, rather than another game-changing discovery announcement. It meets expectations for a successful step-out program and materially de-risks the project by adding potential tonnage. The market may have been hoping for a repeat of the spectacular January grades, so the reaction could be muted, but fundamentally, these are strong results that build value. The continued funding and advancement by major partner Freeport-McMoRan remains the most significant endorsement of the project's potential.

Amarc Resources Ltd. is a Canadian mineral exploration company focused on developing a portfolio of large-scale copper-gold districts in British Columbia. The company operates under a project generator model, securing large land packages and attracting major mining companies as partners to fund capital-intensive exploration.

• Flagship Project (JOY District): The flagship asset is the JOY Copper-Gold District in north-central BC. In January 2025, Amarc announced a major discovery, the AuRORA deposit, which features high-grade, near-surface, gold-rich porphyry copper-silver mineralization. The project is being advanced under an earn-in agreement with Freeport-McMoRan, which is fully funding exploration.
• Other Projects:
  • DUKE District: A copper-gold project in central BC, partnered with Boliden Mineral Canada Ltd.
  • IKE District: A copper-gold project in southern BC, which is currently 100% owned and self-funded by Amarc.