Amarc looks back at work completed in 2025

Executive Summary

• Amarc Resources materially advanced its district-scale copper-gold exploration portfolio in 2025, driven by discovery success at the AuRORA deposit and strategic joint venture partnerships with major mining companies.
• The AuRORA discovery in the Joy district expanded significantly via 23 stepout drill holes, confirming mineralization extensions of 300m north, 200m east, and 300m southeast, with assay results for remaining holes pending.
• Non-dilutive financing and earn-in structures with Freeport-McMoRan (Joy district) and Boliden (Duke district) secured up to $200M in total commitments, with ~$81M already received, advancing exploration, technical planning, and potential future transactions.

Key Details

• AuRORA Discovery & Joy District Expansion: 23 stepout deposit expansion holes and 1 infill hole drilled in 2025 over a ~1 km x 1 km area. Assay results for 11 of the expansion holes confirm mineralization expansion at least 300m north, 200m east, and 300m southeast. Results for the remaining 12 expansion holes are pending release.
• Joy District JV & Financing: The Joy district (630 sq km in the Toodoggone-Kemess porphyry Cu-Au region) is advanced through AuRORA Minerals Ltd., a JV held 60% by Freeport-McMoRan and 40% by Amarc. Freeport has elected to earn an additional 10% interest by financing $75M in staged expenditures. Amarc executed an expanded exploration program exceeding $16M in 2025 on behalf of the JV, including substantial drilling at AuRORA and other targets (Twins, Canyon, Pine, Brenda, MEX).
• Duke District JV & Financing: Boliden Mineral Canada Ltd. financed ~$10M in 2025 (bringing total Boliden investment to $30M), earning a 60% interest. Boliden holds an option to advance to a 70% interest through a further $60M investment at 2025 year-end. Historical drilling through end of 2024 totaled 52 holes (21,728m). 2025 activities focused on surface surveys to refine targets and initial scout drilling.
• Ike District Exploration: 100% owned by Amarc. In 2025, announced results from a 9-hole drill program confirming and building on historical drilling at the higher-grade Empress Cu-Au deposit. Activities included drilling, relogging/reassaying historical core, geochemical sampling, geological mapping, and geophysical surveys.
• Overall Financing & Strategy: Staged, non-dilutive financing under JV agreements secures up to $200M in total funding, with approximately $81M received to date. The company is positioning for potential transactions driven by district advancements and strong copper/gold market fundamentals.