Dr. Diane Nicolson reports

AMARC AND FREEPORT LAUNCH 2025 AURORA AND JOY COPPER-GOLD DISTRICT DRILLING, CONSOLIDATE ADDITIONAL DISTRICT POTENTIAL

Amarc Resources Ltd. and Freeport-McMoRan Mineral Properties Canada Inc. have recently commenced an approved $10-million 2025 exploration program, which includes substantial drilling at the Joy district in northern-central British Columbia (see Amarc's release dated May 29, 2025). Drilling will be focused at the new, high-grade, gold-rich porphyry copper-gold-silver Aurora deposit, the Pine deposit, the Twins and Canyon discoveries, as well as other drill-ready copper-gold deposit targets across the district (see Amarc's news releases dated Jan. 17, Jan. 21 and Feb. 28, 2025). Amarc continues to manage the exploration programs, which are being 100 per cent financed by Freeport.

"We are very excited to be back out on the ground working with Freeport to advance the high-grade, near-surface Aurora copper-gold-silver deposit discovery announced earlier this year that remains open to expansion and to continue to drill test other discoveries and numerous deposit targets across the Joy district," said Dr. Diane Nicolson, president and chief executive officer of Amarc. "Amarc believes that the Joy district has the potential to deliver further major copper-gold discoveries. The focus of the Canadian and B.C. (and international) governments on critical mineral strategies designed to power the green and digital economy presents a clear opportunity and impetus for the efficient and responsible advancement of projects like Joy."

Joy district expansion

Amarc also announces the expansion of the Joy district strategic land package, which will now also include the Brenda property, a portion of the PIL property and three additional mineral claims staked by Amarc.

Brenda property

Further to Amarc's Feb. 11, 2025, release announcing a mineral property option agreement with Canasil Resources Inc., pursuant to which Amarc could acquire a 100-per-cent interest in the 44.5-square-kilometre Brenda property, the company reports that Freeport has exercised its right to have the entire Brenda tenure included in the mineral property earn-in agreement for the Joy district (see Amarc's news release dated May 12, 2021).

Brenda is underlain by the same highly prospective volcanics and transitional porphyry copper-gold and epithermal gold-silver geological setting as at Amarc's recent Aurora and Canyon porphyry copper-gold discoveries. Historical exploration of the Brenda property has identified both epithermal- and porphyry-related rock alteration assemblages hosting copper, gold and silver mineralization and includes an intersection of 78 metres grading 0.61 grams per tonne gold and 0.10 per cent copper from 110 metres in hole BR-07-05, which was collared nearby a large gossan (see Canasil's National Instrument 43-101 technical report).

PIL property

In addition, Amarc has exercised its right to have approximately 32 per cent of the total mineral claims area of Freeport's option to acquire 80 per cent of the PIL property (see Finlay Minerals Ltd.'s news release dated April 17, 2025) brought into the Joy district. Amarc's interest lies in the structural and alteration corridors that have a strong spatial relationship to most of the significant mineral occurrences in the Toodoggone region that hosts the Joy district.

Approximately 32 per cent (42.34 square kilometres) of the PIL mineral claims area lies within the area of common interest under the agreement. Freeport is responsible for making any expenditures to finance the exercise of the PIL option with Finlay, and expenditures incurred within the Amarc area of common interest only will count toward Freeport's anticipated election to spend $75-million under Stage 2 of the agreement with Amarc. If Freeport fulfills its obligation to acquire 80 per cent of the PIL property, Amarc will have a maximum interest of 24 per cent in the PIL mineral claims within the area of common interest.

About Amarc Resources Ltd.

Amarc is a mineral exploration and development company with an experienced and successful management team focused on developing a new generation of long-life, high-value porphyry copper-gold mines in British Columbia. By combining high-demand projects with dynamic management, Amarc has created a solid platform to create value from its exploration- and development-stage assets.

Amarc is advancing the Joy, Duke and Ike porphyry copper-plus-or-minus-gold districts located in different prolific porphyry regions of Northern, central and Southern British Columbia, respectively. Each district represents significant potential for the development of multiple and important-scale, porphyry copper-plus-or-minus-gold deposits. Importantly, each of the three districts are located in proximity to industrial infrastructure -- including power, highways and rail.

Amarc's exploration is led by an internationally successful team of experienced geologists specializing in porphyry copper-gold deposits. Members of this team have been involved in and have tracked porphyry copper-gold exploration advancements in the Toodoggone region since 1990. Their experience and early recognition of the porphyry potential at the NWG target in terms of a shallowly overburden covered and underexplored transitional epithermal-porphyry geological setting, led to the discovery of the gold-rich Aurora porphyry copper-gold-silver deposit.

Freeport-McMoRan Mineral Properties Canada, a wholly owned subsidiary of Freeport-McMoRan Inc., at Joy, and Boliden Mineral Canada Ltd., an entity within the Boliden Group of companies, at Duke, can earn up to a 70-per-cent interest in each district through staged investments of $110-million and $90-million, respectively. Together, this provides Amarc with potentially up to $200-million in non-share dilutive staged financing for these districts. In addition, Amarc completed self-financed drilling at its higher-grade Empress deposit in the Ike district in 2024. Amarc is the operator of all programs.

Amarc is associated with HDI, a diversified, global mining company with a 35-year history of porphyry copper deposit discovery, development and transaction success. Previous and current HDI projects include some of British Columbia's and the world's most important porphyry deposits -- such as Pebble, Mount Milligan, Southern Star, Kemess South, Kemess North, Gibraltar, Prosperity, Xietongmen, Newtongmen, Florence, Casino, Sisson, Maggie, Aurora, Pine, Ike and Duke. From its head office in Vancouver, Canada, HDI applies its unique strengths and capabilities to acquire, develop, operate and monetize mineral projects.

Amarc works closely with local governments, indigenous groups and stakeholders in order to advance its mineral projects responsibly and in a manner that contributes to sustainable community and economic development. Amarc pursues early and meaningful engagement to ensure its mineral exploration and development activities are well co-ordinated and broadly supported, address local priorities and concerns, and optimize opportunities for collaboration. In particular, Amarc seeks to establish mutually beneficial partnerships with indigenous groups within whose traditional territories the company's projects are located, through the provision of jobs, training programs, contract opportunities, capacity financing agreements and sponsorship of community events. All Amarc work programs are carefully planned to achieve high levels of environmental and social performance.

Qualified person

Mark Rebagliati, PEng, a qualified person as defined by NI 43-101, has reviewed and approved all technical and scientific information related to the Joy project contained in this news release. Mr. Rebagliati is not independent of the company.

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