Dr. Diane Nicolson reports

AMARC ANNOUNCES FREEPORT HAS ELECTED TO PROCEED TO CAD $75 MILLION STAGE 2 EARN-IN AT JOY

Freeport-McMoRan Mineral Properties Canada Inc., a wholly owned subsidiary of Freeport-McMoRan Inc. (FCX), has formally elected to proceed to stage 2 of the Joy mineral property earn-in agreement of May, 2021 (the EIA). As previously announced, Freeport completed the stage 1 requirement of $35-million of expenditures, under an accelerated time frame, by the start of the 2025 summer exploration season in British Columbia (B.C.) (see Amarc release May 29, 2025). Accordingly, Freeport is now vested in a 60-per-cent shareholding interest in Aurora Minerals Ltd., the private joint venture corporation which will hold the Joy district mineral rights and titles and in which Amarc holds a 40-per-cent shareholding interest.

Under stage 2, Freeport has elected to proceed to earn a further 10-per-cent interest in Aurora Minerals by spending an additional $75-million within five years at a rate of no less than $10-million per year, failing which the parties will proceed to finance the project pro rata on a 60:40 basis. The 2025 Joy exploration program expenditures budgeted at $12-million-plus are being 100-per-cent financed by Freeport under stage 2. While Freeport is now the operator of Joy, Aurora Minerals and Freeport have appointed Amarc as the primary contractor to manage Joy exploration programs under a separate services agreement.

"We are pleased that Freeport is proceeding to stage 2 of the Joy EIA," said Amarc chief executive officer Dr. Diane Nicolson. "The groundwork is laid to significantly advance the exciting new, high-grade, near-surface, gold-rich porphyry copper-gold-silver (Cu-Au-Ag) Aurora deposit which remains open to expansion. The 2025 drill program is well under way with three rigs focused on the Aurora deposit. Additional drill and survey work is aimed at unlocking the excellent potential elsewhere in the Joy district with the goal of delivering additional major copper-gold discoveries. Amarc believes that the Aurora discovery could be a key to unlocking the value not only of our Joy district mineral claims but also in the greater Toodoggone region. Exploration and development activity is clearly ramping up across the region."

The Aurora porphyry Cu-Au-Ag deposit discovery was made in 2024 by drilling in a new area of the company's Joy district called the Northwest Gossan (NWG) target, that had not previously been drill tested. The first hole at Aurora intercepted 82 metres grading 1.08 per cent CuEq (copper equivalent) (1.24 g/t (grams per tonne) Au (gold), 0.38 per cent Cu (copper) and 2.47 g/t Ag (silver)) from 18 m depth, including 42 m grading 1.61 per cent CuEq (1.97 g/t Au, 0.49 per cent Cu, 3.58 g/t Ag), and was followed up by stepout drilling that continued to make significant interceptions. The deposit is characterized by high grades of Au, in combination with strong Cu and Ag concentrations from near surface with excellent continuity both down the hole and between holes. The deposit remains open to further expansion (see Amarc releases on Jan. 17 and Jan. 21, and Feb. 28, 2025).

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 Cu-Au mines in B.C. 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 Cu plus or minus Au 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 Cu plus or minus Au 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 Cu-Au deposits. Members of this team have been involved in and have tracked porphyry Cu-Au 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 Au-rich Aurora porphyry Cu-Au-Ag deposit.

Freeport-McMoRan Mineral Properties Canada Inc., 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 funding 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 the Duke district and manages the exploration at the Joy district on behalf of Aurora Minerals Ltd., the private joint venture corporation which holds the Joy district mineral rights and titles, and in which Freeport and Amarc hold 60 per cent and 40 per cent of the shareholding, respectively.

Amarc is associated with HDI, a diversified, global mining company with a 35-year history of porphyry Cu deposit discovery, development and transaction success. Previous and current HDI projects include some of B.C.'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. The company 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, the company 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 funding 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 (QP) as defined by National Instrument 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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