Dr. Diane Nicolson reports

AMARC ANNOUNCES GEOPHYSICAL SURVEYS IDENTIFYING MAJOR NEW SULPHIDE MINERALIZED SYSTEMS ADJACENT TO THE AURORA PORPHYRY COPPER-GOLD DISCOVERY

Aurora Minerals Ltd. (AML), a private joint venture company owned 60 per cent by Freeport-McMoRan Mineral Properties Canada Inc. and 40 per cent by Amarc Resources Ltd., is identifying major new sulphide systems east of the high-grade Aurora porphyry gold-copper (Au-Cu) deposit discovery through continuing induced polarization (IP) ground geophysical surveys at the Joy copper-gold district. These surveys are one component of the $20-million Joy 2026 exploration program under way at Joy which is financed by Freeport (see Amarc release July 21, 2026). Amarc is the primary contractor managing AML's programs under a separate services agreement.

Recent IP results expand Joy's potential:

• Expanded the original 4.5-square-kilometre NWG sulphide system that hosts the Aurora Au-Cu deposit eastward over an area that now covers seven square km;
• Discovered a new and still open 4.5 square km sulphide system named the Roe target, adjacent to the east of the expanded NWG sulphide system;
• Expanded the White Pass sulphide system that hosts the historical Brenda Au-Cu deposit from 3.0 square km to 5.0 square km.

The eastward expansion of the NWG sulphide system together with the ROE and White Pass sulphide systems lie within the Brenda property. AML, through Amarc, has a mineral property option agreement with Canasil Resources Inc. pursuant to which it can acquire a 100-per-cent interest in this tenure (see Amarc releases Feb. 11, 2025, and Aug. 26, 2025). The Brenda property is considered by Amarc to be underlain by similar highly prospective volcanics and transitional porphyry Cu-Au and epithermal Au-Ag (gold-silver) geological setting as at the Aurora and Twins porphyry Au-Cu discoveries. Historical exploration of the Brenda property identified both epithermal and porphyry related rock alteration assemblages hosting Cu, Au and Ag mineralization, including an historical drill hole intersection of 78 metres grading 0.61 g/t Au and 0.10 per cent Cu from 110 m in hole BR-07-05 (see Canasil National Instrument 43-101 technical report).

"This season's ongoing exploration programs include core drilling with three rigs, and extensive geophysical, geological and geochemical surveys, which continue to unlock what Amarc considers to be the Tier 1 potential of the Joy gold-copper district in the Toodoggone region of British Columbia," said Amarc president and chief executive officer Diane Nicolson. "The initial IP survey results suggest the possibility that the NWG sulphide system hosting the Aurora deposit, and the Roe and the White Pass mineralized systems (the latter of which hosts the Brenda deposit) plus another target-area called Nub could potentially form a 12 km long east-northeast oriented cluster of porphyry gold-copper deposits exposed at different levels: the Aurora trend. If so, this trend would be sub-parallel to Joy's northeast-oriented Pine trend, which is located some 11 km to the south. The Pine trend is defined by the Pine deposit, and the Twins and Canyon Discoveries. The new Aurora trend is also located some 22 km to the north of the east-northeast-striking trend of Kemess Au-Cu deposits owned by Centerra Gold Inc. Amarc is excited about this new potential and continues to believe that we have just scratched the surface of this extensive copper-gold district, with the strong gold and copper endowment of the Aurora deposit discovery that remains open to expansion, being the key cornerstone to the development of not only the Joy district but to the entire Toodoggone region."

Expansion of the NWG sulphide system host to the Aurora deposit

The NWG sulphide system has been expanded from 4.5 square km to seven square km as defined by the greater than 14 mV/V (millivolts per volt) IP chargeability anomaly proximal to and overlooking the Aurora porphyry Au-Cu discovery. The new eastward extension to the NWG system features many of the same prospective characteristics of the Aurora deposit including, for example, a similar low IP resistivity response, extensive strong quartz-sericite-pyrite and advanced argillic alteration at surface within similar volcanic rocks, and an association with a magnetic high anomaly in a covered valley bottom. This portion of the expanded anomaly has never been drill-tested.

The new and expansive ROE sulphide system

The ROE sulphide system is defined by a 4.5 square km greater than 14 mV/V IP chargeability anomaly and is characterized by prominent gossanous areas over its 2.6 km length. It also has the same northwest trend as the adjacent NWG sulphide system hosting the Aurora deposit. The ROE sulphide system remains open to expansion to the southeast where there is a two km gap that remains to be surveyed, then farther southeast completed reconnaissance IP lines have outlined an IP chargeability anomaly directly along strike over 1.5 km by 0.8 km. While broad areas of the ROE system are concealed under shallow cover, geological reconnaissance and shallow (less than 100 m) historical drilling (15 holes) have identified the presence of altered and Au-Cu-Ag mineralized volcanics and intrusive rocks which are known to host porphyry Au-Cu mineralization at Joy and in the Toodoggone region. In addition, geochemical silt samples collected from main drainages returned a very strong and classic porphyry Cu-Au-Mo (copper-gold-molybdenum) signature (Cu 183 to 618 ppm, Au 13 to 196 ppb and Mo 9 to 45 ppm).

Expansion of the White Pass sulphide system host to the historical Brenda deposit

Historical IP surveying at the White Pass zone outlined a three square km greater than 14 mV/V IP chargeability anomaly, which hosts the Brenda deposit. Recent 2026 IP surveying has expanded this anomaly over an area of five square km. This expanded anomaly now also encompasses the Creek zone, where shallow (less than 150 m) historical drilling (six holes) identified prospective alteration and Cu-Au-Ag mineralization. Though previous workers had noted additional untested greater than 30 mV/V chargeability anomalies adjacent to higher-grade zones (characterized by drill hole intersections of greater than 0.4 g/t Au) at White Pass, as high-priority expansion targets, the 2026 IP surveying has significantly enlarged these targets, opening additional prospective growth potential at the Brenda deposit.

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 copper-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.

At Joy, Freeport-McMoRan Mineral Properties Canada Inc., a wholly owned subsidiary of Freeport-McMoRan Inc. earned, under the mineral property earn-in agreement, an initial 60-per-cent interest in the Joy district by financing $35-million under an accelerated time frame (see Amarc releases May 12, 2021, and May 29, 2025). The district is now being advanced through Aurora Minerals Ltd. (AML), a private joint venture corporation held 60 per cent by Freeport and 40 per cent by Amarc (see Sept. 4, 2025 release). Freeport has elected to earn a further 10-per-cent interest in the Joy district by funding an additional $75-million in staged expenditures. While Freeport is now the operator of Joy, AML has appointed Amarc as the primary contractor to continue to manage the Joy exploration programs under a separate services agreement. In support of this momentum, Amarc executed on behalf of AML, an expanded exploration program exceeding $16-million in 2025, completing substantial expansion drilling at the Aurora deposit and across other discoveries and deposit targets.

At the Duke district, Boliden Mineral Canada Ltd., an entity within the Boliden Group of Companies, continues its participation having sole financed $30-million of exploration expenditures though to the end of 2025. Boliden and Amarc have now entered a 60:40 joint venture under which the parties must fund exploration activities on a pro rata basis or dilute their interest in the Duke JV. Amarc is the operator at the Duke district.

Amarc owns a 100-per-cent interest in the Ike Cu-Au and Cu-Mo district in Southern B.C. Amarc completed self-financed drilling at its Empress Cu-Au deposit in the Ike district in 2024. Amarc is the operator at the Ike district.

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, where the Joy district and the Aurora deposit are located, 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 Cu-Au-Ag deposit.

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 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, Duke, Ike, Pine and Aurora. 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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