Dr. Diane Nicolson reports

AMARC BUILDS ON DISRUPTIVE AURORA DISCOVERY SUCCESS AND ADVANCES PIPELINE OF HIGH DEMAND DISTRICT-SCALE COPPER-GOLD ASSETS IN BRITISH COLUMBIA DURING 2025

Amarc Resources Ltd. materially strengthened its position during 2025 as one of Canada's leading copper-gold exploration companies. Continued discovery success built on a foundation of systematic and informed exploration across the Joy, Duke and Ike copper-gold districts validates Amarc's district-scale exploration model. This is being accomplished at Joy and Duke while preserving significant shareholder leverage through staged, non-dilutive financing under joint venture agreements with major mining companies to secure up to $200-million in financing, of which approximately $81-million has been received so far. Amarc is positioned to deliver wealth through disciplined execution, discovery success and continued advancement of a district-scale copper-gold portfolio in British Columbia. Momentum is building toward potential transactions with the effective advancements of the districts.

The AuRORA discovery and the Joy district

In January, 2025, Amarc announced the discovery of the exciting new, high-grade near-surface gold-rich porphyry copper-gold-silver AuRORA deposit, hosted in the emerging Joy Cu-Au district (see Amarc Jan. 17 and Feb. 28, 2025, releases). Amarc believes that the rare combination of high Au with strong Cu and Ag grades, deposit geometry, continuity of mineralization and the emerging scale of AuRORA indicates that not only does it now stand as one of the most important recent porphyry Cu-Au discoveries in British Columbia, but it has the hallmarks of a Tier 1 asset in the making.

Heading into drilling this past year, the Amarc team anticipated that the mineralization discovered in 2024 by 20 drill holes over an area of approximately 600 metres by 600 metres had significant expansion potential. Twenty-three stepout deposit expansion holes over an area of approximately one km by one km and a single infill hole were drilled in 2025. Assay results for 11 of the expansion holes announced to date and drilled along four sections indicate that the deposit has been expanded at least 300 m to the north, 200 m to the east and 300 m to the southeast (see Amarc Sept. 22, Nov. 3 and Dec. 10, 2025, releases). Assay results from the remaining 12 expansion holes drilled at AuRORA in 2025 are being received and will be released shortly.

The AuRORA deposit lies within the high-potential 630-square-kilometre Joy Cu-Au district is located within the prolific Toodoggone-Kemess porphyry Cu-Au region of north-central B.C. Amarc believes the discovery of AuRORA has rewritten the exploration playbook in this region. It not only is integral to bringing rapidly forward the potential of the Joy district, but could be the key to the emergence of a world-class porphyry Cu-Au district in the Toodoggone.

In addition to the AuRORA deposit, the Twins and Canyon discoveries, the Pine, Brenda and MEX historical deposits, and new, high-potential deposit targets are also actively being advanced at Joy. There is clearly a lot more to come from the Joy district.

The Joy district is being advanced through AuRORA Minerals Ltd., a private joint venture corporation held 60 per cent by Freeport-McMoRan Mineral Properties Canada Inc. and 40 per cent by Amarc (see Sept. 4, 2025, release). In addition, Freeport has elected to earn a further 10-per-cent interest in the Joy district by financing an additional $75-million in staged expenditures. Freeport's investment decision underscores both the scale potential of the district and the quality of Amarc's technical framework.

In support of this momentum, Amarc executed, on behalf of AML, an expanded exploration program exceeding $16-million in 2025, completing substantial drilling at AuRORA and across multiple other deposit targets. Concurrently, significant planning and technical work progressed toward optimizing a development strategy for the Joy district as a whole.

Duke district

At the Duke district, Boliden Mineral Canada Ltd., a wholly owned subsidiary of the Boliden Group, is financing exploration activities (see Nov. 22, 2022, release). Boliden financed approximately $10-million during the year with most applied to drilling, following $20-million invested through the end of 2024. Having financed a total of $30-million in exploration expenditures, Boliden earned a 60-per-cent interest in the Duke district, with the option to advance to a 70-per-cent interest through a further $60-million investment at 2025 year-end.

To the end of 2024, the exploration program included 52 drill holes totalling 21,728 metres, supported by extensive district-wide surface work, including soil geochemistry and induced polarization geophysical surveys. Drilling expanded the Duke copper-molybdenum-silver deposit and identified additional resource potential, while surface programs advanced several compelling new targets. Surface surveys to refine targets and initial scout drilling were the focus in 2025.

Ike district

Amarc's 100-per-cent-owned Ike district captures one of B.C.'s most prospective mineral belts for both bulk-tonnage copper and higher-grade Cu-Au systems. Exploration efforts to date include drilling, relogging and reassaying of historical core, comprehensive geochemical sampling, geological mapping, and ground and airborne geophysical surveys. The company previously discovered the large-scale Ike Cu-Mo-Ag deposit, and, in 2025, announced the results of a nine hole drill program, which confirmed and built on those from historical drilling at the higher-grade Empress Cu-Au deposit. The district is positioned for significant advancement as conditions allow.

Outlook

With copper playing an increasingly critical role in global electrification and decarbonization trends and geopolitical uncertainty continuing to buoy interest in gold, Amarc enters 2026 with a high-value, high-demand pipeline of exploration and development opportunities. Copper is one of several metals expected to increase in value again this year, aided by cleantech manufacturing.

Qualified person

Mark Rebagliati, PEng, a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical and scientific information in this news release. Mr. Rebagliati is not independent of the company.

We seek Safe Harbor.