Amarc Builds on Disruptive AuRORA Discovery &
Advances Pipeline of High Demand District-Scale Copper-Gold Assets
in British Columbia During 2025
February 2026
Dear Investor,
I am very pleased to report on the achievements of Amarc Resources Ltd in 2025.
Amarc 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 being accomplished at JOY and DUKE while preserving significant shareholder leverage through staged, non-dilutive funding under joint venture agreements with major mining companies to secure up to $200 million in funding, 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 portfolio in British Columbia ("BC"). Momentum is now building towards potential transactions with the effective advancements of the Districts.
The AuRORA Discovery and JOY District
In January 2025, Amarc announced the discovery of the exciting new, high grade near surface, gold-rich porphyry copper-gold-silver ("Cu-Au-Ag") Deposit, hosted in the emerging JOY Cu-Au District (see January 17, 20 and February 28, 2025 releases). Amarc beleives that the rare combination of high gold with strong copper and silver 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 BC, but it has the hallmarks of a Tier One 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 m by 600 m had significant expansion potential. Twenty-three step-out expansion holes, and a single infill hole were drilled in 2025; assays result for all of these holes have now been announced. Drilling has extended the deposit +400 m to the north, with a hole drilled late in the season some 350 m further to the north intersecting signficant mineralization at depth that might represent a northern extension to AuRORA or a new deposit. In addition, drilling in 2025 also expanded AuRORA mineralization as far as 550 m to the east, 500 m to the southeast, 50 m to the south and 125 m to the southwest. Similar to the results to the north, encouraging mineralization was intersected in a hole drilled some 550 m further to the south of the current deposit; this mineralization may, again, represent an extension of the AuRORA deposit or, potentially, a new deposit within the Northwest Gossan Target. In all, mineralization at AuRORA has been intercepted over an area of 1.4 km by 0.8 km and remains open to further expansion with important new areas identified that require addtional drilling (see September 22, November 3 and December 10, 2025 and January 23, 2026 releases).
The AuRORA Deposit lies in the high potential 630 km2 JOY Cu-Au District located within the prolific Toodoggone-Kemess porphyry Cu-Au region ("Toodoggone") of north-central BC. Amarc believes the discovery of AuRORA has rewritten the exploration play book in this region; it is integral to bringing rapidly forward the potential of the JOY District and could be the catalyst to the emergence of a potential world-class porphryry Cu-Au district in the Toodoggone.
In addition to AuRORA, the TWINS and CANYON Discoveries, the PINE and Brenda historical deposits and new high potential deposit targets are actively being advanced at JOY. On February 19, 2026, Amarc announced the results from 2025 drilling at TWINS, confirming a third new porphyry Cu-Au discovery at JOY. Widely spaced, relatively shallow reconnaissance drill holes in 2021 and 2022 had returned anomalous gold intercepts at TWINS. Drilling in 2025 returned long intercepts of porphyry style alteration and mineralization at depth - 300 m of 0.51 g/t Au and 0.23% Cu, including 243 m at 0.59 g/t Au and 0.26% Cu, 135 m at 0.86 g/t Au and 0.38% Cu and 45 m at 1.08 g/t Au and 0.47% Cu. The grades in these intercepts are approacing in some of the earlier holes such as KH-13-08 that interseced 601 m of 0.50 g/t Au and 0.39% Cu and KH-15-02 that intersected 0.47 g/t Au and 0.39% Cu at the Kemess East deposit now owned by Centerra Gold [1]. These is clearly a lot more to come at JOY.
The JOY District is now being advanced through AuRORA Minerals Ltd ("AML"), a private joint venture corporation held 60% by Freeport-McMoRan Properties Canada Inc. and 40% by Amarc (see September 4, 2025 release). In addition, Freeport has elected to earn a further 10% interest in the JOY District by funding 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 targets. Concurrently, significant planning and technical work progressed towards optimizing a development strategy for the JOY District as a whole.
DUKE District
At the DUKE District, Boliden Mineral Canada Ltd. ("Boliden"), a wholly-owned subsidiary of the Boliden Group, is funding explration activities (see November 22, 2022 release). Boliden funded approximately $10 million during the year with most applied to drilling, following $20 million invested through the end of 2024. Having funded a total of $30 million in exploration expenditures, Boliden has earned a 60% interest in the DUKE District, with the option to advance to 70% interest through a further $60 million investment, at year end.
The exploration program has included 52 drillholes totalling 21,728 m, supported by extensive district-wide surface work, including soil geochemistry and induced polarization geophysical surveys. Drilling has expanded the DUKE Cu-Mo-Au-Ag Deposit and identified additional resource potential, while advancing new targets. Surface surveys to refine targets and initial scout drilling were the focus in 2025.
IKE District
Amarc's 100%-owned IKE District captures one of BC's most prospective mineral belts for both bulk-tonnage copper and higher-grade Cu-Au systems. Exploration effects to date include drilling, relogging and re-assaying historical core, comprehensive geochemical sampling, geological mapping, and ground and airborne geophysical surveys. The Company previously discovered the the large-scale IKE Cu-Mo-Ag deposit and, in 2025, announced the results of a nine hole drill program that confirmed and built on those from historical drilling at the higher-grade Empress Cu-Au deposit. The district is postioned 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 clean tech manufacturing [2]. Most analysts expect gold prices to moderate in 2026 compared to 2025 but with continuing upside potential [3]. Amarc remains focused on disciplined, discovery-driven growth and on advancing its assets in a manner that maximizes the creation of shareholder value. Momentum is building towards potential transactions.
On behalf of management, I would like to thank the Amarc team inclusive or our partners, consultants and contractors for their contributions in 2025. We also exend our appreciation to the Indigenous groups, local governments and stakeholders which worked collaboratively with us.
On behalf of the Board of Directors of Amarc,
Dr. Diane Nicolson
President & CEO
Amarc Resources ltd.
Mark Rebagliati, PEng, Technical Advisor to Amarc and who is a qualified person, has reviewed and approved the technical content of this letter.
A similar letter is included in Amarc's 2025 AGM materials which are also posted on this website.
[1] AuRico extends high grades at Kemess East, Canadian Mining Journal, August 18, 2015
[2]The Economist, World Ahead, November 13, 2025