AMARC CONFIRMS DISCOVERY OF THIRD NEW PORPHYRY COPPER-GOLD SYSTEM AT JOY TWINS Joins the AuRORA and CANYON Discoveries, and PINE and Brenda Historical Deposits A Major New Porphyry Copper-Gold District is Emerging at JOY
AMARC CONFIRMS DISCOVERY OF THIRD NEW PORPHYRY COPPER-GOLD SYSTEM AT JOY
TWINS Joins the AuRORA and CANYON Discoveries, and PINE and Brenda Historical Deposits
A Major New Porphyry Copper-Gold District is Emerging at JOY
And Potentially in the Toodoggone
February 19, 2026. Amarc Resources Ltd. (“Amarc” or the “Company”) (TSXV: AHR; OTCQB: AXREF) is pleased to announce
assay results from the TWINS Discovery located approximately 17 km to southeast of the AuRORA Deposit. TWINS is the
third discovery of a new copper-gold (“Cu-Au”) porphyry system at the JOY District (see Amarc release March 2, 2023).
With the advancement of t he AuRORA Cu-Au-Ag Deposit and the TWINS and C ANYON Discoveries, along with the
historical PINE and Brenda Deposits , a new porphyry Cu -Au exploration playbook is unfolding in the Toodoggone
region. The JOY mineral rights and title are held in Aurora Minerals Ltd., a company in which Freeport-McMoRan Mineral
Properties Canada Inc. ("Freeport") holds a 60% and Amarc a 40% shareholding interest, respectively (see Amarc release
September 4, 2025).
“The extensive TWINS sulphide system forms the largest porphyry lithocap in the JOY District - larger than that hosting
the AuRORA Deposit,” said Dr. Diane Nicolson, President and CEO. “Lithocaps represent the top of a volcanic or magmatic
system which can conceal copper-gold porphyry targets below. A number of comprehensive, science-based airborne and
ground exploration surveys are used to see through these lithocaps and guide discovery -focused drilling. The large
lithocap at TWINS is proving to have the potential to conceal exciting porphyry copper-gold systems. Certainly, the
AuRORA and TWINS Discoveries are proof of exploration concept for lithocap exploration across the JOY District. Anchored
on the growing AuRORA Deposit, which the Amarc team believes is a Tier One asset in the making - there is outstanding
potential for the emerging development of a world class district in the Toodoggone region that could be similar to the
Golden Triangle. Comprehensive p lanning for the 202 6 season is currently underway to continue to realize the full
potential of the JOY District.”
JOY District drilling in 2024 and 2025 totals 75 drill holes (32,264 m). Of this total, 44 holes (17,586 m) were completed at
AuRORA and 31 holes (14,678 m) across the District.
Thirty-five holes (15,381 m) were drilled at JOY in 2025 . All assay data has been released from drilling at the AuRORA
Deposit, which extends that deposit over an area of 1.4 km by 800 m . The AuRORA Deposit remains wide open to drill
expansion (see Amarc release January 23, 2025). Reported here are the final assay results from 10 holes (5,208 m) drilled
across the JOY District in 2025.
TWINS Cu-Au Discovery and Expansion
TWINS is located on the 10 km long PINE Porphyry Trend, which also includes the PINE Deposit and the CANYON Discovery
(Figure 1). The highly prospective TWINS porphyry target sulphide system is defined by a n 8.5 km2 Induced Polarization
(“IP”) chargeability geophysic al anomaly. The large footprint of this lithocap target , its extensive veneer of glacial
overburden cover, the highly anomalous Au intercepts from very widely spaced and relatively shallow reconnaissance drill
holes previously released by Amarc, and the 2025 results, highlight the significant exploration potential for discovery of
another porphyry Cu-Au deposit (Figure 2, see Amarc releases March 2, 2023 and February 28, 2025).
Figure 1 - Large-Scale Mineral Systems Host the AuRORA, CANYON and TWINS Discoveries, PINE Deposit, NWG and
Other Sulphide Systems
Figure 2 - TWINS Discovery Near Surface Drilling Intercepts Highly Anomalous Gold in Large Porphyry Lithocap
Figure 3 - TWINS Discovery 2025 Drilling Targets Major Porphyry Copper-Gold Deposit Below
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A single scout drill hole completed in 2021 (JP21004), the first ever drilled into the TWINS Target, intercepted 42 m at 0.19
g/t Au and 0.11% Cu1 successfully discovering porphyry-type Cu-Au mineralization (Figure 2, see Amarc release March 7,
2022).
Another early and relatively shallow scout hole (JP22020) tested a magnetic high within the IP chargeability anomaly and
intersected a broad 210 m geochemically anomalous interval with 0.14 g/t Au and 0.03% Cu from 12 m1, and is considered
to be in proximity to a porphyry Cu-Au deposit (Figures 2 and 3). Based on comparisons with the CANYON Discovery and
the PINE Deposit drilling, it was understood that these and other intervals of porphyry Cu -Au mineralization at TWINS
could represent the lateral or upper parts of yet undiscovered porphyry Cu-Au centers. Follow up hole JP24051, drilled in
2024, was set back 187 m to the northeast and drilled on the same section but below JP22020: it returned
encouraging intercepts of 124 m at 0.35 g/t Au and 0.13% Cu, including 57 m at 0.31 g/t Au and 0.11% Cu from 441 m
with alteration and mineralization strengthening with depth.
Hole JP25106 drilled in 2025 targeted underneath holes JP24051 and JP22020, intercepting at depth - 300 m at 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 (Table 1). This mineralization is associated with potassic alteration and chalcopyrite mineralization
hosted within the lower Toodoggone Formation. The grades in these intercepts are approaching those in some of the
earlier holes at the Kemess East deposit such as hole KH-13-08 that intersected 601 m of 0.50 g/t Au and 0.39% Cu2 and
KH-15-02 that intersected 301 m of 0.47 g/t Au and 0.39% Cu3.
All holes completed in the 8.5 km2 TWINS Target indicate the existence of a n extensive Cu -Au enriched porphyry
mineralized system with strong additional discovery potential. Additional drilling is required to build on this potential.
Table 1: Significant Intercepts from the TWINS Drilling
Area Drill
Hole Incl. From
(m)
To
(m)
Int.1,2,3
(m)
Au
(g/t)
Cu
(%)
Ag
(g/t)
TWINS
JP25106 819.00 1119.00 300.00 0.51 0.23 0.5
Incl. 876.00 1119.00 243.00 0.59 0.26 0.6
and 960.00 1095.00 135.00 0.86 0.38 0.8
and 981.00 1026.00 45.00 1.08 0.47 1.0
1053.00 1062.00 9.00 1.48 0.61 1.5
1173.00 1236.00 63.00 0.17 0.15 0.6
JP240514 291.00 440.85 149.85 0.23 0.08 0.4
Incl. 384.00 440.85 56.85 0.31 0.11 0.6
490.90 615.00 124.10 0.35 0.13 0.6
634.65 653.95 19.30 0.16 0.10 0.4
JP251135 798.00 846.00 48.00 0.12 0.08 0.2
975.00 1020.00 45.00 0.36 0.24 0.9
Notes to Table 1:
1. Widths reported are drill widths, such that true thicknesses are unknown.
2. All assay intervals represent length-weighted averages.
3. Some figures may not sum exactly due to rounding.
4. Results from JP24051 previously released; see Amarc news release dated February 28, 2025.
5. JP25113 is the downward extension of JP24051 from 708 m.
1 The intercepts for these holes have been adjusted from those originally released based on new information.
2 AuRico Gold Inc. release December 15, 2014
3 AuRico extends high grades at Kemess East, Canadian Mining Journal, August 18, 2015
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NUB Deposit Target
In addition to the drilling at TWINS, four holes were drilled at three discrete sites within the NUB Target in 2025. These
holes also confirmed the presence of porphyry -style alteration system over a 6.5 km 2 area (Table 2). All four drill holes
returned significant (+100 m) intervals of strong potassic and/or phyllic alteration, representing the presence of a large-
scale system and/or multiple porphyry centres. Hole JP25111 intercepted 45 m at 0.08 g/t Au and 0.14% Cu from 439 m.
The other three drill holes did not intercept significant mineralization. Additional drilling is required to fully assess the
potential at NUB.
Four other scout drill holes testing other sulphide systems distal to the CANYON Discovery and at the NWG and NWT
Targets (Figure 1 and Table 2) were also completed at the JOY District in 2025. No significa nt intercepts were retur ned
from these drill holes.
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 BC. 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±Au Districts located in different prolific porphyry regions of
northern, central and southern BC, respectively. Each District represents significant potential for the development of
multiple and important-scale, porphyry Cu±Au deposits. Importantly, each of the three districts are located in proximity
to industrial infrastructure – including power, highways and rail.
Freeport-McMoRan Mineral Properties Canada Inc. ("Freeport"), a wholly owned subsidiary of Freeport -McMoRan Inc.
at JOY and Boliden Mineral Canada Ltd. ("Boliden"), an entity within the Boliden Group of companies at DUKE, can earn
up to a 70% interest in each District through staged investments of CAD $110 million and CAD $90 million, respectively.
Together, this provides Amarc with potentially up to CAD $200 million in non -share dilutive staged funding for these
Districts. In addition, Amarc completed self -funded drilling at its Empress Cu -Au Deposit in the IKE District in 2024.
Amarc is the operator at the DUKE and IKE Districts.
The CAD $1 6+ million JOY exploration program expenditures in 2025 were 100% funded by Freeport. As previously
announced (Amarc May 29, 2025 and September 4, 2025 releases), Freeport has completed Stage 1 requirements under
the May 2021 JOY agreement, earning a 60% interest by spending CAD $35 million, and has elected to proceed to Stage 2
to earn a further 10% interest by spending an additional CAD $75 million within 5 years at a rate of no less than CAD $10
million per year. The JOY District mineral rights and title are held in Aurora Minerals Ltd., a company in which Freeport-
McMoRan Mineral Properties Canada Inc. ("Freeport") holds a 60% and Amarc a 40% shareholding interest, respectively
(see Amarc release September 4, 2025). 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.
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.
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 BC'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, PINE, IK E, DUKE and AuRORA.
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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. We
pursue early and meaningful engageme nt to ensure our mineral exploration and development activities are well
coordinated and broadly supported, address local priorities and concerns, and optimize opportunities for collaboration.
In particular, we seek to establish mutually beneficial partner ships with Indigenous groups within whose traditional
territories our projects are located, through the provision of jobs, training programs, contract opportunities, capacity
funding agreements and sponsorship of community events. All Amarc work programs a re carefully planned to achieve
high levels of environmental and social performance.
Qualified Person
Mark Rebagliati, P.Eng., a Qualified Person (“QP”) 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.
Quality Assurance/Quality Control Program
Amarc drilled HQ (63.5mm) and NQ (47.6mm) size core in 2025 at the JOY project. All drill core was logged, photographed,
and cut in half with a diamond saw. Half core samples from all drilling across the JOY District were sent to ALS Canada
Ltd., Kamloops, Canada, for preparation and to North Vancouver, Canada for analysis. Both facilities are ISO/IEC
17025:2017 accredited. At the laboratory, samples were dried and crushed to 70% passing −2 mm, followed by
pulverization of a 250 g split to better than 85% passing 75 microns. All samples were analyzed for Au by fire assay fusion
of a 30 g sub-sample with an ICP-AES finish, and for 60 elements including Cu, Mo and Ag by a four-acid digestion, multi-
element ICP -MS package. Overlimit Cu results by multi-element ICP -MS were reanalyzed by single element four -acid
digestion ICP -AES. As part of a comprehensive Quality Assurance/Quality Control ("QAQC") program, Amarc control
samples were inserted in each analytical batch of the core samples at the following rates: st andards one in 20 regular
samples, duplicate sets (half core, coarse reject, and pulp split) one in 20 regular samples and one coarse blank in 20
regular samples. The control sample results were then checked to ensure proper QAQC.
For further details on Amarc Resources Ltd., please visit the Company’s website at www.amarcresources.com or contact
Dr. Diane Nicolson, President and CEO, at (604) 684 -6365 or within North America at 1 -800-667-2114, or Kin
Communications, at (604) 684-6730, Email: [email protected].
ON BEHALF OF THE BOARD OF DIRECTORS OF AMARC RESOURCES LTD.
Dr. Diane Nicolson
President and CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exc hange)
accepts responsibility for the adequacy or accuracy of this release.
Forward Looking and other Cautionary Information
This news release includes certain statements that may be deemed "forward -looking statements". All such statements, other than statements of historical facts that
address exploration plans and plans for enhanced relationships are forward -looking statements. Although the Company believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may
differ materially from those in the forward -looking statements. Assumptions used by the Company to develop forward -looking statements include the following:
Amarc's projects will obtain all required environmental and other permits and all land use and other licenses, studies and exploration of Amarc's projects will continue
to be positive, and no geological or technical problems will occur. Factors that could cause actual results to differ materially from those in forward-looking statements
include market prices, potential environmenta l issues or liabilities associated with exploration, development and mining activities, exploitation and exploration
successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and tenur e and delays due to third party opposition,
changes in and the effect of government policies regarding mining and natural resource exploration and exploitation including the effects of land use plans that may
impact activities on or access to properties, exploration and development of properties located within Aboriginal groups asserted territories may affect or be perceived
to affect asserted aboriginal rights and title, which may cause permitting delays or opposition by Aboriginal groups, continued availability of capital and financing, and
general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or
developments may differ materially from those projected in the forward-looking statements. For more information on Amarc Resources Ltd., investors should review
Amarc's annual Form 20 -F filing with the United States Securities and Exchange Commission at www.sec.gov and its home jurisdiction filings that are available at
www.sedarplus.ca.
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Table 2: Announced Drill Hole Information
Deposit Target Drill Hole Easting Northing Elevation Azim
(°)
Dip
(°)
EOH
(m)
NWG JP25099 624413 6347731 1734 358 -81 510.4
NWG JP25104 624128 6346114 1656 90 -66 403.4
NWT JP25105 622156 6342594 1486 179 -47 298.7
TWINS JP25106 636367 6337623 1397 244 -73 1317.4
NUB JP25108 637632 6350431 1702 90 -50 172.5
NUB JP25110 638350 6350255 1595 0 -50 347.1
NUB JP25111 635270 6349901 1509 270 -54 664.0
TWINS JP25113* 636194 6337523 1339 237 -71 378.0
NUB JP25116 635754 6347796 1487 45 -55 486.4
CANYON JP25117 637296 6340642 1177 309 -71 630.0
Note: Collar locations are in UTM NAD83, Zone 9N coordinates.
* Hole JP25113 Is an extension of hole JP24051.
Figure 1 - Large-Scale Mineral Systems Host the AuRORA, CANYON and TWINS Discoveries, PINE Deposit, NWG and
Other Sulphide Systems
Figure 2 - TWINS Discovery Near Surface Drilling Intercepts Highly Anomalous Gold in Large Porphyry Lithocap
Figure 3 - TWINS Discovery 2025 Drilling Targets Major Porphyry Copper-Gold Deposit Below