AMARC AND FREEPORT CONTINUE EXPANDING HIGH GRADE AuRORA COPPER-GOLD-SILVER DEPOSIT Area of AuRORA Now Measures 1.4 km by 0.8 km Deposit Remains Open to Expansion
AMARC AND FREEPORT CONTINUE EXPANDING HIGH GRADE AuRORA COPPER-GOLD-SILVER DEPOSIT
Area of AuRORA Now Measures 1.4 km by 0.8 km
Deposit Remains Open to Expansion
+4 km2 NWG Target Area that Hosts AuRORA Shows More Potential
January 23, 2026. Amarc Resources Ltd. (“Amarc” or the “Company”) (TSXV: AHR; OTCQB: AXREF) is pleased to announce
all remaining assay results from the 2025 expansion drilling at the AuRORA Deposit . The AuRORA Deposit hosts high
grade near surface, copper-gold-silver (“Cu-Au-Ag”) mineralization that has exceptional vertical and lateral continuity
(see Amarc releases January 17, 20 and February 28, 2025) and remains open to further expansion to the north, east ,
south and southwest. Amarc believes the rare combination of high grade near surface geometry and emerging scale at
AuRORA are the hallmarks of a Tier One asset in the making.
Twenty-four core holes (9,687 m) were completed at the AuRORA Deposit in 2025 of which 23 are expansion step-out
holes. Eleven of these holes have already been announced and a ssay data from the remaining 1 2 expansion holes is
provided in this release . These holes show similar host rocks, alteration and mineralization types to those previously
reported. Mineralization at AuRORA has now been intercepted over an area of 1.4 km by 0.8 km (Figure 1).
“Amarc remains highly focused on disciplined, discovery -driven growth and on advancing its assets in a manner that
maximizes the creation of shareholder value ,” said Amarc’s President and CEO, Dr. Diane Nicolson . “A year ago, Amarc
announced the discovery of the exciting new, high grade near surface , gold-rich AuRORA Deposit in the JOY District .
AuRORA has rewritten the exploration playbook in the Toodoggone and stands as one of the most im portant recent
porphyry copper-gold discoveries in British Columbia. With the hallmar ks of a Tier One asset in the makin g, AuRORA is
integral to bringing rapidly forward the potential of the JOY District and stands to be the key to the emergence of a world-
class porphyry copper-gold district in the Toodoggone.”
AuRORA Deposit Expanded to the North
Results previously announced in late 2025 from eight holes completed on Sections 8000N, 8100N and 8200N successfully
expanded AuRORA +300 m to the north (Figure 1, and Amarc releases November 3 and December 10, 2025). Today, we
are announcing drill hole JP25119 located on Section 8300N, which has expanded AuRORA a further +100 m to the north
(Figures 1 and 2, and Tables 1 and 3), for a cumulative +400 m northern extension of the deposit in 2025. This sector of
the Deposit requires further drilling.
The Cu-Au-Ag mineralization in JP25119 occurs well outside the strong magnetic high that hosts the high grade AuRORA
mineralization discovered in 2024. Significant grade intersections (117 m of 0.19% Cu, 0.49 g/t Au and 2.2 g/t Ag including
93 m of 0.20% Cu, 0.54 g/t Au and 2.4 g/t Ag; and 98 m of 0.13% Cu, 0.52 g/t Au and 2.6 g/t Ag, Table 1) in JP25119, occur
in rock with a comparatively weak magnetic signature and outside of the main core of Induced Polarization (“IP”)
chargeability response s. The recognition that mineralization is not restricted to magnetic highs or the strongest IP
chargeability responses in the JOY District opens up exciting potential for further discovery and development of a world
class porphyry Cu-Au district at JOY.
Also, even further to the north, a single large step out scout hole (JP25120) was completed +500 m to the east-northeast
of hole JP25119, and some 350 m north of AuRORA hole JP25103 on Section 8200 N (Figures 1 and 2). This hole, which
was targeted o n a magnetic high within the comparatively lower contrast area of the NWG Target IP chargeability
anomaly, intercepted significant Cu-Au-Ag mineralization at depth (33 m of 0.22% Cu, 0.58 g/t Au and 5.4 g/t Ag; and the
last 36 m of the hole returned 0.29% Cu, 0.28 g/t Au and 5.9 g/t Ag, Table 1). This was the last hole underway on JOY in
2025. It was terminated prematurely in strong mineralization due to 2025 drill program demobilization constraints .
Additional drilling is required to establish if this hole represents expansion of the AuRORA Deposit to the northeast or is
another potential deposit.
- 2 -
AuRORA Deposit Expanded to the East and Southeast
Results from three holes announced in 2025 on Sections 7900N and 7600N successfully expanded AuRORA approximately
200 m to the east and 300 m to the southeast (Figure 1 ). Today’s results are from seven additional drill holes located on
Sections 7800N, 7700N, 7600N, 7400N and 7450N (Figures 1 , 3 and 4 , and Tables 1 and 3), which have cumulatively
expanded the AuRORA Deposit from the 2024 discovery drilling 550 m to the east, +500 m to the southeast and 50 m to
the south. AuRORA remains open to expansion in each of these directions . This sector of the D eposit requires further
drilling.
Like hole JP25119 that extends AuRORA to the north, it should be noted that Cu-Au-Ag mineralization intersected in holes
JP25096 (42 m of 0.11% Cu, 0.36 g/t Au and 2.9 g/t Ag ; and 80 m of 0.24% Cu, 0.27 g/t Au and 3.2 g/t Ag ), JP25097 (134
m of 0.18% Cu, 0.32 g/t Au and 2.8 g/t Ag), JP25102 (38 m of 0.11% Cu, 0.59 g/t Au and 2.4 g/t Ag; and 91 m of 0.18% Cu,
0.31 g/t Au and 4.1 g/t Ag), JP25112 (75 m of 0.31% Cu, 0.22 g/t Au and 7.7 g/t Ag), JP25118 (85 m of 0.23% Cu, 0.20 g/t
Au and 4.8 g/t Ag including 22 m of 0.34% Cu, 0.28 g/t Au and 4.7 g/t Ag) and JP25115 (115 m of 0.29% Cu, 0.26 g/t Au
and 3.1 g/t Ag) again occurs well outside the strong magnetic high that hosts the AuRORA mineralization discovered in
2024.
Of note in this area of AuRORA, five drill holes have returned significant molybdenum (“Mo”) which, like Cu is a Critical
Mineral. Long intercepts of 133 to 356 ppm Mo (Table 2) were encountered, for example, hole JP25112 returned 165 m
of 0.22% Cu, 0.19 g/t Au, 5.3 g/t Ag and 292 ppm Mo. Further drilling in this sector of the Deposit is required to determine
the extent and significance of the Mo mineralization.
AuRORA Deposit Expanded to the Southwest
Results from three holes - JP25087 (66 m of 0.25% Cu, 0.65 g/t Au and 2.7 g/t Ag) on Section 7700N, and JP25088 (75 m
of 0.33% Cu, 0.76 g/t Au and 3.6 g/t Ag ) and JP25090 (48 m of 0.15% Cu, 0.42 g/t Au and 1.3 g/t Ag ) on Section 7600N
have expanded AuRORA 125 m to the southwest (Figures 1, 3 and 4, and Table 1). AuRORA remains open to expansion to
the southwest. This sector of the Deposit requires further drilling.
New Potential in Northwest Gossan (“NWG”) Target
Hole JP25114 drilled 550 m sout h of the AuRORA Deposit within the NWG Target area (Figures 1 and 4) , intercepted
promising Au-Ag-Cu mineralization (12 m of 0. 40 g/t Au and 0.5 g/t Ag; and 74 m of 0.05% Cu, 0.92 g/t Au and 0.6 g/t Ag).
These strongly anomalous Au grades may mimic the anomalous Au concentrations i n plumes observed above the Kemess
East Cu-Au Porphyry Deposit in the Kemess Mining District1 located adjacent to the south of the JOY District, where the
plumes overlie the main porphyry centres below.
Hole JP25114 was drilled to test rock chip sampling of gossanous outcrop in non- selective samples that returned
significant concentrations of Au (20 ppb to 390 ppb) and Ag (0.1 ppm to 0.6 ppm) within the NWG IP chargeability anomaly
(Figure 1). It is noted that a similar Au and Ag anomaly exists at surface vertically above the mineralized zone in hole
JP25118 on Section 7700N (Figures 1 and 3, and Table 1 ). This area, and other locations with similar Au and Ag
concentrations in surface rock chip samples within the NWG IP chargeability target area require drill testing for additional
porphyry Cu-Au centres.
JOY District drilling in 2024 and 2025 now totals 75 drill holes (32,624 m). Of this total , 45 holes (17,586 m) have been
completed at AuRORA and 31 holes (14,678 m) were completed across the District. T hirty -five holes (15,381 m ) were
drilled at JOY in 2025; of these, assay results from 10 holes drilled across the District are now being compiled for release
shortly.
Figure 1 (Drill Plan Map): AuRORA Deposit Discovery High Grade Near Surface, Exceptional Continuity, Deposit
Continues to be Open to Expansion
Figure 2 (Sections 8400N, 8300N, 8200N and 8100N): AuRORA Deposit Discovery 2025 Step -out Drilling is Discovering
More Open-Ended, Continuous Mineralization
1 Rebagliati, C.M., Duuring, P., Dickinson, J.M., and McKinley, B., and Fagan, A.J., 2020, Geology and exploration of the Jurassic porphyry-style Cu-Au-Ag±Mo
mineralization in the Kemess-Pine area of the Toodoggone District of British Columbia, Canada, in: updated CIM Special Volume 57, Society of Exploration Geologists,
pp. 253-266.
- 3 -
Figure 3 (Sections 8000N, 7900N, 7800N and 7700N): AuRORA Deposit Discovery 2025 Step -Out Drilling is Discovering
More Open-Ended, Continuous Mineralization
Figure 4 (Sections 7600N, 7500N, 7450N and 6900N): AuRORA Deposit Discovery 2025 Step -Out Drilling is Discovering
More Open-Ended, Continuous Mineralization
Table 1: AuRORA Porphyry Cu-Au-Ag Deposit Expansion
Sections 8400N, 8300N, 7800N, 7700N, 7600N, 7500N, 7450N and 6900N
Section Drill
Hole Incl. From
(m)
To
(m)
Int.1,2,3
(m)
Au
(g/t)
Cu
(%)
Ag
(g/t)
8400N JP25120 564.00 597.00 33.00 0.58 0.22 5.4
639.50 675.40 35.90 0.29 0.28 5.9
8300N JP25119 461.00 577.65 116.65 0.49 0.19 2.2
Incl. 470.00 563.00 93.00 0.54 0.20 2.4
602.00 700.00 98.00 0.52 0.13 2.6
Incl. 602.00 627.53 25.53 0.93 0.21 2.5
7800N JP25102 308.00 346.05 38.05 0.59 0.11 2.4
376.70 468.00 91.30 0.31 0.18 4.1
7700N JP25087 78.00 243.00 165.00 0.38 0.16 1.7
Incl. 162.00 228.00 66.00 0.65 0.25 2.7
JP25096 182.75 225.00 42.25 0.36 0.11 2.9
257.00 336.50 79.50 0.27 0.24 3.2
JP25118 240.00 477.00 237.00 0.19 0.15 2.9
Incl. 327.00 412.40 85.40 0.20 0.23 4.8
Incl. 422.50 444.00 21.50 0.28 0.34 4.7
7600N JP25088 194.00 300.00 106.00 0.62 0.27 3.1
Incl. 213.00 288.00 75.00 0.76 0.33 3.6
JP25090 117.00 279.40 162.40 0.22 0.10 0.9
Incl. 192.00 240.00 48.00 0.42 0.15 1.3
JP25097 144.00 278.45 134.45 0.32 0.18 2.8
Incl. 180.00 278.45 98.45 0.30 0.22 3.5
and 180.00 231.00 51.00 0.35 0.23 3.4
JP25112 270.00 435.00 165.00 0.19 0.22 5.3
Incl. 360.00 435.00 75.00 0.22 0.31 7.7
7500N JP25092 207.00 273.00 66.00 0.12 0.12 1.7
Incl. 210.00 249.00 39.00 0.13 0.16 2.0
7450N JP25115 213.00 289.74 76.70 0.20 0.15 3.3
303.00 417.80 114.80 0.26 0.29 3.1
6900N JP251145 27.00 39.00 12.00 0.40 0.006 0.67
96.00 169.55 73.55 0.92 0.05 0.6
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. Drill hole JP25115 interval 234-235.2 m comprised broken ground, no core was recovered, and it was
therefore averaged at zero grade.
5. Drilled in Northwest Gossan (NWG) Target.
6. Value rounded to two decimal places; underlying result for Cu (%) is 0.0049%.
7. Values rounded to one decimal place; underlying results for Ag (g/t) are 0.55 and 0.62, respectively.
8. Drill hole JP25101 was lost and redrilled at JP25103 which was previously released.
- 4 -
Table 2: AuRORA Porphyry Cu-Au-Ag Deposit Drill Holes from the
Southeast Area with Significant Mo
Drill
Hole
From
(m)
To
(m)
Int.1,2,3
(m)
Au
(g/t)
Cu
(%)
Ag
(g/t)
Mo
(ppm)
JP250984 223.00 289.00 66.00 0.49 0.18 4.8 133
JP25102 321.00 346.05 25.05 0.65 0.14 3.1 167
376.70 468.00 91.30 0.31 0.18 4.1 139
JP25112 270.00 435.00 165.00 0.19 0.22 5.3 292
JP25115 222.00 289.70 67.70 0.19 0.16 3.2 251
300.00 378.00 78.00 0.24 0.30 3.3 356
JP25118 264.00 369.00 105.00 0.24 0.12 2.7 164
Notes to Table 2: 1, 2 and 3, see Table 1
4. Drill Hole JP25098 was previously released.
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. While Freeport is now the Operator of JOY, Aurora Minerals Ltd., the joint venture company is currently
owned by Freeport (60%) and Amarc (40%), has appointed Amarc as the primary contractor to continue to manage the
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 por phyry 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.
- 5 -
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 partnerships 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 are 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 the AuRORA Deposit and other 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; however, for AuRORA Deposit samples,
a 1,000 g split was pulverized to the same particle-size specification. 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. In addition, all samples from the AuRORA Deposit were also analyzed for Cu by single element
four-acid digestion ICP -AES, for oxidized Cu by quick sulphuric acid / ferric sulphate leach AAS and for soluble Cu by
sulphuric acid leach AAS. As part of a comprehensive Quality Assurance/Quality Control ("QAQC") program, Amarc control
samples were inserted in e ach analytical batch of the core samples at the following rates: standards 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 Exchange)
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 r esults 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 explo ration 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 environmental 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 tenure 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.
- 6 -
Table 3: Announced Drill Hole Information
Drill
Hole Easting Northing Elevation Azim
(°)
Dip
(°)
EOH
(m)
JP25087 622688 6347704 1411 270 -67 309.0
JP25088 622698 6347600 1444 90 -65 375.0
JP25090 622693 6347602 1445 270 -60 279.4
JP25092 622884 6347505 1421 90 -60 297.4
JP25096 623037 6347699 1395 90 -56 364.5
JP25097 623074 6347598 1395 91 -60 314.3
JP25102 623497 6347805 1609 270 -81 521.2
JP25112 623322 6347599 1453 90 -61 553.0
JP25114 623123 6346917 1553 90 -55 486.0
JP25115 623303 6347442 1418 91 -71 486.0
JP25118 623301 6347700 1492 90 -70 504.0
JP25119 622610 6348301 1362 270 -75 700.0
JP25120 623059 6348417 1609 90 -85 675.4
Note: Collar locations are in UTM NAD83, Zone 9N coordinates.
- 7 -
Figure 1 (Drill Plan Map): AuRORA Deposit Discovery High Grade Near Surface, Exceptional Continuity, Deposit
Continues to be Open to Expansion
- 8 -
Figure 2 (Sections 8400N, 8300N, 8200N and 8100N): AuRORA Deposit Discovery 2025 Step-out Drilling is Discovering
More Open-Ended, Continuous Mineralization