Amarc Announces Freeport has Elected to Proceed to CAD $75 Million Stage 2 Earn-in at JOY

About this update from Freeport-mcmoran, Inc.

[{"type":"text","content":"VANCOUVER, BC / ACCESS Newswire / September 4, 2025 / Amarc Resources Ltd. (TSXV:AHR)(OTCQB:AXREF) ("Amarc" or "the Company") is pleased to announce that Freeport-McMoRan Mineral Properties Canada Inc., ("Freeport") a wholly-owned subsidiary of Freeport-McMoRan Inc. (FCX), has formally elected to proceed to Stage 2 of the JOY Mineral Property Earn-in Agreement of May 2021 (the "EIA"). As previously announced, Freeport completed the Stage 1 requirement of CAD $35 million of expenditures, under an accelerated timeframe, by the start of the 2025 summer exploration season in British Columbia ("BC") (see Amarc release May 29, 2025). Accordingly, Freeport is now vested in a 60% shareholding interest in Aurora Minerals Ltd. ("Aurora Minerals"), the private joint venture corporation which will hold the JOY District mineral rights and titles and in which Amarc holds a 40% shareholding interest.","length":958,"tagName":"p"},{"type":"text","content":"Under Stage 2, Freeport has elected to proceed to earn a further 10% interest in Aurora Minerals by spending an additional CAD $75 million within 5 years at a rate of no less than CAD $10 million per year, failing which the parties will proceed to fund the project pro rata on a 60:40 basis. The 2025 JOY exploration program expenditures budgeted at CAD +$12 M are being 100% funded by Freeport under Stage 2. 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.","length":600,"tagName":"p"},{"type":"text","content":""We are pleased that Freeport is proceeding to Stage 2 of the JOY EIA," said Amarc CEO Diane Nicolson. "The groundwork is laid to significantly advance the exciting new, high grade, near surface, gold-rich porphyry copper-gold-silver ("Cu-Au-Ag") AuRORA Deposit which remains open to expansion. The 2025 drill program is well underway with three rigs focused on the AuRORA Deposit. Additional drill and survey work is aimed at unlocking the excellent potential elsewhere in the JOY District with the goal of delivering additional major copper-gold discoveries. Amarc believes that the AuRORA Discovery could be a key to unlocking the value not only of our JOY District minera...

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