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

VANCOUVER, BC / ACCESS Newswire / 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 assay data from the remaining 12 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 important recent porphyry copper-gold discoveries in British Columbia. With the hallmarks of a Tier One asset in the making, 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 responses. 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 on 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.

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 Deposit 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 south 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 in plumes observed above the Kemess East Cu-Au Porphyry Deposit in the Kemess Mining District ¹ 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. Thirty-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

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