Mining Co. Gains Major Funding for British Columbia Copper-Gold Project

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

On May 28, 2026, Amarc Resources Ltd. (AHR:TSX.V; AXREF.OB:OTCBB) announced a preliminary CA$15-million budget for its 2026 exploration focused on unlocking the Tier 1 potential of its Joy copper-gold project in British Columbia's Toodoggone region. The program will be fully financed by Freeport-McMoRan Mineral Properties Canada Inc., a wholly owned subsidiary of Freeport-McMoRan Inc. (FCX:NYSE), through Aurora Minerals Ltd. (ARM:ASX), the private joint venture corporation in which Freeport currently owns a 60% and Amarc a 40% shareholder's interest. After earning a 60% interest in Aurora Minerals by funding CA$35 million under an accelerated timeframe, Freeport has exercised its right to an addition 10% in Aurora Minerals by investing a further CA$75 million in the company.

As the primary contractor managing Aurora Mineral's exploration at Joy, Amarc listed the following 2026 program and budget highlights:

• A 70-person camp will be mobilized to Joy to support three drill rigs, two helicopters, and survey crews that will be continuously deployed throughout the field season.
• Drilling will initially focus on step-out drilling to determine the full size of the high-grade near-surface Aurora Cu-Au-Ag (copper-gold-silver) deposit, which currently extends over 1.4 kilometers (km) by 0.8 km, and remains wide open to expansion.
• A second focus will be continued drilling of the Twins Cu-Au discovery within a highly prospective and extensive 8.5 square km sulphide system located approximately 17 km south of Aurora and on the 10 km long Pine porphyry trend, which also includes the Pine deposit and the Canyon discovery.
• Drill testing of two porphyry Cu-Au deposit targets identified by Finlay Minerals Ltd., located 1,500 meters (m) northeast of the Aurora deposit on mineral claims within the Pil area of common interest (AOI), which is an additional mineral property interest being earned into by the Aurora joint venture.
• Further geological, geochemical, and geophysical surveys to be completed across the Joy district to refine the emerging pipeline of porphyry Cu-Au deposit targets for drill testing.
• At Aurora, preliminary predevelopment engineering, resource planning, and metallurgical studies by Freeport.

Dr. Diane Nicholson, CEO of Amarc, said in the release, "The Toodoggone is attracting increased exploration activity and attention from both major mining companies and investors. Amarc believes that a key driver of that interest is related to the discovery of Aurora and emerging potential of the Joy district, where Freeport continues to demonstrate its conviction in the asset with ongoing funding towards its CA$110-million investment. The Amarc team is highly focused on finalizing plans for the 2026 exploration season and preparing to mobilize within the month."

Amarc Resources Ltd. is a Canadian junior exploration company based in British Columbia. It is associated with Hunter Dickinson Inc. (HDI), a proven minerals company. Amarc is focused entirely on exploring and developing gold-copper mines located within British Columbia, Canada.

Metals Markets During Wartime

Spot gold prices tumbled on May 28, 2026, after fresh strikes between the U.S. and Iran unsettled hopes for an end to the war, despite President Trump claiming that a new 60-day ceasefire extension had been reached.

Copper, a necessary industrial metal, even hit a low at US$6.07 on May 28. Often immune to stock fluctuations due to its critical usage needs, renewed suspicion of U.S. tariffs on China's copper exports have caused the rates to drop today.

Gold is considered a safe-haven asset and is often regarded as a sensible investment during times of global uncertainty, as The Economic Times said on May 28, 2026, writing: "The precious metals markets remain highly sensitive to interest rates, inflation expectations, and geopolitical developments."

Amarc a 'Top Takeover Candidate'

On May 27, 2026, Jeff Valks, senior analyst at The Gold Advisor, wrote: "It has been a busy year already for Amarc, including their listing on the Frankfurt Exchange, and another porphyry discovery at JOY. Now comes the field season with a major partner covering the tab. Big systems need big programs, and JOY is getting one." Valks gave Amarc a "Buy" rating, calling it a "top takeover candidate."

Also on May 27, 2026, Michael Gray of Agentis listed key investor catalysts for the company as Aurora Au-Cu porphyry expansion infill results, which are expected in the second half of 2026, as well as continued regional exploration for new discoveries.

Gray said, "We think the planned 2026 program provides upside for AHR to uncover further scale definition within a multi-target Cu-Au district."

Program Advancement in 2026

In its investor presentation, Amarc listed its JOY Cu-Au porphyry district as a potential high-grade, world-class project, with significant drilling and development underway.

The company disclosed its partial ownership of the JOY (40%), DUKE (40%) districts, as well as its 100% ownership of the IKE district, noting substantial non-share dilutive funding with Freeport and Boliden. Amarc plans to gain momentum in the coming months by advancing its current programs.

Ownership & Share Information¹

Amarc Resources Ltd. has a market cap of CA$223.24 million, with 225.50 million shares outstanding. The company's 52-week range is CA$0.56-CA$1.52.

Institutions own 6.46% of shares, while Management & Insiders own 19.60%. Strategic investors own 17.93% of shares, and the remaining 56.01% of shares are held by retail.