Amarc Resources is a copper-gold exploration company focused on three British Columbia districts: JOY, DUKE and IKE. The MD&A highlights extensive 2024–2025 drilling success at the JOY District’s AuRORA deposit, where mineralization has now been intercepted over an area of about 1.4 km by 0.8 km, supported by multiple long, high-grade Cu-Au-Ag intercepts.
At JOY, partner Freeport has funded over $35 million, earned a 60% interest and elected to increase its stake to 70% by sole funding a further $75 million over five years through joint venture company Aurora Minerals. At the DUKE District, partner Boliden has invested $30 million and earned a 60% interest, with an option to reach 70% by spending an additional $60 million.
Financially, for the three months ended December 31, 2025 Amarc reported a net loss of $227,313, but net income of $43,555 for the nine months, helped by $18.8 million of cost recoveries from partners. Exploration and evaluation expenses were $22.3 million over nine months, largely at JOY and DUKE. The company ended the period with cash of $1.56 million and accounts payable and accrued liabilities of $769,418, and continues to depend on partner funding and external capital for future exploration.