Freeport-McMoRan (NYSE: FCX) is injecting another $75 million (US$54 million) into Amarc Resources’ (TSX-V: AHR) JOY copper project in British Columbia, moving into stage two of an earn-in agreement signed in 2021.
The investment requires the Arizona-based miner to spend at least $10 million annually over five years, giving it an additional 10% interest in JOY, the companies said Thursday. Freeport is now the project operator, while Amarc has been appointed under a services agreement to manage exploration programs.
The 2025 JOY exploration program, budgeted at over $12 million, is fully funded by Freeport. Drilling is underway, with three rigs focused on expanding the high-grade, near-surface AuRORA deposit – a copper-gold-silver discovery in 2024 at the previously untested Northwest Gossan target.
Near surface
The deal sets the stage for significant growth, Amarc CEO Diane Nicolson said in a release.
“The groundwork is laid to significantly advance the exciting new, high grade, near surface, gold-rich porphyry copper-gold-silver AuRORA deposit which remains open to expansion,” Nicolson said. “Additional drilling and survey work across the JOY District aims to deliver more major copper-gold discoveries.”
The CEO added that the AuRORA discovery could be a cornerstone for both the JOY claims and the broader Toodoggone region, where exploration is accelerating.
Amarc shares rose 7% to 89¢ apiece on Thursday afternoon in Toronto, valuing the company at about $200 million. Alongside JOY, Amarc is advancing the DUKE and IKE porphyry copper-gold districts in central and southern B.C.
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