Freeport doubles down on Amarc’s JOY project

[Ben Graham]

Freeport-McMoRan (NYSE: FCX) is injecting another C$75 million ($54m) into Amarc Resources’ (TSX-V: AHR) JOY copper project in Canada’s 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 C$10 million ($7m) annually over five years, giving it an additional 10% interest in JOY. 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 CAD $12M, is fully funded by Freeport.Drilling is already underway, with three rigs focused on expanding the high-grade, near-surface AuRORA deposit— a copper-gold-silver find discovered in 2024 at the previously untested Northwest Gossan target. 

Amarc chief executive Diane Nicolson said the deal sets the stage for significant growth.“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 (…) Additional drilling and survey work across the JOY District aims to deliver more major copper-gold discoveries,” she said.

Nicolson 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 3.6% to C$0.86 on Thursday in Toronto, valuing the company at about C$196 million ($141m). Alongside JOY, Amarc is advancing the DUKE and IKE porphyry copper-gold districts in central and southern B.C.