However, there is a possibility that a fake take down might hit it. There have been stories about someone pretending to be a Nintendo lawyer and randomly taking down fan works, or maybe some sort of bot auto removing stuff under questionable premises.
For example:
https://www.youtube.com/watch?v=m_gnwn535eM
Or my post about the same matter:
https://gamingreinvented.com/nintendoarticles/fake-nintendo-...
However, it's not as likely to take it offline as for some projects. The imposter only seems to go after file hosts like Dropbox, Mediafire, etc. This fan game is also hosted on a Metroid fan site and isn't dependant on a company honouring questionable takedowns to cover their backside.
It might happen, but it could easily survive. Or have its mirror links taken down by an imposter.
Additionally, with something like the Mother 3 translation project, Nintendo was apparently "aware" but took no action. [1] I would assume there were similar conditions for other translation projects for Nintendo products. I think in the case of Mother 3, it helped that it had been officially decided there would be no official translation at the time and the translation team plastered commands about "don't pirate" and links to purchase the original game via import all over the site.
This fan game really isn't quite either situation - it uses Nintendo IP, but it's also 100% from the ground up original content and code, so it's just the Metroid IP that Nintendo could issue a cease and desist over. AM2R has been in production for years though, and I don't think it's been any secret to Nintendo. My guess is if they haven't issued a c/d yet, they probably are giving a silent approval.
[1] - https://en.wikipedia.org/wiki/Mother_3_fan_translation
edit: forgot my link >.<
And sadly, seems that the torrent isn't working [for me].