Dr. Diane Nicolson reports

AMARC COMPLETES LOAN TRANSACTION AND MINERAL CLAIMS OPTION

Further to the news release dated May 26, 2022, Amarc Resources Ltd. has now been financed under a second loan amendment agreement dated May 25, 2022, as amended, pursuant to which it has borrowed a further $100,000 from director Robert Dickinson, increasing the total amount owed to him to $1.1-million. The loan is unsecured, will bear interest at a rate of 10 per cent per annum, and is repayable on or before the earlier of Nov. 26, 2024, and the occurrence of a default or on achievement of financing milestones. A separate six-month facility for 12-per-cent interest is included in the loan amendment, which can be accessed by borrower upon determination of borrower entitlement to near-term receipt of certain cash tax credit refunds related to borrower having incurred Canadian exploration expenditures. In connection with the loan, Amarc will issue to the lender a loan bonus in the form of 1,176,470 warrants, each entitling the holder to acquire one common share of Amarc for approximately 29 months (to Nov. 26, 2024) at a price of 8.5 cents per share, subject to a pro rata reduction of the term to expiry of the warrants if the loan is repaid before the due date. The bonus warrants will be subject to a four-month hold period commencing June 14, 2022. The transaction is exempt from valuation and minority approval requirements of Multilateral Instrument 61-101 by virtue of being a transaction involving less than 25 per cent of Amarc's market capitalization.

The loan proceeds are being used to pay the initial option requirement of $100,000 for an option on a group of five British Columbia mineral claims, dated May 16, 2022, from an arm's-length optionor. Total additional option payments are a further $900,000 at $100,000 per year, payable on or before May 31 of each year (total option payments are $1-million). The property is subject to a 2-per-cent net smelter return royalty, of which 1.5 per cent is capped at $10-million. Amarc plans an immediate geophysical work over the five British Columbia mineral claims in order to keep them in good standing.

About Amarc Resources Ltd.

Amarc is a mineral exploration and development company with an experienced and successful management team focused on developing a new generation of long-life, high-value porphyry copper-gold mines in British Columbia. By combining high-demand projects with dynamic management, Amarc has created a solid platform to create value from its exploration-stage and development-stage assets.

Amarc is advancing its 100-per-cent-owned Ike, Duke and Joy porphyry-copper-plus-or-minus-gold districts located in different prolific porphyry regions of Southern British Columbia, central British Columbia and Northern British Columbia, respectively. Each district represents significant potential for the development of multiple and important-scale, porphyry-copper-plus-or-minus-gold deposits. Importantly, each of the three districts is located in proximity to industrial infrastructure -- including power, highways and rail.