Dr. Diane Nicolson reports

DRILLING RECOMMENCES AT AMARC'S DUKE COPPER-GOLD DISTRICT, BC

Amarc Resources Ltd. has resumed core drilling at its 100-per-cent-owned Duke porphyry copper-gold district in central British Columbia after an end-of-year break. This is the first phase of programs to be financed under the mineral property earn-in agreement with Boliden Mineral Canada Ltd., a wholly owned subsidiary of the Boliden Group. Under the terms of that agreement, Boliden may earn up to a 70-per-cent ownership interest by investing, in stages, up to $90-million in the exploration and development of Amarc's Duke district (see the news release dated Nov. 22, 2022). Amarc is project operator during the earn-in phase.

Core drilling focused at the Duke deposit was initiated in late 2022 (see the news release dated Dec. 8, 2022), with two holes completed prior to the holiday break. One core rig is now drilling and will be joined by a second rig later this week. One rig will focus on further delineating the Duke deposit, while the other will drill test the largely overburden covered, three-square-kilometre induced polarization (IP) chargeability anomaly that surrounds the Duke deposit. IP chargeability surveys measure the relative quantity of sulphide mineralization and are particularly effective in detecting potential porphyry copper deposits covered by overburden.

The fully financed 2023 program is planned to continue until spring breakup, then recommence again in the summer with drilling and additional surface programs testing about 12 prioritized deposit targets across the Duke district.

Boliden has committed to invest $5-million, with an expected further investment of $5-million (total $10-million) during 2023.

About the Duke district

Amarc's Duke district is located 80 kilometres northeast of Smithers within the Babine region, one of B.C.'s most prolific porphyry copper-gold belts. It hosts the former Bell and Granisle Cu-Au mines that were operated by Noranda mines, and the advanced-stage Morrison Cu-Au deposit. Significant infrastructure exists in the region servicing the former mines and the very active forestry and exploration industries.

Central to Amarc's extensive mineral tenure is the Duke deposit discovery, located 30 km north of the former Bell mine. Although explored historically, the extensive porphyry Cu system at the Duke discovery has not been delineated or drilled off. Many of the 21 historical shallow and closely spaced core holes intersected and ended in significant Cu-molybdenum-silver-gold mineralization. These holes were restricted to a small portion of a robust, three km north-south by one km east-west IP chargeability anomaly indicating a large sulphide mineralized system. Amarc completed initial drilling at the Duke deposit in 2017 and 2018. Seven of the eight core holes drilled over an area measuring approximately 400 m north-south by 600 m east-west (see the news releases dated Dec. 19, 2017, and June 12, 2018) successfully intersected porphyry copper-style mineralization to a vertical depth of 360 m. This mineralization remains wide open to expansion. The eighth hole was drilled off a road one kilometre to the north and within the three-square-kilometre sulphide mineral system; it intersected similar copper-molybdenum-silver-gold porphyry mineralization.

Amarc has also completed a comprehensive compilation of government and historical data over the entire Duke district. This detailed scientific work provided a new interpretation of the geological, geochemical and geophysical characteristics of the Babine belt, and identified 12 previously unrecognized porphyry Cu deposit targets with exciting potential (see the news release dated May 6, 2020).

Further information on the historical and Amarc's modern exploration activities in the Duke district are described in the company's Duke project 2020 technical report available on its website.

Qualified person Dr. Roy Greig, PGeo, a qualified person, as defined by National Instrument 43-101, has read and approved all technical and scientific information related to the Duke project contained in this news release. Dr. Greig is Amarc's vice-president of exploration.

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 Cu-Au mines in BC. By combining high-demand projects with dynamic management, Amarc has created a solid platform to create value from its exploration 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, central 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.

Amarc is associated with HDI, a diversified, global mining company with a 35-year history of porphyry Cu deposit discovery and development success. Previous and current HDI projects include some of B.C. and the world's most important porphyry deposits -- such as Pebble, Mount Milligan, Southern Star, Kemess South, Kemess North, Gibraltar, Prosperity, Xietongmen, Newtongmen, Florence, Casino, Sisson, Maggie, Ike, Pine and Duke. From its head office in Vancouver, Canada, HDI applies its unique strengths and capabilities to acquire, develop, operate and monetize mineral projects.

Amarc works closely with local governments, indigenous groups and stakeholders in order to advance its mineral projects responsibly, and in a manner that contributes to sustainable community and economic development. The company pursues early and meaningful engagement to ensure its mineral exploration and development activities: are well coordinated and broadly supported; address local priorities and concerns; and optimize opportunities for collaboration. In particular, the company seeks to establish mutually beneficial partnerships with indigenous groups within whose traditional territories where the company's projects are located, through the provision of jobs, training programs, contract opportunities, capacity financing agreements and sponsorship of community events. All Amarc work programs are carefully planned to achieve high levels of environmental and social performance.

We seek Safe Harbor.