Dr. Diane Nicolson reports

AMARC AND FREEPORT-MCMORAN MINERAL PROPERTIES CANADA INC. COMMENCE PLANNING FOR THE 2024 JOY COPPER-GOLD DISTRICT DRILLING PROGRAM

Planning has commenced with Freeport-McMoRan Mineral Properties Canada Inc. in preparation for an intended extensive 2024 drilling program at Amarc Resources Ltd.'s 100-per-cent-owned Joy copper-gold district in north-central British Columbia. The program - planned to commence at site in early June - is to be fully funded by Freeport, which is earning-in at JOY. Amarc will continue as operator of the project.

Amarc has recently completed the 2023 field program at JOY. This year's program was designed to inform the 2024 drilling plans and included extensive airborne and surface exploration surveys, focused on the detailed refinement of multiple porphyry copper-gold deposit targets clustered along mineralized trends across the JOY District. The final results from these comprehensive surveys are now being received and once appropriately verified and integrated into existing datasets, will be released.

The principal components of the 2023 surveys were:638 line-km of airborne Magnetotelluric ("MT") geophysics;30 km2 of ground-based MT geophysics;72.5 line-km of Induced Polarization ground geophysics;465 geological survey traverse-km;769 systematic rock chip samples for assay; and1,788 grid soil samples for assay.

To facilitate future drilling, rehabilitation of exploration trail and bridge access to the PINE Cu-Au Deposit in the centre of the JOY tenure and other deposit targets was completed with Chu Cho Industries LP, a Tsay Keh Dene Nation business.

"The Amarc team continues to capitalize on our collaborative relationship with Freeport, and pool our expertise with the goal of efficiently unlocking value across the extensive 482 km2 JOY District," said Dr. Diane Nicolson Amarc President and CEO. "As the Company looks forward to a significant drill exploration program in 2024, we believe there is a real opportunity to make multiple, significant copper-gold deposit discoveries delivering an active and exciting year for our shareholders, contractors and local communities."

About the JOY District

Amarc's 100%-owned JOY District is located on the northern extension of the prolific Kemess porphyry Cu-Au District that includes the former Kemess South mine, the permitted and development-stage Kemess North underground deposit, and the advanced-stage Kemess East underground deposit - all currently held by Centerra Gold Inc. Through its association with Hunter Dickinson Inc., Amarc's technical team was first to recognize the Kemess District's true porphyry potential, acquiring Kemess North and Kemess South as early-stage prospects and advancing both to significant porphyry Cu-Au deposits. Kemess South was sold in 1996 on beneficial terms to a predecessor of Northgate Minerals, which brought that deposit into production.

The JOY District is readily accessed via resource roads servicing the southern end of the Toodoggone region, including Centerra's Kemess porphyry Cu-Au deposits and the historical Lawyers, Baker and Shasta epithermal precious metal mines now being redeveloped by Benchmark Metals Inc. and TDG Gold Corp, respectively.

In May 2021, Amarc entered into a Mineral Property Earn-In Agreement (the "EIA") with Freeport-McMoRan Mineral Properties Canada Inc. ("Freeport"), a wholly owned subsidiary of Freeport-McMoRan Inc. (see Amarc release May 12, 2021). Freeport may acquire up to a 70% ownership interest in JOY by making staged investments totaling $110 million.

Freeport's investments into JOY to date include $5.94 million contributed in 2021 and approximately $14 million in 2022 (see Amarc releases November 15 and December 15, 2021). Comprehensive drilling and surface exploration programs in 2021 and 2022 expanded the PINE Cu-Au Deposit, with potential for further expansion, and made a new porphyry Cu-Au discovery called Canyon (see Amarc releases dated March 7, 2022, March 2, 2023 and June 26, 2023).

Further in-depth information on historical and more recent exploration activities completed within the JOY District prior to 2021 can be found in the Company's 'JOY Project 2020 Technical Report', filed under Amarc's profile at www.sedarplus.ca or located on its website at https://amarcresources.com/projects/joy-project/technical-report/.

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%-owned IKE, DUKE and JOY porphyry Cuplus or minusAu Districts located in different prolific porphyry regions of southern, central and northern BC, respectively. Each District represents significant potential for the development of multiple and important-scale, porphyry Cuplus or minusAu deposits. Importantly, each of the three districts is located in proximity to industrial infrastructure - including power, highways and rail.

Freeport-McMoRan Mineral Properties Canada Inc. ("Freeport"), a wholly owned subsidiary of Freeport-McMoRan Inc. at JOY and Boliden Mineral Canada Ltd. ("Boliden"), an entity within the Boliden Group of companies at DUKE, can earn up to a 70% interest in each District through staged investments of $110 million and $90 million, respectively. Together this provides Amarc with potentially up to $200 million in non-share dilutive staged funding. Amarc is the operator of both programs.

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 BC's 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. We pursue early and meaningful engagement to ensure our mineral exploration and development activities are well coordinated and broadly supported, address local priorities and concerns, and optimize opportunities for collaboration. In particular, we seek to establish mutually beneficial partnerships with Indigenous groups within whose traditional territories our projects are located, through the provision of jobs, training programs, contract opportunities, capacity funding agreements and sponsorship of community events. All Amarc work programs are carefully planned to achieve high levels of environmental and social performance.

Qualified Person

Dr. Roy Greig, P.Geo, a Qualified Person ("QP") as defined by National Instrument 43-101, has read and approved all technical and scientific information related to the JOY District contained in this news release. Dr. Greig is Amarc's Vice President, Exploration.

For further details on Amarc Resources Ltd., please visit the Company's website at www.amarcresources.com or contact Dr. Diane Nicolson, President and CEO, at (604) 684-6365 or within North America at 1-800-667-2114, or Kin Communications, at (604) 684-6730, Email: AHR@kincommunications.com.

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