Dr. Diane Nicolson reports

AMARC COMPLETES $2.77 MILLION FINANCINGS

Amarc Resources Ltd. has completed the two concurrent private financings described in its Nov. 23, 2023, news release, raising aggregate proceeds of $2.77-million. Amarc issued 25 million common shares and 4,807,693 five-year share purchase warrants exercisable at eight cents per common share, 15,384,615 of the shares were issued at 13 cents as flow-through shares, and 9,615,385 of the shares were issued as part of non-flow-through units (with each non-flow-through unit consisting of one common share and one-half of one warrant) at the price of eight cents per non-FT unit for proceeds of $769,231. The related information about the new insider resulting from these financings referenced in the Nov. 23, 2023, news release remains correct. All these securities have a four-month hold period in Canada, and no commissions were paid in connection with the financings.

The company intends to use the net proceeds of the FT shares exclusively for exploration of Amarc's portfolio of B.C. copper-gold projects while the proceeds of the non-flow-through units will be used for general working capital.

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- and development-stage assets.

Amarc is advancing its 100-per-cent-owned Ike, Duke and Joy porphyry Cu plus or minus Au districts located in different prolific porphyry regions of Southern, central and Northern B.C., respectively. Each district represents significant potential for the development of multiple and important-scale porphyry Cu plus or minus Au 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., a wholly owned subsidiary of Freeport-McMoRan Inc., at Joy and Boliden Mineral Canada Ltd., an entity within the Boliden group of companies, at Duke can earn an up-to-70-per-cent 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 financing. 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 B.C.'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 to advance its mineral projects responsibly and in a manner that contributes to sustainable community and economic development. It pursues early and meaningful engagement to ensure its mineral exploration and development activities are well co-ordinated and broadly supported, address local priorities and concerns, and optimize opportunities for collaboration. In particular, it seeks to establish mutually beneficial partnerships with indigenous groups within whose traditional territories its 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 of environmental and social performance.

We seek Safe Harbor.