Dr. Diane Nicolson reports

AMARC APPOINTS DR. PAUL JOHNSTON AS VICE PRESIDENT EXPLORATION

Amarc Resources Ltd. has appointed Paul Johnston, PhD, PGeo, as its new vice-president of exploration. Dr. Roy Greig is stepping down as vice-president of exploration for family reasons, but will continue as a consultant to the company.

"I am thrilled to welcome Paul to the Amarc team," said Dr. Diane Nicolson, Amarc's president and chief executive officer. "He brings significant experience as an executive and board member of exploration companies and, importantly, as a skilled geoscientist who has led technical teams to successfully advance exploration and development projects. His demonstrated ability to introduce and manage people and systems across multiple projects will be invaluable as Amarc advances extensive drilling programs across its portfolio of expansive copper-gold districts in 2024."

Dr. Johnston has a long record of working within companies to build discovery capacity in varied, multicultural, international settings. Much of his career has been spent working in the field, most notably in porphyry copper environments in Peru and Chile, maximizing integration directly from the rock record to help develop exploration targets and optimize exploration programs.

Following an early career as mine geologist and senior mine geologist at Hemlo, Dr. Johnston spent 18 years with Teck Resources, working on projects in Indonesia, China, Australia and Chile, and taking on progressively advanced roles in their global exploration department. As regional chief geoscientist, South America, Dr. Johnston provided technical leadership of Teck's exploration activities in South America and increased the value of the company's mining assets in the region. As principal geologist evaluations for North America, he identified multiple exploration opportunities for acquisition or partnership to improve and expand the company's exploration portfolio.

Since 2015, he has worked in the junior sector, most recently as vice-president of exploration for Element 29 Resources Inc., where he built, developed and led a high-performing exploration team that executed aggressive drilling programs to advance the Elida project in Peru to an initial estimate of a significant resource within 18 months of the company's IPO (initial public offering).

Dr. Johnston earned a PhD, geological sciences, and a master of science from Queen's University. He is a member of the Society of Economic Geologists (SEG), and is a registered professional with Engineers and Geoscientists British Columbia (EGBC), where he currently serves on the geoscience credentials assessment panel.

"On behalf of Amarc's board of directors, I would also like to thank Roy Greig for his contributions to the company," Dr. Nicolson said. "Roy led Amarc's on-the-ground technical team at a time of strong growth for the company, during which multiple work programs involving extensive drilling, and airborne and ground surveys were advanced with partners Freeport and Boliden at our Joy and Duke districts. We look forward to his continued input as a consultant and wish him all the best with his future plans."

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 copper (Cu) plus or minus gold (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 for these districts. In addition, Amarc intends to solo-drill the higher-grade Empress deposit in the Ike district with financing from a successful 2023 financing. Amarc is the operator of all 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.