Dr. Diane Nicolson reports

AMARC INTRODUCES THE JO PORPHYRY COPPER-GOLD DISCOVERY IN THE DUKE DISTRICT

Amarc Resources Ltd. has named the new JO porphyry copper-gold (Cu-Au) target, one of several new drill-ready targets discovered and delineated by the company's 2023 comprehensive exploration surveys across the prospective 722-square-kilometre Duke district in central British Columbia. The success of last year's program is highlighted by the identification of multiple new porphyry Cu-Au centres in the district.

Through 2023, Boliden Mineral Canada Ltd., under the Duke district mineral property earn-in agreement, financed $10-million in exploration expenditures and will continue its earn-in during 2024 with a further $10-million of budgeted expenditures (see Amarc's news release dated Dec. 13, 2023). Amarc continues as project operator. A significant portion of this year's investment will be directed toward drilling the Duke deposit and multiple drill-ready porphyry Cu-Au targets across the district.

Amarc's 2023 district-wide field program (see Amarc's news release of Nov. 21, 2023) employed a combination of geochemical, geophysical and geological surveys, and was expressly designed to identify previously unrecognized porphyry Cu-Au deposit targets associated with biotite-feldspar porphyry (BFPs) intrusive rocks. These BFPs are host to mineralization within the prolific Babine porphyry Cu-Au region at the former Bell and Granisle Cu-Au mines that were operated by Noranda Mines, the advanced-stage Morrison Cu-Au deposit, and also Amarc's Duke deposit, SVEA Cu-Au deposit target (see Amarc's news release dated Jan. 19, 2024) and the JO target.

"Our effective surveys across the Duke district continue to highlight the potential for finding important copper-gold deposits," said Dr. Diane Nicolson, Amarc's president and chief executive officer. "The discovery of a new mineralized occurrence at the JO target in a region with half a century of exploration history should not be understated. The strength of coincident induced polarization chargeability and magnetic geophysical anomalies and associated copper-gold mineralization hosted by a key BFP intrusion warrants drill testing. A reconnaissance drilling program is in the planning stages and will be undertaken during the 2024 summer field season, following on from drilling at the promising SVEA Cu-Au deposit target."

Dr. Nicolson further added that the Amarc team, having achieved all objectives of the nine-hole winter drilling program at the Duke deposit and Duke target, has safely demobilized ahead of breakup. As results are received and assessed they will be timely released.

JO target discovery

Prior to Amarc's 2023 district-wide exploration programs, no mineral occurrences were identified in the area of the JO target and this discovery highlights the effectiveness of the survey work. Notably, JO is located approximately six kilometres to the northwest of Amarc's SVEA deposit target and 36 km to the northwest of its Duke deposit. JO shares similar attributes with Amarc's Duke deposit and SVEA deposit target, and also the known Babine Cu-Au deposits, being characterized by:

• An association with regional-scale faults that exert a common control on the distribution of porphyry Cu-Au in the Babine is likely present.
• The distribution of silver in reconnaissance soil samples suggests that the Cu-Au mineralized BFP lies close to a north-northwest-striking deformation zone.
• An association with a substantial three square-kilometre induced polarization (IP) chargeability anomaly (plus 15 millivolts per volt (mV/V)) identifying a potential sulphide mineralized system.
• Within this IP chargeability anomaly, a strong one km oval-shaped lobe of higher chargeability (plus 20 mV/V) located toward the east hosts a rare occurrence of BFP in the target area, which is covered by extensive glacial till. This occurrence is also located on the eastern flanks of a magnetic high.
• This BFP occurrence can be correlated with other BFP-related porphyry Cu-Au deposits in the Babine through its presumed Eocene-age, alteration-style and association with regional-scale structural controls.
• The BFP occurrence hosts well developed porphyry-style potassic alteration characterized by both secondary biotite and orthoclase, with disseminated chalcopyrite. The discovery composite rock sample, composed of five to six chips from a number of mineralized angular boulders on top of an outcrop, returned 0.18 per cent Cu, 0.52 gram per tonne (g/t) Au, 16.05 g/t silver (Ag) and 55 parts per million (ppm) Mo.
• A second strong IP chargeability high lobe with similar dimensions and magnetic anomalies is located approximately 1,500 m to the west of the above. This area also has extensive surficial cover and a bedrock source has not yet been identified.
• Due to the extensive glacial cover, lidar (light detection and ranging) survey data are currently being used to interpret grid soil geochemical data.

This combination of geological data suggests good potential for additional porphyry Cu-Au mineralization to be identified with drilling through the extensive cover. It is Amarc's intent to drill test this and several other compelling targets during the summer 2024 drill season.

Sixteen prospective deposit target areas were selected for 2023 field assessment based on a comprehensive compilation of government and historical exploration data from over the entire district (see Amarc's Duke project 2020 technical report, available on the website. Exploration surveys included extensive airborne magnetic geophysical and lidar surveys, together with ground IP geophysics, soil grid geochemistry and geological mapping surveys (see Amarc's news release dated Nov. 21, 2023).

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 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 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.

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.

Qualified person as defined under National Instrument 43-101

Dr. Paul Johnston, PGeo, a qualified person as defined under National Instrument 43-101, has reviewed and approved the technical content in this release.

Quality control/quality assurance program

Rock samples were sent to ALS Canada Ltd., North Vancouver, Canada, facility for preparation and analysis where they were dried, crushed to 70 per cent passing minus two millimetres (mm), and a 250-gram split pulverized to better than 85 per cent passing 75 microns. Samples were analyzed for gold by fire assay fusion of a 30 g subsample with an ICP-AES (inductively coupled plasma atomic emission spectroscopy) finish and for 60 elements, including copper, molybdenum and silver, by four-acid digestion of a 0.25 g subsample followed by an ICP-AES and ICP-MS (inductively coupled plasma mass spectrometry) finish. As part of a comprehensive quality assurance/quality control (QA/QC) program, Amarc control samples were inserted in each analytical batch at the following rates: standards and/or blanks one in 40 regular rock samples or a minimum of one per batch. The control sample results were then checked to ensure proper QA/QC.

We seek Safe Harbor.