Dr. Diane Nicolson reports

AMARC COMPLETES EXTENSIVE 2024 DRILLING ACROSS ITS JOY, DUKE AND IKE COPPER-GOLD DISTRICTS

Amarc Resources Ltd. has successfully completed 2024 drill and survey programs at its Joy, Duke and Ike copper-gold districts, located in British Columbia. Amarc is the operator of all programs.

"It has been an incredible year for Amarc as we worked to advance our Joy, Duke and Ike districts," said Dr. Diane Nicolson, president and chief executive officer. "We have completed over 29,000 metres of drilling with up to five rigs operating and also extensive geophysical, geochemical and geological surveys. I would like to acknowledge the hard work and dedication of the Amarc team and the support of Freeport and Boliden. Drill results are now flooding in and being assessed, in preparation for release over the coming months. We remain extremely enthusiastic about the prospects for these districts, particularly during a period of positive market sentiment for commodities like gold and copper, which we believe makes Amarc an even more attractive investment opportunity."

At Amarc's Joy copper-gold district, drilling and districtwide geological, geophysical and geochemical programs over the past two years culminated in this year's discovery-focused drilling program. Work completed included:

• 16,883 metres of core drilling in 40 drill holes at seven targets, including the Pine deposit, the Canyon discovery, and the Twins and Northwest Gossan (NWG) deposit targets;
• 19 line kilometres of induced polarization (IP) ground geophysical survey.

The programs at Joy were financed by Freeport McMoRan Mineral Properties Canada Inc. through an earn-in agreement established in 2021 (see Amarc's May 12, 2021, release). The 2024 investment in the Joy district is expected to be approximately $12-million by year-end.

A two-phase program was completed at the Duke copper-gold district during 2024, which included extensive drilling and surface surveys designed to prepare deposit targets for drill testing in 2025:

• In the winter of 2024, a delineation drilling program was completed at the Duke deposit:
  • 4,828 metres were drilled in nine holes, further defining copper-molybdenum mineralization in the central portion of the deposit as well as identifying potentially important volumes of additional mineralization to the south and north of the main deposit (see Amarc's June 25, 2024, release);
• The 2024 summer program focused on:
  • 5,815 metres of core drilling in 19 holes, testing of three copper-gold deposit targets across the prospective copper-gold district;
  • 121 line kilometres of ground IP and airborne geophysical surveys to delineate targets for future drill testing.

The programs at Duke were financed by Boliden Mineral Canada Ltd. through a 2022 earn-in agreement (see Amarc's Nov. 22, 2022, release). The 2024 investment in the Duke district is expected to be approximately $10-million by year-end.

The 2024 program at the Ike copper-gold district focused on the potential of the higher-grade historical Empress copper-gold deposit, where drilling by previous companies of the replacement-style mineralization encountered very encouraging copper and gold grades -- for example, hole 76-3 intersected 76.1 metres grading 1.74 per cent copper equivalent (0.92 per cent copper, 1.42 grams per tonne gold and 4.7 grams per tonne silver), including 10.8 metres grading 2.86 per cent copper equivalent (0.49 per cent copper, 4.24 grams per tonne gold and 2.3 grams per tonne silver); and hole 90-21 intersected 52.4 metres grading 1.81 per cent copper equivalent (1.10 per cent copper, 1.21 grams per tonne gold, 2.5 grams per tonne silver and 0.004 per cent molybdenum), including 8.5 metres grading 3.52 per cent copper equivalent (1.92 per cent copper, 2.74 grams per tonne gold, 7.8 grams per tonne silver and 0.006 per cent molybdenum). The recent drilling focused on confirming these grades and testing extensions of the deposit laterally and to depth. Self-financed by Amarc, the 2024 program included:

• 25 line kilometres of IP, seven square kilometres of drone aeromagnetics and 31 square kilometres of lidar geophysical surveys;
• Relogging and reassaying (1,744 samples) of 23 historical core holes;
• 1,873 metres of core drilling in nine holes to test for extensions to the Empress copper-gold deposit.

Amarc invested approximately $2.9-million in the Ike district this year.

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-stage 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.

Freeport-McMoRan Mineral Properties Canada, a wholly owned subsidiary of Freeport-McMoRan Inc., at Joy and Boliden Mineral Canada, an entity within the Boliden Group of companies, at Duke can earn up to a 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 solo financed the 2024 work program at Ike. Amarc is the operator of all programs.

Amarc is associated with HDI, a diversified, global mining company with a 35-year history of porphyry copper deposit discovery and development success. Previous and current HDI projects include some of British Columbia'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. Amarc 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, Amarc seeks to establish mutually beneficial partnerships with indigenous groups within whose traditional territories 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.

Mark Rebagliati, PEng, a qualified person as defined by National Instrument 43-101, has reviewed and approved all technical and scientific information contained in this news release. Mr. Rebagliati is not independent of the company.

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