Dr. Diane Nicolson reports

BOLIDEN CONTINUES EARN-IN AT AMARC'S DUKE COPPER-GOLD DISTRICT

Boliden Mineral Canada Ltd. has committed to continuing through 2025 its earn-in to Amarc Resources Ltd.'s Duke copper-gold district in central British Columbia. The budget for 2025 is $10-million. Amarc will continue as operator of the project.

The two-phase program completed at the Duke in 2024 included extensive drilling and surface surveys designed to prepare deposit targets for drill testing in 2025. In early 2024, delineation drilling continued at the Duke deposit further defining Cu-Mo (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 comprised surface surveys and more than 5,800 metres core drilling, testing high-potential targets across the Duke district. Results from the latter program are currently being compiled and will be released once fully assessed.

Amarc president and chief executive officer Dr. Diane Nicolson commented: "We are thrilled to continue to advance the Duke district in 2025 in collaboration and with the support of Boliden. Over the past two years we have expanded the Duke deposit internally, laterally and to depth and identified new areas of interest in the south and northwest of the deposit. Importantly, we have also begun to test multiple copper-gold exploration and deposit targets identified by our extensive compilation of historical work along with Amarc's surveys, which are designed to unlock the further potential of the Duke district."

Duke district

Amarc's Duke district is located 80 kilometres northeast of Smithers within the Babine region, one of the most mineralized porphyry belts in British Columbia. It hosts the former Bell and Granisle Cu-Au mines that were operated by Noranda Mines, and the advanced stage Morrison Cu-Au deposit. Significant potential exists for discovery of new large porphyry Cu deposits. Infrastructure servicing the former mines and the very active forestry and exploration industries is nearby. There is an extensive network of forest roads and much of the Duke district is road accessible.

In November, 2022, Amarc entered into a mineral property earn-in agreement (the EIA) with Boliden Mineral Canada Ltd., an entity within the Boliden Group of Companies (see Amarc release Nov. 22, 2022). Under the terms of the agreement, Boliden has a two-staged option to earn up to a 70-per-cent interest in the Duke district by funding $90-million exploration and development expenditures.

Since late 2022 through to 2024 year-end Boliden will have contributed $20-million to the Duke district exploration program. The budget for 2025 is an additional $10-million.

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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