Dr. Diane Nicolson reports

AMARC BUILDS ON Aurora CU-AU-AG DISCOVERY WITH OPTION TO ACQUIRE 100% INTEREST IN ADJACENT BRENDA PROPERTY

Amarc Resources Ltd. has signed a mineral property option agreement with Canasil Resources Inc. pursuant to which Amarc can acquire a 100-per-cent interest in 22 mineral claims that are located adjacent to its Joy tenure and immediately to the east of its Aurora copper-gold-silver (Cu-Au-Ag) discovery.

The terms of the five-year option to acquire 100 per cent of the Brenda property require annual payments of $400,000 with the option to purchase exercise price starting at $8-million if exercised in the first year, and increasing on an annual basis to $12-million in year five. The claims are subject to a 2-per-cent net smelter returns royalty of which 1 per cent (or one-half) can be acquired for $5-million before commencement of commercial mining operations and $10-million after commencement of mining. The claims fall largely within the area of common interest under the Amarc-Freeport-McMoran Mineral Properties Canada Inc. agreement of 2021 (see Amarc May 18, 2021, release) and so will be offered to be made part of the Joy district as defined by that agreement.

Aurora discovery

In January, 2025, Amarc announced drill results from its new, high-grade, gold-rich porphyry Cu-Au-Ag Aurora discovery at the company's 100-per-cent-owned Joy copper-gold district in the prolific Toodoggone-Kemess porphyry Cu-Au region of north-central British Columbia (B.C.). Aurora is located within the new NWG target, a portion of the 495-square-kilometre Joy district that had not previously been drill tested. The Aurora discovery is characterized by high Au grades with strong Cu and Ag values and excellent lateral and vertical continuity extending from near surface, and it is open to expansion (see Amarc releases dated Jan. 17 and Jan. 20, 2025). Freeport is fully funding work programs at Joy to earn an interest in the project, and Amarc is the operator of all programs.

Brenda property

The adjoining 44.5-square-kilometre Brenda property optioned from Canasil is surrounded on three sides by Amarc's Joy mineral tenures. The Brenda property is underlain by the same highly prospective volcanics and transitional porphyry Cu-Au and epithermal Au-Ag geological setting as at Amarc's recent Aurora and Canyon porphyry Cu-Au discoveries. Historical exploration of the Brenda property has identified both epithermal and porphyry related rock alteration assemblages hosting Cu, Au and Ag mineralization, and includes an intersection of 78 metres grading 0.61 g/t Au and 0.10 per cent Cu from 110 m in hole BR-07-05, which was collared adjacent to a large gossan (see Canasil National Instrument 43-101 technical report at the Canasil website).

The company also announces that it has granted 290,000 incentive stock options at a price of 67 cents per share for a period of five years to its technical staff. All of the options are subject to any required TSX Venture Exchange acceptance.

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.

Mark Rebagliati, PEng, a qualified person as defined under National Instrument 43-101, has reviewed and approved the technical content in this release.

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