Dr. Diane Nicolson reports

AMARC ANNOUNCES LISTING ON FRANKFURT STOCK EXCHANGE

Amarc Resources Ltd.'s common shares have been approved for listing and have commenced trading on the Frankfurt Stock Exchange (FSE) under the trading symbol AQ5. The ISIN number for the common shares is CA0229121094 and the classification number (WKN) is 907038.

The FSE is one of the world's preeminent stock exchanges and, as Europe's third-largest exchange, is a gateway to European retail and institutional investor community. This listing reflects growing investor interest from Europe and is expected to expand the company's access to European capital markets, while increasing the liquidity and visibility of its shares among an expanded international investor audience, including both institutional and retail investors across Germany and the broader German-speaking European market.

"Listing on the Frankfurt Stock Exchange is an important milestone for Amarc as we expand our presence and investor outreach strategy," stated Amarc chief executive officer Dr. Diane Nicolson. "Providing European investors with direct access to our shares aligns with our capital markets strategy. We view this as a natural extension of our North American listings on the TSX-V in Canada and the OTCQB in the U.S. It is a foundation for long-term engagement with European stakeholders as we focus on advancing development of the recently discovered high-grade near-surface, gold-rich porphyry copper-gold-silver Aurora deposit located with the Joy district, and also advance the Duke and Ike districts in British Columbia."

Amarc is also pleased to announce that it will be participating in the Deutsche Goldmesse, which will take place on May 15 and May 16, 2026, at The Westin Grand in Frankfurt. Amarc's management will be available for meetings throughout the conference and will present on May 15 at 11:45 a.m. Frankfurt time (2:45 a.m. PT/5:45 a.m. ET).

Conference delegates are invited to contact Dr. Diane Nicolson, Amarc president and chief executive officer, at 604-684-6365 or dianenicolson@hdimining.com, or the company's investor relations representatives, Kin Communications, at 604-684-6730 or AHR@kincommunications.com, to organize a meeting or to request further information in advance.

Joy, Duke and Ike districts

Discovered in late 2024, with the hallmarks of a Tier 1 asset in the making, the Aurora deposit lies within the high potential Joy Cu-Au district located in the Toodoggone-Kemess porphyry Cu-Au region of north-central British Columbia (B.C.). Subsequent drilling has expanded the deposit over an area of 1.4 kilometres by 800 metres, and it remains open for further expansion. With a rare combination of high Au with strong Cu and Ag grades, deposit geometry, continuity of mineralization and the emerging scale, Aurora stands as one of the most important recent porphyry Cu-Au discoveries in B.C. Amarc believes the discovery of Aurora has rewritten the exploration play book in the Toodoggone, and that it is not only integral to bringing rapidly forward the potential of the Joy district, but could be the key to the emergence of a world-class porphyry Cu-Au district in the Toodoggone. In addition to the Aurora deposit, the Twins and Canyon discoveries, the Pine and Brenda historical deposits, MEX occurrence, and new, high-potential deposit targets are also being advanced at Joy (see release Feb. 19, 2026).

The Duke district is located within the Babine region, one of the most mineralized porphyry belts in B.C. Programs at the Duke district have substantially expanded the Duke deposit and revealed potential for the development of a porphyry Cu-Au district (see release July 2, 2025). Drilling at the Duke Cu-Mo-Au-Ag deposit has identified a porphyry system extending to over 650 m north-south by 800 m east-west and to a depth of over 600 m, while underscoring the potential for further expansion (see releases Dec. 13, 2023, June 25, 2024, and April 2, 2026).

The Ike district captures one of B.C.'s most prospective mineral belts for both bulk-tonnage Cu and higher-grade Cu-Au systems. The company previously discovered the large-scale Ike Cu-Mo-Ag deposit and, in 2025, announced the results of the 2024 exploration program that included nine drill holes at the Empress deposit. The program successfully confirmed potential for the expansion of mineralization found historically at the higher-grade Empress Cu-Au deposit and the discovery of additional higher-grade intrusion-related replacement and porphyry Cu plus or minus Au plus or minus Mo plus or minus Ag deposits (see release May 15, 2025).

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 Cu-Au mines in B.C. 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 the Joy, Duke and Ike porphyry Cu plus or minus Au districts located in different prolific porphyry regions of northern, central and southern B.C., respectively. Each district represents significant potential for the development of multiple and important-scale, porphyry Cu plus or minus Au deposits. Each of the three districts is located in proximity to industrial infrastructure -- including power, highways and rail.

At Joy, Freeport-McMoRan Mineral Properties Canada Inc., a wholly owned subsidiary of Freeport-McMoRan Inc. earned, under the mineral property earn-in agreement, an initial 60-per-cent interest in the Joy district by financing $35-million under an accelerated time frame (see Amarc releases May 12, 2021, and May 29, 2025). The Joy district is now being advanced through Aurora Minerals Ltd. (AML), a private joint venture corporation held 60 per cent by Freeport and 40 per cent by Amarc (see Sept. 4, 2025, release). Freeport has elected to earn a further 10-per-cent interest in the Joy district by funding an additional $75-million in staged expenditures. While Freeport is now the operator of Joy, Aurora Minerals Ltd., the joint venture company has appointed Amarc as the primary contractor to continue to manage the Joy exploration programs under a separate services agreement. In support of this momentum, Amarc executed on behalf of AML, an expanded exploration program exceeding $16-million plus in 2025, completing substantial drilling at Aurora and across multiple other deposit targets.

At the Duke district, Boliden Mineral Canada Ltd., an entity within the Boliden Group of Companies, continues its participation having sole financed $30-million of exploration expenditures though to the end of 2025. Boliden and Amarc have now entered a 60:40 joint venture (the Duke JV) under which the parties must finance exploration activities on a pro rata basis or dilute their interest in the Duke JV. Amarc is the operator at the Duke district.

Amarc owns a 100-per-cent interest in the Ike Cu-Au district in Southern B.C. Amarc completed self-financed drilling at its Empress Cu-Au deposit in the Ike district in 2024. Amarc is the operator at the Ike district.

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, Duke and Aurora. From its head office in Vancouver, Canada, HDI applies its unique strengths and capabilities to acquire, develop, operate and monetize mineral projects.

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

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