Amarc Resources Ltd.

Amarc is a publicly traded (TSXV: AHR, OTCQB: AXREF), British Columbia mineral exploration and
development company, led by an experienced and successful management team, focused on developing
a new generation of long-life, high-value porphyry Cu-Au mines in BC. 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’s 100%-owned JOY, DUKE and IKE district hosts
Cu±Au deposits prime for moving toward development plus multiple porphyry Cu-Au deposit targets
ready for drill discovery, and each is in proximity to key infrastructure. As such, Amarc’s projects are
positioned to help fill the growing global supply gap in copper.

2022 was a transformative year for Amarc. The company and Freeport-McMoRan Mineral Properties
Canada Inc. (“Freeport”) made considerable progress at the JOY District, completing a second
comprehensive program with a substantial drilling component in 2022. In November Amarc announced
a second non-share dilutive strategic partnership with Boliden Mineral Canada Ltd. (“Boliden”) on the
DUKE District, and initiated drilling at DUKE before year end. Freeport at JOY and Boliden at DUKE can
earn up to a 70% interest in the districts by funding CDN$110 million and CDN$90 million of staged earn-
in expenditures, respectively. At both JOY and DUKE, Amarc is the Operator.

Amarc’s JOY District is located on the northern extension of the prolific Kemess camp in the
Toodoggone portion of northern BC’s Golden Horseshoe trend. JOY hosts the PINE Cu-Au deposit and a
pipeline of other high potential porphyry Cu-Au deposit targets. Freeport accelerated its first-year
investment to $5.94 million in 2021. Excellent progress was also made in 2022 with an approximately
$14 million program, including 15,427 m of drilling at PINE and several JOY District deposit targets.
Located in the prolific porphyry Cu-Au Babine Region in central BC, Amarc’s DUKE District hosts the
DUKE Cu-Mo-Ag-Au deposit, which is open to expansion, and a series of compelling porphyry Cu-Au
exploration targets. In November 2022 Amarc commenced drilling with partners Freeport at the DUKE
deposit. In addition, surface programs testing some 12 prioritized deposit targets across the DUKE
District are also planned for 2023.

Situated in the heartland of Canada’s copper production, Amarc’s IKE District hosts the major IKE
porphyry Cu-Mo-Ag deposit discovery and the Empress higher grade Cu-Au-Ag deposit both of which are
open to expansion, and a pipeline of Cu-Au±Mo±Ag deposit and exploration targets. Options for the
near-term advancement of the IKE District are being considered.