Amarc Resources AXREF

Amarc Resources Ltd. is engaged in the acquisition and exploration of mineral properties in British Columbia, Canada. The company focuses on advancing its district-scale JOY, DUKE and IKE porphyry copper-gold-silver-molybdenum deposit projects located in northern central and southern British Columbia respectively. All of the company's mineral properties are currently at the exploration stage with no producing mines or material tangible fixed assets on its properties.

Amarc Resources Ltd. generates revenue through potential future mineral discoveries and development of its exploration properties. The company does not currently produce or sell minerals as all properties remain in the exploration phase. Revenue generation would occur upon successful advancement of projects to production stage through potential joint venture partnerships or outright development. The company relies on funding from partners such as Freeport-McMoRan for the JOY District and Boliden for the DUKE District to support exploration work programs.

Amarc Resources Ltd. operates through the following segments: JOY District DUKE District IKE District

• The JOY District comprises the JOY PINE and Paula properties in the Toodoggone region of north-central British Columbia. The district hosts the AuRORA porphyry copper-gold-silver deposit discovery made in 2024 the Twins copper-gold discovery also made in 2024 the Canyon copper-gold discovery made in 2022 and the PINE porphyry copper-gold deposit. Amarc holds a 40% interest in the JOY District with Freeport-McMoRan holding the remaining 60% interest. Amarc acts as manager at JOY and is responsible for exploration activities. The district is situated near industrial infrastructure including power highways and rail.

• The DUKE District is located 80 kilometers northeast of Smithers within the Babine District mineralized belt. It includes the DUKE porphyry copper-molybdenum-gold-silver deposit target and a series of high potential porphyry copper-gold-molybdenum-silver deposit targets identified through district-scale targeting programs. Amarc is the operator of the DUKE District and holds 100% interest subject to Boliden's earn-in agreement. Boliden has invested $20 million to the end of 2024 and will invest an additional $10 million in 2025 under the funding agreement. The district hosts past producing Bell and Granisle copper-gold mines in the broader region.

• The IKE District is located 33 kilometers northwest of the historical mining community of Gold Bridge near the heartland of British Columbia's producing porphyry copper mines. It includes the IKE porphyry copper-molybdenum-silver deposit discovery the Greater Empress copper-gold-silver project hosting the Empress deposit and other significant porphyry and replacement deposit targets as well as promising epithermal gold-silver targets. Amarc owns 100% interest in and operates the IKE District. The district has potential to develop into an important mining camp given its geological setting shared with global porphyry districts hosting major deposits.

Amarc Resources Ltd. is positioned as an active mineral exploration company in British Columbia with a focus on porphyry copper systems. The company competes with other junior exploration firms in the region seeking to advance early-stage projects to resource definition. Its competitive advantages include its district-scale land packages in proximity to existing infrastructure and past-producing mines technical expertise in porphyry deposit targeting and established joint venture relationships with major mining companies such as Freeport-McMoRan and Boliden that provide funding for exploration programs.

Amarc Resources Ltd. serves mining companies and potential joint venture partners as its customer base. The company works with major miners such as Freeport-McMoRan and Boliden who fund exploration programs in exchange for potential ownership interests. Amarc also engages with local governments indigenous groups and other stakeholders to advance its mineral projects responsibly. The company does not currently have direct customers for mineral products as all properties remain in the exploration stage.