Amarc Resources Ltd. announced the results of 2022 drilling at the PINE Deposit, and from scout drilling at prioritized porphyry copper-gold (Cu-Au) deposit targets clustered across its 482 km2, 100%-owned JOY District (or JOY), in north-central British Columbia (BC). During the 2022 season Amarc completed 37 core holes (15,427 m) that considerably expanded the PINE Deposit to over a 1,700 m strike length, discovered new porphyry Cu-Au mineralization at the 5 km2 Canyon deposit target, and further defined additional deposit-scale porphyry systems requiring exploration drilling. Over the past two years, Freeport-McMoRan Mineral Properties Canada Inc. (Freeport), which is earning-in at JOY, has invested approximately $20 million advancing exploration programs. Amarc is operator of the project.

Highlights from 2022 PINE Deposit Drilling Include: 204 m of 0.42% CuEQ (0.18% Cu, 0.41 g/t Au and 2.3 g/t Ag). 105 m of 0.40% CuEQ (0.13% Cu, 0.47 g/t Au and 2.3 g/t Ag). 107 m of 0.31% CuEQ (0.09% Cu, 0.37 g/t Au and 1.2 g/t Ag).

179 m of 0.32% CuEQ (0.11% Cu, 0.36 g/t Au and 1.2 g/t Ag) Highlights from New Porphyry Cu-Au Discovery at Canyon Deposit Target Include: 96 m of 0.51% CuEQ (0.39% Cu, 0.18 g/t Au and 2.6 g/t Ag), within 296 m of 0.39% CuEQ (0.30% Cu, 0.14 g/t Au and 1.7 g/t Ag) Nicolson said that having recently received and verified all drill results, Amarc is currently in the process of fully integrating all drill core assay details with extensive surface surveys, to complete 2023 program planning with Freeport. Prior to 2022, drilling the PINE Deposit was, from Amarc's and historical drilling, known to extend over approximately 600 m by 900 m; importantly, it was also recognized to be open to expansion internally and laterally as well as to depth . In 2022, the 11 core holes (up to 781 m in length) completed at PINE successfully intercepted significant mineralization that extended the footprint of the deposit over a strike length of 1,700 m. Furthermore, outboard, wider spaced and mainly historical drilling indicates the potential to expand this footprint to over 2,600 m. Additionally, drilling is highlighting the favorable geometry of the PINE Deposit, with the majority of known mineralization occurring from surface to 300 m depth, and locally extending to 550 m depth.

The PINE Deposit and its expansion potential are hosted within a larger 6 km2 mineralized system, which also remains to be fully explored. Notably, additional centers of higher Cu-Au grade are beginning to emerge along the 1,700 m PINE Deposit trend. For example, Amarc drilling in the northeastern area of this trend has intersected significant porphyry mineralization over 600 m of strike length, including: · 63 m of 0.44% CuEQ, within 179 m of 0.32% CuEQ (JP22017) · 57 m of 0.40% CuEQ, within 107 m of 0.31% CuEQ (JP22015) · 135 m of 0.44% CuEQ, within 244 m of 0.35% CuEQ (JP21009 completed in 2021) Eight extensive porphyry Cu-Au deposit targets were explored with 26 scout drill holes in 2022, including four targets that had not previously been drill tested.

These deposit targets include the Canyon (5 km2), Twins (7 km2) and SWT (3 km2) which along with PINE (6 km2) form the 15.5 km northeast trending PINE Trend, and the South Mex (>1.9 km2) open deposit target at the south end of the 6 km-long MEX Trend. These trends are similar to the 4 km-long northeast trend of the Nugget, Kemess North, Kemess Underground, Kemess Offset and Kemess East porphyry Cu-Au deposits in the Kemess Mining District held by Centerra Gold Inc., located adjacent to the south of the JOY tenure. At Canyon very limited initial scout drilling of this expansive (5 km2) and largely covered sulphide system by Amarc in 2021 (JP21006: 27 m of 0.18% CuEQ with 0.06% Cu, 0.21 g/t Au) and historical operators (MEX12-013: 49 m of 0.16% CuEQ with 0.05% Cu, 0.20 g/t Au, and PIN09-15: 3 m of 11 g/t Au), intersected promising Cu-Au and Au-only mineralization compatible with the fringes of a potentially important porphyry Cu-Au system.

In 2022, further reconnaissance drilling at Canyon discovered a significant new zone of porphyry Cu-Au mineralization with hole JP22030 intersecting: · 96 m of 0.51% CuEQ (0.39% Cu, 0.18 g/t Au and 2.6 g/t Ag), within 296 m of 0.39% CuEQ (0.30% Cu, 0.14 g/t Au and 1.7 g/t Ag) · 10.5 m of 0.77% CuEQ (0.61% Cu, 0.25 g/t Au, 2.1 g/t Ag) Four other scout drill holes intersected less robust Cu-Au mineralization disrupted by inter-mineral intrusions. The Canyon discovery remains open to expansion and requires substantial drilling, as does the host 5 km2 IP geophysical anomaly which indicates the presence of a large-scale sulphide system. The highly prospective Twins (7 km2) deposit target is located adjacent and to the southwest along the 15.5 km PINE Trend from Canyon.

A single scout drill hole completed by Amarc in 2021 (JP21004), the first ever drilled into the large Twins target, intersected 63 m of 0.18% CuEQ with 0.09% Cu, 0.15 g/t Au, 0.5 g/t Ag, including 39 m of 0.22% CuEQ with 0.11% Cu, 0.19 g/t Au, 0.6 g/t Ag, successfully discovering porphyry-type Cu-Au mineralization within this large mineralized sulphide system. In 2022, very widely-spaced follow-up reconnaissance drill holes, ranging in length from 216 m to 384 m, targeted magnetic high features within the extensive IP chargeability footprint (Figure 3) and encountered widespread indications of porphyry Cu-Au mineralization. Based on comparisons with the Canyon discovery and the PINE Deposit, intervals of porphyry Cu-Au mineralization including 27 m of 0.29% CuEQ (0.12% Cu, 0.30 g/t Au, 1.2 g/t Ag) in JP22019 and 204 m of 0.11% CuEQ (0.04% Cu, 0.14 g/t Au, 0.4 g/t Ag) in JP22020, may represent the lateral or upper parts of a yet undiscovered porphyry Cu- Au center.

The large footprint of this target, its veneer of glacial overburden cover, and Cu-Au intercepts in the widely spaced and relatively shallow drill holes highlight the significant exploration potential for the discovery of another porphyry Cu-Au deposit at Twins. A similar strategy of initial drill testing with single to widely spaced shorter scout drill holes was employed at other overburden-covered targets, including South MEX, South Finlay, North Finlay and CT, with results indicating continued systematic exploration is warranted. At South MEX, a single scout drill hole, the first in this >1.9 km2 IP chargeability anomaly which remains open to expansion, intersected anomalous Au-Cu-Ag (72 m of 0.10% CuEQ (0.02% Cu, 0.10 g/t Au, 3.4 g/t Ag) in JP22041) in volcanics that straddle the prospective Triassic-Jurassic contact: a geological environment similar to that hosting the Kemess District porphyry Cu-Au.