Ms. Diane Nicolson reports

AMARC AND BOLIDEN COMMENCE A $4 MILLION EXPLORATION PROGRAM AT THE DUKE DISTRICT, BC

Amarc Resources Ltd. has commenced field surveys to firm up copper-gold (Cu-Au) deposit targets for potential drill testing later in the season at the Duke copper-gold district in central British Columbia (B.C.). This $4-million, 2026 exploration program is fully financed by Boliden Mineral Canada Ltd. as part of the Boliden 60-per-cent/Amarc 40-per-cent joint venture (see Amarc release April 2, 2026). Under the terms of the Duke JV, Amarc has 180 days from April 30, 2026, to elect to contribute $2.66-million in funding to the program to maintain its full 40-per-cent interest in the JV. Amarc is continuing as project operator.

"Amarc continues to advance the Duke district in collaboration with Boliden through the systematic approach to exploration that has been the hallmark of our team's success over the years," said Diane Nicolson, president and chief executive officer. "The overall goal of the Duke JV is to be a substantial party to the potential establishment of an important B.C. porphyry copper-gold district, to further increase shareholder value from success in the Joy district with the discovery of the high grade Aurora deposit which will play a key leading role in the development of the Toodoggone copper-gold region. Such successes have long-term positive economic implications for the provincial and local communities."

The 732-square-kilometre Duke district is located 80 km northeast of Smithers within the Babine region, a well-mineralized porphyry belt in B.C., hosting the former Bell and Granisle Cu-Au (copper-gold) mines that were operated by Noranda Mines, and the advanced stage copper-gold Morrison deposit owned by a third party. Notable infrastructure is in place to service the former mines and the forestry and mineral exploration industries, including an extensive network of forest roads across the Duke district.

To date, the systematic and extensive Duke district programs have both substantially expanded the Duke Cu-Mo-Au-Ag (copper-molybdenum-gold-silver) deposit to an area measuring 900 by 600 metres, which remains open to expansion, and also revealed the potential for the development of a porphyry Cu-Au district while efficiently screening out less prospective areas (see Amarc release July 2, 2025). Notably, the Duke deposit lies approximately six km to the southeast of American Eagle's promising Nak Cu-Au deposit (see American Eagle website), along the southeast trending regional Nak-Duke magnetic corridor (see Amarc release April 2, 2026). This corridor also hosts Amarc's C6 and M4 targets, which are to the southeast of the Duke deposit.

In 2026, planned exploration activities include induced polarization (51 line km) and magnetotellurics (80 line km) ground geophysical, geochemical and geological surveys, combined with planned drill testing of deposit targets within the extensive Duke district.

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 such as the important Aurora deposit Cu-Au discovery located within the Joy district. Importantly, each of the three districts are 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 funding $35-million under an accelerated time frame (see Amarc releases May 12, 2021, and May 29, 2025). The 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 in 2025, completing substantial expansion drilling at the Aurora deposit and across other discoveries and deposit targets.

At the Duke district, Boliden Mineral Canada Ltd., an entity within the Boliden Group of Companies, continues its participation having sole finance $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 and Cu-Mo 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's exploration is led by an internationally successful team of experienced geologists specializing in porphyry Cu-Au deposits. Members of this team have been involved in and have tracked porphyry Cu-Au exploration advancements in the Toodoggone region, where the Joy district and the Aurora deposit are located, since 1990. Their experience and early recognition of the porphyry potential at the NWG target in terms of a shallowly overburden covered and underexplored transitional epithermal-porphyry geological setting, led to the discovery of the Au-rich Aurora porphyry Cu-Au-Ag deposit.

Amarc is associated with HDI, a diversified, global mining company with a 35-year history of porphyry Cu deposit discovery, development and transaction 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, Pine, Ike, 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.

Amarc works closely with local governments, indigenous groups and stakeholders in order to advance its mineral projects responsibly, and in a manner that contributes to sustainable community and economic development. The company pursues early and meaningful engagement to ensure its mineral exploration and development activities are well co-ordinated and broadly supported, address local priorities and concerns, and optimize opportunities for collaboration. In particular, the company seeks to establish mutually beneficial partnerships with indigenous groups within whose traditional territories the company's projects are located, through the provision of jobs, training programs, contract opportunities, capacity funding agreements and sponsorship of community events. All Amarc work programs are carefully planned to achieve high levels of environmental and social performance.

Qualified person

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

We seek Safe Harbor.