Amarc Completes $2.77 Million Financings

VANCOUVER, BC / ACCESSWIRE / December 1, 2023 / Amarc Resources Ltd. (TSXV:AHR)(OTCQB:AXREF) ("Amarc" or the "Company") is pleased to announce that it has completed the two concurrent private financings described in its November 23, 2023 news release, raising aggregate proceeds of $2.77 million. Amarc issued 25,000,000 common shares and 4,807,693 five-year share purchase warrants exercisable at $0.08 per common share; 15,384,615 of the shares were issued at $0.13 as Flow-Through shares ("FT") and 9,615,385 of the shares were issued as part of non-FT units (with each non-FT unit consisting of one common share and one-half of one warrant) at the price of $0.08 per non-FT unit for proceeds of $769,231. The related information about the new insider resulting from these financings referenced in the November 23, 2023 news release remains correct. All these securities have a 4-month hold period in Canada and no commissions were paid in connection with the financings.

The Company intends to use the net proceeds of the FT Shares exclusively for exploration of Amarc's portfolio of British Columbia copper-gold projects while the proceeds of the non-FT units will be used for general working capital.

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 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 is advancing its 100%-owned IKE, DUKE and JOY porphyry Cu±Au Districts located in different prolific porphyry regions of southern, central and northern BC, respectively. Each District represents significant potential for the development of multiple and important-scale, porphyry Cu±Au deposits. Importantly, each of the three districts is located in proximity to industrial infrastructure - including power, highways and rail.

Freeport-McMoRan Mineral Properties Canada Inc. ("Freeport"), a wholly-owned subsidiary of Freeport-McMoRan Inc. at JOY and Boliden Mineral Canada Ltd. ("Boliden"), an entity within the Boliden Group of companies at DUKE, can earn up to a 70% interest in each District through staged investments of $110 million and $90 million, respectively. Together this provides Amarc with potentially up to $200 million in non-share dilutive staged funding. Amarc is the operator of both programs.