Amarc Confirms Boliden's Ongoing Participation at Duke Copper-Gold District and Provides District Update

About this update from Amarc Resources Ltd.

Amarc Confirms Boliden's Ongoing Participation at Duke Copper-Gold District and Provides District UpdateVANCOUVER, BC / ACCESS Newswire / April 2, 2026 / Amarc Resources Ltd. ("Amarc" or the "Company") (TSXV:AHR)(OTCQB:AXREF) is pleased to announce the continued participation of Boliden Mineral Canada Ltd. ("Boliden") in the exploration of the DUKE District (or the "District"). Effective as of April 1, 2026, a Boliden 60%/Amarc 40% Joint Venture (the "DUKE JV") as defined by the Mineral Property Earn-in Agreement, dated November 21, 2022, has commenced. Boliden has, to the end of 2025, completed an investment of $30 million to earn its 60% interest and has elected not to exercise the option to increase its interest from 60% to 70% by investing a further $60 million. Under the JV, Boliden can now invest 60% and Amarc 40% in future programs or dilute their interest in the DUKE JV. A 2026 exploration program is currently being planned to explore and drill several copper-gold ("Cu-Au") deposit targets across the 732 km2 District. Amarc will continue as project operator. The goal of the DUKE JV is to be a substantial party to the potential establishment of an important British Columbia ("BC") porphyry Cu-Au district.The DUKE District is located 80 km northeast of Smithers within the Babine Region, a well mineralized porphyry belt in BC, hosting the former Bell and Granisle Cu-Au mines that were operated by Noranda Mines, and the advanced stage Cu-Au Morrison deposit owned by a third party. Significant potential exists for discovery of new porphyry Cu-Au deposits. 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.Amarc's DUKE District programs have substantially expanded the DUKE Deposit and revealed strong potential for the development of a porphyry Cu-Au district (see Amarc release July 2, 2025). This systematic and extensive exploration continues to identify prospective, Cu-Au mineralized targets while efficiently screening out less prospective areas. In 2025, greenfield reconnaissance scale Induced Polarization ground geophysical survey work (58 line-km), geochemical (1,012 soil samples) and geological surveys, were combined with the drilling of 36 holes (9,208 m) comprising five holes at the DUKE Deposit and DUKE Offset ...

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