AMARC RESOURCES Business Summary

Amarc Resources Ltd. (AXREF) is a mineral exploration and development company primarily focused on the acquisition and advancement of district-scale porphyry copper-gold deposits in British Columbia, Canada. The company operates through a single reportable segment: mineral property exploration. Its business model is characterized by a discovery-led strategy that leverages strategic joint ventures with major mining corporations to secure substantial non-dilutive funding. This is exemplified by its partnerships with Freeport-McMoRan for the JOY District—home to the high-grade AuRORA discovery—and Boliden Mineral Canada Ltd. for the DUKE District, which together provide access to up to C$200 million in staged investment. Amarc competes directly with other British Columbia-focused junior explorers such as Kodiak Copper Corp., Northwest Copper Corp., and Surge Copper Corp. It distinguishes itself within the market by its association with the Hunter Dickinson Inc. (HDI) group and its ability to attract tier-one major producers to bankroll its large-scale exploration programs, reducing shareholder dilution while maintaining significant project leverage. Amarc is led by a seasoned executive team with a deep pedigree in global mineral discovery and mine development. Executive Chairman Robert Dickinson, a co-founder of Hunter Dickinson Inc. and a member of the Canadian Mining Hall of Fame, provides strategic oversight with over 40 years of industry experience. The leadership team includes President and CEO Dr. Diane Nicolson, an economic geologist with over 20 years of international experience in precious and base metals, and Chief Financial Officer Carol Li, who joined in July 2025 with a 30-year background in resource sector finance. The technical direction is further bolstered by VP Exploration Gavin Titley, appointed in February 2026, and Technical Advisor Mark Rebagliati, also a Canadian Mining Hall of Fame inductee. The company's board includes notable industry figures such as Scott Cousens and Terrence Coughlan, reflecting a leadership structure deeply integrated with the HDI group’s 35-year history of advancing major porphyry deposits like Mount Milligan and Gibraltar.