Amarc Resources Ltd. FOCUSED ON DEVELOPING A NEW GENERATION OF - PowerPoint PPT Presentation

Amarc Resources Ltd. FOCUSED ON DEVELOPING A NEW GENERATION OF BRITISH COLUMBIA COPPER MINES IKE – DUKE – JOY SHORT March 2018

Cautionary and Forward-Looking Statement Information This presentation includes certain statements that may be deemed "forward-looking statements". All such statements, other than statements of historical facts that address exploration drilling, exploitation activities and other related events or developments are forward-looking statements. Although Amarc Resources Ltd. (“Amarc”) believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Assumptions used by Amarc to develop forward-looking statements include the following: Amarc’s projects will obtain all required environmental and other permits and all land use and other licenses, studies and exploration of Amarc’s projects will continue to be positive and no geological or technical problems will occur. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, potential environmental issues or liabilities associated with exploration, development and mining activities, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and tenure and delays due to third party opposition, changes in and the effect of government policies regarding mining and natural resource exploration and exploitation, the exploration and development of properties located within Aboriginal groups asserted territories may affect or be perceived to affect asserted aboriginal rights and title, which may cause permitting delays or opposition by Aboriginal groups, continued availability of capital and financing and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on Amarc investors should review the Company's annual Form 20-F filing with the United States Securities and Exchange Commission at www.sec.gov and its home jurisdiction filings that are available at www.sedar.com. Technical information contained in this presentation has been reviewed and approved by Mark Rebagliati, P.Eng., a Qualified Person who is not independent of Amarc. 2

Amarc – Low Market Capitalization Listed TSXV: AHR OTCBB: AXREF Shares Issued 169 million Management Owns ~19% Working Capital $2 million An HDI Company 3

Amarc – Focused on Developing a New Generation of BC Copper Mines Combining Strong Projects & Financing with Successful Management Has Created a Solid Platform to Build Value  Amarc, an HDI operated company, has assembled a 100% interest in extensive mineral property holdings in 3 porphyry copper districts in BC  Each of these projects – IKE, DUKE, JOY - has the capability for multiple discoveries of important copper+gold+molybdenum+silver deposits  Strong funding agreements have been negotiated with Hudbay to efficiently advance IKE and JOY with Amarc operating the technical programs  Amarc has worked hard to engage and consult with First Nations in each Project region  Government permits have been awarded for surface surveys and drilling  Amarc mobilized drills and crews to IKE, JOY and DUKE for 2017 field programs  The 2017 programs at IKE and JOY, funded by Hudbay, cost $3.3 million and $1.9 million, respectively, and included geophysical, geochemical and geological surveys with drilling; a $400,000 drill program funded by Amarc was completed at DUKE  This year Amarc plans to aggressively drill its DUKE discovery; Hudbay is funding $1.5 million of IKE Deposit drilling and $2.0 million of exploration on JOY  Amarc expects its work to lead to major porphyry copper deposit discoveries as it heads to its goal of Developing a New Generation of BC Copper Mines 4

HDI – A Leading Explorer, Developer and Operator in BC Hunter Dickinson Inc. has been successfully exploring, developing and operating mines in BC for over 30 years  Legacy Projects  Golden Bear Mine  Mt. Milligan Mine  Kemess Mine  Taseko Mines Limited  Gibraltar Mine New Prosperity Project ● Aley Project ●  Amarc Resources Ltd. ⋆ IKE Project ⋆ DUKE Project ⋆ JOY Project Newton Project ●  Constantia Resources Ltd. Maggie Project ● Amarc is Focused on Successful Development of IKE, DUKE and JOY 5

BC – A Mining Industry Tradition of Porphyry Copper Mines and Projects Amarc Owns a 100% Interest in the IKE, DUKE and JOY Projects 6 Which Host Multiple Porphyry Cu ( ± Au, Mo, Ag) Deposit Targets

BC – Copper Producers Mine Copper Equivalent Grades Ranging from 0.29% – 0.55% RESOURCES AND RESERVES AT SELECTED BC PORPHYRY COPPER MINES AND PROJECTS CuEQ 1 % Name Million Tonnes Cu % Mo % Au g/t Ag g/t Red Chris 2, A 1,220 0.33 - 0.33 1.1 0.55 New Prosperity B 831 0.23 - 0.41 - 0.49 Mt. Polley C 247 0.27 - 0.26 0.7 0.44 Morrison D 267 0.35 0.005 0.17 - 0.48 Mt. Milligan E 496 0.19 - 0.36 - 0.42 Ajax 2, F 512 0.31 - 0.19 - 0.43 Copper Mountain G 233 0.36 - 0.09 1.3 0.43 Gibraltar H 700 0.26 0.008 - - 0.29 Huckleberry C 40 0.34 0.01 - - 0.38 Valley I 550 0.29 0.008 - - 0.32 1. Copper equivalent (CuEQ) calculated using Cu US$3.00/lb, Au US$1,300/oz, Mo US$12/lb & Ag US$18/oz. Metallurgical recoveries and net smelter returns are assumed to be 100%. 2. Resources estimated at 0.20% copper cutoff. Resources include Measured and Indicated only. A – I. For information sources refer to reference page at end of presentation. 7

IKE – South-Central BC Location and Infrastructure 111 MT (INF) O 0.44 g/t Au, 1.5 million oz 50 Kilometres Reserves Cu Mo Au CuEQ 1 Deposit (M Tonnes) (%) (%) (g/t) (%) Gibraltar H 700 0.26 0.008 - 0.29 New 831 0.23 - 0.41 0.49 Prosperity B Valley I 550 0.29 0.008 - 0.32 1 . CuEQ calculations use metal prices: Cu US$3.00/lb, Mo US$12/lb and Au US$1,300/oz. Metallurgical recoveries and net smelter returns are assumed to be 100%. 8

IKE – Looking Northerly at IKE Deposit IKE Deposit Mad Major 9

IKE – Amarc Has Acquired a 100% Interest in Claims Over the Entire Mineral District 10 Kilometres 10

DISTRICT SURVEYS – Results From Talus Fines Sampling Indicate Multiple Mineralized Centres Chalcopyrite 11

DISTRICT SURVEYS – Talus Fines Analyses – Copper Buzzer North Empress Buzzer Syndicate Row Quinn bottom OMG Mewtwo Mad Major IKE MMW Copper Results 1 Kilometre 12

DISTRICT SURVEYS – IP and Drilling Programs Empress 2 Historical Resource: Buzzer North ~10 Mt @ 0.61% Cu & 0.79 g/t Au Claim Outline Buzzer Syndicate Row bottom A 4 Kilometres Quinn OMG Mewtwo IKE Mad Major B 2017 Drill Hole Results From To Int. CuEQ 1 Cu Mo Ag Au Hole# (m) (m) (m) (%) (%) (%) (g/t) (ppb) MMW A 63 129 66 0.40 0.29 0.006 4.1 82 A 333 354 21 0.51 0.38 0.007 4.3 106 B 81 90 9 0.78 0.57 0.046 3.0 3 1. Copper equivalent (CuEQ) calculated using Cu US$3.00/lb, Mo US$12/lb, Ag US$18/oz and Au US$1,300/oz. 13 2. An historical estimate of about 10 million tonnes grading 0.61% Cu and 0.79 g/t Au was reported in 1991 for Empress. It is not categorized as prescribed by National Instrument 43-101. A qualified person has not done sufficient work to classify the historical estimate as a current mineral resource or mineral reserve and Amarc is not treating the historical estimate as current.

IKE – District-Wide Airborne Magnetic Survey Outlines Disruptive IKE Magnetic Anomaly and Other Compelling Targets Empress Buzzer North Buzzer Syndicate Quinn Rowbottom OMG Mewtwo IKE Magnetic Anomaly Mad Major 4 Kilometres MMW 14

IKE – Detailed Airborne Magnetic Survey Outlines 9 Km 2 IKE Magnetic Anomaly B B’ A A’ IKE Magnetic Anomaly 1 Kilometre 15

IKE – Northerly View Across 3.5 Km Wide Sulphide System IKE Magnetic Anomaly Viewpoint IKE Mineralized System 1 3.0 Km Legend IKE Magnetic Anomaly 3.5 Km IKE Mineralized System IKE Deposit Drill Hole 1. As outlined by IP chargeability surveying, surface geochemical sampling and 21 core holes. 16

IKE – Assay Results from the 21 Holes Drilled Indicate Substantial Resource Potential IKE Discovery Drill Hole Plan IKE Mineralized System OPEN Northwest Northeast B B’ OPEN Viewpoint A A’ Southeast WEST EAST Southwest OPEN OPEN IKE Magnetic Anomaly 1 Kilometre 17

IKE – Looking Northeasterly Over IKE Discovery VIEWPOINT Hole 21 287 m @ 0.39% CuEQ Hole 20 Northwest 148 m @ 0.54% CuEQ Southwest Hole 13 592 m @ 0.44% CuEQ 18