Or FOR Dissemination in the United States

AMARC ANNOUNCES CAD$20 MILLION PRIVATE PLACEMENT FINANCING

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

August 24, 2026, Vancouver, BC – Amarc Resources Ltd. (“Amarc” or the “Company”) (TSXV: AHR; FSE: AQ5) is pleased

to announce that it proposes to complete a private placement, led by strong participation from institutional investors,

of approximately 20 million common shares of the Company (each, a “Share”) at a price of CAD$1.00 per Share to raise

gross proceeds of approximately CAD$20 million (the “Offering”). The gross proceeds of the Offering will be used to

advance any required future expenditures in relation to the JOY District, to fund working capital and general corporate

purposes, project investigations, and to progress Amarc's other properties, including DUKE and IKE.

In accordance with Canadian securities laws, the Shares will be subject to a four -month and one day hold period in

Canada from the date of closing of the Offering. The Offering is subject to execution of definitive subscription

documentation, advance ment of funds , and TSX Venture Exchange a pproval. Completion is targeted for early

September.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be

offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of

the securities in any State in which such offer, solicitation or sale would be unlawful.

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 copper -gold mines in BC. By combining

high-demand projects with dynamic manag ement, Amarc has created a solid platform to create value from its

exploration and development -stage assets.

Amarc is advancing the JOY, DUKE and IKE Copper -Gold Districts located in different prolific porphyry regions of

northern, central and southern BC, respectively. Each District represents significant potential for the development

of multiple and important -scale, porphyry copper±gold deposits. 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. ("Freeport"), a wholly owned subsidiary of Freeport -

McMoRan Inc. earned, under the Mineral Property Earn -In Agreement, an initial 60% interest in the JOY District by

funding CAD$35 million under an accelerated timeframe (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% by

Freeport and 40% by Amarc (see September 4, 2025 release). Freeport has elected to earn a further 10% interest in the

JOY District by funding an additional $75 million in staged expenditures. While Freeport is now the Operator of JOY,

AML 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 CAD$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. (“Boliden”), an entity within the Boliden Group of companies,

continues its participation having sole funded CAD$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 fund

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exploration activities on a pro rata basis or dilute their interes t in the DUKE JV. Amarc is the operator at the DUK E

District.

Amarc owns a 100% interest in the IKE Cu-Au and Cu-Mo District in southern BC. Amarc completed self-funded 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 regio n, 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 gold-rich AuRORA

porphyry Cu-Au-Ag deposit.

Amarc is associated with HDI, a diversified, global mining company with a 35 -year history of porphyry copper deposit

discovery, development and transaction success. Previous and current HDI projects include some of BC's and the

world's most important porphyry deposits – such as Pebble, Mount Milligan, Southern Star, Kemess South, Kemess

North, Gibraltar, Pr osperity, Xietongmen, Newtongmen, Florence, Casino, Sisson, Maggie, DUKE, IKE, PINE 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. We

pursue early and meaningful engagement to ensure our mineral exploration and development activities are well

coordinated and broadly supported, address local priorities and concerns, and optimize opportunities for

collaboration. In particular, we seek to establish mutually beneficial partnerships with Indigenous groups within

whose traditional territories our 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, P.Eng, a Qualified Person (“QP”) as defined by National Instrument 43-101, has reviewed and approved

all technical and scientific information contained in this news release. Mr. Rebagliati is not independent of the

Company.

For further details on Amarc Resources Ltd., please visit our website at www.amarcresources.com or contact:

Diane Nicolson, President & CEO at +1 (778) 388 4603, Email: [email protected]

Tom McMillan, VP Investor Relations at +1 (604) 364-8386, Email: [email protected]

Kin Communications at +1 (604) 684-6730, Email: [email protected].

ON BEHALF OF THE BOARD OF DIRECTORS OF AMARC RESOURCES LTD.

Dr. Diane Nicolson

President and CEO

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture

Exchange) accepts responsibility for the adequacy or accuracy of this release.

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Forward Looking and other Cautionary Information

This news release includes certain statements that may be deemed "forward -looking statements". Such statements, other than statements of historical

facts, include the proposed private placement, the amount of funds to be raised, and the anticipated use of proceeds from the private placement. Although

the Company 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 the Company to develop forward-looking statements include the following: Amarc will receive all necessary documentation and approvals for the private

placement on a timely basis; 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 tha t 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, 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 fro m those projected in the forward -looking statements. For more information on

Amarc Resources Ltd., investors should review Amarc'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.sedarplus.ca.