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Amarc Resources Ltd. An Important New Discovery The Value Creation Cycle Begins IKE Copper-Molybdenum-Silver Discovery British Columbia February 2015

Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

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Page 1: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

Amarc Resources Ltd.

An Important New Discovery The Value Creation Cycle Begins

IKE Copper-Molybdenum-Silver DiscoveryBritish Columbia

February 2015

Page 2: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

Cautionary and Forward-Looking Statement Information

2

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 thirdparty 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 Resources Ltd., 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 Resources Ltd.

Page 3: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

Amarc – An Important New Discovery – Value Creation Begins

3

A nine hole (5,400 metre) drill program has discovered a major bulk tonnage copper-molybdenum-silver deposit at IKE in south-central British Columbia

New geophysical and geochemical surveys completed over the IKE discovery area indicate the potential for “lots more to come”

Amarc has secured additional mineral claims surrounding IKE to cover other compelling deposit targets and potential infrastructure options

A comprehensive corporate and technical business plan has been implemented to move IKE efficiently forward and up the value creation curve

Page 4: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

IKE – Assay Results from Nine Exploration Holes Indicate Potential for Important Resource Volumes

4

2014 Discovery Drill HolesPlan View

Page 5: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

IKE – Discovery Hole Results Indicate IKE will be an Important BC Porphyry Deposit

5

Drill Hole Interval2,3 (m) CuEQ1 (%) Cu (%) Mo (%) Ag (g/t)

14001 247 0.42 0.28 0.030 2.0

14002 234 0.43 0.26 0.040 1.7

14003 92 0.41 0.31 0.020 2.1

14005 194 0.49 0.30 0.046 0.8

14006 308 0.41 0.26 0.032 1.8

14008289 0.37 0.27 0.022 1.6

97 0.46 0.32 0.030 2.2

1. Copper equivalent calculations use metal prices of: Cu US$3.00/lb, Mo US$12.00/lb and Ag US$20.00/oz. Metallurgical recoveries and net smelter returns are assumed to be 100%.

2. Widths reported are drill widths, such that true thicknesses are unknown.3. All assay intervals represent length weighted averages.

2014 Discovery Drill Holes Selected Assay Intervals

Page 6: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

BC Porphyry Copper Mines and Projects

6

Infrastructure! Infrastructure! Infrastructure!

Page 7: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

7

1. Copper equivalent calculated using Cu $3.00/lb, Au $1,250/oz, Mo $12/lb and Ag $20/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 back of presentation.

DRILLING AT IKE RETURNED LONG INTERCEPTS OF MINERALIZATION INCLUDING: 247 m of 0.42% CuEQ1 @ 0.28% Cu, 0.030% Mo, 2.0 g/t Ag (Hole 14001) 234 m of 0.43% CuEQ1 @ 0.26% Cu, 0.040% Mo, 1.7 g/t Ag (Hole 14002) 194 m of 0.49% CuEQ1 @ 0.30% Cu, 0.046% Mo, 0.8 g/t Ag (Hole 14005) 308 m of 0.41% CuEQ1 @ 0.26% Cu, 0.032% Mo, 1.8 g/t Ag (Hole 14006)

BC Porphyry Copper Mines HostCuEQ Grades Ranging from 0.32% - 0.54%

RESOURCES AND RESERVES AT SELECTED BC MINES AND PROJECTS2

Name Million tonnes Cu % Mo % Au g/t Ag g/t CuEQ%1

Red ChrisA 288 0.37 - 0.28 - 0.54

New ProsperityB 831 0.23 - 0.41 - 0.48

Mt. PolleyC 87 0.29 - 0.30 0.4 0.48

MorrisonD 267 0.35 0.005 0.17 - 0.47

Mt. MilliganE 478 0.20 - 0.39 - 0.44

AjaxF 512 0.31 - 0.19 - 0.43

Copper MountainG 233 0.36 - 0.09 1.3 0.43

Gibraltar (GDP3) H 752 0.30 0.008 - - 0.33

Highland ValleyI 663 0.29 0.008 - - 0.32

HuckleberryC 40 0.34 - - - 0.34

Page 8: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

Amarc – Now at the Key Point of Entry for InvestorsValue Creation Begins

8

Schematic Lifecycle of a Mining Share

Page 9: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

Amarc – Low Market Capitalization

9

Listed TSXV: AHR OTCBB: AXREF

142 million

~19%

$1.0 million

Shares Issued

Management Owns

Working Capital

An HDI Associated Company

Page 10: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

HDI – A Leading Explorer, Developer & Operator in BC

10

Legacy Projects Golden Bear Mine Mt. Milligan Mine Kemess Mine

Amarc Resources Ltd. IKE Project Newton Project

Constantia Resources Ltd. Maggie Project

Taseko Mines Limited Gibraltar Mine New Prosperity Project Aley Project

Hunter Dickinson Inc. has been successfully exploring, developing and operating mines inBC for over 25 years

Page 11: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

SKI KM LAX HA NATIONBrigade TSAY KEH DENE FIRST NATION

Taseko

OFFICE OF WET‘SUWET’EN Quartz Mountain

WET’SUWET’EN FIRST NATIONQuartz Mountain

NAZKO FIRST NATIONAmarc

WILLIAMS LAKE INDIAN BANDTaseko

HIGH BAR FIRST NATIONWHISPERING PINES FIRST NATION

Constantia

ST. MARY’S FIRST NATIONASSEMBLY OF FIRST NATIONSCHIEFS OF NEW BRUNSWICKWOODSTOCK FIRST NATIONNorthcliff

11

HDI Aboriginal Agreements

Golden Bear, an HDI legacy project, was the first project in Canada to sign an IBA Since 2011, 13 Agreements have been signed between Aboriginal groups and HDI

companies across Canada for projects at various stages of development

Page 12: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

IKE – Location and Infrastructure

12

50 Kilometres

Page 13: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

IKE – Amarc Negotiated Favourable Property Acquisition Terms

Amarc is the operator of the IKE mineral property under the terms of an Option to Purchase Agreement with two geologist vendors

Amarc will acquire a 100% interest in IKE before November 30, 2015 by:

Completing $1.86 million in exploration expenditures

Making a $40,000 cash payment

Issuing 100,000 shares

An underlying 2% Net Smelter Returns Royalty to the vendors can be purchased for $4 million (of which $2 million can be paid in shares at Amarc’s option)

An underlying 1% Net Smelter Returns Royalty held by a former operator can be purchased for $2 million in cash and/or shares at any time

13

Page 14: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

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IKE – Project is Located 40 Kilometres Northwest of Gold Bridge

Looking Westerly

IKE

Gold Bridge

LoggingOperations

Resource Development Operations Provide Access into IKE Region

Source: Google

DowntonLake

LajoieDam

Page 15: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

15

IKE – Comprehensive Approach to Engagement

Committed to meaningful engagement and building positive relationships with Aboriginal groups in our project area

Explore potential partnerships and where appropriate negotiate agreements with Aboriginal groups

Engage and work with local communities

Build broad-based community project support

Maintain and build on positive relationships with regulators

Support government’s consultation duty at the earliest stages by building a solid consultation record to assist government in timely and fair regulatory decision-making

Page 16: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

IKE – Outside of Tsilhqot’in Proven Title Area

16

Drill Permit located 50 km outside of Title Area

Page 17: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

IKE – Aboriginal Considerations

17

Several Aboriginal groups have overlapping interests in the IKE area

Amarc has completed comprehensive ethnohistorical research to inform our approach to Aboriginal engagement

One of the Aboriginal groups, the Tsilhqot’in Nation, has expressed some concerns to development in the area The Tsilhqot’in position may be influenced by larger discussions underway

with the BC government led by the Premier, to find a cooperative go-forward plan with respect to the recent Supreme Court of Canada title ruling

Amarc is engaged with local Aboriginal groups in pursuit of a cooperative and constructive path forward

Amarc is committed to meaningful engagement and has a comprehensive approach

Page 18: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

18

IKE – Looking East From Granite Creek Across Historical Drill Program Cat Roads at Discovery

Important PorphyryCu-Mo-Ag System

Drill Permit

Granite Creek

Source: Google

Page 19: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

IKE – Extensive Mineralized Porphyry System is Evident

19

Hole 11-1Hole 81-2 Hole 11-2

Looking Easterly

3 Key Historical Drill Holes

Page 20: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

IKE – Three Key Historical Drill Holes Intercepted Significant Cu-Mo-Ag Mineralization

20

1. Copper equivalent calculations use metal prices of: Cu US$3.00/lb, Mo US$12.00/lb and Ag US$20.00/oz. Metallurgical recoveries and net smelter returns are assumed to be 100%.

2. Copper equivalent for holes 11-1 and 11-2 used copper, molybdenum, and silver. Copper equivalent for holes 81-2 and 81-1 used copper and molybdenum only.

OPEN OPEN

OPEN

NORTH SOUTH

Looking Easterly

Page 21: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

IKE – Looking Northwesterly Over IKE

21

Hole 14004

Hole 14006

A

Page 22: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

IKE – Amarc has Drilled 5,400 Metres in 9 Exploration Core Holes

22

WEST EAST

OPEN

OPEN

OPENOPEN

2014 Drill Hole Plan

Hole 14004

Hole 14006A

Page 23: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

IKE – Assay Results Indicate Potential for Important Resource Volumes

23

2014 Discovery Drill HolesPlan View

Page 24: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

IKE – Long, Continuously Mineralized Intersections

Drill Hole Incl. From (m) To (m) Interval2,3 (m) CuEQ1 (%) Cu (%) Mo (%) Ag (g/t)

14001

55.0 213.7 158.7 0.38 0.27 0.020 2.5

242.0 489.0 247.0 0.42 0.28 0.030 2.0

incl. 242.0 275.0 33.0 0.43 0.35 0.011 4.1

incl. 284.6 362.5 77.9 0.44 0.31 0.027 2.0

incl. 372.9 395.2 22.3 0.45 0.25 0.045 1.7

incl. 404.1 489.0 84.9 0.50 0.30 0.045 1.7

528.0 634.6 106.6 0.28 0.23 0.009 1.9

14002

57.3 180.1 122.8 0.41 0.32 0.017 2.5

206.0 494.6 288.6 0.40 0.24 0.038 1.6

incl. 206.0 440.0 234.0 0.43 0.26 0.040 1.7

and 206.0 364.0 158.0 0.45 0.26 0.046 1.7

and 368.5 440.0 71.5 0.41 0.27 0.031 1.7

521.7 551.1 29.4 0.45 0.15 0.076 0.6

1400310.2 102.0 91.8 0.41 0.31 0.020 2.1

282.0 365.0 83.0 0.20 0.08 0.029 0.71. Copper equivalent calculations use metal prices of: Cu US$3.00/lb, Mo US$12.00/lb and Ag US$20.00/oz. Metallurgical recoveries and net smelter returns are

assumed to be 100%.2. Widths reported are drill widths, such that true thicknesses are unknown.3. All assay intervals represent length weighted averages. 24

2014 Discovery Drill Holes Assay Results

Page 25: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

IKE – Long, Continuously Mineralized Intersections

Drill Hole Incl. From (m) To (m) Interval2,3 (m) CuEQ1 (%) Cu (%) Mo (%) Ag (g/t)

14004 128.0 189.0 61.0 0.29 0.13 0.036 0.9

14005

32.0 80.0 48.0 0.27 0.23 0.007 1.4

269.4 552.3 282.9 0.44 0.29 0.038 0.7

incl. 269.4 463.2 193.8 0.49 0.30 0.046 0.8

602.9 616.1 13.2 0.33 0.29 0.009 0.6

14006

9.0 75.0 66.0 0.25 0.21 0.008 1.3

124.0 574.3 450.3 0.37 0.24 0.028 1.7

incl. 124.0 432.2 308.2 0.41 0.26 0.032 1.8

and 124.0 207.8 83.8 0.43 0.31 0.026 2.2

and 216.4 258.0 41.6 0.43 0.30 0.024 2.8

and 381.9 432.2 50.4 0.72 0.35 0.088 1.8

incl. 441.9 490.0 48.1 0.46 0.27 0.044 1.8

671.0 681.8 10.8 0.33 0.28 0.007 2.01. Copper equivalent calculations use metal prices of: Cu US$3.00/lb, Mo US$12.00/lb and Ag US$20.00/oz. Metallurgical recoveries and net smelter returns are

assumed to be 100%.2. Widths reported are drill widths, such that true thicknesses are unknown.3. All assay intervals represent length weighted averages.

25

2014 Discovery Drill Holes Assay Results

Page 26: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

IKE – Long, Continuously Mineralized Intersections

Drill Hole Incl. From (m) To (m) Interval2,3 (m) CuEQ1 (%) Cu (%) Mo (%) Ag (g/t)

14007

7.9 24.9 17.0 0.31 0.22 0.020 1.1

139.5 167.0 27.5 0.27 0.06 0.051 0.5

223.0 274.0 51.0 0.24 0.05 0.048 0.5

304.0 411.9 107.9 0.24 0.12 0.030 0.7

14008

135.4 168.0 32.6 0.30 0.24 0.009 2.0

233.0 258.5 25.5 0.34 0.23 0.023 1.5

278.1 567.0 288.9 0.37 0.27 0.022 1.6

incl. 287.7 384.3 96.6 0.46 0.32 0.030 2.2

incl. 418.7 462.8 44.0 0.38 0.31 0.015 1.8

incl. 484.0 564.0 80.0 0.38 0.30 0.018 1.6

605.0 648.0 43.0 0.25 0.20 0.012 1.0

1400910.5 200.0 189.5 0.24 0.16 0.018 1.1

incl. 10.5 98.0 87.5 0.29 0.20 0.019 1.41. Copper equivalent calculations use metal prices of: Cu US$3.00/lb, Mo US$12.00/lb and Ag US$20.00/oz. Metallurgical recoveries and net smelter returns are

assumed to be 100%.2. Widths reported are drill widths, such that true thicknesses are unknown.3. All assay intervals represent length weighted averages.

26

2014 Discovery Drill Holes Assay Results

Page 27: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

IKE – Cross Section A-A’, Looking North

A A’

27

Cu and Mo Grades

Page 28: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

A A’

IKE – Cross Section A-A’, Looking North

281. Copper equivalent calculations use metal prices of: Cu US$3.00/lb, Mo US$12.00/lb and Ag US$20.00/oz. Metallurgical recoveries and net smelter returns are assumed to be 100%.

CuEQ Grades

Page 29: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

IKE – Cross Section B-B’, Looking East

B B’

29

Cu and Mo Grades

Page 30: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

IKE – Cross Section B-B’, Looking East

B B’

301. Copper equivalent calculations use metal prices of: Cu US$3.00/lb, Mo US$12.00/lb and Ag US$20.00/oz. Metallurgical recoveries and net smelter returns are assumed to be 100%.

CuEQ Grades

1

Page 31: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

31

Mt. Milligan Deposit: West-East Section2013 Mt. MilliganE Reserves at a $4.10/t NSR cut-off

478 M tonnes grading 0.44% CuEQ comprised of 0.20% Cu and 0.39 g/t Au

West East

Example Cu and Au Grade Distribution for a BC Operating Mine

Au reference line @ 0.40 g/t; Max @ 1.00 g/t.Cu reference line @ 0.20 %; Max @ 1.00 %.

200 Feet

E. For reserves information source refer to reference page at back of presentation.

CuAuCuAu

CuAu

CuAu

CuAu

Page 32: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

IKE – Historical Airborne ZTEM Indicates Extensive Rock Alteration

32

Page 33: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

IKE – New Airborne Magnetic Survey Indicates Important Size Porphyry System

33

Magnetite DestructionZone

Magnetite DestructionZones

IKE Porphyry System

Page 34: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

IKE – New IP Survey Indicates Mineralization Open to Major Expansion

34

Magnetite DestructionZone

Magnetite DestructionZones

IKE Porphyry System

Page 35: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

IKE – 3D Modelled IP Sections Indicate Important Mineralized System

35OPEN

OPEN

1 Kilometre

WEST EAST

Ridge

Page 36: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

IKE – Talus Fines Sampling Confirms Widespread Mineralization

36

Hole 14004

Hole 14006A

Page 37: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

IKE – Intrusive Rocks (Hornblende Granodiorite and Quartz-Monzonite) are the Main Hosts for Chalcopyrite and Molybdenite

37

IK14008-557m. Potassic altered biotitequartz-monzonite. Primary, igneous biotite and hornblende are replaced by hydrothermal biotite and chalcopyrite. In addition, chalcopyrite occurs in quartz veins.

IK14006-432m. Potassic altered hornblende granodiorite intruded by thin, fine-grained dyke. Several chalcopyrite veinletsthat parallel the dyke contact, are cut by a prominent quartz-chalcopyrite-molybdenitevein, which in turn is cut by another younger chalcopyrite veinlet in the lower right corner.

Dyke

Chalcopyrite

MolybdeniteChalcopyrite

Page 38: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

IKE – Characteristics of Cu and Mo MineralizationIndicate Standard Low Cost Processing Likely

38

Most chalcopyrite-molybdenite mineralization is disseminated throughout the intrusions with other mineralization associated with fractures and veins

Chalcopyrite and molybdenite are quite coarse grained indicating good liberation properties and straight forward flotation recovery

Chalcopyrite is not intergrown with pyrite suggesting the potential for a high grade copper concentrate

Initial rhenium analyses suggest some by-product potential which warrants further investigation

Concentrations of any deleterious elements are very low indicating a clean concentrate

Chalcopyrite

Pyrite

Chalcopyrite

Molybdenite

Disseminated

Vein Controlled

Page 39: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

Porphyry Copper Deposits Often Occur in Clusters

Highland Valley DistrictSize and Distribution of

Mineralized Zones

394 Kilometres

Valley (current)673Mt at 0.29% Cu & 0.008% Mo

48 km2

Highland ValleyDistrict

Historical Resources (at start up)Valley - 800Mt at 0.44% Cu & 0.006% MoLornex - 425Mt at 0.41% Cu & 0.014% MoJA - 260Mt at 0.43% Cu & 0.017% MoHighmont - 130Mt at 0.28% Cu & 0.04% Mo

Page 40: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

Amarc has Acquired Mineral Tenures Over the Entire District

40

Page 41: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

New District-Wide Copper-in-Silt Results Identify Compelling Targets

41

Page 42: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

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New District-Wide Molybdenum-in-Silt Results Identify Compelling Targets

Page 43: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

Rowbottom – A Porphyry Cu-Mo System has been Discovered

43

Rowbottom

Located ~ 5 km northwest of IKE

11 short percussion holes (~60 m to 90 m deep) returned encouraging results including:

56 m of 0.55% CuEQ1 @ 0.41% Cu and 0.034% Mo

88 m of 0.38% CuEQ1 @ 0.36% Cu and 0.006% Mo

Note: no gold or silver analyses were performed

The Rowbottom deposit target requires a modern IP survey followed by systematic diamond drilling

1. Copper equivalent calculations use metal prices of: Cu US$3.00/lb, Mo US$12.00/lb and Ag US$20.00/oz. Metallurgical recoveries and net smelter returns are assumed to be 100%.

Page 44: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

S-26

S-25

Drill Road

Well Mineralized

Mineralized

Not MineralizedS-62 S-63 S-24

S-22 S-21S-23

S-64

S-20

S-61

Galore Property Great Quest Property

Rowbottom – Historical Drilling Indicates Strong Potential for a Porphyry Cu-Mo Deposit

44

400 Metres

HoleNumber

Depth (ft)

Interval (ft)

Width2

(ft)Cu (%)

Mo (%)

CuEQ1

(%)S-20 200’ 50-120’ 70’ 0.22 0.008 0.25S-21 200’ 140-150’ 10’ 0.21 0.019 0.29S-22 200’ 15-200’ 185’ 0.41 0.034 0.55S-23 200’ 10-70’ 60’ 0.30 0.001 0.30S-24 200’ 20-200’ 180’ 0.25 0.028 0.36S-25 200’ No reportable interceptsS-26 200’ No reportable interceptsS-61 200’ No reportable interceptsS-62 200’ 70-100’ 30’ 0.39 0.061 0.63S-63 250’ 60-70’ 10’ 0.28 0.010 0.32S-64 300’ 10-300’ 290’ 0.36 0.006 0.38

1. Copper equivalent calculated using Cu $3.00/lb, Au $1,250/oz, Mo $12/lb and Ag $20/oz. Metallurgical recoveries and net smelter returns are assumed to be 100%.

Page 45: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

Mad Major – A Porphyry Cu-Mo-Ag System has been Discovered

45

Mad Major

Located ~ 6 km east of IKE

Extensive 23 km2 Cu and Mo in soils and silts geochemical anomaly

A single historical core hole intersected the same main rock unit which hosts IKE and returned 224 m of 0.14% CuEQ1 @ 0.12% Cu, 0.005% Mo and 0.5 g/t Ag from surface

The Mad Major porphyry Cu-Mo-Ag system requires a modern IP survey followed by diamond drill testing

1. Copper equivalent calculations use metal prices of: Cu US$3.00/lb, Mo US$12.00/lb and Ag US$20.00/oz. Metallurgical recoveries and net smelter returns are assumed to be 100%.

Page 46: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

Mad Major – New Airborne Magnetic Results Show Exciting Discovery Potential

46

G10 – Historical Drill Hole224 m of 0.14% CuEQ1

@ 0.12% Cu, 0.005% Mo, 0.5 g/t Ag

1. Copper equivalent calculations use metal prices of: Cu US$3.00/lb, Mo US$12.00/lb and Ag US$20.00/oz. Metallurgical recoveries and net smelter returns are assumed to be 100%.

Mad Major Hydrothermal System

Page 47: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

Amarc – An Important New Discovery – Value Creation Begins

A nine hole (5,400 metre) drill program has discovered a new major bulk tonnage copper-molybdenum-silver deposit at IKE in south-central British Columbia

A new, post drilling, induced polarization survey over the IKE discovery and expanded target area confirms important resource expansion potential

New post drilling geochemical and airborne geophysical surveys over the IKE discovery area also corroborate the potential for “lots more to come”

Additional mineral claims surrounding IKE have been secured to cover other compelling deposit targets and potential infrastructure options

Decades of historical, geological, geochemical, geophysical and drill programs throughout the heavily mineralized region are being comprehensively compiled to aid efficient exploration of the district

Drill and geophysical (IP) program permits are being applied for to move the IKE discovery and region a quantum stage forward in 2015

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Page 48: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

Amarc – Team is Focused on IKE and Fully Committed to Create Value for Shareholders and Stakeholders

48

Schematic Lifecycle of a Mining Share

Page 49: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

References

49

A. Greg Gillstrom P.Eng., Raj Anand, M.Eng. P.Eng., Steve Robertson, P.Geo., “2012 Technical Report on the Red Chris Copper-Gold Project”, February 14, 2012

B. Scott Jones, P.Eng., “Technical Report on the 344 million tonne Increase in Mineral Reserves at the Prosperity Gold-Copper Project”, December 17, 2009

C. Imperial Metals Corporation website – http://www.imperialmetals.com/s/Home.asp

D. Wardrop, “Morrison Copper/Gold Project – Feasibility Study NI 43-101 Technical Report”, March 12, 2009

E. Thompson Creek Metals Company Inc. website – http://www.thompsoncreekmetals.com

F. Hassan Ghaffari, P.Eng., Andre De Ruijter, P.Eng., Kenneth Lee, P.Eng., Amir Karami, P.Eng., Ali Farah, P.Eng., Ting Lu, P.Eng., Timothy O. Kuhl, R.M. SME, Ramon Mendoza Reyes, P.Eng., Warren Newcomen, P.Eng., Ken Brouwer, P.Eng., Chris Lee, P.Eng., Irwin Wislesky, P.Eng., “Ajax Copper/Gold Project – Kamloops, British Columbia, Feasibility Study Technical Report”, January 6, 2012

G. Al Chance, P.Eng., Gary Giroux, P.Eng., Peter Holbek, P.Geo., Todd Martin, P.Eng. P.Geo., Donald Murray, P.Eng., Jim O’Rourke, P.Eng., Makram El Saggah, P.Eng., Ian Thompson, P.Eng., “Technical Report on the Copper Mountain Project, Princeton, British Columbia for Copper Mountain Mining Corp.”, August 21, 2009

H. Taseko Mines Limited website – http://www.tasekomines.com/home

I. Teck Resources Limited, “Annual Information Form”, March 3, 2014. Teck Resources Limited website –http://www.teck.com/Generic.aspx?PAGE=Teck%20Site/Diversified%20Mining%20Pages/Copper%20Pages/Highland%20Valley%20Copper&portalName=tc

Page 50: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

Contact Information

Investor Relations15th Floor Phone: 604-684-63651040 West Georgia Street Fax: 604-684-8092Vancouver, BC TF: 1-800-667-2114Canada V6E 4H1 Email: [email protected]

Website: www.amarcresources.com

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51

Appendices

Page 52: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

New District-Wide Airborne Magnetic Survey has Outlined a Number of Compelling Targets

52

Page 53: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

Inter-Batholithic District Hosts Prolific Mineral Prospects

53Source: Mineral occurrences from MINFILE Mineral Inventory provided by the BC Geological Survey, regional geology from BC Geological Survey.

Empress Cu-Au deposit non 43-101 compliant resource: ~10 Mt @ 0.61% Cu & 0.79 g/t Au

48 km2

Highland ValleyDistrict Example

Page 54: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

54

New District-Wide Tungsten-in-Silt Results Identify Compelling Targets

Page 55: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

55

?

Silver-in-Silt Results Indicate Region of Potential Epithermal Ag-Au Mineralization

Page 56: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

Mad Major – Compelling Historical Copper-in-Soil Anomaly

561. Copper equivalent calculations use metal prices of: Cu US$3.00/lb, Mo US$12.00/lb and Ag US$20.00/oz. Metallurgical recoveries and net smelter returns are assumed to be 100%.

OPEN

OPEN

OPEN

Page 57: Amarc Resources Ltd. · 2015. 2. 16. · Amarc – An Important New Discovery – Value Creation Begins 3 A nine hole (5,400 metre) drill program has discovered a major bulk tonnage

IKE – Coinciding Geophysical Anomalies Indicate Important Potential Resource Volumes

57