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CEO Message


Proactive Commitment to the Global Energy Transition

Responsible Mineral Develoment in British Columbia



September 2022

Dear Investor,

I am pleased to provide this update on the Company and its focus, which was also distributed in a news release on September 22, 2022.

2022 is proving to be a transformative year for Amarc as we work to develop our unique portfolio of high value copper-gold districts in British Columbia, a premier global mining district and the heartland for copper production in Canada.

Amarc's expansive 100%-owned JOY, DUKE, and IKE Districts have been diligently assembled and advanced over a period of years, with each now hosting one or more known porphyry copper deposits and a pipeline of high-potential deposit targets.  Perhaps more importantly, these Districts host the type of copper mineralization that major producers seek, with potential for low-cost, bulk tonnage, long-life production.

Amarc already has one major partner committed to funding non-dilutive exploration at JOY, and we will continue to be both highly selective and strategic with the partnerships that we seek for our remaining portfolio of assets in order to maximize value for investors.

While battery metals, rare earth elements and other high-demand 'critical minerals' have commanded news headlines in recent years, I would argue that copper will be the lynch-pin commodity that ultimately determines whether Canada, the United States and countries around the world achieve their 'net-zero by 2020' carbon emission goal.  For many reasons - including cost, conductivity, ductility and durability - copper is a fundamental and irreplaceable material for electrification and renewable energy applications.

S&P Global [i] recently forecast that worldwide demand for copper will grow from 25 million metric tons (MMt) in 2021 to 50 MMt by 2035, a record-high level that will continue to rise to 53 MMt by 2050.  Supply shortalls are predicted to begin in 2025 and persist through the following decade, with the copper supply gap expected to reach an unprecedented 9.9 MMt by 2035.

With long-term copper supply and demand dynamics like that, I can assure you there's never been a more exciting or relevant time to be involved in copper exploration in Canada.  The Amarc team has contributed to the discovery and development of multiple copper and copper/gold deposits in recent decades many of which have been, are being or remain to be mined.

Not only are we confident in the quality of our assets and the experience of our team and partners, we're motivated by the opportunity to contribute to the global effort to achieve 'net-zero by 2050' through the responsible development of high value copper deposits right here in British Columbia. Amarc looks forward to sharing our stream of development news in the months and years ahead with both shareholders and new investors.

On behalf of the Board of Directors of Amarc,

Dr. Diane Nicolson
President & CEO
Amarc Resources Ltd.


[i] https://ihsmarkit.com/Info/0722/futureofcopper.html

Dr. Roy Greig, a Qualified Person as defined under National Instrument 43-101, has reviewed and approved the technical content of this letter.


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