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President's Message

March 2021

Dear Investor

Amarc is Situated for Success Developing Three High Value Copper-Gold Districts

  • British Columbia is North America’s premier jurisdiction for long life, high value copper-gold deposits (KSM, Red Chris, Galore, Kemess, Bell, Copper Mountain etc.) sought by financial markets and senior producers
  • Amarc has assembled a 100% interest in three extensive porphyry copper-gold districts in BC, and importantly all are serviced by provincial infrastructure
  • Each of these districts – IKE (462km2), DUKE (704km2), JOY (464km2) – host characteristics required for the potential development of multiple, long life, high value copper and gold mines
  • Very extensive historical exploration and drill data from millions of dollars spent on each district by various past operators and in recent programs by Amarc have been carefully compiled
  • Four significant porphyry copper (± Au, Ag, Mo) deposits have been discovered within the IKE, DUKE and JOY districts, with more than 10 compelling additional deposit scale targets ready for drill discovery
  • Amarc has proactively engaged with First Nations in the project regions and Government drill permits have been awarded
  • Tremendous optionality exists within each district for cost-effective work program advancement and transaction/partnership agreements
  • The goal of Amarc’s strategic focus is the Development of Long life, High Demand, High Value Copper-Gold Mines

Recap of 2020

2020 was an extraordinary year for us all. The Amarc team started the year with great expectations for a highly productive and successful field season on multiple fronts and active interest in all of our projects. Then COVID-19 hit and the momentum stalled for us, as it did for many of our peers as we adapted to working remotely and regrouped to see what fieldwork was possible and how to complete it in a safe way for both our team and the communities in which we work.

During 2020, the management team continued to focus on advancing our portfolio of high value, copper-gold assets, progressing discussions with potential new partners for IKE, DUKE and JOY, while divesting of non-core properties. Our most recent divestment of the Newton gold property to Carlyle Commodities Corp. (“Carlyle”) is an example. The sale supports our strategic focus on the development of the high value and expansive IKE, JOY and DUKE districts while allowing Amarc to retain exposure to the upside gold potential at Newton through a 12% equity position in Carlyle and a retained 2% NSR Royalty in that property.

Moving Forward in 2021

With initial vaccines being distributed around the world and surging markets we are gearing up for a successful 2021. An initial impetus has been to rebrand Amarc to take true advantage of the rise in both copper and gold prices and to ensure good shareholder communication in light of the new virtual world. This initiative is being designed to convey the importance and value of Amarc’s outstanding copper-gold portfolio, so distinguishing the company from its peer group.

Amarc’s strategic focus remains on porphyry copper-gold deposits: the combination of size and commodities characteristic of this deposit type creates high value, high demand mining production. The Amarc technical team has worked to formalize its detailed compilations of extensive historical work with promising results from Amarc’s recent programs, on each of 100% owned IKE, DUKE and JOY districts. This work culminated with the completion of comprehensive publically filed technical reports for each district that are easily available for both potential strategic partners and investors that are after the in-depth detail. This work served to underscore the importance of Amarc’s deposit discoveries at IKE, DUKE and JOY, revealing new potential at the Empress and PINE copper-gold deposits on the IKE and JOY projects, respectively, and highlighting multiple, prime drill-ready targets. Each of IKE, DUKE and JOY are multi-faceted districts, hosting near and longer-term development opportunities.

District-scale development opportunities, like IKE, JOY and DUKE with outlined deposits and multiple high potential drill ready targets are the kind of assets that majors want and the world needs. Porphyry deposits are a major global source of copper and gold, as well as other metals such as molybdenum and silver. Essential components in the development of our modern society – these metals and in particular copper and gold, will assuredly be powering our future. Gold underpins the global financial system and is an important driver of mining investment. This key linkage was apparent over the past year: gold prices strengthened with the increasing global economic uncertainty associated with the COVID-19 pandemic, while also supporting buoyant investment in exploration and development of gold-associated deposits. Copper, a mainstay of the BC mining industry for years, is the foundational ingredient for the expansion of electrification and telecommunication to communities around the globe, as well as society’s transition to renewable energy and electric vehicles. The near and long term outlook for copper is outstanding: a growing market deficit is forecast through 2024, with increasing copper prices . Further, a recent World Bank Study of the mineral intensity of the clean energy transition through 2050 identifies copper as a crosscutting mineral, integral to all of the innovative energy technologies covered in the study, driving new demand.

Our copper-gold projects are situated for success: located in BC, home to an established copper and gold mining industry and the world’s largest accumulation of junior resource companies, supported by internationally recognized consulting and service organizations and an experienced, skilled workforce. Our projects benefit from proximity to well-developed road, rail and power infrastructure that would dramatically reduce timelines and cost of mine development and operations. Amarc is home to a capable and successful management team with a deep understanding of the porphyry deposits in British Columbia and around the world, backstopped by the broad skill set and experience of our advisors at Hunter Dickinson.

The IKE, DUKE and JOY districts host 4 known copper±gold deposits that are prime for moving toward development, and also 10 porphyry copper-gold deposit targets that are fully permitted and ready for drill discovery. Combined, Amarc’s portfolio provides tremendous optionality for work program advancement and partnership transactions. We are optimistic that we will be working on the ground this year. Meanwhile the management team is focused on partnering IKE, DUKE and JOY.

Dr. Diane Nicolson
President & CEO
Amarc Resources Ltd.

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