Amarc owns 40% owner and is the operator of the DUKE District mineral claims. The claims have no underlying royalties.
Agreement with Boliden
In November 2022, Amarc entered into a Mineral Property Earn-in Agreement (the "Agreement") with Boliden Mineral Canada Ltd. (“Boliden”), a wholly-owned subsidiary of the Boliden Group. Under the terms of the Agreement, Boliden has a two-staged option to earn up to a 70% interest in the DUKE District.
Boliden has completed an investment of CDN$30 million of exploration and development expenditures to the end of 2025 to earn a 60% interest, and has elected not to exercise the option to increase its interest from 60% to 70% by investing a further CDN$60 million. Effective as of April 1, 2026, a Boliden 60%/Amarc 40% Joint Venture (the "DUKE JV"), as defined by the Agreement, has commenced.
Under the DUKE JV, Boliden can now invest 60% and Amarc 40% in future programs or dilute their interest in the DUKE JV (April 2, 2026 release).
Trail Peak Option
In September 2023, Amarc announced it had entered into an option agreement (the “Agreement”) with Richard J (Dick) Billingsley (“Optionor”) on a group of mineral claims, covering some 2.34 km2, located internal to and near to the northern extent of the DUKE property. Under the terms of the Agreement, Amarc can acquire 100% of these claims, subject to a 2% Net Smelter Returns royalty retained by the Optionor that is capped at $10 million, by issuing 200,000 Amarc shares and making annual cash payments of $5,000 to the Optionor plus funding an annual scholarship for Indigenous students in the amount of $20,000 per year for a period of 10 years (total of 200,000 shares and $250,000 cash).