Company: AXREF
Filing Date: 2025-07-28
Form Type: 20-F
Source: 0001654954-25-008549
Chunk: 23

Company: AMARC RESOURCES LTD
Filing Date: 2025-07-28
Form: 20-F
Item: Item 4
Chunk 23
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 85 km northeast of Smithers, BC, at 55º 14’ 35” N Latitude and 126º 10’ 25” W Longitude; or UTM Zone 9 (NAD 83) at 6,126,000 m N and 681,000 m E. Figure 7 shows the location of the DUKE District claims and the infrastructure in the region.

Figure 7

Property Description

Amarc is the operator of the DUKE District. The DUKE Project tenure consists of 107 claims covering 73,201.30 ha. Of these, 103 claims covering an area of 72,907.41 ha (180,158 acres) are 100% held by Amarc and 4 claims covering an area of 293.89 ha (726 acres) are held under option by Amarc from Richard Billingsley who owns 100% of the claim interest. All claims are in good standing until January 1, 2035.

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Figure 8

Agreement with Boliden

On November 22, 2022, Amarc announced it had entered into an agreement (the “ Agreement”) with Boliden. Under the terms of the Agreement, Boliden has a two-staged option to earn up to a 70% interest in the DUKE District.

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To earn an initial 60% interest Boliden must fund CDN$30 million of exploration and development expenditures within four years of the effective date of the Agreement, of which CDN$5 million is a committed amount to be spent in 2022 and early 2023. Amarc will be the operator during this initial earn-in stage.

Upon earning a 60% interest, Boliden can elect to earn an additional 10% interest in the Duke District, for an aggregate 70% interest, by funding an additional CDN$60 million of exploration and development expenditures at a minimum rate of CDN$10 million per year over the ensuing six years. Once Boliden has earned a 60% interest it will also have the right to become the operator.

Upon Boliden finalizing its earned ownership interest, Amarc and Boliden will form either a 60:40 or 70:30 unincorporated joint venture to further advance the Duke District. At that stage each party will be responsible for funding its own pro-rata share of project costs, or be