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November 1, 2012

Quartz Mountain Resources Ltd. 15th Floor, 1040
West Georgia Street Vancouver, British Columbia V6E 4H1

|Attention: | Ronald Thiessen
|---------- | ---------------
|           | President      

Dear Sirs/Mesdames:

RE: Letter Agreement: Galaxie and ZNT Projects  Proposed
Joint Venture

Following our recent discussions, we are pleased to present in
this letter agreement (this Letter Agreement) the terms and conditions
upon which Amarc Resources Ltd. or its nominated affiliate (Amarc) will
agree to enter into an unincorporated joint venture (the Joint Venture)
with Quartz Mountain Resources Ltd. (Quartz) with respect to the
Galaxie Project (the Galaxie Project) and the ZNT Project (the ZNT
Project), each located in the Province of British Columbia as more fully
described in Schedule A hereto (the Galaxie Project and the ZNT Project,
collectively, the Projects).

Form of Joint Venture

|1. | Notwithstanding the form of the Joint Venture agreed to
      herein, the Joint Venture may take a different legal form if each of the
      parties determines in writing that such form is to be preferred from a
      commercial, legal or tax perspective, following consultation with its
      legal and financial advisers.                                                                                                                                                                                                                                                                                                                                                                                                                          
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|2. | The Joint Venture will be governed by a definitive
      agreement entered into between Amarc and Quartz (the Parties,
      each a Party) (the Definitive Agreement).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|3. | The Definitive Agreement will include the terms and
      conditions contained in Schedule B (the Definitive Agreement
      Terms).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|4. | For the purposes of this Letter Agreement, Ownership
      Interest means the undivided beneficial ownership interest of a Party
      in the Joint Venture expressed as a percentage of the aggregate of all
      ownership interests of the Parties in the Joint Venture, as such ownership
      interest may from time to time be adjusted in accordance with the
      provisions of this Letter Agreement or the Definitive Agreement. All
      rights and obligations which accrue to, and are incurred by, the Parties
      as against third parties in pursuing the objects of the Joint Venture,
      will accrue to and be incurred by them jointly pro rata to their
      respective Ownership Interests, and not jointly and
  severally.

Ownership Interests

|5. | Amarc will acquire a 40% Ownership Interest (Initial
      Ownership Interest) on the completion of the payments and the funding
      of Exploration Expenditures described in Section 6 below. Amarc will
      not acquire any Ownership Interest if Amarc does not fulfill
      its expenditure requirements within the deadlines set out in Section 6
  below.
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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|6. | In order to earn the 40% Initial Ownership Interest,
      Amarc will:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|7. | In the event that Quartz does not incur at least
      $1,000,000 in Exploration Expenditures with respect to the Galaxie Project
      on or before the Investment Date, Amarc shall pay to Quartz the difference
      between $1,000,000 and the amount of Exploration Expenditures incurred by
      Quartz with respect to the Galaxie Project, to be held in trust by Quartz
      for the benefit of the Joint Venture, such that the sum of such payment
      and any Exploration Expenditures incurred by Quartz, is at least
      $1,000,000. All amounts held in trust by Quartz pursuant to this Section 7
      shall be used by Quartz to incur Exploration Expenditures in relation to
      the Galaxie Project.                                                                                                                                                      
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|8. | In the event that Amarc funds the Exploration
      Expenditures as contemplated under Section 6(b) or makes the payment
      described in Section 7, in each case by the Investment Date, and makes the
      cash payment as contemplated in Section 6(a) by the Effective Date, Amarc
      will have earned its Initial Ownership Interest and such Initial Ownership
      Interest will not be subject to divestment. In the event that Amarc does
      not fund the Exploration Expenditures as contemplated under Section 6(b)
      or make the payment described in Section 7, in each case by the Investment
      Date, or does not make the cash payment as contemplated under Section 6(a)
      by the Effective Date, Amarc will not earn any interest in the Joint
      Venture and will have no further obligations or liabilities to Quartz or
      the Projects.
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|9. | Any Exploration Expenditures funded or amounts paid
      (including amounts paid into trust) in excess of the amounts specified in
      Sections 6 and 7, will be credited towards future obligations of Amarc to
      fund the Joint Venture.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       

Option

|10. | Provided that Amarc has earned the Initial Ownership
      Interest, Amarc will have an option (the Option) until September
      30, 2013, unless it notifies Quartz in writing on or before May 31, 2013
      that it does not intend to exercise the Option (the Option Date
      being the earlier of September 30, 2013 and the date
of receipt by Quartz of such notice), to earn an additional 10% Ownership Interest for a total Ownership Interest of 50%, in consideration for Amarc:
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

2

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| | (a) | funding additional Exploration Expenditures to be
      incurred by Quartz in relation to the Projects in the aggregate amount of
      at least $1,000,000; or,                                                                                                                                                                                                                                                                                                                
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | (b) | in the sole discretion of Amarc, paying to Quartz on or
      before September 30, 2013 an amount to be held in trust by Quartz for the
      benefit of the Joint Venture, such that the sum of the payment into trust
      and any Exploration Expenditures incurred, is at least C$ 1,000,000. All
      amounts held in trust by Quartz pursuant to this Section 10 shall be used
      by Quartz to incur Exploration Expenditures in relation to the Joint
      Venture.

|11. | For greater certainty, any Exploration Expenditures
      incurred or amounts paid (including amounts paid into trust) in excess of
      the amounts specified in Section 10, will be credited towards future
      obligations of Amarc to incur Exploration Expenditures or otherwise to
      fund the Joint Venture.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Title

|12. | On and after the Investment Date, Quartz will hold 100%
      of the legal title to the Projects in trust for the Parties according to
      each Partys Ownership Interest. The Parties will take all required action
      and deliver anything reasonably required for the purposes of completing
      the transfer and contribution to the Joint Venture by Quartz of its
      interest in the Projects, and implementing the Joint Venture as
      contemplated hereunder and will continue to cooperate with such actions as
      may be reasonably necessary to give the Joint Venture full
  effect.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Joint Venture Documents

|13. | The Parties shall use their reasonable commercial efforts
      to negotiate any definitive transaction documents (including but not
      limited to the Definitive Agreement) that may be required in order to
      implement the Joint Venture (collectively, the Joint Venture
      Documents), with the intention that such documents incorporate in
      detail the terms and conditions of the transactions contemplated
      hereunder, including the Definitive Agreement Terms, together with all
      other terms and conditions as the Parties or their legal advisors consider
      necessary or desirable. The Parties intend to complete negotiation of the
      terms of the Joint Venture Documents and to execute and deliver the Joint
      Venture Documents on or before the first business day in British Columbia,
      Canada that falls at least 30 days after the Signature Date (the
      Deadline Date).
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|14. | If the Parties do not negotiate and execute the Joint
      Venture Documents on or before the Deadline Date, then this Letter
      Agreement (including the Definitive Agreement Terms and any amendments to
      this Letter Agreement and the Definitive Agreement Terms as the Parties
      may agree in writing) will constitute the Joint Venture Documents with
      effect from the Deadline Date, and the Deadline Date will be deemed to be
      the Effective Date. The Parties shall promptly thereafter execute and
      deliver all documents, deeds, conveyances and other instruments of further
      assurance which may be reasonably necessary or advisable to carry out
      fully the intent of this Section 14 to implement the Joint
  Venture.                                                                                                                                                                    

3

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Representations and Warranties

|15. | Quartz hereby represents and warrants the following to
      Amarc as at the date of signature of this Letter Agreement by Quartz (the
      Signature Date), the Deadline Date and the Effective Date, which
      representations and warranties will also be included with the other
      customary representations and warranties to be set out in the Joint
      Venture Documents:
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                             
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                             
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                             
|    | (c)                                                                                                                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                             
|    |                                                                                                                                                                                                                                                                                                                                                                                             
|    | (d)                                                                                                                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                             
|    | (e)                                                                                                                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                             
|    | (f)                                                                                                                                                                                                                                                                                                                                                                                         
|    |                                                                                                                                                                                                                                                                                                                                                                                             
|    | (g)                                                                                                                                                                                                                                                                                                                                                                                         

4

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| | (h) | there is no adverse claim or challenge against or to the
      ownership of or title to any of the mineral claims comprising the
      Projects, nor to its knowledge is there any basis
  therefor.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|16. | Amarc hereby represents and warrants the following to
      Quartz as at the Signature Date, the Deadline Date and the Effective Date,
      which representations and warranties will also be included with the other
      customary representations and warranties to be set out in the Joint
      Venture Documents:
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                          
|    | (a)                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                          
|    | (b)                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                          
|    | (c)                                                                                                                                                                                                                                                                                                                      

Confidentiality

|17. | It is recorded that Amarc and Quartz have entered into
      two confidentiality agreements dated September 12, 2012 (the
      Confidentiality Agreements) with regard to the Confidential
      Information (as such term is defined in the Confidentiality Agreements)
      provided or to be provided by Amarc to Quartz and vice versa.                                                                                                                                                                                                                             
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|18. | The parties agree that the fact of the discussions
      between the parties that led to the execution of this Letter Agreement,
      the existence and content of this Letter Agreement, and any ongoing
      discussions between the parties and their representatives during the
      course of negotiation and execution of the Transaction Documents, shall
      constitute Confidential Information under the Confidentiality Agreements
      and shall not be disclosed by the parties, except as specifically provided
      in the Confidentiality Agreements.

|19. | Neither Quartz nor Amarc shall disseminate a press
      release or make other public disclosure regarding the existence or
      subject-matter of this Letter Agreement or the Joint Venture Documents
      without the prior written consent of the other of them, unless such
      disclosure is required by applicable law, regulation, regulatory authority
      rules or policies, or stock exchange rules, in which event the Party
      contemplating disclosure will, if permitted to do so, inform the other
      Party of, and obtain its consent to, the form and content of such
      disclosure, which consent will not be unreasonably withheld or
    delayed.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Binding Letter Agreement; Exclusivity

|20. | In consideration of the mutual undertakings of the
      Parties pursuant to this Letter Agreement, and for other good and valuable
      consideration (the receipt and sufficiency of which is acknowledged by
      each signatory hereto), upon execution by Quartz indicating its acceptance
      hereof, this Letter Agreement and each provision hereof will constitute a
      legally binding and enforceable agreement of Amarc and Quartz. Each such
      Party shall do or cause to be done all such acts and things as are
      reasonably necessary to implement the Joint Venture contemplated by this
      Letter Agreement.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

5

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|21. | Except as provided in this Letter Agreement, neither of
      the Parties shall, directly or indirectly, continue or commence any
      discussions or negotiations with, or enter into any undertaking, agreement
      or commitment with, or accept or consider any proposal unsolicited or
      otherwise from, any person with respect to any transaction which would
      prevent the Parties from completing the transactions contemplated by this
      Letter Agreement.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Conditions Precedent

|22. | The obligations of the Parties under this Letter
      Agreement and the Joint Venture Documents will be subject to the
      fulfilment, or the waiver by Amarc in the case of the items contemplated
      in Section 22(a) and the waiver by Quartz in the case of the items
      contemplated in Section 22(c), of the following conditions precedent (the
      Conditions) on or before the Effective Date:                                                                                                                                                                                               
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    | (d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|23. | Each of the Parties undertakes to use good faith and to
      make reasonable efforts to fulfil the Conditions. For greater certainty,
      the Conditions in Sections 22(b) and (d) shall not be waived, except by
      written agreement of both Parties.                                                                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|24. | In the event that any of the Conditions are neither
      fulfilled nor waived on or before the Effective Date, any Exploration
      Expenditures funded by Amarc prior to the Effective Date will constitute a
      demand loan from Amarc to Quartz bearing interest at the CIBC Prime Rate
      plus 5% from the date of the advance.                                                                                                                                                                                                                                                                        
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|25. | The obligations of the Parties under this Letter
      Agreement will become binding on the Signature Date; provided that this
      Letter Agreement and any Joint Venture Documents may be terminated on
      written notice by Amarc to Quartz in the event that any of the Conditions
      has not been either fulfilled, or waived by the relevant Party on or
      before the Effective Date, upon which notice the obligations of the
      Parties under this Letter Agreement and the Joint Venture Documents will
      terminate and neither Party will have any further obligations
      hereunder.

General

|26. | All currency amounts stated herein are amounts in
      Canadian dollars.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|27. | For greater certainty, neither this Letter Agreement nor
      the Definitive Agreement will: (a) constitute any Party as the partner or
      joint venturer of any other Party; (b) except as expressly provided herein
      or in the Definitive Agreement, constitute any Party as the agent or legal
      representative of any other Party; or (c) create any fiduciary
      relationship between any Parties. Except as expressly provided herein, in
      the Confidentiality Agreements, or in the Definitive Agreement, each Party
      shall have the right independently to engage in and receive full benefits from business
      activities outside the Projects, without consultation and whether or not
      competitive with the operations of any other Party or the Joint Venture,
      and the doctrines of corporate opportunity or business opportunity
will not apply to such activities.

6

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|28. | This Letter Agreement, together with the Confidentiality
      Agreements constitutes the entire agreement between the Parties and
      replaces and supersedes all prior agreements, memoranda, correspondence,
      communications, negotiations and representations, whether verbal or
      written, express or implied, statutory or otherwise between the Parties
      with respect to the subject matter herein.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                           
|29. | This Letter Agreement is conclusively deemed to be made
      under, and for all purposes, to be governed by and construed in accordance
      with, the laws of the Province of British Columbia and the federal laws of
      Canada applicable therein.                                                                                                                                                                
|    |                                                                                                                                                                                                                                                                                                                                                                                                                           
|30. | This Letter Agreement may be executed in any number of
      counterparts, each of which will be deemed to be an original and all of
      which taken together will be deemed to constitute one and the same
      instrument.                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                           
|31. | Delivery of an executed signature page to this Letter
      Agreement by either Party by electronic transmission will be as effective
      as delivery of a manually executed copy of the Letter Agreement by such
      Party.                                                                                                                                                                                          

If the foregoing is acceptable to you, please sign in the space
provided below and return a copy of this Letter Agreement to us by 5:00 PM (PDT)
on November 2, 2012, failing which this offer will lapse and be of no further
force or effect.

Yours faithfully,

AMARC RESOURCES LTD.Per:

________________________________________Diane Nicolson
Executive Vice-President

The terms and conditions of the Joint Venture outlined
herein are acceptable.Accepted by:

QUARTZ MOUNTAIN RESOURCES LTD.Per:

________________________________________Lena Brommeland
Executive Vice-President

Date: ___________________________________

Place: __________________________________

7

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Schedule ATHE PROJECTS

The Projects are comprised of the following mineral claims,
each as more particularly described and delineated on the maps below:

8

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Schedule BJOINT VENTURE AGREEMENT TERMS

All capitalized terms used, but not defined herein, will have
the meanings ascribed to them in the letter agreement (the Letter
Agreement) dated November 1, 2012 between Amarc Resources Ltd.
(Amarc) and Quartz Mountain Resources Ltd. (Quartz).

For the purposes of this Schedule B, the following terms will
have the following meanings:

| | (a) | Cover Payment has the meaning given to such
      phrase in Section 38;         
| | --- | ----------------------------------------------------------------------------------
| |     |                                                                                   
| | (b) | Management Committee has the meaning given to
      such phrase in Section 8;   
| |     |                                                                                   
| | (c) | Manager means the manager of the Joint Venture
      appointed under Section 14;
| |     |                                                                                   
| | (d) | NSR has the meaning given to such term in
      Section 33;                     
| |     |                                                                                   
| | (e) | Reduced Party has the meaning given to such
      phrase in Section 31;         
| |     |                                                                                   
| | (f) | Remaining Party has the meaning given to such
      phrase in Section 33; and   
| |     |                                                                                   
| | (g) | Withdrawing Party has the meaning given to such
      phrase in Section 33.     

The Definitive Agreement Terms are as follows:

Purposes

|1. | The Joint Venture is entered into for the following
      purposes:
|-- | -------------------------------------------------------------------
|   |                                                                    
|   | (a)                                                                
|   |                                                                    
|   | (b)                                                                
|   |                                                                    
|   | (c)                                                                
|   |                                                                    
|   | (d)                                                                
|   |                                                                    
|   | (e)                                                                
|   |                                                                    
|   | (f)                                                                
|   |                                                                    
|   | (g)                                                                
|   |                                                                    
|   | (h)                                                                
|   |                                                                    
|   | (i)                                                                

9

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| | (i)   | the Mineral Property Purchase Agreement made as of July
      27, 2012 between Quartz, Crucible Resources Ltd., Michael Rowley and
      Douglas Dale Warkentin (other than the issuance of Quartz shares
      thereunder);
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |       |                                                                                                                                                                                                                             
| | (ii)  | the Net Smelter Return Royalty Agreement dated August 1,
      2012 between Quartz, Crucible Resources Ltd. and Michael Rowley;                                                                                             
| |       |                                                                                                                                                                                                                             
| | (iii) | the Net Smelter Return Royalty Agreement dated October
      31, 2011 between Bearclaw Capital Corp. and Quartz; and                                                                                                        
| |       |                                                                                                                                                                                                                             
| | (iv)  | the Convertible Debenture issued on August 20, 2012 by
      Quartz to Bearclaw Capital Corp.; and                                                                                                                          

| | (j) | to perform any other activity necessary, appropriate, or
      incidental to any of the foregoing.
| | --- | --------------------------------------------------------------------------------------------------

Quartz Initial Contribution

|2. | Quartz shall make its contribution to the Joint Venture
      consisting of the transfer of a 40% Ownership Interest in the Projects as
      contemplated in Section 5 of the Letter Agreement.                                                                                                            
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                             
|3. | Quartz shall pay any costs, including any taxes payable
      pursuant to applicable laws, and shall make any relevant filings required
      under applicable laws, in respect of the transfer to the Joint Venture of
      the rights and properties constituting the Projects as its
      contribution.

Amarc Initial Contribution and Option

|4. | Amarc shall earn its Initial Ownership Interest and shall
      have the option to acquire up to a 50% Ownership Interest, as contemplated
      in the Letter Agreement.
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Ownership Interests

|5. | As contemplated in the Letter Agreement, on the
      Investment Date, the Parties will have the following initial Ownership
      Interests:
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------

Amarc                           
                             
 40%

Quartz                            
                               
  60%

Pre-Emptive Rights

|6. | A Party may dispose of its entire Ownership Interest (but
      not part thereof). If a Party elects to sell its Ownership Interest, other
      than to an affiliate or to a member of the Hunter Dickinson group of
      companies, the selling Party shall first offer its Ownership Interest to
      the other Party. The selling Party may not sell its Ownership Interest to
      a third party on terms more favourable to such third party than that
      offered to the other Party.
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

10

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|7. | Subject to Section 6, neither Party shall transfer,
      alienate, encumber or grant any right of use in any part of its Ownership
      Interest, except with the express written consent of the other Party or in
      connection with financing arrangements to fund its participation in the
      Joint Venture.
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Organization and Composition of Management Committee

|8. | A management committee (the Management
      Committee) will be established to determine overall policies,
      objectives, procedures, methods and actions for the exploration and
      development of the Projects. The Management Committee will consist of two
      (2) representatives appointed by Quartz and two (2) representatives
      appointed by Amarc. Each Party, at such time as it has appointed a
      representative to the Management Committee, may appoint one (1) or more
      alternates to act in the absence of a regular representative of the
      Management Committee. Appointments by a Party will be made or changed by
      notice to the other Party. Each of the Parties shall be entitled to
      designate one (1) of its representatives as the Chairman of the Management
      Committee for alternate twelve (12) month periods during the term of the
      Joint Venture, and Quartz shall designate one (1) of its representatives
      to serve as the Chairman of the Management Committee for the first twelve
      (12) month period starting on the Effective Date.
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Decisions of Management Committee

|9.  | Each Party, acting through its appointed
      representative(s) in attendance at a Management Committee meeting, will
      have votes on the Management Committee in proportion to its Ownership
      Interest; provided that each Party will have an equal vote on the
      Management Committee notwithstanding their relative Ownership Interests,
      for the period from the Effective Date until the Option Date.                                                                                                                                                                                                                 
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|10. | Subject to Section 9, the vote of the Party with an
      Ownership Interest over fifty percent (50%) will determine the decisions
      of the Management Committee and, if no single Party has an Ownership
      Interest greater than fifty percent (50%), then a simple majority of the
      Management Committee will determine such decisions. In the event of a
      deadlocked vote, the matter will be resolved in accordance with the
      dispute resolution mechanics set out in Section 40 below. For greater
      certainty, the Chairman of the Management Committee shall not have a
      casting or determinative vote.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|11. | Notwithstanding any other provision in this Agreement,
      the approval of any program and budget in an amount in excess of 120% of
      the previously approved program and budget (as adjusted to apply to the
      same length of time), will require a minimum of 75% of the votes in favour
      on the Management Committee.                                                                                                                                                                                                                                                                                                       
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|12. | A majority vote by the Parties holding more than sixty
      percent (60%) of the total Ownership Interest, taking into consideration
      what is commercially viable and what is prudent, fair and reasonable to
      the interests of the Joint Venture, shall determine the following
      decisions of the Management Committee:                                                                                                                                                                                                                                                                                                      
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           

11

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| | (c) | a decision to initiate, defend or settle any litigation
      where the amount in dispute exceeds one million dollars ($1,000,000), save
      for litigation between the Joint Venture and any Parties or between any
      Parties themselves;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                 
| | (d) | the permanent or indefinite cessation or suspension of
      exploration, development and or mining in respect of any
Project;                                                                                                                  
| |     |                                                                                                                                                                                                                                                 
| | (e) | a substantial and material variation in the scope or
      direction of work from that contemplated in an approved program and
      budget; and                                                                                                
| |     |                                                                                                                                                                                                                                                 
| | (f) | a decision to expend on any work approved by a program
      and budget an amount greater than 20% of the budgeted figure for that work
      as set out in the program and budget.                                                             

Meetings

|13. | The Management Committee may from time to time hold
      meetings at such time and place as mutually agreed to by the
      representatives of the Management Committee. The Manager (as defined
      below) shall give twenty (20) days notice to the representatives of
      meetings. Additionally, either Party may call a special meeting upon
      fifteen (15) days notice to the Manager and the other Party. In case of
      emergency, reasonable notice of a special meeting will suffice. At any
      such meeting, there will be a quorum if at least one (1) representative of
      the Management Committee representing each Party is present; provided,
      however, that if a Party, through its duly appointed representatives,
      fails to attend two (2) properly called meetings, then a quorum will exist
      at the second meeting if the other Party is represented by at least one
      (1) duly appointed representative, and a vote of such Party will be
      considered the vote required for the purposes of the conduct of all
      business properly noticed even if such vote would otherwise require
      unanimity.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Appointment of Manager

|14. | The Management Committee shall appoint a manager (the
      Manager) with overall management responsibility for operations of
      the Joint Venture.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                         
|15. | The Management Committee shall appoint Quartz as the
      Manager until it resigns or is deemed to have resigned as provided in
      Section 21.      

Powers and Duties of Manager

|16. | The powers and duties of the Manager will
  include:
|--- | ----------------------------------------------------
|    |                                                     
|    | (a)                                                 
|    |                                                     
|    | (b)                                                 
|    |                                                     
|    | (c)                                                 

12

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| | (d) | implementing the decisions of the Management
      Committee;                    
| | --- | ---------------------------------------------------------------------------------
| |     |                                                                                  
| | (e) | keeping and maintaining all required accounting and
      financial records; and 
| |     |                                                                                  
| | (f) | establishing and maintaining a separate bank account for
      the Joint Venture.

|17. | During the term of the Joint Venture, the Manager will be
      the operator of the Project and shall manage and operate all work programs
      on the Projects. Subject to the requirements of British Columbia law, the
      directors and officers of the Manager and its servants, agents and
      independent contractors, will have the sole and exclusive right in respect
      of the Projects and the lands constituting the Projects, to:
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    | (d)                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|    | (e)                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|18. | For greater certainty, the Manager shall have no express
      or implied duty to explore for any mineral or minerals on, in or under the
      Projects, or to produce any mineral or minerals from the Projects or to
      continue production if commenced.                                                                                                                                                                                        

Standard of Care

|19. | The Manager shall exercise its powers and discharge its
      duties and conduct all operations in respect of the Projects honestly, in
      good faith and in what it reasonably believes to be in the best interests
      of the Joint Venture, and in a good, workmanlike and efficient manner, in
      accordance with sound mining and other applicable industry standards and
      practices, and in accordance with applicable laws and with the terms and
      provisions of leases, licenses, permits, contracts and other agreements
      pertaining to the Projects. The Manager shall not be liable to the Joint
      Venture or the Parties for any act or omission resulting in damage or loss
      except to the extent caused by or attributable to the Managers wilful
      misconduct or gross negligence. The Manager shall not be in default of any
      of its duties if its inability or failure to perform results from the
      failure of the Parties to perform acts or to contribute amounts required
      of any of them by the Joint Venture Documents.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Resignation; Deemed Offer to Resign

|20. | The Manager may resign upon not less than two (2) months
      prior notice to the Management Committee, in which case the Management
      Committee shall elect a successor Manager. The Manager shall be deemed to
      have resigned upon the occurrence of any event described in Section 21,
      and the Management Committee shall elect a successor
  Manager.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

13

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Deemed Events of Resignation

|21. | The Manager will be deemed to have resigned on the
      occurrence of any of the following events:
|--- | ---------------------------------------------------------------------------------------------------
|    |                                                                                                    
|    | (a)                                                                                                
|    |                                                                                                    
|    | (b)                                                                                                
|    |                                                                                                    
|    | (c)                                                                                                
|    |                                                                                                    
|    | (d)                                                                                                
|    |                                                                                                    
|    | (e)                                                                                                

Under Sections 21(d) and (e), the appointment of a successor
Manager will be deemed to pre-date the event causing a deemed resignation.

Operations of the Joint Venture Pursuant to Programs and
  Budgets

|22. | Except as otherwise provided in the Joint Venture
      Documents, operations of the Joint Venture will be conducted, expenses
      will be incurred, and assets of the Joint Venture will be acquired only
      pursuant to adopted programs and budgets. Every program and budget adopted
      pursuant to the Joint Venture Documents will provide for accrual of
      reasonably anticipated environmental compliance expenses for all
      operations of the Joint Venture contemplated under the program and
      budget.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Presentation of Programs and Budgets

|23. | Prior to the Investment Date, the Manager shall prepare
      all programs and budgets for the period from the Effective Date until the
      Investment Date, for such amounts as the Manager will determine from time
      to time in consultation with Amarc, and such programs and budgets shall be
      submitted to the Management Committee for review and consideration. All such proposed
      programs and budgets will be reviewed and adopted upon a majority vote of
  the Management Committee.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

14

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|24. | Following the Investment Date, programs and budgets shall
      be prepared by the Manager for a period of one (1) year or any other
      period as approved by the Management Committee, and shall be submitted to
      the Management Committee for review and consideration; provided that all
      programs and budgets for the period up to the Option Date will be prepared
      by the Manager and provided to the Management Committee for consideration
      on or before May 31, 2013. All proposed programs and budgets will be
      reviewed and adopted upon a vote of the Management Committee. During the
      period of the current program and budget and at least sixty (60) days
      prior to its expiration, a proposed program and budget for the succeeding
      period will be prepared by the Manager and submitted to the Management
      Committee for approval and adoption.                                                                                                                                                                          
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|25. | During the period following the expiry of an approved
      program and budget but before the approval of a new program and budget by
      the Management Committee, the Manager may, subject to the receipt of
      necessary funds pursuant to Section 26, continue operations and
      expenditure levels at equivalent levels to those set out in the expired
      program and budget until a new program and budget is approved.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|26. | The Party with the greater Ownership Interest (or the
      party that is the Manager in the event that the Parties have equal
      Ownership Interests) on the date described in Section 25 may, at its sole
      discretion, elect to solely fund the continued operation and expenditures
      of the Manager at the levels described in Section 25 and, in the event
      that such Party makes such an election and funds such amounts, such funded
      amounts will accrue interest at the CIBC Prime Rate plus 5% from the date
      of advance of each such amount. In the event that necessary funds pursuant
      to this Section 26 have not been received, then, in the period following
      the expiry of an approved program and budget but before the approval of a
      new program and budget by the Management Committee, the Parties shall fund
      in proportion to their Ownership Interests, such maintenance costs that
      are determined by the Manager acting reasonably to be necessary in order
      to maintain, but not develop, the Projects.
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|27. | All programs and budgets will, if applicable, also make
      provisions for amounts funded pursuant to Section 26 and the Party that
      did not fund such amounts may elect at the same time as making its
      election in Section 29 to either refund to the other Party all such funded
      amounts, plus interest, or to have such amounts, together with interest,
      added to the other Partys contribution to the Joint Venture for the
      purposes of any recalculation of the Parties Ownership Interests pursuant
      to Section 31.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             

Project Financing

|28. | If the Management Committee approves the development of a
      mine on the Project and also decides to seek project financing for such
      mine, the Parties shall seek to obtain joint project financing for such
      mine; provided, however, that all fees, charges and costs (including
      attorneys and technical consultants fees) paid to the project financing
      lenders will be borne by the Parties in proportion to their Ownership
      Interests, except to the extent that such fees are capitalized as a part
      of the project financing. If the Parties are not successful in obtaining
      joint project financing for such mine, each Party shall, at its own cost,
      seek to obtain project financing for its proportion of the costs of the
      development of such mine.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

15

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Election to Participate

|29. | Prior to the Option Date, Amarc shall contribute 100% of
      the cash requirements under all adopted programs and budgets , and all
      such contributions will be credited towards obligations of Amarc to fund
      Exploration Expenditures or make any payments pursuant to the Letter
      Agreement and Sections 24 to 31 inclusive, 34, 37, and 38 will not apply
      thereto.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|30. | On and after the Option Date, by notice to the Manager
      within thirty (30) calendar days after the adoption of a program and
      budget, and notwithstanding the Management Committee vote concerning
      adoption of a program and budget, a Party may elect to participate in the
      approved program and budget: (i) in proportion to its respective Ownership
      Interest, (ii) in some lesser amount than in proportion to its respective
      Ownership Interest, or (iii) not at all. If a Party makes an election to
      contribute in some lesser amount than in proportion to its respective
      Ownership Interest, or not at all, such Partys Ownership Interest will be
      diluted in accordance with Section 31 with dilution effective as of the
      first day of the period of the relevant program and budget. If a Party
      fails to so notify the Manager of the extent to which it elects to
      participate within the thirty (30) calendar day period specified above,
      the Party will be deemed to have elected not to contribute to such program
      and budget, and its Ownership Interest will be diluted in accordance with
      Section 31 with dilution effective as of the first day of the period of
      the relevant program and budget.

Recalculation of Ownership Interest

|31. | If the Ownership Interest of a Party (the Reduced
      Party) is to be diluted, such Ownership Interest will be
      provisionally recalculated according to the following
  formula:
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | R = | X | x | 100%
| | --- | - | - | ----
| |     | Y |   |     

Where:

| | R = | The recalculated Ownership Interest of the Reduced Party
      expressed as a percentage.                                                                                                                                                                                      
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                
| | X = | The Reduced Partys aggregate contributions to the Joint
      Venture immediately prior to the diluting date, as adjusted for the debits
      and credits in terms of the budget and the Reduced Partys commitment to
      fund any contributions to the budget, if any.   
| |     |                                                                                                                                                                                                                                                                                
| | Y = | All of the Parties aggregate contributions to the Joint
      Venture immediately prior to the diluting date, as adjusted for
      anticipated debits and credits based on the budget and all of the Parties
      contributions or defaults of contributions to the budget.

For the purpose of calculating X and
Y above, Quartzs initial contribution to the Joint Venture will be deemed to
be equal to $3,000,000. For the purpose of calculating X and Y above,
Amarcs initial contribution to the Joint Venture will be deemed to be equal to
$2,000,000; provided that in the event that Amarc exercises the Option, its
initial contribution to the Joint Venture will be deemed to be $3,000,000.

The Ownership Interest of the other
Party will be increased by the amount of the reduction in the Ownership Interest
of the Reduced Party, and if the other Party elects not to fund the entire
deficiency, the Manager shall adjust the program and budget to reflect
      the funds available. However, if the adjusted program and budget
      contemplates costs of less than 75% of those contemplated in the original
      program and budget, the adjusted program will be re-submitted to the
      Management Committee for approval and the procedures set out in Section 30
will be repeated.

16

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|32. | If the Ownership Interest of a Party is provisionally
      recalculated under Section 31, then within ninety (90) days of the
      conclusion of such program and budget or at any other time as the Manager
      may determine, acting reasonably, the Manager shall recalculate each
      Partys Ownership Interest to reflect actual debits, credits and
      contributions made during that period. Each Party will retain all of its
      rights and all of its obligations including the right to participate in
      future programs and budgets in accordance with its final recalculated
      Ownership Interest.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Elimination of Minority Ownership Interest

|33. | Upon the recalculated Ownership Interest of a Reduced
      Party (the Withdrawing Party) becoming less than ten percent
      (10%), such Withdrawing Party will be deemed to have withdrawn from the
      Joint Venture and shall relinquish its entire Ownership Interest free and
      clear of any encumbrances arising by, through or under the Withdrawing
      Party, except any such encumbrances to which the Parties have agreed. Such
      relinquished Ownership Interest will be deemed to have accrued
      automatically to the other Party (the Remaining Party), subject
      to a right on behalf of the Remaining Party to elect to assign all or a
      part of the relinquished Ownership Interest to an affiliate of the
      Remaining Party. The Remaining Party shall grant to the Withdrawing Party
      a two percent (2%) net smelter returns royalty (NSR) on the
      Projects effective as of the effective date of such resignation
      substantially in the from attached as Schedule C hereto. The Withdrawing
      Party will thereafter have no further right, title or interest in the
      Joint Venture, the Projects, or under the Joint Venture Documents. The
      Remaining Party will have the option to acquire one half (1/2) of the NSR
      in consideration for the payment to the Withdrawing Party of $1,000,000,
      and thereby reduce the NSR to 1%. The remaining one percent (1%) NSR will
      be subject to a cumulative aggregate total cap on net smelter return
      payments of $5,000,000, or may be purchased at any time by the Remaining
      Party for consideration of a payment to the Withdrawing Party of
      $5,000,000 at the sole discretion of the Remaining
Party.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Cash Calls

|34. | On the basis of each adopted program and budget, the
      Manager shall submit to the Parties each month or on such other intervals
      it may determine estimated cash requirements for the next month or other
      interval. Within fifteen (15) days after receipt of each such billing,
      each Party shall contribute its share of such cash requirements under
      Sections 29 or 30, or maintenance costs under Section 26, as
      applicable.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|35. | In the event that Quartz is required to make any payments
      in cash or issue any shares pursuant to any of the agreements described in
      Section 1(i), Amarc will, within five (5) days of each such payment in
      cash or issuance of shares, reimburse Quartz in cash for:                                                                                                                                                                          
|    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|    | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                              

17

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| | (b) | such proportion of the cash payment made and/or the value
      of the shares issued by Quartz, that is equal to Amarcs Ownership
      Interest on the date Quartz made such payment in cash or issued such
      shares.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|36. | For the purposes of Section 35, the value of any shares
      issued by Quartz shall be deemed to be the volume weighted average trading
      price of such shares on the stock exchange of Quartzs primary listing for
      the ten (10) trading days immediately prior to the date of issuance. For
      greater certainty, the amount of any reimbursement by Amarc of Quartz
      under Section 35 shall be credited towards future obligations of Amarc to
      fund the Joint Venture (including funding contemplated under Sections 6(b)
      and 10 of the Letter Agreement), and the amount of any cash paid or value
      of any shares issued by Quartz which is not reimbursed by Amarc, shall be
      credited towards future obligations of Quartz to fund the Joint
      Venture.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Failure to Meet Cash Calls

|37. | A Party that fails to meet cash calls in the amount and
      at the times specified in Section 34 will be in default, and the amount of
      the default will bear interest from the date due. Such interest will
      accrue to the benefit of and be payable to the non-defaulting Party, but
      will not be deemed to be amounts contributed by the defaulting Party in
      the event dilution occurs. If a defaulting Party has not met a cash call
      in full within sixty (60) days of the due date, the non-defaulting Party
      may elect that the Ownership Interest of the defaulting Party will be
      diluted in accordance with Section 31, with such dilution effective as of
      the date such cash call is due. In addition to any other rights and
      remedies available to it by law, the non- defaulting Party will have those
      other rights, remedies, and elections specified in the Joint Venture
      Documents.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Cover Payment

|38. | If a Party defaults in making a cash call to be made in
      accordance with Section 34, the non-defaulting Party may, but will not be
      obligated to, advance some portion or all of the amount in default on
      behalf of the defaulting Party (a Cover Payment). Each and every
      Cover Payment will constitute a demand loan from the non-defaulting Party
      to the defaulting Party bearing interest at the CIBC Prime Rate plus 5%
      from the date of the advance. If more than one Cover Payment is made, the
      Cover Payments will be aggregated and the rights and remedies described in
      the Joint Venture Documents pertaining to an individual Cover Payment will
      apply to the aggregated Cover Payments. The failure to repay such loan
      upon demand will be a default under such loan.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Indemnification

|39. | Quartz shall indemnify and hold harmless Amarc and its
      directors, officers, employees, advisors, consultants and agents from and
      against any and all liabilities, obligations, costs, charges or damages
      whatsoever resulting from any event or circumstance pertaining to the
      Projects that existed or arose prior to the Effective
  Date.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Dispute Resolution

|40. | All disputes arising out of or in connection with the
      Joint Venture that have not been resolved by the Parties within twenty
      (20) days of both Parties being made aware of such dispute, will be
referred to a committee of the independent directors of each Party and, if not resolved within ten (10) business days of such referral, then non-mining disputes will be referred to and finally resolved by arbitration under the International Commercial Arbitration Rules of Procedure of the British Columbia International Commercial Arbitration Centre. The appointing authority will be the British Columbia International Commercial Arbitration Centre. The case will be administered by the British Columbia International Commercial Arbitration Centre in accordance with its Rules, provided that in the case of a dispute with respect to the approval by the Management Committee of a Program and Budget as contemplated under Section 9above, then the dispute shall be settled by final offer arbitration whereby each party shall submit to the arbitrator(s) a single document not exceeding 50 pages in length (including exhibits and appendices) setting forth its proposed resolution, and in rendering its decision the arbitrator(s) shall accept one, but not more than one, of the Parties' proposed resolutions of the dispute. The place of arbitration will be Vancouver, British Columbia, Canada.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

18

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Mining disputes will, prior to being
referred to arbitration, be referred to an expert to be settled in accordance
with CIMVal and other official standards and guidelines developed by CIM. If
either Party notifies the other that it does not accept such experts findings,
such mining dispute will be referred to and finally resolved by arbitration as
described in this Section 40.

Area of Interest

|41. | In the event that a Party acquires, directly or through
      any of its controlled affiliates, agents or any of their representatives,
      other than from the other Party or its controlled affiliates or agents,
      any interest in any mining claims or other properties and mineral
      interests within a five kilometre radius of the outermost boundaries of
      the Projects, that acquiring Party shall offer the Joint Venture in
      writing the right to acquire such acquired interest in exchange for
      reimbursement of such acquiring Partys direct and indirect acquisition
      costs. The other Party shall have 30 days after receipt of such offer from
      the acquiring Party to accept such offer and 90 days after receipt of such
      offer to reimburse the proportion of such costs that is equal to its
      Ownership Interest on the date of the offer.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

19

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Schedule C

NET SMELTER RETURNS ROYALTY

NET SMELTER RETURNS

|1. | DEFINITION
|-- | ----------

| | 1.01 | "Net Smelter Returns" for purposes hereof are defined as
      follows:
| | ---- | -----------------------------------------------------------------------

| | (a) | where all or a portion of the ores or concentrates
      derived from the Projects are sold as ores or concentrates, the Net
      Smelter Returns shall be the gross amount received from the purchaser
      following sale thereof after deduction of: (i) of all smelter charges,
      penalties and other deductions; and (ii) all costs of transporting and
      insuring the ores or concentrates from the mine to the smelter or other
      place of final delivery; and                                                                                                                                                                                                                                                               
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | (b) | where all or a portion of the said ores or concentrates
      derived from the Projects are treated in a smelter and a portion of the
      metals recovered therefrom are delivered to, and sold by the Royalty-
      payor, the Net Smelter Returns shall be the gross amount received from the
      purchaser following sale of the metals so delivered, after deduction of
      (i) all smelter charges, penalties and other deductions; (ii) all costs of
      transporting and insuring the ores or concentrates from the mine to the
      smelter, and (iii) if applicable under the smelter contract, all costs of
      transporting and insuring the metals from the smelter to the place of
      final delivery by the purchaser.
| |     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| |     | Where any ores or concentrates are sold to, or treated
      in, a smelter owned or controlled by the Royalty-payor, the pricing for
      that sale or treatment will be established by the Royalty-payor on an
      arm's-length basis so as to be fairly competitive with pricing, net of
      transportation, insurance, treatment charges and other related costs, then
      available on world markets for product of like quantity and
  quality.                                                                                                                                                                                                                                                                                       

|2. | PAYMENT OF NET SMELTER
RETURNS
|-- | ------------------------------

| | 2.01 | The Royalty-payor shall calculate the Net Smelter Returns
      and the sums to be disbursed to the Royalty-holder as at the end of each
      calendar quarter.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------
| |      |                                                                                                                                                                 
| | 2.02 | Royalty-payor shall, within 60 days of the end of each
      calendar quarter, as and when any Net Smelter Returns are available for
      distribution:        

| | (a) | cause to be paid to the Royalty-holder that percentage of
      the Net Smelter Returns to which the Royalty-holder is entitled under the
      Agreement;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------
| |     |                                                                                                                                                           
| | (b) | deliver to the Royalty-holder a statement
    indicating:                                                                                                 
| |     |                                                                                                                                                           
| |     | (i)                                                                                                                                                       

20

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| | (ii)  | the deductions therefrom in accordance with subsection
      1.01 of this Schedule B;                                                                                                                                                                                                                                    
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |       |                                                                                                                                                                                                                                                                                                                          
| | (iii) | the amount of Net Smelter Returns remaining;                                                                                                                                                                                                                                                                             
| |       |                                                                                                                                                                                                                                                                                                                          
| | (iv)  | the amount of those Net Smelter Returns to which the
      Royalty-holder is entitled; supported by such reasonable information as to
      the tonnage and grade of ores or concentrates shipped as will enable the
      Royalty-holder to verify the gross amount payable by the smelter or other
      purchaser; and
| |       |                                                                                                                                                                                                                                                                                                                          
| | (v)   | the allocation of the Net Smelter Return amongst all the
      Royalty-holders.                                                                                                                                                                                                                                          

|3. | ADJUSTMENTS AND
VERIFICATION
|-- | ----------------------------

| | 3.01 | Payment of any Net Smelter Returns by the Royalty-payor
      shall not prejudice the right of the Royalty-payor to adjust any statement
      supporting the payment; provided, however, that all statements presented
      to the Royalty-holder by the Royalty-payor for any quarter shall
      conclusively be presumed to be true and correct upon the expiration of 12
      months following the end of the quarter to which the statement relates,
      unless within that 12-month period the Royalty- payor gives notice to the
      Royalty-holder claiming an adjustment to the statement which will be
      reflected in subsequent payment of Net Smelter Returns.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | 3.02 | The Royalty-payor shall not adjust any statement in
      favour of itself more than 12 months following the end of the quarter to
      which the statement relates.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | 3.03 | The Royalty-holder shall, upon 30 days' notice in advance
      to the Royalty-payor, have the right to request that the Royalty-payor
      have its independent external auditors provide their audit certificate for
      the statement or adjusted statement, as it may relate to the Agreement and
      the calculation of Net Smelter Returns.                                                                                                                                                                                                                                                                                                                               
| |      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | 3.04 | The cost of the audit certificate shall be solely for the
      Royalty-holder's account unless the audit certificate discloses material
      error in the calculation of Net Smelter Returns, in which case the
      Royalty-payor shall reimburse the Royalty-holder the cost of the audit
      certificate. Without limiting the generality of the foregoing, a
      discrepancy of one percent in the calculation of Net Smelter Returns shall
      be deemed to be material.                                                                                                                                                                                               

|4. | ROYALTY-PAYOR TO DETERMINE
  OPERATIONS
|-- | ---------------------------------------

| | 4.01 | The Royalty-payor will have complete discretion
      concerning the nature, timing and extent of all exploration, development,
      mining and other operations conducted on or for the benefit of the
      Projects and may suspend operations and production on the Projects at any
      time it considers prudent or appropriate to do so. The Royalty-payor will
      owe the Royalty-holder no duty to explore, develop or mine the Projects,
      or to do so at any rate or in any manner other than that which the
      Royalty-payor may determine in its sole and unfettered discretion. The
      Royalty-payor may, but will not be obligated to treat, mill, heap leach,
      sort, concentrate, refine, smelt, or otherwise process, beneficiate or
      upgrade the ores, concentrates, and other products at sites located on or
      off the Projects, prior to sale, transfer, or conveyance to a purchaser,
      user, or consumer. The Royalty-payor will not be liable for mineral values
      lost in processing under sound practices and procedures, and no royalty
      will be due on any such lost mineral values.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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|5. | COMMINGLING
|-- | -----------

| | 5.01 | Ores, concentrates and derivatives mined or retrieved
      from the Projects may be commingled with ores, concentrates or derivatives
      mined or retrieved from other properties. All determinations required for
      calculation of Net Smelter Returns, including without limitation the
      amount of the metals contained in or recovered from ores, solutions,
      concentrates or derivatives mined or retrieved from the Projects, the
      amount of the metals contained in or recovered from commingled ores,
      solutions, concentrates or derivatives shall be made in accordance with
      prudent engineering, metallurgical and cost accounting
  practices.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|6. | TRADING ACTIVITIES
|-- | ------------------

| | 6.01 | The Royalty-payor may, but need not, engage in forward
      sales, futures trading or commodity options trading, and other price
      hedging, price protection, and speculative arrangements ("Trading
      Activities") which may involve the possible delivery of base or precious
      metals produced from the Projects. The parties acknowledge and agree that
      the Royalty-holder shall not be entitled to participate in the proceeds or
      be obligated to share in any losses generated by the Trading
      Activities.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|7. | RIGHT TO PURCHASE ROYALTY/ROYALTY
  CAP
|-- | ---------------------------------------

| | 7.01 | The Royalty-payor shall have the right at any time to
      purchase up to one-half (50%) of the NSR in consideration of the payment
      to the Royalty-holder of $1 million and thereby reduce the NSR to 1% of
      Net Smelter Returns. The remaining 1% NSR will be subject to a cumulative
      aggregate total cap on Net Smelter Return payments of $5 million or may be
      purchased at any time by the Royalty-payor in consideration of payment to
      the Royalty-holder of $5 million, at the sole discretion of the
      Royalty-payor.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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