Amarc Resources Ltd 6-K, filed Aug 31, 2020

Amarc Resources Ltd (AXREF)

6-K 2020-08-31 For: 2020-08-28

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Added on April 07, 2026

About this 6-K

Amarc Resources Ltd filed this 6-K on August 31, 2020.

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	99.1	Condensed Consolidated Interim Financial Statements for the three months ended Junen 30, 2020 and 2019

	99.2	Management's Discussion and Analysis for the three months ended June 30, 2020

	99.3	Form 52-109FV2 Certification of interim filings - venture issuer basic certificate - CEO

	99.4	Form 52-109FV2 Certification of interim filings - venture issuer basic certificate - CFO

	Amarc Resources Ltd.
	(Registrant)

Date: August 28, 2020	By:	/s/ Sebastian Tang
		Sebastian Tang
	Title:	Chief Financial Officer

		June 30,	March 31,
	Note	2020	2020

ASSETS

Current assets
Cash	3	$22,645	$249,183
Amounts receivable and other assets	5	60,398	83,378
Marketable securities		16,892	18,356
		99,935	350,917
Non-current assets
Restricted cash	4	178,401	178,143

Total assets		$278,336	$529,060

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities
Accounts payable and accrued liabilities	7	$97,327	$100,075
Balance due to a related party	10	840,868	591,979
Director's loan	8	300,000	300,000
		1,238,195	992,054

Non-current liabilities
Director's loan	8	525,039	512,119

Total liabilities		1,763,234	1,504,173

Shareholders' equity
Share capital	9	64,341,556	64,341,556
Reserves	9	5,636,908	5,631,897
Accumulated deficit		(71,463,362)	(70,948,566)
		(1,484,898)	(975,113)

Total liabilities and shareholders' equity		$278,336	$529,060

/s/ Robert A. Dickinson		/s/ Scott D. Cousens

Robert A. Dickinson		Scott D. Cousens
Director		Director

		Three months ended June 30,
	Note	2020	2019

Expenses	10,11
Exploration and evaluation		$344,091	$311,551
Assays and analysis		67,766	5,614
Equipment rental		–	4,350
Geological, including geophysical		226,673	198,313
Property acquisition and assessments costs		198	21,268
Site activities		29,591	8,889
Socioeconomic		19,863	66,486
Travel and accommodation		–	6,631

Administration		119,571	182,843
Legal, accounting and audit		3,767	18,597
Office and administration	11(b)	101,554	126,273
Shareholder communication		8,113	22,629
Travel and accommodation		5,008	10,362
Trust and regulatory		1,129	4,982

Equity-settled share-based compensation		6,476	–
		470,138	494,394
Other items
Finance income		(674)	(1,728)
Interest expense – director's loans	8	32,411	22,438
Transaction cost – director's loans	8	12,920	38,174
Foreign exchange loss		1	40
Net loss		$514,796	$553,318

Basic and diluted loss per common share		$0.00	$0.00

Weighted average number of common
shares outstanding		175,602,894	170,602,894

	Share capital		Reserves
	Number of shares	Amount	Share-based payments reserve	Investment revaluation reserve	Share warrants reserve	Deficit	Total

Balance at April 1, 2019	170,602,894	$64,041,556	$2,202,640	$19,519	$2,882,923	$(69,689,556)	$(542,918)
Net loss for the period	–	–	–	–	–	(553,318)	(553,318)
Other comprehensive loss for the period	–	–	–	(5,497)	–	–	(5,497)
Total comprehensive loss	–	–	–	(5,497)	–	(553,318)	(558,815)
Gain on disposition of equity investments at FVTOCI	–	–	–	(5,455)	–	5,455	–
Balance at June 30, 2019	170,602,894	$64,041,556	$2,202,640	$14,022	$2,882,923	$(70,242,874)	$(1,101,733)

Balance at April 1, 2020	175,602,894	$64,341,556	$2,244,764	$13,761	$3,373,372	$(70,948,566)	$(975,113)
Net loss for the period	–	–	–	–	–	(514,796)	(514,796)
Other comprehensive loss for the period	–	–	–	(1,465)	–	–	(1,465)
Total comprehensive loss	–	–	–	(1,465)	–	(514,796)	(516,261)
Equity-settled share-based compensation	–	–	6,476	–	–	–	6,476
Balance at June 30, 2020	175,602,894	$64,341,556	$2,251,240	$12,296	$3,373,372	$(71,463,362)	$(1,484,898)

	June 30, 2020	March 31, 2020
Sales tax refundable	$23,831	$16,858
Prepaid insurance	36,567	66,520
Total	$60,398	$83,378

	June 30, 2020	March 31, 2020
Accounts payable	$77,331	$80,075
Accrued liabilities	19,996	20,000
Total	$97,327	$100,075

	Three months ended June 30, 2020	Year ended March 31, 2020
Opening balance	$812,119	$893,800
Principal advances	–	675,000
Principal repayments	–	(375,000)
Transactions costs	–	(490,449)
Amortization of transaction costs	12,920	108,768
Closing balance	$825,039	$812,119

	Three months ended June 30, 2020	Year ended March 31, 2020
Current portion	$300,000	$300,000
Non-current portion	525,039	512,119
Total	$825,039	$812,119

Finance expenses	Three months ended June 30,
	2020	2019
Interest on director’s loan	$32,411	$22,438
Amortization of transaction costs	12,920	38,174
Total	$45,331	$60,612

	June 30, 2020			June 30, 2019
	Weighted Average Exercise Price	Number of Options	Weighted Average Exercise Price	Number of Options
Outstanding – beginning balance	$0.05	2,000,000	-	-
Grant	-	-	-	-
Outstanding – ending balance	$0.05	2,000,000	-	-

	Options Outstanding			Options Exercisable
Exercise price	Weighted Average Remaining Contractual Life (years)	Number of Options	Weighted Average Remaining Contractual Life (years)	Number of Options
$0.05	4.26	2,000,000	4.26	1,000,000
Total	4.26	2,000,000	4.26	1,000,000

	Exercise price	June 30,2020	March 31,2020
Issued pursuant to the Loan (note 9(b)(i))	$0.05	16,000,000	16,000,000
Total		16,000,000	16,000,000

Balances due to related parties	June 30, 2020	March 31, 2020
Hunter Dickinson Services Inc.	$718,216	$507,232
Robert Dickinson (interest payable)	117,631	79,726
United Mineral Services Ltd.	5,021	5,021
Total	$840,868	$591,979

Transactions with HDSI	Three months ended June 30,
(rounded to the nearest thousand CAD)	2020	2019
Services received from HDSI and as requested by the Company	$307,000	$299,000
Information technology – infrastructure and support services	15,000	15,000
Reimbursement, at cost, of third-party expenses incurred by HDSI on behalf of the Company	64,000	46,000
Total	$386,000	$360,000

Office and administration expenses	Three months ended June 30,
(rounded to the nearest thousand CAD)	2020	2019
Salaries and benefits	$61,000	$97,000
Insurance	21,000	12,000
Data processing and retention	15,000	15,000
Other office expenses	4,000	3,000
Total	$101,000	$127,000

1.1	Date	3
1.2	Overview	3
1.3	Selected Annual Information	20
1.4	Summary of Quarterly Results	20
1.5	Results of Operations	20
1.6	Liquidity	22
1.7	Capital Resources	22
1.8	Off-Balance Sheet Arrangements	23
1.9	Transactions with Related Parties	23
1.10	Fourth Quarter	24
1.11	Proposed Transactions	24
1.12	Critical Accounting Estimates	24
1.13	Changes in Accounting Policies including Initial Adoption	24
1.14	Financial Instruments and Other Instruments	24
1.15	Other MD&A Requirements	24
1.15.1	Additional Disclosure for Venture Issuers without Significant Revenue	24
1.15.2	Disclosure of Outstanding Share Data	25
1.15.3	Disclosure Controls and Procedures	25
1.15.4	Internal Controls over Financial Reporting Procedures	25
1.15.5	Limitations of Controls and Procedures	26
1.16	Risk Factors	26

Transactions with UMS	Three months ended June 30,
(rounded to the nearest thousand CAD)	2020	2019
Services received from UMS and as requested by the Company	$-	$9,000
Total	$-	$20,000

Employees’ salaries and benefits	Three months ended June 30,
(rounded to the nearest thousand CAD)	2020	2019
Salaries and benefits included in the following:
Exploration and evaluation expenses	$287,000	$203,000
Administration expenses 1	92,000	111,000
Total	$379,000	$314,000

Cut-Off Grade	Size	Grade		Contained Metal
(g/t Au)	Tonnage (000 t)	Gold (g/t)	Silver (g/t)	Gold (000 oz)	Silver (000 oz)
0.20	147,069	0.38	1.9	1,818	8,833
0.25	111,460	0.44	2.1	1,571	7,694
0.30	85,239	0.49	2.4	1,334	6,495
0.35	65,384	0.54	2.7	1,130	5,635
0.40	49,502	0.59	2.9	938	4,596

	Average metal price (US$)
Calendar year	Copper	Molybdenum	Gold	Silver
2015	2.50/lb	6.73/lb	1,160/oz	15.69/oz
2016	2.21/lb	6.56/lb	1,251/oz	17.14/oz
2017	2.88/lb	7.26/lb	1,275/oz	17.01/oz
2018	2.96/lb	11.94/lb	1.269/oz	15.71/oz
2019	2.72/lb	11.36/lb	1,393/oz	16.21/oz
2020 (to the date of this document)	2.58/lb	8.72/lb	1,701/oz	18.01/oz

	Fiscal Quarter Ended
($ 000’s)	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018
Net (income) loss	$515	$599	$581	$(479)	$553	$197	$909	$104

Basic and diluted (income) loss per share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.01	$0.00

Expenditures/recoveries	Period ended June 30, 2020	Period ended June 30, 2019
(Decrease) Increase in exploration and evaluation expenditures	$32,000	$(880,000)
(Decrease) Increase in administrative expenditures	(62,000)	(5,000)
(Decrease) Increase in cost recoveries	-	(680,000)

Three months ended June 30, 2020	IKE	JOY	DUKE	Other	Total
Assays and analysis	$53,962	$6,528	$7,276	$–	$67,766
Drilling	–	–	–	–	–
Equipment rental	–	–	–	–	–
Geological	111,271	54,792	44,410	16,200	226,673
Helicopter and fuel	–	–	–	–	–
Property costs and assessments	198	–	–	–	198
Site activities	17,064	6,123	5,864	–	29,591
Socioeconomic	2,144	9,667	2,583	5,469	19,863
Travel and accommodation	–	–	–	–	–
Total	$185,179	$77,110	$60,133	$21,669	$344,091

Three months ended June 30, 2019	IKE	JOY	DUKE	Other	Total
Assays and analysis	$675	$3,783	$1,020	$136	$5,614
Drilling	–	–	–	–	–
Equipment rental	–	4,350	–	–	4,350
Geological, including geophysical	15,211	52,076	94,237	36,789	198,313
Helicopter and fuel	–	–	–	–	–
Property acquisition and assessment costs	198	–	21,070	–	21,268
Site activities	–	5,924	–	2,965	8,889
Socioeconomic	675	53,583	12,228	–	66,486
Travel and accommodation	1,099	3,535	235	1,762	6,631
Total	$17,858	$123,251	$128,790	$41,652	$311,551


	Three months ended June 30,
General and Administration Expenses	2020	2019
Legal, accounting and audit	$3,767	$18,597
Office and administration	101,554	126,273
Shareholder communication	8,113	22,629
Travel and accommodation	5,008	10,362
Trust and regulatory	1,129	4,982
Total	$119,571	$182,843

(a)	capitalized or expensed exploration and development costs	See 1.5 Results of Operations above.
(b)	expensed research and development costs	Not applicable.
(c)	deferred development costs	Not applicable.
(d)	general and administration expenses	See 1.5 Results of Operations above.
(e)	any material costs, whether capitalized, deferred or expensed, not referred to in (a) through (d)	None.

	Number
Common shares	178,602,894
Share purchase options	2,000,000
Share purchase warrants	13,000,000