Amarc Resources Ltd 6-K, filed Nov 30, 2023

Amarc Resources Ltd (AXREF)

6-K 2023-11-30 For: 2023-11-28

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Added on April 07, 2026

About this 6-K

Amarc Resources Ltd filed this 6-K on November 30, 2023.

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Exhibits

99.1		Condensed Consolidated Interim Financial Statements for the six months ended September 30, 2023
99.2		Management’s Discussion and Analysis for the six months ended September 30, 2023
99.3		Form 52-109FV2 Certification of interim filings – venture issue basic certificate - CEO
99.4		Form 52-109FV2 Certification of interim filings – venture issue basic certificate - CFO

	Amarc Resources Ltd. (Registrant)

Date: November 28, 2023	By:	/s/ Thomas Wilson
		Thomas Wilson
		Chief Financial Officer

Amarc Resources Ltd.
Condensed Interim Consolidated Statements of Financial Position
(Unaudited - Expressed in Canadian Dollars)

			September 30,			March 31,
			2023			2023
		Note	($)			($)

ASSETS

Current assets
Cash		3		3,570,628			5,131,510
Amounts receivable and other assets		6		269,205			218,351
Marketable securities		4		156,584			139,284
				3,996,417			5,489,145
Non-current assets
Restricted cash		5		539,834			539,834
Right-of-use asset		13		52,120			62,208
Total assets				4,588,371			6,091,187

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities
Accounts payable and accrued liabilities		8		1,195,254			1,180,863
Advanced contributions received		7(b,c)		2,701,272			4,124,349
Balances due to related parties		11		492,837			530,512
Lease liability		13		22,085			20,696
				4,411,448			5,856,420

Non-current liabilities
Director’s loan		9		711,575			648,005
Lease liability		13		40,837			52,207
Total liabilities				5,163,860			6,556,632

Shareholders’ deficiency
Share capital		10		65,236,421			65,228,921
Reserves		10		4,360,711			4,289,896
Accumulated deficit				(70,172,621	)		(69,984,263	)
				(575,489	)		(465,446	)

Total liabilities and shareholders’ deficiency				4,588,371			6,091,186

Nature of operations and going concern (note 1)
Events after the reporting period (note 15)

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

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

Robert A. Dickinson	Scott D. Cousens
Director	Director

Amarc Resources Ltd.
Condensed Interim Consolidated Statements of (Income) Loss
(Unaudited - Expressed in Canadian Dollars, except for weighted average number of common shares)

		Three months ended September 30,						Six months ended September 30,
	Note	2023			2022			2023			2022
		($)			($)			($)			($)
Expenses
Exploration and evaluation	7		5,074,790			6,782,153			7,470,137			8,591,534
Assays and analysis			513,866			59,145			874,832			109,901
Drilling			–			2,614,896			–			2,956,923
Environmental			17,666			–			35,136			–
Equipment rental			128,202			–			165,668			–
Freight			23,419			–			48,010			–
Geological, including geophysical			1,653,892			720,818			2,458,216			919,324
Graphics			9,748			–			20,730			–
Helicopter and fuel			1,042,625			1,768,204			1,473,650			1,981,979
Property acquisition and assessments costs			24,124			4,120			127,052			106,538
Site activities			1,456,626			1,439,449			1,901,147			2,167,032
Socioeconomic			76,616			111,243			121,422			239,777
Technical data			17,035			11,250			31,488			22,500
Travel and accommodation			110,971			53,028			212,786			87,560

Administration			270,268			200,360			451,381			346,936
Legal, accounting and audit			30,791			19,045			34,735			27,514
Office and administration	12(b)		120,834			70,499			193,166			138,107
Rent			14,659			7,735			27,254			17,635
Shareholder communication			71,149			82,059			142,055			115,289
Travel and accommodation			8,192			18,010			24,457			22,452
Trust and regulatory			24,643			3,012			29,714			25,939

Equity-settled share-based compensation			26,757			64,348			53,515			103,140

Cost recoveries	7		(5,478,502	)		(10,474,540	)		(7,278,068	)		(13,012,787	)

			(106,687	)		(3,427,679	)		696,965			(3,971,177	)
Other items
Finance income			(90,985	)		(2,168	)		(176,941	)		(4,151	)
Interest expense – director’s loans	9		25,205			35,288			50,137			64,000
Accretion expense - office lease			1,920			2,471			3,991			5,067
Other fee income	7		(85,000	)		(545,546	)		(460,000	)		(785,381	)
Amortization of right-of-use asset			5,043			5,044			10,088			10,088
Transaction cost – director’s loans	9		33,098			29,098			63,570			47,759
Loss on sales of marketable securities			–			2,429			–			2,429
Foreign exchange loss			769			1,043			549			1,636
Net (income) loss			(216,637	)		(3,900,020	)		188,359			(4,629,730	)

Other comprehensive (income) loss
Items that will not be reclassified subsequently to loss:
Change in value of marketable securities			(74,242	)		239,698			(17,300	)		141,174
Total other comprehensive (income) loss			(290,879	)		(3,660,322	)		171,059			(4,488,556	)

Basic and diluted (income) loss per share			(0.00	)		(0.02	)		0.00			(0.02	)

Weighted average number of common
shares outstanding			186,627,894			186,602,894			186,615,462			186,602,894

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

Amarc Resources Ltd.
Condensed Interim Consolidated Statements of Comprehensive Income (loss)
(Unaudited - Expressed in Canadian Dollars)

	Three months ended September 30,					Six months ended September 30,
	2023		2022			2023			2022

Net income (loss)	$	216,637	$	3,900,020		$	(188,359	)	$	4,629,730

Other comprehensive income (loss):
Items that will not be reclassified subsequently to profit and loss:
Revaluation of marketable securities		74,242		(239,698	)		17,300			(141,174	)
Total other comprehensive income (loss)		74,242		(239,698	)		17,300			(141,174	)

Comprehensive income (loss)	$	290,879	$	3,660,322		$	(171,059	)	$	4,488,556

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

Company	Shares/Warrants Held		Cost		Fair Value		Fair Value Increase(Decrease)
	(#)		($)		($)		($)
Carlyle Commodities Corp - Shares		550,000		907,500		101,750		(805,750	)
Carlyle Commodities Corp - Warrants		550,000		727,000		41,000		(686,000	)
Other		1,329,189		14,237		13,834		(403	)
Total		2,429,189		1,648,737		156,584		(1,492,153	)

	September 30, 2023		March 31, 2023
	($)		($)
Sales tax refundable		247,762		199,184
Prepaid		21,443		19,167
		269,205		218,351

	Six months ended		Year ended
	September 30, 2023		March 31, 2023
	($)		($)
Opening balance		648,005		644,642
Principal advances		–		350,000
Principal repayment		–		(350,000	)
Transaction costs		–		(99,191	)
Amortization of transaction costs		63,570		102,554
Closing balance		711,575		648,005

Finance expenses	Six months ended September 30,
	2023		2022
	($)		($)
Interest on loan		50,137		64,000
Amortization of transaction costs		63,570		47,759
Total		113,707		111,759

	September 30, 2023				March 31, 2023
	Weighted Average Exercise Price		Number of Options		Weighted Average Exercise Price		Number of Options
Beginning balance		0.10		6,480,000		0.09		5,480,000
Granted		0.125		520,000		0.11		1,000,000
Ending balance		0.11		7,000,000		0.10		6,480,000

				Weighted Average		Number of		Number of
				Remaining Contractual		Options		Options
Exercise price			Expiry date	Life (periods)		Outstanding		Exercisable

	$	0.05	4-Oct-24		1.01		2,000,000		2,000,000
	$	0.12	9-Mar-25		1.44		2,580,000		1,720,000
	$	0.12	9-Mar-27		3.44		900,000		500,000
	$	0.11	8-Jul-27		3.77		1,000,000		1,000,000
	$	0.125	11-Apr-26		2.53		520,000		156,000
					1.99		7,000,000		5,376,000

	September 30, 2023		March 31, 2023
Balances due to related parties	($)		($)
Hunter Dickinson Services Inc.		289,673		327,348
Robert Dickinson (interest payable)		190,082		190,082
United Mineral Services Ltd.		7,586		7,586
Thomas Wilson (CFO fees)		5,496		5,496
Total		492,837		530,512

Right-of-use-asset	($)
Balance at March 31, 2022		82,384
Amortization		(20,176	)
Balance at March 31, 2023		62,208
Amortization		(10,088	)
Balance at September 30, 2023		52,120

Lease liability	($)
Balance at March 31, 2022		90,028
Lease payment – base rent portion		(26,745	)
Lease liability – accretion expense		9,620
Balance as at Mach 31, 2023		72,903
Current portion		20,696
Long-term portion		52,207

Lease liability	($)
Balance at March 31, 2023		72,903
Lease payment – base rent portion		(13,972	)
Lease liability – accretion expense		3,991
Balance as at September 30, 2023		62,922
Current portion		22,085
Long-term portion		40,837

Future lease payments (base rent portion only)	($)
Fiscal 2024 (July 1, 2023 to March 31, 2024)		14,083
Fiscal 2025 (April 1, 2024 to March 31, 2025)		28,165
Fiscal 2026 (April 1, 2025 to March 31, 2026)		28,165
Fiscal 2027 (April 1, 2026 to April 29, 2027) (Note 6)		2,347
Total undiscounted lease payments		72,760
Less: imputed interest		(9,838	)
Lease liability as at September 30, 2023		62,922

1.1	DATE	1

1.2	OVERVIEW	2

1.3	SELECTED ANNUAL INFORMATION	27

1.4	SUMMARY OF QUARTERLY RESULTS	27

1.5	RESULTS OF OPERATIONS	28

1.6	LIQUIDITY	29

1.7	CAPITAL RESOURCES	30

1.8	OFF-BALANCE SHEET ARRANGEMENTS	30

1.9	TRANSACTIONS WITH RELATED PARTIES	30

1.10	PROPOSED TRANSACTIONS	31

1.11	CRITICAL ACCOUNTING ESTIMATES	31

1.12	CHANGES IN ACCOUNTING POLICIES INCLUDING INITIAL ADOPTION	31

1.13	FINANCIAL INSTRUMENTS AND OTHER INSTRUMENTS	32

1.14	OTHER MD&A REQUIREMENTS	32

1.14.1	ADDITIONAL DISCLOSURE FOR VENTURE ISSUERS WITHOUT SIGNIFICANT REVENUE	32

1.14.2	DISCLOSURE OF OUTSTANDING SHARE DATA	32

1.14.3	DISCLOSURE CONTROLS AND PROCEDURES	33

1.14.4	INTERNAL CONTROLS OVER FINANCIAL REPORTING PROCEDURES	33

1.14.5	LIMITATIONS OF CONTROLS AND PROCEDURES	33

1.15	RISK FACTORS	34

1.16	SUBSEQUENT EVENTS	38

·	A well-planned core drilling program at the Empress Deposit to expand the higher grade Cu-Au mineralization which remains open;

	An integrated program in the Greater Empress area to drill test high potential drill-ready targets and survey work on other promising targets to bring them also to a drill ready status; and

·	A drill program at the IKE Deposit with the goal to further expand the deposit and establish a mineral resource.

·	638 line-km of airborne Magnetotelluric (“MT”) geophysics;
·	30 km² of ground-based MT geophysics;
·	72.5 line-km of Induced Polarization ground geophysics;
·	465 geological survey traverse-km;
·	769 systematic rock chip samples for assay; and
·	1,788 grid soil samples for assay.

·	101.90 m of 0.56% CuEQ⁴ (0.23% Cu, 0.57 g/t Au and 2.4 g/t Ag)
·	29.00 m of 0.46% CuEQ (0.20% Cu, 0.44 g/t Au and 2.1 g/t Ag)
·	66.60 m of 0.40% CuEQ (0.21% Cu, 0.32 g/t Au and 1.5 g/t Ag)
·	244.10 m of 0.35% CuEQ (0.11% Cu, 0.41 g/t Au and 1.2 g/t Ag)
·	135.00 m of 0.44% CuEQ (0.14% Cu, 0.53 g/t Au and 1.2 g/t Ag)

·	204 m of 0.42% CuEQ⁴ (0.18% Cu, 0.41 g/t Au and 2.3 g/t Ag)
·	105 m of 0.40% CuEQ (0.13% Cu, 0.47 g/t Au and 2.3 g/t Ag)
·	107 m of 0.31% CuEQ (0.09% Cu, 0.37 g/t Au and 1.2 g/t Ag)
·	179 m of 0.32% CuEQ (0.11% Cu, 0.36 g/t Au and 1.2 g/t Ag)

·	63 m of 0.44% CuEQ⁴, within 179 m of 0.32% CuEQ (JP22017)⁵
·	57 m of 0.40% CuEQ, within 107 m of 0.31% CuEQ (JP22015)
·	135 m of 0.44% CuEQ, within 244 m of 0.35% CuEQ (JP21009 completed in 2021)

Target	Drill Hole⁵	Azim (°)	Dip (°)	EOH (m)	Incl.		From (m)	To (m)	Int.¹²³ (m)	CuEQ⁴(%)	Cu (%)	Au (g/t)	Ag(g/t)
PINE	JP22010	265	-60	681.00			18.96	223.03	204.07	0.42	0.18	0.41	2.3
					Incl.		18.96	49.35	30.39	0.44	0.12	0.55	2.0
					Incl.		84.83	223.03	138.20	0.48	0.22	0.43	2.8
					and		84.83	128.95	44.12	0.58	0.26	0.53	3.3
					and		141.82	223.03	81.21	0.51	0.24	0.45	2.9
							258.00	296.70	38.70	0.51	0.25	0.44	2.7
					Incl.		258.00	285.81	27.81	0.62	0.29	0.54	3.3
							455.51	505.79	50.28	0.34	0.15	0.32	1.7
PINE	JP22011	265	-60	637.78			35.00	65.00	30.00	0.22	0.06	0.27	1.5
							386.00	542.00	156.00	0.36	0.20	0.25	2.5
					Incl.		386.00	458.00	72.00	0.44	0.23	0.35	2.9
					Incl.		494.00	539.00	45.00	0.41	0.24	0.25	2.8
PINE	JP22012	265	-60	597.00			41.50	54.52	13.02	0.26	0.12	0.22	2.0
							73.00	141.00	68.00	0.31	0.13	0.29	2.0
					Incl.		126.00	141.00	15.00	0.49	0.20	0.49	2.7
							221.40	354.00	132.60	0.32	0.15	0.26	2.4
					Incl.		221.40	301.48	80.08	0.35	0.17	0.30	2.7
PINE	JP22013	265	-60	516.00			48.00	153.00	105.00	0.40	0.13	0.47	1.8
					Incl.		59.20	96.00	36.80	0.44	0.16	0.48	2.3
					Incl.		114.00	153.00	39.00	0.46	0.12	0.59	1.4
							177.00	189.51	12.51	0.42	0.12	0.52	1.3
							226.14	303.00	76.86	0.30	0.14	0.27	1.4
					Incl.		226.14	245.41	19.27	0.45	0.14	0.54	1.4
PINE	JP22014	270	-60	594.00			27.00	42.00	15.00	0.28	0.10	0.31	1.3
							62.05	167.00	104.95	0.25	0.10	0.26	1.3
					Incl.		66.00	84.00	18.00	0.34	0.11	0.40	1.2
					Incl.		111.00	141.00	30.00	0.33	0.12	0.37	1.7
PINE	JP22015	90	-60	647.00			72.00	300.00	228.00	0.25	0.08	0.28	1.0
					Incl.		72.00	178.78	106.78	0.31	0.09	0.37	1.2
					and		72.00	129.00	57.00	0.40	0.10	0.53	1.3
					and		72.00	84.00	12.00	0.81	0.16	1.15	2.0
					Incl.		189.00	300.00	111.00	0.21	0.08	0.22	0.8
							431.97	647.00	215.03	0.22	0.10	0.21	0.8
					Incl.		522.00	534.00	12.00	0.47	0.10	0.64	1.6
					and		561.00	644.55	83.55	0.24	0.12	0.20	0.9
PINE	JP22016	265	-65	609.00			13.23	155.56	142.33	0.26	0.08	0.30	1.1
					Incl.		18.00	66.00	48.00	0.41	0.12	0.50	1.4
							175.51	186.33	10.82	0.30	0.12	0.31	1.4
							213.36	232.07	18.71	0.22	0.12	0.17	1.4
							241.78	258.00	16.22	0.29	0.10	0.32	1.2
PINE	JP22017	90	-60	624.00			174.00	352.80	178.80	0.32	0.11	0.36	1.2
					Incl.		248.03	352.80	104.77	0.37	0.13	0.43	1.1
					and		272.72	336.00	63.28	0.44	0.14	0.52	1.2
					and		272.72	291.00	18.28	0.56	0.12	0.76	1.5
					Incl.		310.00	336.00	26.00	0.45	0.17	0.49	1.2
							378.00	390.00	12.00	0.30	0.12	0.30	1.3
PINE	JP22018	265	-60	490.50			126.00	177.00	51.00	0.38	0.13	0.4	1.8
PINE	JP22034	90	-60	504.00			59.67	95.08	35.41	0.14	0.05	0.14	0.3
							124.71	145.17	20.46	0.24	0.13	0.20	0.8
							174.13	231.00	56.87	0.24	0.14	0.17	1.6
							423.32	477.33	54.01	0.13	0.07	0.10	0.9
PINE	JP22040	270	-90	405.00		No significant intercepts
Canyon	JP22029	40	-60	234.00		No significant intercepts
Canyon	JP22030	55	-60	753.00			102.00	126.00	24.00	0.13	0.07	0.10	0.5
							223.85	255.00	31.15	0.14	0.10	0.04	3.3

Target	Drill Hole⁵	Azim (°)	Dip (°)	EOH (m)	Incl.		From (m)	To (m)	Int.¹²³ (m)	CuEQ⁴ (%)	Cu (%)	Au (g/t)	Ag(g/t)
							291.00	342.00	51.00	0.13	0.10	0.04	0.8
							342.00	638.25	296.25	0.39	0.30	0.14	1.7
					Incl.		345.21	456.00	110.79	0.48	0.38	0.16	2.5
	JP22030				Incl.		351.00	447.00	96.00	0.51	0.39	0.18	2.6
							360.00	399.00	39.00	0.56	0.42	0.20	2.7
					Incl.		552.00	580.00	28.00	0.51	0.40	0.19	1.4
							708.90	719.40	10.50	0.77	0.61	0.25	2.1
Canyon	JP22036	55	-60	588.00			24.47	219.00	194.53	0.20	0.14	0.09	2.3
					Incl.		69.00	76.00	7.00	0.91	0.54	0.59	6.9
					Incl.		162.30	177.00	14.70	0.33	0.22	0.18	2.1
							210.00	219.00	9.00	0.27	0.17	0.15	1.8
							407.00	464.00	57.00	0.17	0.12	0.08	0.8
Canyon	JP22038	55	-60	576.00			384.00	570.00	186.00	0.15	0.12	0.04	0.8
Canyon	JP22042	235	-70	661.30			299.40	564.00	264.60	0.15	0.11	0.06	0.8
					Incl.		318.00	347.61	29.61	0.23	0.16	0.12	1.1
					Incl.		453.00	498.00	45.00	0.20	0.15	0.07	0.9
Canyon	JP22043	50	-60	735.00			582.00	726.00	144.00	0.16	0.13	0.03	0.8
Twins	JP22019	50	-60	384.00			54.00	125.58	71.58	0.21	0.10	0.19	1.0
					Incl.		99.00	125.58	26.58	0.29	0.12	0.30	1.2
							215.00	276.00	61.00	0.19	0.11	0.14	1.2
Twins	JP22020	235	-60	270.00			12.00	216.00	204.00	0.11	0.03	0.14	0.4
					Incl.		44.22	90.00	45.78	0.17	0.05	0.22	0.6
Twins	JP22021	55	-60	216.00		No significant intercepts
Twins	JP22023	235	-60	36.00		Abandoned in overburden
Twins	JP22025	50	-60	219.00			12.00	48.00	36.00	0.11	0.04	0.11	0.6
Twins	JP22026	55	-55	282.00		No significant intercepts
Twins	JP22031	55	-60	249.00			60.00	105.00	45.00	0.10	0.04	0.11	0.3
SWT	JP22022	265	-55	528.00		No significant intercepts
SWT	JP22024	225	-60	501.00			414.30	417.00	2.70	2.12	0.005	3.73	6.2
SWT	JP22027	70	-60	342.00			24.00	27.00	3.00	0.25	0.09	0.28	0.4
SWT	JP22028	70	-60	342.00			264.00	342.00	78.00	0.08	0.02	0.11	0.4
					Incl.		328.71	342.00	13.29	0.14	0.03	0.20	0.5
South MEX	JP22041	54.16	59.82	323.00			101.00	173.00	72.00	0.10	0.02	0.10	3.4
South MEX					Incl.		127.00	149.00	22.00	0.15	0.03	0.16	4.8
Wrich	JP22044	335	-70	393.00			59.00	167.00	108.00	0.20	0.03	0.23	6.4
					Incl.		65.00	86.00	21.00	0.32	0.04	0.32	13.6
					Incl.		119.00	137.00	18.00	0.28	0.03	0.44	1.7
					Incl.		158.00	167.00	9.00	0.34	0.02	0.46	10.2
Finlay North	JP22032	30	-60	225.00		No significant intercepts
Finlay North	JP22033	30	-60	243.00			66.00	87.00	21.00	0.07	0.004	0.11	0.4
Finlay North	JP22035	30	-70	219.40		No significant intercepts
Finlay South	JP22037	55	-60	221.00			17.00	29.00	12.00	0.14	0.10	0.06	2.0
Finlay South	JP22039	235	-50	356.00		No significant intercepts
CT	JP22045	90	-60	204.00		No significant intercepts

1.	Widths reported are drill widths, such that true thicknesses are unknown.
2.	All assay intervals represent length-weighted averages.
3.	Some figures may not sum exactly due to rounding.
4.	Copper equivalent (CuEQ) calculations use metal prices of: Cu US$4.00/lb., Au US$1800/oz. and Ag US$24/oz. and conceptual recoveries of: Cu 85%, Au 72% and 67% Ag. Conversion of metals to an equivalent copper grade based on these metal prices is relative to the copper price per unit mass factored by conceptual recoveries for those metals normalized to the conceptualized copper recovery. The metal equivalencies for each metal are added to the copper grade. The general formula for this is: CuEQ% = Cu% + ((Au g/t * (Au recovery / Cu recovery) * (Au $ per oz./ 31.1034768 / Cu $ per lb. * 22.04623)) + ((Ag g/t * (Ag recovery / Cu recovery) * (Ag $ per oz. / 31.1034768 / Cu $ per lb. * 22.04623))
5.	The collar locations in UTM NAD83, Zone 9N coordinates for listed drill holes are provided in Amarc release March 2, 2023.

·	96 m of 0.51% CuEQ⁴(0.39% Cu, 0.18 g/t Au and 2.6 g/t Ag), within 296 m of 0.39% CuEQ (0.30% Cu, 0.14 g/t Au and 1.7 g/t Ag)
·	5 m of 0.77% CuEQ (0.61% Cu, 0.25 g/t Au, 2.1 g/t Ag)

·	183 m of 0.43% CuEQ⁴ (0.31% Cu, 0.019% Mo, 0.07 g/t Au,1.5 g/t Ag) in hole DK22009
·	217 m of 0.45% CuEQ (0.33% Cu, 0.018% Mo, 0.08 g/t Au, 1.5 g/t Ag) in hole DK22010
·	30 m of 0.47% CuEQ (0.36 % Cu, 0.015% Mo, 0.06 g/t Au, 3.2 g/t Ag) in hole DK23012
·	30 m of 0.43% CuEQ (0.31% Cu, 0.014% Mo, 0.09 g/t Au, 1.6 g/t Ag), and
	33 m of 0.44% CuEQ (0.20% Cu, 0.053% Mo, 0.06 g/t Au, 1.3 g/t Ag) in hole DK23015
·	82 m of 0.41% CuEQ (0.30% Cu, 0.017% Mo, 0.06 g/t Au, 1.1 g/t Ag) in hole DK23022
·	36 m of 0.47% CuEQ (0.34% Cu, 0.024% Mo, 0.06 g/t Au, 1.5 g/t Ag) in hole DK23024
·	33 m of 0.40% CuEQ (0.30% Cu, 0.017% Mo, 0.05 g/t Au, 1.5 g/t Ag) in hole DK23026

Drill Hole⁵	Azim (°)	Dip (°)	EOH (m)	Incl.	From (m)	To (m)	Int.^1,2,3 (m)	CuEQ⁴ (%)	Cu (%)	Mo (%)	Au (g/t)	Ag (g/t)
DK22009	0	-90	551		9.40	551.00	541.60	0.33	0.24	0.016	0.04	1.2
				Incl.	9.40	247.62	238.22	0.39	0.29	0.016	0.06	1.4
				and	65.00	247.62	182.62	0.43	0.31	0.019	0.07	1.5
				and	122.00	247.62	125.62	0.52	0.38	0.024	0.08	1.8
				and	128.00	161.00	33.00	0.59	0.42	0.028	0.10	1.8
				and	176.00	245.00	69.00	0.57	0.42	0.023	0.09	2.1
				Incl.	289.88	376.90	87.02	0.36	0.25	0.020	0.05	1.5
				and	289.88	336.87	46.99	0.43	0.31	0.022	0.06	1.7
				Incl.	406.12	551.00	144.88	0.31	0.22	0.018	0.03	1.1
				and	412.00	488.00	76.00	0.38	0.28	0.018	0.04	1.4
				and	412.00	434.00	22.00	0.42	0.31	0.022	0.04	1.5
				and	459.54	488.00	28.46	0.41	0.30	0.018	0.05	1.5
DK22010	0	-90	566		8.63	566.00	557.37	0.36	0.25	0.018	0.06	1.4
				Incl.	8.63	317.56	308.93	0.42	0.31	0.017	0.08	1.8
				and	101.00	317.56	216.56	0.45	0.33	0.018	0.08	1.5
				and	185.00	206.00	21.00	0.48	0.38	0.012	0.08	1.6
				and	243.45	300.75	57.30	0.68	0.50	0.027	0.13	2.0
				Incl.	338.00	368.00	30.00	0.49	0.33	0.030	0.08	1.3
DK23013	0	-90	576		255.00	261.00	6.00	0.30	0.24	0.008	0.04	0.9
					273.00	294.00	21.00	0.23	0.18	0.006	0.03	0.9
					517.85	528.00	10.15	0.22	0.17	0.006	0.04	0.9
DK23015	0	-50	546		7.70	75.00	67.30	0.35	0.25	0.012	0.07	1.5
				Incl.	21.00	51.00	30.00	0.43	0.31	0.014	0.09	1.6
					231.00	261.00	30.00	0.21	0.16	0.004	0.06	0.8
					339.00	372.00	33.00	0.44	0.20	0.053	0.06	1.3
DK23017	248	-50	262.83		25.92	128.00	102.08	0.17	0.14	0.005	0.02	0.6
				Incl.	25.92	55.70	29.78	0.23	0.18	0.006	0.04	0.7
				and	34.00	49.00	15.00	0.28	0.21	0.008	0.07	0.7
DK23018	0	-90	519		4.89	117.00	112.11	0.16	0.13	0.004	0.03	0.6
				Incl.	9.00	45.00	36.00	0.23	0.18	0.009	0.04	0.8
DK23019	0	-90	570		15.85	77.00	61.15	0.28	0.23	0.008	0.02	1.1
				Incl.	15.85	24.00	8.15	0.49	0.41	0.010	0.04	2.1
				Incl.	45.00	62.00	17.00	0.33	0.28	0.008	0.03	1.2
					207.00	346.00	139.00	0.17	0.13	0.008	0.02	0.7
				Incl.	251.00	267.00	16.00	0.25	0.21	0.004	0.02	1.5
					381.00	570.00	189.00	0.20	0.14	0.013	0.02	0.6
				Incl.	396.00	409.84	13.84	0.26	0.17	0.020	0.03	0.9
				Incl.	453.00	491.00	38.00	0.22	0.15	0.016	0.02	0.8
				Incl.	512.00	570.00	58.00	0.22	0.17	0.011	0.02	0.5
DK23020	0	-90	540		10.07	180.00	169.93	0.26	0.20	0.009	0.04	0.9
				Incl.	13.16	45.00	31.84	0.29	0.22	0.009	0.04	1.0

Drill Hole⁵	Azim. (°)	Dip (°)	EOH (m)	Incl.	From (m)	To (m)	Int.^1,2,3 (m)	CuEQ⁴ (%)	Cu (%)	Mo (%)	Au (g/t)	Ag (g/t)
DK23011	90	-60	524	No significant intercepts
DK23012	90	-50	416		192.00	297.00	105.00	0.26	0.16	0.008	0.10	1.4
				Incl.	243.00	294.00	51.00	0.34	0.26	0.012	0.04	2.2
				and	264.00	294.00	30.00	0.47	0.36	0.015	0.06	3.2
DK23014	270	-61	497		14.62	56.00	41.38	0.18	0.12	0.007	0.06	0.7
				Incl.	17.00	29.00	12.00	0.24	0.14	0.006	0.13	0.9
					158.00	185.00	27.00	0.16	0.11	0.005	0.05	0.8
DK23016	90	-45	500	No significant intercepts
DK23029	90	-45	350	No significant intercepts
DK23030	268	-45	462	No significant intercepts
DK23031	268	-45	386	No significant intercepts
DK23032	268	-45	399	No significant intercepts

·	5,759 line-km of high resolution airborne magnetics
·	678 km2 of LiDAR
·	68 line-km of ground magnetics
·	122 line-km of IP geophysics
·	6,079 grid soil sample geochemistry analyses
·	315 rock sample geochemistry analyses
·	Framework and localized detailed geological mapping

Drill Hole	From (m)	To (m)	Int. (m)^1,2,3	Cu (%)	Au (g/t)		Ag (g/t)	Mo (%)	CuEQ(%)^4,5
IK14005	269.4	325.4	56.0	0.31	-	1.6		0.064	0.55
	339.1	426.2	87.1	0.36	-	0.7		0.054	0.56
Incl.	347.7	378.6	30.9	0.47	-	1.2		0.052	0.67
	437.6	554.6	117.0	0.27	-	0.3		0.021	0.35
	602.9	616.1	13.2	0.29	-	0.6		0.009	0.32
IK15010	204.0	268.0	64.0	0.30	-	2.9		0.015	0.38
	293.0	421.0	128.0	0.33	-	3.1		0.022	0.43
Incl.	298.5	330.0	31.5	0.43	-	4.3		0.032	0.58
	444.0	506.0	62.0	0.24	-	2.3		0.020	0.32
IK15013	48.0	60.0	12.0	0.23	-	1.7		0.017	0.31
	75.0	99.0	24.0	0.24	-	1.9		0.044	0.41
	129.0	307.7	178.7	0.32	-	2.2		0.025	0.42
	339.5	366.5	27.0	0.18	-	1.2		0.030	0.30
	372.5	693.3	320.8	0.32	-	2.3		0.038	0.47
Incl.	527.4	651.5	124.1	0.43	-	3.3		0.063	0.68
IK16020	111.0	156.0	45.0	0.25	-	1.7		0.015	0.31
	314.5	381.9	67.4	0.35	-	2.8		0.023	0.45
Incl.	366.0	381.9	15.9	0.45	-	3.5		0.044	0.64
	395.8	456.0	60.2	0.53	-	3.7		0.045	0.72
	528.0	543.0	15.0	0.16	-	1.3		0.035	0.30
	549.0	582.0	33.0	0.23	-	1.6		0.110	0.64
IK18025	257.0	351.7	94.7	0.37	0.020	2.5		0.020	0.47
Incl.	308.0	345.4	37.4	0.48	0.025	3.4		0.030	0.62
	359.0	437.0	78.0	0.44	0.019	3.0		0.037	0.61
	461.0	482.0	21.0	0.14	0.005	1.0		0.054	0.35

	Average metal price (US$)
calendar year	Copper	Molybdenum	Gold	Silver
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	2.80/lb	8.68/lb	1,769/oz	20.54/oz
2021	4.27/lb	15.94/lb	1,799/oz	25.14/oz
2022	3.99/lb	18.73/lb	1,800/oz	21.74/oz
2023 (to the date of this document)	3.85/lb	24.74/lb	1,933/oz	23.28/oz

	2023	2022	2021
('$000's, except loss per share)	($)	($)	($)
Total assets	6,091	991	1,560
Non-current liabilities	700	718	570
Net (income) loss for the year	33	364	(1,361)
Basic and diluted (earnings) loss per share	0.00	0.01	(0.01)

	Sept 30	June 30	Mar 31	Dec 31	Sept 30	June 30	Mar 31	Dec 31
	2023	2023	2023	2022	2022	2022	2022	2021
('$000's)	($)	($)	($)	($)	($)	($)	($)	($)
Net (income) loss	(217)	405	5,557	(894)	(3,900)	(730)	772	154
Basic and diluted (earnings) loss per share	(0.00)	0.00	(0.00)	(0.00)	(0.02)	(0.00)	0.00	0.00

	Three months ended		Six months ended
	September 30,		September 30,
	2023	2022	2023	2022
	($)	($)	($)	($)
Exploration and evaluation assets expenditures	5,075,000	6,782,000	7,470,000	8,592,000
Administrative expenditures	270,000	200,000	451,000	347,000
Cost recoveries	(5,478,000)	(10,475,000)	(7,278,000)	(13,013,000)

	IKE	JOY	DUKE	OTHER	TOTAL
Six months ended September 30, 2023	($)	($)	($)	($)	($)
Assays and analysis	5,400	191,912	642,098	35,422	874,832
Environmental	38	21,650	13,448	–	35,136
Equipment rental	–	45,178	120,490	–	165,668
Freight	–	19,649	28,361	–	48,010
Geological, including geophysical	160	1,144,391	1,292,994	20,671	2,458,216
Graphics	255	2,722	17,753	–	20,730
Helicopter and fuel	–	773,615	700,035	–	1,473,650
Property acquisition and assessments costs	198	1,040	22,954	102,860	127,052
Site activities	458	890,809	1,008,576	1,304	1,901,147
Socioeconomic	14,343	20,985	79,203	6,891	121,422
Technical data	–	14,512	16,976	–	31,488
Travel and accommodation	2,513	64,894	143,823	1,556	212,786
	23,365	3,191,357	4,086,711	168,704	7,470,137