Amarc Resources Ltd 6-K, filed Feb 28, 2020

Amarc Resources Ltd (AXREF)

6-K 2020-02-28 For: 2020-02-28

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Added on April 07, 2026

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Amarc Resources Ltd filed this 6-K on February 28, 2020.

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	99.1	Condensed Consolidated Interim Financial Statements for the period ended December 31, 2019

	99.2	Management's Discussion and Analysis for the period ended December 31, 2019

	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: February 28, 2020	By:	/s/ Michael Lee
		Michael Lee
	Title:	Chief Financial Officer

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

		December 31,	March 31,
	Note	2019	2019

ASSETS

Current assets
Cash	3	$241,187	$282,996
Amounts receivable and other assets	5	74,789	307,595
Marketable securities		20,519	35,067
		336,495	625,658
Non-current assets
Restricted cash	4	178,143	173,143

Total assets		$514,638	$798,801

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities
Accounts payable and accrued liabilities	7	$111,810	$35,965
Advanced contributions received	6	–	189,021
Balances due to related parties	10	290,765	222,933
Director's loan	8	300,000	893,800
		702,575	1,341,719

Non-current liabilities
Director's loan	8	500,089	–

Total liabilities		1,202,664	1,341,719

Shareholders' equity
Share capital	9	64,041,556	64,041,556
Reserves	9	5,609,406	5,105,082
Accumulated deficit		(70,338,988)	(69,689,556)
		(688,026)	(542,918)

Total liabilities and shareholders' equity		$514,638	$798,801

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

Robert A. Dickinson		Scott D. Cousens
Director		Director

		Three months ended December 31,		Nine months ended December 31,
	Note	2019	2018	2019	2018

Expenses	10,11
Exploration and evaluation		$329,646	$1,523,922	$1,019,647	$5,197,397
Assays and analysis		38,817	92,892	90,486	341,086
Drilling		–	108,811	–	799,953
Equipment rental		–	29,902	4,350	103,425
Geological, including geophysical		137,565	283,164	510,672	1,151,129
Helicopter and fuel		–	132,337	25,064	934,726
Property acquisition and assessments costs		94,940	693,696	117,770	693,894
Site activities		36,219	120,425	146,768	942,261
Socioeconomic		18,653	45,984	109,417	142,170
Travel and accommodation		3,452	16,711	15,120	88,753

Administration		203,631	198,726	624,101	689,419
Legal, accounting and audit		20,471	379	117,096	32,612
Office and administration	11(b)	151,067	157,105	407,496	514,630
Shareholder communication		19,081	31,863	50,568	96,287
Travel and accommodation		97	4,584	10,765	18,937
Trust and regulatory		12,915	4,795	38,176	26,953

Equity-settled share-based compensation		28,423	–	28,423	–

Cost recoveries	6	(20,503)	(862,281)	(1,183,260)	(4,252,613)

		541,197	860,367	488,911	1,634,203
Other items
Finance income		(2,445)	(8,067)	(4,807)	(35,064)
Interest expense – director's loans	8	24,630	22,685	73,219	67,808
Transaction cost – director’s loans	8	17,338	33,860	96,738	94,889
Foreign exchange loss		17	430	847	916
Gain on disposition of marketable securities		–	–	–	(10,454)
Net loss		$580,737	$909,275	$654,908	$1,752,298

Basic and diluted loss per common share		$0.00	$0.01	$0.00	$0.01

Weighted average number of common
shares outstanding		170,602,894	169,921,758	170,602,894	169,163,356

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

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

Balance at April 1, 2018		168,786,227	$63,884,056	$2,202,640	$57,459	$2,882,923	$(67,781,665)	$1,245,413
Net loss for the period		–	–	–	–	–	(1,752,298)	(1,752,298)
Other comprehensive loss for the period		–	–	–	(21,784)	–	–	(21,784)
Total comprehensive loss		–	–	–	(21,784)	–	(1,752,298)	(1,774,082)

Issuance of common shares pursuant to a property option agreement		1,666,667	300,000	–	–	–	–	300,000
Balance at December 31, 2018		170,452,894	$64,184,056	$2,202,640	$35,675	$2,882,923	$(69,533,963)	$(228,669)

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		–	–	–	–	–	(654,908)	(654,908)
Other comprehensive loss for the period		–	–	–	(9,072)	–	–	(9,072)
Total comprehensive loss		–	–	–	(9,072)	–	(654,908)	(663,980)

Issuance of share purchase warrants	9(c)	–	–	–	–	490,449	–	490,449
Equity-settled share-based compensation	9(b)	–	–	28,423	–	–	–	28,423
Gain on disposition of equity investments at FVTOCI		–	–	–	(5,476)	–	5,476	–
Balance at December 31, 2019		170,602,894	$64,041,556	$2,231,063	$4,971	$3,373,372	$(70,338,988)	$(688,026)

Amarc Resources Ltd. –
Condensed Consolidated Interim Statements of Cash Flows
(Unaudited - Expressed in Canadian Dollars)

	December 31, 2019	March 31, 2019
Sales tax refundable	$19,593	$7,304
Contributions receivable (note 6(a) and 6(b))	–	300,291
Prepaid insurance	55,196	–
Total	$74,789	$307,595

	December 31, 2019	March 31,2019
Accounts payable	$111,810	$35,965
Total	$111,810	$35,965

	Nine months ended December 31, 2019	Year ended March 31, 2019
Opening balance	$893,800	$763,544
Principal advances	675,000	–
Principal repayments	(375,000)	–
Transaction costs	(490,449)	–
Amortization of transaction costs	96,738	130,256
Closing balance	$800,089	$893,800

	December 31, 2019	March 31,2019
Current portion	$300,000	$893,800
Non-current portion	500,089	–
Total	$800,089	$893,800

Finance expenses	Three months ended December 31,		Nine months ended December 31,
	2019	2018	2019	2018
Interest on director’s loan	$24,630	$22,685	$73,219	$67,808
Amortization of transaction costs	17,338	33,860	96,738	94,889
Total	$41,968	$56,545	$169,957	$162,697

Continuity of Options	Nine months ended December 31, 2019		Nine months ended December 31, 2018
	Number of Options	Weighted average exercise price	Number of Options	Weighted average exercise price
Outstanding – Beginning balance	–	–	–	–
Granted	2,000,000	$0.05	–	–
Expired	–	–	–	–
Outstanding – Ending balance	2,000,000	$0.05	–	–

	Options outstanding		Options exercisable
Exercise price	Number of Options	Weighted average remaining contractual life (years)	Number of Options	Weighted average remaining contractual life (years)
$ 0.05	2,000,000	4.76	500,000	4.76
Total	2,000,000	4.76	500,000	4.76

Balances due to related parties	December 31, 2019	March 31,2019
Hunter Dickinson Services Inc.	$285,744	$214,179
United Mineral Services Ltd.	5,021	8,754
Total	$290,765	$222,933

Transactions with HDSI	Three months ended December 31,		Nine months ended December 31,
(rounded to the nearest thousand CAD)	2019	2018	2019	2018
Services received from HDSI and as requested by the Company	$309,000	$416,000	$941,000	$1,248,000
Information technology – infrastructure and support services	15,000	15,000	45,000	45,000
Reimbursement, at cost, of third-party expenses incurred by HDSI on behalf of the Company	5,000	48,000	59,000	107,000
Total	$329,000	$479,000	$1,045,000	$1,400,000

Transactions with UMS	Three months ended December 31,		Nine months ended December 31,
(rounded to the nearest thousand CAD)	2019	2018	2019	2018
Services received from UMS and as requested by the Company	$–	$15,000	$9,000	$23,000
Reimbursement, at cost, of third-party expenses incurred by UMS on behalf of the Company	–	–	–	19,000
Total	$–	$15,000	$9,000	$42,000

Office and administration expenses	Three months ended December 31,		Nine months ended December 31,
(rounded to the nearest thousand CAD)	2019	2018	2019	2018
Salaries and benefits	$113,000	$138,000	$318,000	$379,000
Insurance	20,000	–	34,000	74,000
Data processing and retention	15,000	15,000	45,000	45,000
Other office expenses	3,000	5,000	10,000	17,000
Total	$151,000	$158,000	$407,000	$515,000

Employees’ salaries and benefits	Three months ended December 31,		Nine months ended December 31,
(rounded to the nearest thousand CAD)	2019	2018	2019	2018
Salaries and benefits included in the following:
Exploration and evaluation expenses	$193,000	$330,000	$626,000	$1,104,000
Administration expenses 1	123,000	133,000	347,000	413,000
Total	$316,000	$463,000	$973,000	$1,517,000

1.1	Date	2
1.2	Overview	3
1.3	Selected Annual Information	25
1.4	Summary of Quarterly Results	25
1.5	Results of Operations	25
1.6	Liquidity	27
1.7	Capital Resources	28
1.8	Off-Balance Sheet Arrangements	28
1.9	Transactions with Related Parties	28
1.1	Fourth Quarter	30
1.11	Proposed Transactions	30
1.12	Critical Accounting Estimates	30
1.13	Changes in Accounting Policies including Initial Adoption	30
1.14	Financial Instruments and Other Instruments	30
1.15	Other MD&A Requirements	30
1.15.1	Additional Disclosure for Venture Issuers without Significant Revenue	30
1.15.2	Disclosure of Outstanding Share Data	31
1.15.3	Disclosure Controls and Procedures	31
1.15.4	Internal Controls over Financial Reporting Procedures	31
1.15.5	Limitations of Controls and Procedures	32
1.16	Risk Factors	32

SELECTED ASSAY INTERVALS 2014-2018 IKE Discovery Drill Holes
Hole ID	Int.1,2 (m)	CuEQ3 (%)	Cu (%)	Mo (%)	Ag (g/t)
1	247	0.42	0.28	0.030	2.0
2	123	0.41	0.32	0.017	2.5
3	92	0.41	0.31	0.020	2.1
5	194	0.49	0.30	0.046	0.8
6	308	0.40	0.26	0.032	1.8
8	97	0.46	0.32	0.030	2.2
10	124	0.45	0.34	0.022	3.2
12	214	0.37	0.26	0.023	2.2
13	592	0.44	0.30	0.032	2.1
14	86	0.48	0.33	0.032	2.2
18	111	0.36	0.30	0.010	2.3
20	148	0.54	0.39	0.030	2.9
21	287	0.39	0.30	0.018	2.2
22	138	0.40	0.28	0.024	2.1
25	222	0.46	0.35	0.022	2.4
26	147	0.44	0.26	0.042	1.9
Average 4	195	0.43	0.30	0.028	2.1

ROWBOTTOM 2017 Assay Results
Hole ID	Dip (0)	Azim (0)	From (m)	To (m)	Int.2,3,4 (m)	CuEQ1 (%)	Cu (%)	Mo (%)	Ag (g/t)	Au (g/t)
RB17001	-50	90	63	129	66	0.40	0.29	0.006	4.1	0.08
			333	354	21	0.51	0.38	0.007	4.3	0.11


Drill Hole ID	Dip (o)	Azim (o)	EOH (m)	Incl.	Form (m)	To (m)	Int. 2,3,4 (m)	CuEQ1 (%)	Cu (%)	Mo (%)	Ag (g/t)	Au (g/t)
DK17001	59	266	519	Incl. Incl. Incl.	40 40 210 268 317 458 458 509	130 73 243 278 347 519 479 519	90 33 33 10 30 61 21 10	0.35 0.41 0.35 0.31 0.35 0.36 0.41 0.57	0.24 0.30 0.21 0.20 0.20 0.23 0.35 0.11	0.016 0.013 0.026 0.018 0.030 0.001 0.001 0.001	1.1 1.4 1.2 1.3 1.1 2.8 3.3 3.0	0.06 0.08 0.04 0.03 0.04 0.16 0.04 0.68
DK17002	45	270	527	Incl. Incl.	17 17 238 308 477 477	130 73 268 377 523 498	113 56 30 69 47 22	0.37 0.41 0.47 0.38 0.40 0.51	0.25 0.29 0.33 0.23 0.26 0.31	0.014 0.015 0.019 0.029 0.025 0.040	1.4 1.6 1.9 1.2 1.4 1.6	0.07 0.08 0.07 0.05 0.04 0.04
DK18003	50	267	529		32	68	36	0.30	0.21	0.010	1.0	0.06
					142	164	22	0.33	0.20	0.018	1.5	0.06
					395	407	12	0.47	0.21	0.004	2.3	0.34
DK18004	50	90	502		88	181	93	0.30	0.22	0.012	1.0	0.04
				Incl.	94	106	12	0.41	0.32	0.012	1.5	0.04
DK18005	55	267	485		14	344	331	0.34	0.22	0.019	1.0	0.04
				Incl.	71	232	161	0.40	0.26	0.025	1.1	0.05
				and	107	232	125	0.44	0.29	0.029	1.2	0.05
				and	212	232	20	0.64	0.45	0.033	2.0	0.06
				Incl.	308	344	36	0.43	0.30	0.020	1.3	0.07
DK18006	50	267	500		98	416	318	0.33	0.24	0.012	1.1	0.05
				Incl.	227	293	66	0.42	0.30	0.016	1.2	0.07
				Incl.	347	405	58	0.46	0.34	0.017	1.5	0.06
DK18007	55	267	560		373	544	171	0.33	0.24	0.010	1.0	0.06
				Incl.	373	394	21	0.42	0.34	0.010	1.3	0.05
				Incl.	406	424	18	0.40	0.30	0.011	1.2	0.08
				Incl.	466	544	78	0.38	0.28	0.012	1.2	0.08
DK18008	50	267	487		21	158	137	0.31	0.22	0.011	0.8	0.06
				Incl.	21	86	65	0.41	0.30	0.012	1.1	0.08
					447	464	17	0.38	0.28	0.010	1.4	0.07
71-02	45	90	163		30	128	98	0.40	0.30	0.012	1.2	0.07
71-10	45	90	170		18	165	147	0.40	0.27	0.017	1.8	0.07
				Incl.	62	165	102	0.47	0.31	0.021	2.1	0.09
71-14	90	0	115		29	115	87	0.53	0.40	0.021	2.2	0.05
71-19	90	0	90		47	80	34	0.43	0.27	0.026	2.0	0.05

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
2014	3.11/lb	11.59/lb	1,264/oz	19.09/oz
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 (to the date of this document)	2.68/lb	10.22/lb	1.574/oz	17.96/oz

	Fiscal Quarter Ended
($ 000’s)	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018
Net (income) loss	$581	$(479)	$553	$197	$909	$104	$739	$283
Basic and diluted (income) loss per share	$0.00	$(0.00)	$0.00	$0.00	$0.01	$0.00	$0.00	$0.00

Expenditures/recoveries	Three months ended December 31, 2019	Nine months ended December 31, 2018
(Decrease) in exploration and evaluation expenditures	$(1,194,000)	$(4,178,000)
Increase (Decrease) in administrative expenditures	5,000	(65,000)
Increase in equity-settled share-based compensation	28,000	28,000
(Decrease) in cost recoveries	(842,000)	(2,228,000)

Nine months ended December 31, 2019	IKE	JOY	DUKE	Other	Total
Assays and analysis	$73,664	$14,563	$2,123	$136	$90,486
Drilling	–	–	–	–	–
Equipment rental	–	4,350	–	–	4,350
Geological, including geophysical	113,536	168,979	150,307	77,850	510,672
Helicopter and fuel	–	25,064	–	–	25,064
Property acquisition and assessment costs	50,198	17,872	24,700	25,000	117,770
Site activities	31,221	83,320	14,978	17,249	146,768
Socioeconomic	2,661	73,919	31,937	900	109,417
Travel and accommodation	1,100	6,827	5,313	1,880	15,120
Total	$272,380	$394,894	$229,358	$123,015	$1,019,647

Three months ended December 31, 2019	IKE	JOY	DUKE	Other	Total
Assays and analysis	$32,036	$5,712	$1,069	$–	$38,817
Drilling	–	–	–	–	–
Equipment rental	–	–	–	–	–
Geological, including geophysical	74,978	10,901	34,980	16,706	137,565
Helicopter and fuel	–	–	–	–	–
Property acquisition and assessment costs	50,000	17,522	2,418	25,000	94,940
Site activities	19,438	5,795	5,270	5,716	34,219
Socioeconomic	495	8,017	10,141	–	18,653
Travel and accommodation	–	–	3,410	42	3,452
Total	$176,947	$47,947	$57,288	$47,464	$329,646

Three months ended December 31, 2018	IKE	JOY	DUKE	Other	Total
Assays and analysis	$35,004	$37,480	$9,656	$10,752	$92,892
Drilling	–	108,395	416	–	108,811
Equipment rental	–	29,902	–	–	29,902
Geological, including geophysical	50,958	176,019	27,406	28,781	283,164
Helicopter and fuel	–	126,417	–	5,920	132,337
Property acquisition and assessment costs	50,000	600,000	–	43,696	693,696
Site activities	13,265	106,328	–	832	120,425
Socioeconomic	11,262	28,131	6,591	–	45,984
Travel and accommodation	2,623	12,358	1,595	135	16,711
Total	$163,112	$1,225,030	$45,664	$90,116	$1,523,922

(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	170,602,894
Share purchase options	2,000,000
Share purchase warrants	16,000,000