Amarc Resources Ltd 6-K, filed Feb 26, 2021

Amarc Resources Ltd (AXREF)

6-K 2021-02-26 For: 2021-02-26

View Original

Added on April 07, 2026

About this 6-K

Amarc Resources Ltd filed this 6-K on February 26, 2021.

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →

	99.1	Condensed Consolidated Interim Financial Statements for the three months ended December 31, 2020 and 2019

	99.2	Management's Discussion and Analysis for the three months ended December 31, 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: February 26, 2021	By:	/s/ Sebastian Tang
		Sebastian Tang
		Chief Financial Officer

		December 31,	March 31,
	Note	2020	2020

ASSETS

Current assets
Cash	3	$726,284	$249,183
Amounts receivable and other assets	6	163,512	83,378
Marketable securities	5, 7(b)	1,235,799	18,356
		2,125,595	350,917
Non-current assets
Restricted cash	4	178,481	178,143

Total assets		$2,304,076	$529,060

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities
Accounts payable and accrued liabilities	8	$517,638	$100,075
Advanced contributions received	7(a)	179,076	–
Balance due to a related parties	11	767,778	591,979
Director's loan	9	–	300,000
		1,464,492	992,054

Non-current liabilities
Director's loan	9	554,162	512,119

Total liabilities		2,018,654	1,504,173

Shareholders' equity
Share capital	10	64,744,721	64,341,556
Reserves	10	5,076,994	5,631,897
Accumulated deficit		(69,536,293)	(70,948,566)
		285,422	(975,113)

Total liabilities and shareholders' equity		$2,304,076	$529,060

/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	2020	2019	2020	2019

Expenses	11,12
Exploration and evaluation		$237,249	$339,648	$1,237,047	$1,036,315
Assays and analysis		43,028	38,817	129,042	90,486
Equipment rental		875	–	875	4,350
Geological, including geophysical		60,107	137,565	393,190	510,672
Helicopter and fuel		28,800	–	208,347	25,064
Property acquisition and assessments costs		51,448	94,940	51,646	117,770
Site activities		31,026	36,219	177,470	146,768
Socioeconomic		11,145	18,653	65,622	109,417
Technical data		8,393	10,002	53,206	16,668
Travel and accommodation		1,179	3,452	10,763	15,120

Administration		132,082	193,629	387,435	607,433
Legal, accounting and audit		–	20,471	23,767	117,096
Office and administration	12(b)	99,294	141,065	287,678	390,828
Shareholder communication		29,793	19,081	46,680	50,568
Travel and accommodation		2,000	97	7,008	10,765
Trust and regulatory		995	12,915	22,302	38,176

Equity-settled share-based compensation		2,645	28,423	15,420	28,423

Cost recoveries	7	141,182	20,503	1,221,230	1,183,260

Gain on sale of mineral property	7(b)	1,934,500	–	1,934,500	–
		1,703,706	(541,197)	1,515,828	(488,911)
Other items
Finance income		1,579	2,445	24,151	4,807
Interest expense – director's loans	10	(25,206)	(24,630)	(86,697)	(73,219)
Transaction cost – director's loans	10	(15,086)	(17,338)	(42,043)	(96,738)
Foreign exchange loss		77	(17)	1,034	(847)
Net income (loss)		$1,665,070	$(580,737)	$1,412,273	$(654,908)

Basic and diluted earnings (loss) per common share		$0.01	$(0.00)	$0.01	$(0.00)

Weighted average number of common
shares outstanding		180,580,916	170,602,894	178,029,901	170,602,894

	Three months ended December 31,
	2020	2019

Net income (loss)	$1,665,070	$(580,737)

Other comprehensive loss:
Items that will not be reclassified subsequently to profit and loss:
Revaluation of marketable securities	(415,970)	(3,680)
Total other comprehensive loss	(415,970)	(3,680)

Comprehensive income (loss)	$1,249,100	$(584,417)

	Share capital		Reserves
	Numberof 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	–	–	–	–	–	(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	–	–	–	–	490,449	–	490,449
Equity-settled share-based compensation	–	–	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)

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 income for the period	–	–	–	–	–	1,412,273	1,412,273
Other comprehensive (loss) for the period	–	–	–	(417,058)	–	–	(417,058)
Total comprehensive loss	–	–	–	(417,058)	–	1,412,273	995,215

Equity-settled share-based compensation	–	–	15,420	–	–	–	15,420
Shares issued through exercise of warrants	3,000,000	403,165	–	–	(153,265)	–	249,900
Balance at December 31, 2020	178,602,894	$64,744,721	$2,260,184	$(403,297)	$3,220,107	$(69,536,293)	$285,422

	December 31, 2020	March 31, 2020
Sales tax refundable	$14,147	$16,858
Reimbursable exploration expenses (note 7(a))	140,531	-
Prepaid insurance	31,858	66,520
Total	$186,536	$83,378

	December 31, 2020	March 31, 2020
Accounts payable	$497,642	$80,075
Accrued liabilities	19,996	20,000
Total	$517,638	$100,075

	Nine months ended	Year ended
	December 31, 2020	March 31, 2020
Opening balance	$812,119	$893,800
Principal advances	–	675,000
Principal repayments	(300,000)	(375,000)
Transaction costs	–	(490,449)
Amortization of transaction costs	42,043	108,768
Closing balance	$554,162	$812,119

	Nine months ended December 31, 2020	Year ended March 31, 2020
Opening balance	$812,119	$893,800
Principal advances	–	675,000
Principal repayments	(300,000)	(375,000)
Transaction costs	–	(490,449)
Amortization of transaction costs	42,043	108,768
Closing balance	$554,162	$812,119

	Nine months ended December 31, 2020	Year ended March 31, 2020
Current portion	$–	$300,000
Long-term portion	554,162	512,119
Total	$554,162	$812,119

Finance expenses	Nine months ended December 31, 2020	Nine months ended December 31, 2020
Interest on director's loan	$86,697	$73,219
Transaction costs	42,043	96,738
Total	$128,740	$169,957

		December 31, 2020		December 31, 2019
	Weighted Average Exercise Price	Number of Options	Weighted Average Exercise Price	Number of Options
Outstanding - beginning balance	$0.05	2,000,000	$0.05	2,000,000
Grant	–	–	–	–
Outstanding - beginning balance	$0.05	$2,000,000	$0.05	$2,000,000

		Options Outstanding		Options Exercisable
	Weighted Average Remaining Contractual Life	Number of	Weighted Average Remaining Contractual Life	Number of
Exercise price	(years)	Options	(years)	Options
$0.05	3.76	2,000,000	3.76	1,500,000
Total	$3.76	2,000,000	$3.76	1,500,000

	December 31,	March 31,
Balances due to related parties	2020	2020
Hunter Dickinson Services Inc.	$610,164	$507,232
Robert Dickinson (interest payable)	150,158	79,726
United Mineral Services Ltd. Officers reimbursable expenses and service fees settled in	5,021	5,021
subsequent month	2,435	–
Total	$767,778	$591,979

Transactions with HDSI	Three months ended December 31,		Nine months ended December 31,
(rounded to the nearest thousand CAD)	2020	2019	2020	2019
Services received from HDSI and as requested by the Company	$235,000	$309,000	$542,000	$941,000
Information technology –
infrastructure and support services	15,000	15,000	30,000	45,000
Reimbursement, at cost, of third-party expenses incurred by HDSI on behalf of the Company	(24,000)	5,000	40,000	59,000
Total	$226,000	$329,000	$612,000	$1,045,000

Office and administration expenses	Three months ended December 31,		Nine months ended December 31,
(rounded to the nearest thousand CAD)	2020	2019	2020	2019
Salaries and benefits	$66,000	$113,000	$127,000	$318,000
Insurance	23,000	20,000	44,000	34,000
Data processing and retention	16,000	15,000	31,000	45,000
Other office expenses	3,000	3,000	7,000	10,000
Total	$108,000	$151,000	$209,000	$407,000

1.1	DATE	3
1.2	OVERVIEW	3
1.3	SELECTED ANNUAL INFORMATION	23
1.4	SUMMARY OF QUARTERLY RESULTS	23
1.5	RESULTS OF OPERATIONS	23
1.6	LIQUIDITY	26
1.7	CAPITAL RESOURCES	26
1.8	OFF-BALANCE SHEET ARRANGEMENTS	26
1.9	TRANSACTIONS WITH RELATED PARTIES	27
1.1	FOURTH QUARTER	28
1.11	PROPOSED TRANSACTIONS	28
1.12	CRITICAL ACCOUNTING ESTIMATES	28
1.13	CHANGES IN ACCOUNTING POLICIES INCLUDING INITIAL ADOPTION	28
1.14	FINANCIAL INSTRUMENTS AND OTHER INSTRUMENTS	28
1.15	OTHER MD&A REQUIREMENTS	28
1.15.1	ADDITIONAL DISCLOSURE FOR VENTURE ISSUERS WITHOUT SIGNIFICANT REVENUE	28
1.15.2	DISCLOSURE OF OUTSTANDING SHARE DATA	29
1.15.3	DISCLOSURE CONTROLS AND PROCEDURES	29
1.15.4	INTERNAL CONTROLS OVER FINANCIAL REPORTING PROCEDURES	29
1.15.5	LIMITATIONS OF CONTROLS AND PROCEDURES	30
1.16	RISK FACTORS	30

Transactions with UMS (rounded to the nearest thousand	Three months ended December 31,		Nine months ended December 31,
CAD)	2020	2019	2020	2019
Services received from UMS and as requested by the Company	$–	$–	$–	$9,000
Reimbursement, at cost, of third- party expenses incurred by the Company on behalf of UMS	$–	$–	$23,026	$–
Total	$–	$–	$23,026	$9,000

Employees’ salaries and benefits	Three months ended December 31,		Nine months ended December 31,
(rounded to the nearest thousand CAD)	2020	2019	2020	2019
Salaries and benefits included in the following: Exploration and evaluation
expenses	$65,000	$193,000	$467,000	$626,000
Administration expenses 1	47,000	123,000	183,000	347,000
Total	$112,000	$316,000	$650,000	$973,000

Drill Hole	From (m)	To (m)	Int. (m)1,2,3	Cu (%)	Au (g/t)4	Ag (g/t)	Mo (%)	CuEQ(%)5,6
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

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	2.80/lb	8.68/lb	1,769/oz	20.54/oz
2021 (to the date of this document)	3.68/lb	10.96/lb	1,844/oz	26.51/oz

($ 000’s)	Dec 31,	Sep 30,	Jun 30,	Mar 31,	Dec 31,	Sep 30,	Jun 30,	Mar 31,
	2020	2020	2020	2020	2019	2019	2019	2019
Net (income) loss	$(1,665)	$(262)	$515	$599	$581	$(479)	$553	$197
Basic and diluted (earnings) loss per share	$(0.01)	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00

	December 2020	December 2019
Exploration and evaluation expenditures	$237,000	$340,000
Administrative expenditures	132,000	194,000
Cost recoveries	(141,000)	(21,000)
Gain on disposition of mineral property	(1,935,000)	-

Nine months ended December 31, 2020	DUKE	IKE	JOY	Other	Operated Properties	Total
Assays and analysis	$7,276	$61,907	$7,878	$2,720	$49,261	$129,042
Drilling	1,248	–	–	–	145,638	146,886
Equipment rental	–	–	–	–	875	875
Geological, including geophysical	112,149	115,032	57,279	67,951	40,779	393,190
Helicopter and fuel	–	25,440	–	–	182,907	208,347
Property acquisition and assessment costs	–	50,198	–	–	1,448	51,646
Site activities	22,608	33,666	6,123	1,002	114,071	177,470
Socioeconomic	5,287	3,814	12,183	2,194	42,144	65,622
Technical data retention and management	10,333	20,521	13,958	–	8,394	53,206
Travel and accommodation	–	1,470	–	–	9,293	10,763
Cost Recoveries	(149,168)	(171,540)	(289,648)	(16,064)	(594,810)	(1,221,230)
Total	$9,733	$140,508	$(192,227)	$57,803	$–	$15,817

Nine months ended December 31, 2019	DUKE	IKE	JOY	Other	Total
Assays and analysis	$2,123	$73,664	$14,563	$136	$90,486
Drilling	–	–	–	–	–
Equipment rental	–	–	4,350	–	4,350
Geological, including geophysical	150,307	113,536	168,979	77,850	510,672
Helicopter and fuel	–	–	25,064		25,064
Property acquisition and assessment costs	24,700	50,198	17,872	25,000	117,770
Site activities	14,978	31,221	83,320	17,249	146,768
Socioeconomic	31,937	2,661	73,919	900	109,417
Technical data retention and management	–	8,333	8,334	–	16,667
Travel and accommodation	5,313	1,100	6,827	1,880	15,120
Cost Recoveries	–	(92,240)	(117,283)	(973,737)	(1,183,260)
Total	$229,358	$188,473	$285,945	$(850,722)	$(146,946)

Three months ended December 31, 2020	DUKE	IKE	JOY	Other	Operated Properties	Total
Assays and analysis	$–	$2,807	$1,350	$1,417	$37,454	$43,028
Drilling	1,248	–	–	–	–	1,248
Equipment rental	–	–	–	–	875	875
Geological, including geophysical	7,677	8,258	4,212	23,969	15,991	60,107
Helicopter and fuel	–	–	–	–	28,800	28,800
Property acquisition and assessment costs	–	50,000	–	–	1,448	51,448
Site activities	1,075	1,193	–	(1,843)	30,601	31,026
Socioeconomic	628	1,613	1,245	(2,018)	9,677	11,145
Technical data retention and management	3,333	–	–	–	5,060	8,393
Travel and accommodation	–	–	–	–	1,179	1,179
Cost Recoveries	–	–	–	(6,763)	(134,419)	(141,182)
Total	$13,961	$63,871	$6,807	$14,762	$(3,334)	$96,067

Three months ended December 31, 2019	DUKE	IKE	JOY	Other	Total
Assays and analysis	$1,069	$32,036	$5,712	$–	$38,817
Drilling	–	–	–	–	–
Equipment rental	–	–	–	–	–
Geological, including geophysical	34,980	74,978	10,901	16,706	137,565
Helicopter and fuel	–	–	–	–	–
Property acquisition and assessment costs	2,418	50,000	17,522	25,000	94,940
Site activities	5,270	19,438	5,795	5,716	36,219
Socioeconomic	10,141	495	8,017	–	18,653
Technical data retention and management	–	5,001	5,001	–	10,002
Travel and accommodation	3,410	–	–	42	3,452
Cost Recoveries	–	–	(20,503)	–	(20,503)
Total	$57,288	$181,948	$32,445	$47,464	$319,145

(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	180,602,894
Share purchase options	2,000,000
Share purchase warrants	11,000,000