Amarc Resources Ltd 6-K, filed Nov 29, 2021

Amarc Resources Ltd (AXREF)

6-K 2021-11-29 For: 2021-09-30

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Added on April 07, 2026

About this 6-K

Amarc Resources Ltd filed this 6-K on November 29, 2021.

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99.1	Condensed Consolidated Interim Financial Statements for the six months ended September 30, 2021
99.2	Management’s Discussion and Analysis for the six months ended September 30, 2021
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 29, 2021	By:	/s/ Jeannine Webb
		Jeannine Webb
		Chief Financial Officer

		September30,	March31,
		2021	2021
	Note	($)	($)

ASSETS

Current assets
Cash	3	1,353,821	308,085
Amounts receivable and other assets	6	206,928	47,380
Marketable securities	4	586,565	1,026,418
		2,147,314	1,381,883
Non-current assets
Restricted cash	5	178,548	178,487
Right-of-use asset	13	92,470	-
Total assets		2,418,332	1,560,370

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities
Accounts payable and accrued liabilities	8	921,758	168,195
Balances due to related parties	11	643,236	795,239
Lease liability	13	11,790	-
		1,576,784	963,434

Non-current liabilities
Director's loan	9	605,880	570,000
Lease liability	13	86,020	-
Total liabilities		2,268,684	1,533,434

Shareholders' equity
Share capital	10	64,744,721	64,744,721
Reserves	10	4,430,229	4,870,082
Accumulated deficit		(69,025,302)	(69,587,867)
		149,648	26,936

Total liabilities and shareholders' equity		2,418,332	1,560,370

		Three months ended September 30,		Six months ended September 30,
	Note	2021	2020	2021	2020
		($)	($)	($)	($)
Expenses
Exploration and evaluation	6(b)	2,989,419	610,894	3,782,987	954,985
Assays and analysis		57,649	18,248	134,616	86,014
Drilling		556,938	145,638	592,710	145,638
Geological, including geophysical		485,781	106,410	646,606	333,083
Helicopter and fuel		777,002	179,547	824,536	179,547
Property acquisition and assessments costs		1,533	–	1,731	198
Site activities		1,025,972	116,853	1,290,787	146,444
Socioeconomic		8,950	34,614	193,487	54,477
Technical data		9,086	–	20,408	–
Travel and accommodation		66,508	9,584	78,106	9,584

Administration		121,469	180,595	247,964	300,166
Legal, accounting and audit		11,441	20,000	42,137	23,767
Office and administration	12(b)	68,713	131,643	145,658	233,197
Rent		3,329	–	7,049	–
Shareholder communication		17,014	8,774	31,687	16,887
Travel and accommodation		185	–	185	5,008
Trust and regulatory		20,787	20,178	21,248	21,307

Equity-settled share-based compensation		–	6,299	–	12,775

Cost recoveries	6(b)	(3,449,995)	(1,080,048)	(4,373,725)	(1,080,048)

		(339,107)	(282,260)	(342,774)	187,878
Other items
Finance income		(2,132)	(21,898)	(13,854)	(22,572)
Interest expense – director's loans	9	25,205	29,080	50,137	61,491
Accretion expense - office lease		2,924	–	4,909	–
Other fee income	6(b)	(253,149)	–	(305,821)	–
Amortization of Right-of-use asset		5,044	–	8,407	–
Transaction cost – director's loans	9	18,683	14,037	35,880	26,957
Foreign exchange loss		561	(958)	551	(957)
Net (income) loss		(541,971)	(261,999)	(562,565)	252,797

Other comprehensive loss:
Items that will not be reclassified subsequently to loss:
Change in value of marketable securities		371,690	–	439,853	1,465
Total other comprehensive (income) loss		(170,281)	(261,999)	(122,712)	254,262

Basic and diluted (income) loss per share		(0)	(0)	(0)	0

		(#)	(#)	(#)	(#)
Weighted average number of common
shares outstanding		180,602,894	176,954,542	180,602,894	176,278,718

	Share capital			Reserves
	Numberof shares	Amount	Subscription advance	Share-based payments reserve	Investment revaluation reserve	Share warrants reserve	Deficit	Total
	(#)	($)	($)	($)	($)	($)	($)	($)

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	–	–	–	–	–	–	(252,797)	(252,797)
Other comprehensive loss for the period	–	–	–	–	(1,088)	–	–	(1,088)
Total comprehensive loss	–	–	–	–	(1,088)	–	(252,797)	(253,885)
Equity-settled share-based compensation	–	–	–	12,775	–	–	–	12,775
Subscription received for shares to be issued	–	–	100,000	–	–	–	–	100,000
Shares issued through exercise of warrants	3,000,000	241,959	–	–	–	(91,959)	–	150,000

Balance at September 30, 2020	178,602,894	64,583,515	100,000	2,257,539	12,673	3,281,413	(71,201,363)	(966,223)

Balance at April 1, 2021	180,602,894	64,744,721	–	2,262,652	(612,677)	3,220,107	(69,587,867)	26,936
Net income for the period	–	–	–	–	–	–	562,565	562,565
Other comprehensive loss for the period	–	–	–	–	(439,853)	–	–	(439,853)
Total comprehensive loss	–	–	–	–	(439,853)	–	562,565	122,712
Balance at September 30, 2021	180,602,894	64,744,721	–	2,262,652	(1,052,530)	3,220,107	(69,025,302)	149,648

Company	Shares/Warrants Held	Cost	Fair Value	Fair Value Increase(Decrease)
	(#)	($)	($)	($)
Carlyle Commodities Corp - Shares	5,500,000	907,500	330,000	(577,500)
Carlyle Commodities Corp - Warrants	5,500,000	727,000	237,000	(490,000)
Other	2,275,002	18,356	19,565	1,209
	13,275,002	1,652,856	586,565	(1,066,291)

	September 30, 2021	March 31, 2021
	($)	($)
Sales tax refundable	137,971	17,011
Contribution receivable (note 7(b))	59,305	9,851
Prepaid	9,652	20,518
	206,928	47,380

	September 30, 2021	March 31, 2021
	($)	($)
Accounts payable	694,584	51,889
Accrued liabilities	227,174	116,306
Total	921,758	168,195

	Six months ended	Year ended
	September 30, 2021	March 31, 2021
	($)	($)
Opening balance	570,000	812,119
Principal repayment	–	(300,000)
Amortization of transaction costs	35,880	57,881
Closing balance	605,880	570,000

Finance expenses	Six months ended September 30,
	2021	2020
	($)	($)
Interest on loan	50,137	61,491
Amortization of transaction costs	35,880	26,957
Total	86,017	88,448

September 30, 2021			June 30, 2020
	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 – ending balance	$0.05	2,000,000	$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	3. 16	2,000,000	3.16	2,000,000
Total	3.16	2,000,000	3.16	2,000,000

	Exercise price	September 30, 2021	March 31, 2021
Issued pursuant to the Loan (note 9(a))	$ 0.05	16,000,000	16,000,000
Exercised		(5,000,000)	(5,000,000)
Total		11,000,000	11,000,000

	Six months ended September 31,
	2021	2022
Employee salaries and benefits (1)	($)	($)
Exploration an evaluation expenses	766,000	402,000
Administration expenses (2)	126,000	136,000
	892,000	538,000

	2021	2020
Right-of-use-asset	($)	($)
Balance at March 31	-	-
Addition	100,877	-
Amortization	(8,407)	-
Balance at September 30	92,470	-

	September 30, 2021	March 31, 2021
Balances due to related parties	($)	($)
Bookskipper Accounting & Tax Services	–	1,050
Hunter Dickinson Services Inc.	421,642	614,352
Robert Dickinson (interest payable)	221,397	174,816
United Mineral Services Ltd.	–	5,021
	643,039	795,239

	Six months ended September 30,
	2021	2020
(rounded to the nearest thousand CAD)	($)	($)
Services received from HDSI and as requested by the Company	406,000	632,000
Information technology – infrastructure and support services	37,000	30,000
Office rent	2,000	–
Reimbursement, at cost, of third-party expenses incurred by HDSI on behalf of the Company
	91,000	54,000
Total	536,000	716,000

Future lease payments (base rent portion only)	($)
Fiscal 2022 (October 1, 2021 to March 31, 2022)	16,235
Fiscal 2023 (April 1, 2022 to March 31, 2023)	26,746
Fiscal 2024 (April 1, 2023 to March 31, 2024)	28,056
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	129,714
Less: imputed interest	(31,904)
Lease liability as at September 30, 2021	97,810

1.1	DATE	1

1.2	OVERVIEW	1

1.3	SUMMARY OF QUARTERLY RESULTS	18

1.4	RESULTS OF OPERATIONS	19

1.5	LIQUIDITY	20

1.6	CAPITAL RESOURCES	20

1.7	OFF-BALANCE SHEET ARRANGEMENTS	20

1.8	TRANSACTIONS WITH RELATED PARTIES	21

1.9	PROPOSED TRANSACTIONS	21

1.10	CRITICAL ACCOUNTING ESTIMATES	22

1.11	CHANGES IN ACCOUNTING POLICIES INCLUDING INITIAL ADOPTION	22

1.12	FINANCIAL INSTRUMENTS AND OTHER INSTRUMENTS	22

1.13	OTHER MD&A REQUIREMENTS	22

1.13.1	ADDITIONAL DISCLOSURE FOR VENTURE ISSUERS WITHOUT SIGNIFICANT REVENUE	22

1.13.2	DISCLOSURE OF OUTSTANDING SHARE DATA	23

1.13.3	DISCLOSURE CONTROLS AND PROCEDURES	23

1.13.4	INTERNAL CONTROLS OVER FINANCIAL REPORTING PROCEDURES	24

1.13.5	LIMITATIONS OF CONTROLS AND PROCEDURES	24

1.14	RISK FACTORS	24

Drill Hole	From (m)	To (m)	Int.(m)1,2,3	Cu(%)	Au(g/t)	Ag(g/t)	Mo(%)	CuEQ(%)4,5
79-2	1.8	51.0	49.2	0.28	0.669	-	-	0.64
	99.0	127.5	28.5	0.32	0.647	-	-	0.67
80-07	10.8	48.2	37.4	0.22	1.353*	1.4	0.001	0.97*
Incl.	13.0	15.9	2.9	0.30	3.12	1.3	0.001	1.94*
	57.0	90.5	33.5	0.11	0.531	1.4	0.003	0.41
92-38	14.0	44.1	30.1	0.21	1.116	0.7	0.001	0.82
	53.5	192.2	138.7	0.09	0.381	0.6	0.003	0.31
92-40	14.0	49.2	35.2	0.21	1.506*	1.3	0.001	1.04*
Incl.	20.0	22.0	2.0	0.28	3.34	1.2	0.001	1.93*
	54.5	140.0	85.5	0.14	0.725	0.6	0.002	0.55
	164.5	182.7	18.2	0.08	0.367	0.6	0.001	0.29
93-41	69.5	113.0	43.5	0.13	0.741*	0.8	0.002	0.55*
Incl.	75.0	77.0	2.0	0.28	3.10	3.6	0.001	1.94*
	129.0	137.0	8.0	0.36	0.210	0.1	0.002	0.48
	189.0	197.0	8.0	0.10	0.375	0.6	0.003	0.32
	265.0	273.0	8.0	0.08	0.438	0.1	0.004	0.33
P97-04	55.1	75.3	20.2	0.15	0.510*	4.5	0.002	0.46*
Incl.	74.0	75.3	1.3	0.32	205.20	43.4	0.004	2.25*
	90.7	127.4	36.7	0.15	0.522	2.8	0.002	0.46*
	127.4	192.4	65.0	0.16	0.658*	2.3	0.002	0.54*
Incl.	150.0	153.0	3.0	0.28	39.80	16.1	0.003	2.02*
Incl.	166.8	168.4	1.6	0.17	4.36	4.4	0.001	1.84*
P97-08	127.7	268.6	140.9	0.17	0.492	2.0	0.002	0.46

	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)	4.21/lb	15.65/lb	1,800/oz	25.41/oz

Exploration and evaluation expenditures	IKE	JOY	DUKE	OTHER	TOTAL
6 months ended September 31, 2021	($)	($)	($)	($)	($)
Assays and analysis	2,700	122,343	338	9,235	134,616
Drilling	–	592,710	–	–	592,710
Geological, including geophysical	7,260	615,406	7,100	16,840	646,606
Helicopter and fuel	–	824,536	–	–	824,536
Property acquisition and assessments costs	198	599	934	–	1,731
Site activities	6,634	1,275,646	80	8,427	1,290,787
Socioeconomic	3,186	48,125	142,176	–	193,487
Technical data	3,958	4,149	3,958	8,343	20,408
Travel and accommodation	–	78,106	–	–	78,106
	23,936	3,561,620	154,586	42,845	3,782,987

(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.