Document and Entity Information
Document and Entity Information | 12 Months Ended |
Mar. 31, 2021shares | |
Cover [Abstract] | |
Entity Registrant Name | AMARC RESOURCES LTD |
Entity Central Index Key | 0001175596 |
Document Type | 20-F |
Document Period End Date | Mar. 31, 2021 |
Amendment Flag | false |
Current Fiscal Year End Date | --03-31 |
Entity a Well-known Seasoned Issuer | No |
Entity a Voluntary Filer | No |
Entity's Reporting Status Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Shell Company | false |
Entity Interactive Data Current | Yes |
Entity Incorporation, State or Country Code | A1 |
Entity File Number | 0-49869 |
Entity Common Stock, Shares Outstanding | 180,602,894 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2021 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - CAD ($) | Mar. 31, 2021 | Mar. 31, 2020 |
Current assets | ||
Cash | $ 308,085 | $ 249,183 |
Amounts receivable and other assets | 47,380 | 83,378 |
Marketable securities | 1,026,418 | 18,356 |
Total current assets | 1,381,883 | 350,917 |
Non-current assets | ||
Restricted cash | 178,487 | 178,143 |
Total assets | 1,560,370 | 529,060 |
Current liabilities | ||
Accounts payable and accrued liabilities | 168,195 | 100,075 |
Balances due to a related parties | 795,239 | 591,979 |
Director's loan | 0 | 300,000 |
Total current liabilities | 963,434 | 992,054 |
Non-current liabilities | ||
Director's loan | 570,000 | 512,119 |
Total liabilities | 1,533,434 | 1,504,173 |
Shareholders' equity | ||
Share capital | 64,744,721 | 64,341,556 |
Reserves | 4,834,306 | 5,631,897 |
Accumulated deficit | (69,587,867) | (70,948,566) |
Total shareholders' equity | (8,840) | (975,113) |
Total liabilities and shareholders' equity | $ 1,524,594 | $ 529,060 |
Consolidated Statements of Loss
Consolidated Statements of Loss - CAD ($) | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Expenses | |||
Exploration and evaluation | $ (1,395,645) | $ (1,637,479) | $ (5,390,102) |
Assays and analysis | 152,093 | 130,666 | 354,492 |
Drilling | 146,886 | 0 | 800,682 |
Equipment rental | 1,769 | 4,350 | 103,425 |
Geological, including geophysical | 475,380 | 693,016 | 1,295,699 |
Helicopter and fuel | 208,347 | 25,064 | 934,727 |
Property acquisition and assessments costs | 55,436 | 428,959 | 652,926 |
Site activities | 182,238 | 178,443 | 963,826 |
Socioeconomic | 99,527 | 156,713 | 192,517 |
Technical data | 63,206 | 0 | 0 |
Travel and accommodation | 10,763 | 20,268 | 91,808 |
Administration | (629,974) | (855,869) | (913,897) |
Legal, accounting and audit | 45,828 | 161,450 | 33,106 |
Office and administration | 416,924 | 550,534 | 656,569 |
Shareholder communication | 123,925 | 84,608 | 155,126 |
Travel and accommodation | 10,763 | 14,179 | 32,891 |
Trust and regulatory | 32,534 | 45,098 | 36,205 |
Equity-settled share-based compensation | (17,888) | (42,124) | 0 |
Cost recoveries | 1,350,891 | 1,491,626 | 4,538,604 |
Non-refundable contribution of an option agreement | 260,115 | 0 | 0 |
Proceeds from disposal of mineral property | 1,934,500 | 0 | 0 |
Total expenses | 1,501,999 | 1,043,846 | 1,765,395 |
Other items | |||
Finance income | 26,904 | 5,558 | 38,016 |
Interest expense - director's loans | (111,354) | (105,630) | (90,000) |
Transaction cost - director's loans | (57,881) | (108,768) | (130,256) |
Foreign exchange loss | 1,031 | (848) | (933) |
Net income (loss) | $ 1,360,699 | $ (1,253,534) | $ (1,948,568) |
Basic and diluted loss per common share | $ .01 | $ 0.01 | $ 0.01 |
Weighted average number of common shares outstanding | 178,666,081 | 171,767,287 | 169,504,538 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - CAD ($) | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Profit or loss [abstract] | |||
Net income (loss) | $ 1,360,699 | $ (1,253,534) | $ (1,948,568) |
Other comprehensive loss: items that may be reclassified subsequently to profit and loss: | |||
Revaluation of marketable securities | 0 | 0 | |
Reallocation of the fair value of marketable securities upon disposition | 0 | 0 | |
Other comprehensive loss: items that will not be reclassified subsequently to profit and loss: | |||
Revaluation of marketable securities | (626,438) | (11,234) | 2,737 |
Total other comprehensive loss | (626,438) | (11,234) | 2,737 |
Comprehensive Income (loss) | $ 734,261 | $ (1,264,768) | $ (1,945,831) |
Consolidated Statements of Chan
Consolidated Statements of Changes in (Deficiency) Equity - CAD ($) | Share Capital | Share-Based Payments Reserve | Investment Revaluation Reserve | Share Warrants Reserve | Deficit | Total |
Beginning balance, shares at Mar. 31, 2018 | 168,786,227 | |||||
Beginning balance at Mar. 31, 2018 | $ 63,884,056 | $ 2,202,640 | $ 57,459 | $ 2,882,923 | $ (67,781,665) | $ 1,245,413 |
Net income (loss) | 1,948,568 | (1,948,568) | ||||
Other comprehensive loss for the year | 2,737 | 2,737 | ||||
Total comprehensive loss | 2,737 | (1,948,568) | 1,945,831 | |||
Adjustment of gain on disposition of marketable securities | (40,677) | 40,677 | 0 | |||
Issuance of common shares pursuant to property agreements, shares | 1,816,667 | |||||
Issuance of common shares pursuant to property agreements | $ 157,500 | 157,500 | ||||
Equity-settled share-based compensation | 0 | |||||
Ending balance, shares at Mar. 31, 2019 | 170,602,894 | |||||
Ending balance at Mar. 31, 2019 | $ 64,041,556 | 2,202,640 | 19,519 | 2,882,923 | (69,689,556) | (542,918) |
Net income (loss) | 1,253,534 | (1,253,534) | ||||
Other comprehensive loss for the year | (11,234) | (11,234) | ||||
Total comprehensive loss | (11,234) | (1,253,534) | 1,264,768 | |||
Issuance of share purchase warrants | 490,449 | 490,449 | ||||
Issuance of common shares pursuant to property agreements, shares | 5,000,000 | |||||
Issuance of common shares pursuant to property agreements | $ 300,000 | 300,000 | ||||
Equity-settled share-based compensation | (42,124) | (42,124) | ||||
Gain on disposition of equity investments at FVTOCI | 5,476 | (5,476) | 0 | |||
Ending balance, shares at Mar. 31, 2020 | 175,602,894 | |||||
Ending balance at Mar. 31, 2020 | $ 64,341,556 | 2,244,764 | 13,761 | 3,373,372 | (70,948,566) | (975,113) |
Net income (loss) | 1,360,699 | 1,360,699 | ||||
Other comprehensive loss for the year | (626,438) | (626,438) | ||||
Total comprehensive loss | (626,438) | 1,360,699 | (734,261) | |||
Equity-settled share-based compensation | (17,888) | (17,888) | ||||
Shares issued through exercise of warrants, shares | 5,000,000 | |||||
Shares issued through exercise of warrants, amount | $ 403,165 | (153,265) | 249,900 | |||
Ending balance, shares at Mar. 31, 2021 | 180,602,894 | |||||
Ending balance at Mar. 31, 2021 | $ 64,744,721 | $ 2,226,876 | $ (612,677) | $ 3,220,107 | $ (69,587,867) | $ (8,840) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - CAD ($) | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Operating activities | |||
Income (loss) for the year | $ 1,360,699 | $ (1,253,534) | $ (1,948,568) |
Adjustments for: | |||
Equity-settled share-based compensation | 17,888 | 42,124 | 157,500 |
Finance income | 0 | (5,558) | 0 |
Proceeds from disposal of mineral property | (1,934,500) | 0 | 0 |
Non-cash property payments | 0 | 300,000 | 130,256 |
Interest expense - director's loans | 111,354 | 105,630 | (38,016) |
Transaction cost - director's loans | 57,881 | 108,768 | 90,000 |
Changes in working capital items: | |||
Amounts receivable and other assets | 35,998 | 224,217 | (222,021) |
Restricted cash | (344) | (5,000) | 0 |
Accounts payable and accrued liabilities | 68,120 | 64,111 | (328,134) |
Advanced contributions received | 0 | (189,021) | 74,056 |
Balances due to related parties | 91,906 | 289,320 | (913,693) |
Net cash provided by (used in) operating activities | (190,998) | (318,943) | (2,998,620) |
Investing activities | |||
Proceeds from disposition of marketable securities | 0 | 5,476 | 38,016 |
Proceeds from disposition of mineral properties | 300,000 | 0 | 0 |
Interest received | 0 | 5,558 | 25,131 |
Net cash provided by investing activities | 300,000 | 11,034 | 63,147 |
Financing activities | |||
Net proceeds from the issuance of common shares pursuant to exercise of share purchase warrants | 249,900 | 0 | 0 |
Proceeds from director's loans | 0 | 675,000 | 0 |
Repayment of director's loans | (300,000) | (375,000) | 0 |
Interest paid on director's loans | 0 | (25,904) | (90,000) |
Net cash provided by (used in) financing activities | (50,100) | 274,096 | (90,000) |
Net increase (decrease) in cash | 58,902 | (33,813) | (3,025,473) |
Cash, beginning balance | 249,183 | 282,996 | 3,308,469 |
Cash, ending balance | 308,085 | 249,183 | 282,996 |
Supplementary cash flow information: | |||
Fair value of common shares received as part of proceeds from disposition of mineral properties | 907,500 | 0 | 0 |
Fair value of warrants received as part of proceeds from disposition of mineral properties | $ 727,000 | $ 0 | $ 0 |
Nature of Operations and Going
Nature of Operations and Going Concern | 12 Months Ended |
Mar. 31, 2021 | |
Nature Of Operations And Going Concern | |
Nature of Operations and Going Concern | Amarc Resources Ltd. (“Amarc” or the “Company”) is a company incorporated under the laws of the Province of British Columbia (“BC”). Its principal business activity is the acquisition and exploration of mineral properties. The Company’s mineral property interests are located in BC. The address of the Company’s corporate office is 14th Floor, 1040 West Georgia Street, Vancouver, BC, Canada V6E 4H1. The Company is in the process of exploring its mineral property interests and has not yet determined whether its mineral property interests contain economically recoverable mineral reserves. The Company’s continuing operations are entirely dependent upon the existence of economically recoverable mineral reserves, the ability of the Company to obtain the necessary financing to continue the exploration and development of its mineral property interests and to obtain the permits necessary to mine, and the future profitable production from its mineral property interest or proceeds from the disposition of its mineral property interests. These consolidated financial statements as at and for the year ended March 31, 2021 (the “Financial Statements”) have been prepared on a going concern basis, which contemplates the realization of assets and the discharge of liabilities in the normal course of business for the foreseeable future. As at March 31, 2021, the Company had cash of $308,085, working capital of $418,449, and accumulated deficit of $69,587,867. These material uncertainties cast significant doubt on the ability of the Company to continue as a going concern. Management believes that it is able to maintain its core mineral rights in good standing for the next 12 month period. The Company is continually seeking opportunities for additional funding and has reasonable expectation that it will succeed in raising additional funds when necessary. However, there can be no assurance that the Company will obtain the required additional financial resources or achieve positive cash flows. If the Company is unable to obtain adequate additional financing, it will need to curtail its expenditures further untiladditional funds can be raised through financing activities. The current outbreak of COVID-19, and any future emergence and spread of similar pathogens, could have a material adverse effect on global and local economic and business conditions, which may adversely impact Amarc’s business and results of operations and the operations of contractors and service providers. The extent to which the COVID-19 impacts our operations will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the duration of the outbreak, new information thatmay emerge concerning its severity and the actions taken to contain the virus or treat its impact, among others. The adverse effects on the economy, the stock market and Amarc’s share price could adversely impact its ability to raise capital, with the result that our ability to pursue development of the JOY, IKE and DUKE Districts could be adversely impacted, both through delays and through increased costs. Any of these developments, and others, could have a material adverse effect on the Company’s business and results of operations and could delay its plans for development of its districts. These Financial Statements do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary should the Company be unable to continue as a going concern. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2021 | |
Significant Accounting Policies | |
Significant Accounting Policies | The principal accounting policies applied in the preparation of these Financial Statements are described below. These policies have been consistently applied for all years presented, unless otherwise stated. (a) Statement of compliance These Financial Statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”) and the International Financial Reporting Interpretations Committee (“IFRIC”), effective for the Company’s reporting year ended March 31, 2021. The Board of Directors of the Company authorized these Financial Statements for issuance on July 27, 2021. (b) Basis of presentation and consolidation These Financial Statements have been prepared on a historical cost basis, except for certain financial instruments classified as fair value through other comprehensive income, which are reported at fair value. In addition, these Financial Statements have been prepared using the accrual basis of accounting, except for cash flow information. These Financial Statements include the financial statementsof the Company and its wholly-owned subsidiary, 1130346 B.C. Ltd. (the “Subco”), incorporated under the laws of BC. The Subco was incorporated for the purposes of entering into an option agreement (note 7(b)). As at March 31, 2021 and 2020, the Subco did not have any assets, liabilities, income or expenses. Intercompany balances and transactions are eliminated in full on consolidation. On March 30, 2021, the Subco was dissolved. (c) Significant accounting estimates and judgements The preparation of the Financial Statements in conformity with IFRS requires management to make judgments, estimates, and assumptions that affect the application of policies and reported amounts ofassets and liabilities, income and expenses. Actual results may differfrom these estimates. The impacts of such estimates are pervasive throughout the Financial Statements, and may require accounting adjustments based on future occurrences. Revisions to accounting estimates are recognized in the period in which the estimate is revised and future periods if the revision affects both current and future periods. These estimates are based on historical experience, current and future economic conditions and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Specific areas where significant estimates or judgments exist are: ● assessment of the Company’s ability to continue as a going concern; ● the determination of categories of financial assets and financial liabilities; and, ● the carrying value and recoverability of the Company’s marketable securities. (d) Foreign currency The functional and presentational currency of the Company is the Canadian Dollar (“CAD”). Transactions in currencies other than the functional currency of the Company are recorded at the rates of exchange prevailing on the dates of transactions. At each financial position reporting date, monetary assets and liabilities that are denominated in foreign currencies are translated at the rates of exchange prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not re-translated. Gains and losses arising on translation are included in profit or loss for the year. (e) Financial instruments A financial asset (unless it is a trade receivable without a significant financing component that is initially measured at the transaction price) is initially measured at fair value plus, for an item not measured at fair value through profit or loss (“FVTPL”), transaction costs that are directly attributable to its acquisition. The directly attributable transaction costs of a financial asset classified at FVTPL are expensed in the period in which they are incurred. Financial assets measured at amortized cost A financial asset is measured at amortized cost if it meets both the following conditions and is not designated as at FVTPL: ● it is held within a business model whose objective is to hold assets to collect contractual cash flows; and, ● its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. These financial assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses, and impairment losses are recognized in profit or loss. Any gain or loss on the derecognition of the financial asset is recognized in profit or loss. Financial assets measured at fair value through other comprehensive income A debt investment is measured at fair value through other comprehensive income (“FVTOCI”) if it meets both the following conditions and is not designated as at FVTPL: ● it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and, ● its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On the initial recognition of an equity instrument that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment’s fair value in other comprehensive income (“OCI”). This election is made on an investment-by-investment basis. Debt investments measured at FVTOCI are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses, and impairment are recognized in profit or loss. Other net gains and losses are measured in OCI. On de-recognition, gains and losses accumulated in OCI are reclassified to profit or loss. Equity investments measured at FVTOCI are subsequently measured at fair value. Dividends are recognized as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in OCI and are never reclassified to profit or loss. Financial assets measured at fair value through profit or loss All financial assets not classified as measured at amortized cost or measured at FVTOCI, as described above, are measured at FVTPL; this includes all derivative financial assets. On initial recognition, the Company may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or measured at FVTOCI as FVTPL if doing so eliminates, or significantly reduces, an accounting mismatch that would otherwise arise. These financial assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss. Financial liabilities Classification Accounts payable and accrued liabilities Amortized cost Balance due to related parties Amortized cost Financial assets Classification Cash Amortized cost Marketable securities FVTOCI Restricted cash Amortized cost Amounts receivable and other assets Amortized cost (f) Exploration and evaluation expenditures Exploration and evaluation costs are costs incurred to discover mineral resources, and to assess the technical feasibility and commercial viability of the mineral resources found. Exploration and evaluation expenditures include: ● costs associated with the acquisition of licences; ● costs associated with the acquisition of exploration and evaluation assets, including mineral properties; and, ● costs associated with exploration and evaluation activities. Exploration and evaluation costs are generally expensed as incurred until the technical feasibility and commercial viability of extracting a mineral resource has been determined and a positive decision to proceed to development has been made. However, if management concludes that future economic benefits are more likely than not to be realized, the costs of property, plant and equipment for use in the exploration and evaluation of mineral resources are capitalized. Costs incurred before the Company has obtained the legal rights to explore an area are expensed. Costs incurred after the technical feasibility and commercial viability of extracting a mineral resource has been determined and a positive decision to proceed to development has been made are considered development costs and are capitalized. Costs applicable to established mineral property interests where no further work is planned by the Company may, for presentation purposes only, be carried at nominal amounts. (g) Equipment Equipment is carried at cost, less accumulated depreciation and accumulated impairment losses. The cost of equipment consists of the purchase price, any costs directly attributable to bringing the asset to the location and the condition necessary for its intended use, and an initial estimate of the costs of dismantling and removing the asset and restoring the site on which it is located. Depreciation is provided at rates calculated to expense the cost of the equipment, less its estimated residual value, using the declining balance method at various rates ranging from 20% to 30% per annum. An item of equipment is derecognized upon disposal or when no material future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on disposal of the asset, determined as the difference between the net disposal proceeds and the carrying amount of the asset, is recognized in profit or loss. Where an item of equipment consists of major components with different useful lives, the components are accounted for as separate items of equipment. Expenditures incurred to replace a component of an item of equipment that is account for separately, including major inspection and overhaul expenditures, are capitalized. As at March 31, 2021, all equipment had been fully depreciated. The Company did not purchase any equipment during the year ended March 31, 2021. (h) Share capital Common shares of the Company are classified as equity. Transaction costs directly attributable to the issuance of common shares and share purchase options are recognized as a deduction from equity, net of any tax effects. When the Company issues common shares for consideration other than cash, the transaction is measured at fair value based on the quoted market price of the Company’s common shares on the date of issuance. (i) Loss per share Loss per share is computed by dividing the losses attributable to common shareholders by the weighted average number of common shares outstanding during the reporting period. Diluted loss per share is determined by adjusting the losses attributable to common shareholders and the weighted average number of common shares outstanding for the effects of all dilutive potential common shares, such as options granted to employees. The dilutive effect of options assumes that the proceeds to be received on the exercise of share purchase options are applied to repurchase common shares at the average market price for the reporting period. Share purchase options are included in the calculation of dilutive earnings per share only to the extent that the market price of the common shares exceeds the exercise price of the share purchase options. The effect of anti-dilutive factors is not considered when computed diluted loss per share. (j) Equity-settled share-based payments The share purchase option plan allows employees and consultants of the Company to acquire shares of the Company. The fair value of share purchase options granted is recognized as an employee orconsultant expense with a corresponding increase in the share-based payments reserve in equity. An individual is classified as an employee when the individual is an employee for legal and tax purposes (direct employee) or provides services similar to those performed by a direct employee. For employees, fair value is measured at the grant date and each tranche is recognized on a straight-line basis over the period during which the share purchase options vest. The fair value of the share purchase options granted is measured using the Black-Scholes option pricing model taking into account the terms and conditions upon which the share purchase options were granted. At the end of each financial reporting period, the amount recognized as an expense is adjusted to reflect the actual number of share purchase options that are expected to vest. Share-based payment transactions with non-employees are measured at the fair value of the goods and services received. However, if the fair value cannot be estimated reliably, the share-based payment transaction is measured at the fair value of the equity instrument granted at the date the entity obtains the goods or the counterparty renders the service. (k) Income taxes Income tax on the profit or loss for the years presented comprises of current and deferred tax. Income tax is recognized in profit or loss except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity. Current tax expense is the expected tax payable on taxable income for the year, using tax rates enacted or substantively enacted at year end, adjusted for amendments to tax payable with regards toprevious years. Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: ● goodwill not deductible for tax purposes; ● the initial recognition of assets or liabilities that affect neither accounting nor taxable profit; and, ● differences relating to investments in subsidiaries, associates, and joint ventures to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the financial position reporting date applicable to the period of expected realization or settlement. A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. Additional income taxes that arise from the distribution of dividends are recognized at the same time as the liability to pay the related dividend. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities, when they relate to income taxes levied by the same taxation authority, and the Company intends to settle its current tax assets and liabilities on a net basis. Flow-through Shares The Company will, from time-to-time, issue flow-through common shares to finance a portion of its exploration programs. Pursuant to the terms of the flow-through share agreements, these shares transfer the tax deductibility of qualifying resource expenditures toinvestors. On issuance, the Company bifurcates the flow-through share into i) a flow-through share premium, equal to the estimated premium, if any, investors pay for the flow-through feature, which is recognized as a liability, and ii) share capital. Upon expenses being incurred, the Company derecognizes this liability and recognizes this premium a other income, offsetting any expense associated with the Company’s expenditure of the flow-through proceeds. (l) Restoration, rehabilitation and environmental obligations An obligation to incur restoration, rehabilitation and environmental costs arises when environmental disturbance is caused by the exploration ordevelopment of a mineral property interest. Such costs arising from the decommissioning of plant and other site preparation work, discounted to their net present value, are provided for and capitalized at the start of each project to the carrying amount of the asset, along with a corresponding liability at the time the obligation to incur such costs arises. The timing of the actual rehabilitation expenditure is dependent on a number of factors such as the life and nature of the project or asset, the conditions imposed by the relevant permits, and, when applicable, the jurisdiction in which the project or asset is located. Discount rates using a pre-tax rate that reflects the time value of money are used to calculate the net present value, where applicable. These costs are charged against profit or loss over the economic life of the related asset, through amortization using either the unit-of-production method or the straight-line method. The corresponding liability is progressively increased as the effect of discounting unwinds, creating an expense recognized in profit or loss. The operations of the Company have been, and may in the future be, affected from time to time in varying degrees by changes in environmental regulations, including those for site restoration costs. Both the likelihood of new regulations and their overall effect upon the Company are not predictable. The Company has no material restoration, rehabilitation and environmental obligations as at March 31, 2021. (m) Operating segments The Company operates as a single reportable segment—the acquisition, exploration and development of mineral properties. All assets are held in Canada. (n) Government assistance When the Company is entitled to receive the BC Mineral Exploration Tax Credit (“BCMETC”) and other government grants, this government assistance is recognized as a cost recovery when there is reasonable assurance of recovery. Any amounts accrued or received, typically remain subject to review and revision by government authorities. It is not possible to predict the occurrence or outcome of such actions in advance. (o) Recent accounting pronouncements Amendments to IFRS 3, Business Combinations ("IFRS 3") The Company adopted the amendments to IFRS 3 in the current year, although there was no impact on Company. The amendments relate to the definition of a business and clarify that whilea business usually has outputs, outputs are not required for an integrated set of activities and assets to qualify as a business. To be considered a business, an acquired set of activities and assets must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. The amendments remove the assessment of whether market participants are capable of replacing any missing inputs or processes and continuing to produce outputs. The amendments also introduce additional guidance that helps to determine whether a substantive process has been acquired. The amendments introduce an optional concentration test that permits a simplified assessment of whether an acquired set of activities and assets is not a business. Under the optional concentration test, the acquired set of activities and assets is not a business if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar assets. The amendments are applied prospectively to all business combinations and asset acquisitions for which the acquisition date is on or after April 1, 2020. Adoption of Other Narrow Scope Amendments to IFRSs and IFRS Interpretations The Company also adopted other amendments to IFRSs, which were effective for accounting periods beginning on or after April 1, 2020. The adoption had no impact on the Financial Statements. New and Revised IFRS, Narrow Scope Amendments to IFRS and IFRS Interpretations not yet Effective Certain pronouncements have been issued by the IASB that are mandatory for accounting periods after March 31, 2021. There are currently no such pronouncements that are expected to have a significant impact on the Company's consolidated financial statements upon adoption; however, the pronouncement below may have an impact in future periods. Amendments to IAS 16, Property, Plant and Equipment The amendments clarify the accounting for the net proceeds from selling any items produced while bringing an item of property, plant and equipment ("PPE") to the location and condition necessary for it to be capable of operating in the manner intended by management. The amendments prohibit entities from deducting amounts received from selling items produced from the cost of PPE while the Company is preparing the asset for its intended use. Instead, salesproceeds and the cost of producing these items will be recognized in profit or loss. The amendments are effective for annual reporting periods beginning on or after January 1, 2022, with earlier application permitted. The amendments apply retrospectively, but only to assets brought to the location and condition necessary for them to be capable of operating in the manner intended by management on or after the beginning of the earliest period presented in the financial statements in which the Company first applies the amendments. |
Cash
Cash | 12 Months Ended |
Mar. 31, 2021 | |
Cash [abstract] | |
Cash | The Company’s cash is invested in business and savings accounts, which are available on demand by the Company. |
Marketable Securities
Marketable Securities | 12 Months Ended |
Mar. 31, 2021 | |
Marektable Securities | |
Marketable Securities | As at March 31, 2021, the fair value of its current holdings was $1,026,418 (March 31, 2020- $18,356) and the negative change of fair value adjustment of $626,438 for the year ended March 31, 2021 (March 31, 2020 – negative change of fair value adjustment of $11,234). The marketable securities include 5.5 million units (shares and warrants) of Carlyle Commodities Corp., a Canadian public company listed on TSX-V exchange (note 7(e)). Continuity table: Year ended Year ended March 31, 2021 March 31, 2020 Balance – beginning of year $ 18,356 $ 35,067 Disposition of marketable securities - (5,477 ) Received as option payments (note 7(e)) 1,634,500 - Revaluation of marketable securities (626,438 ) (11,234 ) Balance – end of year $ 1,026,418 $ 18,356 Company Shares/Warrants Held Cost Fair Value Fair Value Increase (Decrease) Carlyle Commodities Corp - Shares 5,500,000 907,500 577,500 (330,000 ) Carlyle Commodities Corp - Warrants 5,500,000 727,000 421,000 (306,000 ) Other 2,275,002 18,356 27,918 9,562 1,652,856 1,026,418 (626,438 ) |
Restricted Cash
Restricted Cash | 12 Months Ended |
Mar. 31, 2021 | |
Restricted Cash Abstract | |
Restricted Cash | Restricted cash represents amounts held in support of exploration permits. The amounts are refundable subject to the consent of regulatory authorities upon completion of any required reclamation work on the related projects. |
Amounts Receivable and Other As
Amounts Receivable and Other Assets | 12 Months Ended |
Mar. 31, 2021 | |
Trade and other receivables [abstract] | |
Amounts Receivable and Other Assets | March 31, 2021 March 31, 2020 Sales tax refundable $ 17,011 $ 16,858 Contribution receivable 9,851 - Prepaid insurance 20,518 66,520 Total $ 47,380 $ 83,378 |
Exploration and Evaluation Expe
Exploration and Evaluation Expenses and Cost Recoveries | 12 Months Ended |
Mar. 31, 2021 | |
Intangible assets other than goodwill [abstract] | |
Exploration and Evaluation Expenses and Cost Recoveries | Below is a summary of the Company’s major exploration projects on the basis of where the Company is currently incurring the majority of its exploration work. (a) IKE District The IKE District is located in south-central BC and is comprised of the IKE, Granite, Galore and Juno Properties. In July 2017, the Company announced that it had entered into a Mineral Property Farm-In Agreement (the “IKE Agreement”) with Hudbay Minerals Inc. (“Hudbay”) pursuant to which Hudbay would acquire, through a staged investment process, up to a 60% ownership interest in the IKE District. The Company initially recorded the amounts of contributions received or receivable from Hudbay pursuant to the IKE Agreement as a liability (advanced contributions received) in the Consolidated Statements of Financial Position, and subsequently recognized amounts as cost recoveries in the Consolidated Statements of Loss as the Company incurred the related expenditures. In January 2019, the Company announced that Hudbay had relinquished its option to earn an interest in the IKE District. As a result of the termination, the Company currently maintains a 100% interest in the IKE District. The IKE Property claims carry a Net Smelter Return (“NSR”) royalty obligation of 1%, subject to a $2 million cap and with the Company able to purchase the royalty at any time by payment of the same amount. These claims carry an additional NSR royalty of 2%, subject to the Company retaining the right to purchase up to the entire royalty amount by the payment of up to $4 million. The Company has also agreed to make annual advance royalty payments of $50,000 to the holders of the 2% NSR royalty interest and, upon completion of a positive feasibility study, to issue to these same parties 500,000 common shares. The Granite Property claims are subject to a 2% NSR royalty which can be purchased for $2 million. In addition there is an underlying 2.5% NSR royalty on certain mineral claims within the Granite Property, which can be purchased at any time for $1.5 million less any amount of royalty already paid. The entire project is subject to a 1% NSR royalty from mine production capped at a total of $5 million. (b) JOY District The JOY District, located in north-central BC, comprises the JOY and PINE Properties, and also the “Staked Claims” acquired directly by the Company. In November 2016, the Company entered into a purchase agreement with a private company wholly-owned by one of its directors to purchase 100% of the JOY Property for the reimbursement of the vendor’s direct acquisition costs of $335,299. The property is subject to an underlying NSR royalty held by a former owner which is capped at $3.5 million. In August 2017, the Company announced that it had entered into a Mineral Property Farm-In Agreement (the “JOY Agreement”) with Hudbay pursuant to which Hudbay may acquire, through a staged investment process, up to 60% ownership in the JOY Property. This was later amended to include the PINE Property and Staked Claims, collectively the JOY District. The Company initially recorded the amounts of contributions received or receivable from Hudbay pursuant to the JOY Agreement as a liability (advanced contributions received) in the Consolidated Statements of Financial Position, and subsequently reallocated amounts to cost recoveries in the Consolidated Statements of Loss as the Company incurs related expenditures. In January 2019, the Company announced that Hudbay had relinquished its option to earn an interest in the JOY District. As a result of the termination, the Company currently maintains a 100% interest in the JOY District. In addition, the Company concluded agreements with each of Gold Fields Toodoggone Exploration Corporation (“GFTEC”) and Cascadero Copper Corporation (“Cascadero”) in mid-2017 pursuant to which the Company can purchase 100% of the PINE Property. In October 2018, Amarc acquired a 100% interest in Cascadero’s 49% interest in the PINE Property by completing total cash payments of $1,000,000 and issuing 5,277,778 common shares. In November 2019 Amarc entered into a purchase agreement with two prospectors to acquire 100% of a single mineral claim, called the Paula property, located internal to the wider JOY District tenure. The claim is subject to a 1% NSR royalty payable from commercial production that is capped at $0.5 million. In December 2019, the Company amended the GFTEC Agreement to purchase GFTEC’s 51% interest in the PINE property. Under the terms of the amendment Amarc will purchase outright GFTEC’s 51% interest in the 323 km2 Property by issuing to GFTEC 5,000,000 common shares of the Company (issued). As such Amarc now holds a 100% interest in the PINE mineral claims. The PINE Property is subject to a 3% underlying NSR royalty payable to a former owner. The Company has reached an agreement with the former owner to cap the 3% NSR royalty at $5 million payable from production for consideration totaling $100,000 and 300,000 common shares payable in stages through to January 31, 2019 (completed). GFTEC will retain a 2.5% net profits interest (“NPI”) royalty on mineral claims comprising approximately 96% of the PINE Property, which are subject to a NSR royalty payable to a former owner (“Underlying NSR”) and a 1% NSR royalty on the balance of the claims that are not subject to the Underlying NSR royalty. The NPI royalty can be reduced to 1.25% at any time through the payment to GFTEC of $2.5 million in cash or shares. The NSR royalty can be reduced to 0.5% through the payment to GFTEC of $2.5 million in cash or shares. Refer to Note 15 for the JOY District Agreement with Freeport entered into subsequent to March 31, 2021. (c) DUKE District The DUKE District is located in central BC. In November 2016, the Company entered into a purchase agreement with a private company wholly-owned by one of its directors to purchase a 100% interest in the DUKE District for the reimbursement of the vendor’s direct acquisition costs of $168,996. (d) Operated Properties During the current year, Amarc operated programs on two exploration properties owned by a related party, Jake and Mack (the “Operated Properties”), for the claim optionee on a cost recovery basis (note 11(c)). During the current year, Amarc received a non-refundable payment of US$200,000 (CDN$260,115) pursuant to an option agreement whereby an arms-length third party optionee has the right to earn a 51% interest in the Windfall Project, being 25 mineral claims in the IKE district (note 7(a)), by spending US$4.2 million on exploration by October 21, 2022. Thereafter, the optionee can joint venture the project with Amarc or increase its interest to 80% by making additional expenditures after which the joint venture would be formed or the residual 20% sold to the optionee for a price to be negotiated. On May 25, 2021, this option agreement was terminated by mutual consent of both Amarc and the optionee. Included in cost recoveries are BCMETC refunds totaling $820,075 received in the year ended March 31, 2021 ($Nil – March 31, 2020; $Nil – March 31, 2019). (e) Divestment of the Newton Property On December 16, 2020 (the “Closing Date”), the Company closed the sale of its Newton property (“Newton”) located in south-central British Columbia (“BC”) to Isaac Mining Corp.(“IMC”), an arms- length private company and a wholly-owned subsidiary of Carlyle Commodities Corp. (“Carlyle”) (CSE:CCC, FSE:1OZ, OTC:DLRYF). Amarc has received consideration comprising total cash of$300,000 from IMC and 5.5 million equity units (common share plus warrant) in Carlyle. The 5.5 million warrants are exercisable at $0.50 per warrant with an expiry date on December 8, 2025. The fair value of the 5.5 million shares of Carlyle on the Closing Date was recorded at $907,500 measured at $0.165, the closing quote of Carlyle’s common shares on December 16, 2020. The fair value of the 5.5 million warrants of Carlyle on the Closing Date is recorded was $727,000 using the Black-Scholes option pricing model. The fair value was calculated based on the following weighted average assumptions: Risk free-interest rate – 0.38%; Dividend yield – 0.00%; Expected volatility – 139.0%; Expected life – 4.98 years. The fair value of the aggregate consideration totalled $1,934,500 and is recorded as proceeds from sale of mineral property in the Statement of Income for the year ended March 31, 2021. |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 12 Months Ended |
Mar. 31, 2021 | |
Accounts Payable And Accrued Liabilities | |
Accounts Payable and Accrued Liabilities | March 31, 2021 March 31, 2020 Accounts payable $ 168,195 $ 100,075 Total $ 168,195 $ 100,075 |
Director's Loans
Director's Loans | 12 Months Ended |
Mar. 31, 2021 | |
Borrowings [abstract] | |
Director's Loans | Year ended March 31, 2021 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 57,881 108,768 Closing balance $ 570,000 $ 812,119 March 31, 2021 March 31, 2020 Current portion $ - $ 300,000 Non-current portion 570,000 512,119 Total $ 570,000 $ 812,119 Finance expenses For the year ended March 31, 2021 2020 2019 Interest on director’s loan $ 111,354 $ 105,630 $ 90,000 Amortization of transaction costs 57,881 108,768 130,256 Total $ 169,235 $ 214,398 $ 220,256 (a) 2019 loan In December 2019, the Company entered into a loan extension and amendment agreement (the “Loan”) with a director and significant shareholder of the Company (the “Lender”), pursuant to which a previous loan agreement with a maturity date of November 26,2019 was extended for five years or earlier pending the achievement of certain financing milestones. The Loan has a principal sum of $1,000,000, is unsecured and bears interest at a rate of 10% per annum. Pursuant to the Loan, the Company issued to the Lendera loan bonus comprising of 16,000,000 common share purchase warrants (the “Warrants”) with an expiry of five years and an exercise price of $0.05 per share (note 10(c)(i)). The warrants are exercisable into common shares or flow-through common shares at the election of the Lender upon exercise. (b) 2019 bridge loans In July and August 2019, the Company entered into certain loan agreements (collectively the “Bridge Loans”) with a director of the Company and a private company wholly-owned by a director of the Company (collectively the “Bridge Lenders”), pursuant to which the Bridge Lenders advanced to the Company an aggregate principal sum of $375,000 with a 1-year term and bearing interest at 10% per annum. The Bridge Loans were fully repaid in September 2019. In December 2019, the Company entered into a loan agreement (the “Second Bridge Loan”) with a director of the Company (the “Second Bridge Lender”), pursuant to which the Second Bridge Lender advanced to the Company a principal sum of $300,000 with a 9-month term and bearing interest at a rate of 10% per annum. Advances have been measured as financial liabilities at their (cash) transaction values, with the unamortized balance of directly applicable transaction costs, comprised of the fair values of the loan bonus warrants granted, representing a partially offsetting asset balance. Such transaction costs are being expensed pro-rata over the term of the debt, with the effect on the balance sheet presentation being that the aggregate debt is accreted towards its face value. In August 2020, the principal and interest balances of the Second Bridge Loan were fully repaid. |
Share Capital and Reserves
Share Capital and Reserves | 12 Months Ended |
Mar. 31, 2021 | |
Miscellaneous equity [abstract] | |
Share Capital and Reserves | (a) Authorized and outstanding share capital The Company’s authorized share capital consists of an unlimited number of common shares without par value (“Common Shares”) and an unlimited number of preferred shares. All issued Common Shares are fully paid. No preferred shares have been issued. As at March 31, 2021, there were 180,602,894 Common Shares issued and outstanding (March 31, 2020 – 175,602,894). (b) Issued share capital In December 2019, the Company amended its option agreement with GFTEC to purchase GFTEC’s 51% interest in the PINE Property (the “Transaction”). Upon completion of the Transaction, the Company would hold a 100% interest in the PINE mineral claims having completed the purchase of Cascadero’s 49% interest in the PINE Property in the prior year (note 6(b)). On January 6, 2020, the Company concluded the Transaction by issuing 5,000,000 Common Shares to GFTEC. On August 20, 2020, 3,000,000 flow-through shares were issued pursuant to the exercise of warrants for gross proceeds of $150,000 (note 9(a)). On October 2, 2020, 2,000,000 flow-through shares were issued pursuant to the exercise of warrants for gross proceeds of $100,000 (note 9(a)). $100 related to flow-through tax filing has been deducted from the gross proceeds as issuance costs. Approximately $167,000 of the flow-through proceeds received were renounced to the shareholder as at December 31, 2020. The Company recognized no flow-through premium in excess of the fair value of these common shares at their dates of issuance. As at March 31, 2021, the amount of flow-through proceeds remaining to be expended is approximately $83,000, which must be incurred on or before December 31, 2023. (c) Share purchase options The following summarizes changes in the Company’s share purchase options (the “Options”): March 31, 2021 March 31, 2020 Weighted Average Exercise Price Number of Options Weighted Average Exercise Price Number of Options Outstanding - beginning balance $ 0.05 2,000,000 $ - - Granted – – 0.05 2,000,000 Outstanding - beginning balance $ 0.05 2,000,000 $ 0.05 2,000,000 Award vesting in several tranches ranging from 6 monthsto 18 months from the date of grant. During the year ended March 31, 2021, the Company recognized share-based compensation expense of $17,888 (2020 – $42,124). The following summarizes information on the options outstanding and exercisable as at March 31, 2021: 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 3.51 500,000 3.51 Total 2,000,000 3.51 500,000 3.51 (d) Share purchase warrants The following common share purchase warrants were outstanding at March 31, 2021 and 2020: Exercise price March 31, 2021 March 31, 2020 Issued pursuant to a loan agreement (note 9(a)) $ 0.05 16,000,000 16,000,000 Exercised $ 0.05 (5,000,000 ) – Total 11,000,000 16,000,000 (i) 2019 loan bonus warrants In December 2019, 16,000,000 share purchase warrants were issued pursuant to the Loan (note 9(a)). The fair value of these warrants at issue was determined to be $490,449 at $0.03 per warrant using the Black-Scholes pricing model and based on the following assumptions: risk-free rate of 1.57%; expected volatility of 144%; underlying market price of $0.035; strike price of $0.05; expiry term of 5 years; and, dividend yield of nil. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Mar. 31, 2021 | |
Related party transactions [abstract] | |
Related Party Transactions | Balances due to related parties March 31, 2021 March 31, 2020 Bookskipper Accounting & Tax Services $ 1,050 $ - Hunter Dickinson Services Inc. 614,352 507,232 Robert Dickinson (interest payable) 174,816 79,726 United Mineral Services Ltd. 5,021 5,021 Total $ 795,239 $ 591,979 (a) Transactions with key management personnel Key management personnel (“KMP”) are those persons that have the authority and responsibility for planning, directing, and controlling the activities of the Company, directly and indirectly, and by definition include all the directors of the Company. Note 9 includes the details of loans with a director of the Company and a private company wholly-owned by a director of the Company. Note 7(b) and 7(c) includes the details of the acquisition of mineral property interests from a private company wholly-owned by a director of the Company. During the year ended March 31, 2021 and 2020, the Company’s President, Chief Executive Officer and Director; and Corporate Secretary provided services to the Company under a service agreement with Hunter Dickinson Services Inc. (“HDSI”) (note 11(b)). During the year ended March 31, 2021, the Company incurred a $10,000 (March 31, 2020 - $nil) fee for the services provided by the Chief Financial Officer. There were no other transactions with KMP during the year ended March 31, 2021 and 2020. (b) Hunter Dickinson Services Inc. Hunter Dickinson Inc. (“HDI”) and its wholly-owned subsidiary HDSI are private companies established by a group of mining professionals. HDSI provides services under contracts for a number of mineral exploration and development companies, and also to companies that are outside of the mining and mineral development space. Amarc acquires services from a number of related and arms-length contractors, and itis at Amarc’s discretion that HDSI providescertain contract services. The Company has one director in common with HDSI, namely Robert Dickinson. Also, the Company’s Chief Executive Officer, President and Director, and Corporate Secretary are employees of HDSI and work for the Company under an employee secondment arrangement between the Company and HDSI. Pursuant to an agreement dated July 2, 2010, HDSI provides certain technical, geological, corporate communications, regulatory compliance, and administrative and management services to the Company, on a non-exclusive basis as needed and as requested by the Company. As a result of this relationship, the Company has ready access to a range of diverse and specialized expertise on a regular basis, without having to engage or hire full-time employees or experts. The Company benefits from the economies of scale created by HDSI which itself serves several clients both within and external to the exploration and mining sector. The Company is not obligated to acquire any minimum amount of services from HDSI. The monetary amount of the services received from HDSI in a given period of time isa function of annually set and agreed charge-out rates for and the time spent by each HDSI employee engaged by the Company. HDSI also incurs third-party costs on behalf of the Company. Such third party costs include, for example, directors and officers insurance, travel, conferences, and communication services. Third-party costs are billed at cost, without markup. There are no ongoing contractual or other commitments resulting from the Company's transactions with HDSI, other than thepayment for services already rendered and billed. The agreement may be terminated upon 60 days' notice by either the Company or HDSI. The following is a summary of transactions with HDSI that occurred during the reporting period: Transactions with HDSI For the years ended March 31, (rounded to the nearest thousand CAD) 2021 2020 2019 Services received from HDSI and as requested by the Company $ 914,000 $ 1,272,000 $ 1,620,000 Information technology – infrastructure and support services 60,000 60,000 60,000 Reimbursement, at cost, of third-party expenses incurred by HDSI on behalf of the Company 79,000 104,000 63,000 Total $ 1,053,000 $ 1,436,000 $ 1,745,000 (c) United Mineral Services Ltd. United Mineral Services Ltd. (“UMS”) is a private company wholly-owned by one of the directors of the Company. UMS is engaged in the acquisition and exploration of mineral property interests. During the year ended March 31, 2021, UMS reimbursed the Company an aggregate of $139,160 for additional cost related to exploration programs on its operated properties described at note 7(d). The following is a summary of transactions with UMS that occurred during the reporting period: Transactions with UMS For the years ended March 31, (rounded to the nearest thousand CAD) 2021 2020 2019 Services received from UMS and as requested by the Company $ - $ 813 $ 36,000 Interest andfinance charges - 616 – Reimbursement of third-party expenses incurred by UMS on behalf of the Company 138,009 8,442 19,000 Total $ 138,009 $ 9,871 $ 55,000 |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2021 | |
Major components of tax expense (income) [abstract] | |
Income Taxes | (a) Provision for current tax No provision has been made for current income taxes as the Company has no taxable income. (b) Provision fordeferred tax As future taxable profits of the Company are uncertain, no deferred tax asset has been recognized. At March 31, 2021, the Company had unused non-capital loss carry forwards of approximately $10,700,000 (March 31, 2020 – $9.8 million; March 31, 2019 – $8.8 million). At March 31, 2021, the Company had resource tax pools of approximately $31,000,000 (March 31, 2020 – $31.3 million; March 31, 2019 – $30.6 million) available in Canada, which may be carried forward and utilized to offset future taxes related to certain resource income. (c) Reconciliation of effective tax rate March 31, 2021 March 31, 2020 Income (loss) for the year $ 1,360,699 $ (1,253,534 ) Total income tax expense – – Loss excluding income tax 1,360,699 (1,253,534 ) Income tax expense (recovery) using the Company’s tax rate 367,000 (388,000 ) Non-deductible expenses and other (577,000 ) (114,000 ) Temporary difference booked to reserve (16,000 ) (2,000 ) Deferred income tax assets not recognized 194,000 454,000 $ – $ – The Company’s statutory tax rate was 27% (2020 – 27%; 2019 – 27%) and its effective tax rate is nil (2020 – nil; 2019 – nil). (d) Deductible temporary differences At March 31, 2021, the Company had the following deductible temporary differences for which no deferred tax asset was recognized: Expiry Tax losses (capital) Tax losses (non-capital) Resources pools Other Within one year $ – $ – $ – $ – One to five years – – – 21,000 After five years – 10,730,000 – 1,011,000 No expiry date 1,294,000 – 31,201,000 77,000 $ 1,294,000 $ 10,730,000 $ 31,201,000 $ 1,109,000 |
Supplementary Information to th
Supplementary Information to the Consolidated Statements of Loss | 12 Months Ended |
Mar. 31, 2021 | |
Supplementary Information To Consolidated Statements Of Loss | |
Supplementary Information to the Consolidated Statements of Loss | (a) Employees’ salaries and benefits The employees’ salaries and benefits included in exploration and evaluation expenses and administration expenses are as follows: Employees’ salaries and benefits For the years ended March 31, (rounded to the nearest thousand CAD) 2021 2020 2019 Salaries and benefits included in the following: Exploration andevaluation expenses $ 576,000 $ 856,000 $ 1,268,000 Administration expense 1 363,000 454,000 571,000 Total $ 939,000 $ 1,310,000 $ 1,839,000 1 This amount includes salaries and benefits included in office and administration expenses (note 13(b)) as well as other salaries and benefits expenses classified as administration expenses. (b) Office and administration expenses Office and administration expenses include the following: Office and administration expenses For the years ended March 31, (rounded to the nearest thousand CAD) 2021 2020 2019 Salaries and benefits $ 300,000 $ 414,000 $ 501,000 Insurance 79,000 55,000 74,000 Data processing and retention 23,000 60,000 60,000 Other office expenses 15,000 21,000 22,000 Total $ 417,000 $ 550,000 $ 657,000 |
Financial Risk Management
Financial Risk Management | 12 Months Ended |
Mar. 31, 2021 | |
Share Capital [Member] | |
Financial Risk Management | (a) Capital management objectives The Company’s primary objectives when managing capital are to safeguard the Company’s ability to continue as a going concern so that it can continue to provide returns for shareholders, and to have sufficient liquidity available to fund ongoing expenditures and suitable business opportunities as they arise. The Company considers the components of shareholders’ equity as well as its cash as capital. The Company manages its capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may issue equity, sell assets, or return capital to shareholders as well as issue or repay debt. The Company’s investment policy is to invest its cash in highly liquid, short-term, interest-bearing investments having maturity dates of three months or less from the date of acquisition, which are readily convertible into known amounts of cash. The Company is not subject to any imposed equity requirements. There were no changes to the Company’s approach to capital management during the year ended March 31, 2021. (b) Carrying amounts and fair values of financial instruments The Company’s marketable securities are carried at fair value based on quoted prices in active markets. As at March 31, 2021 and 2020, the carrying values of the Company’s financial assets and financial liabilities approximate their fair values. (c) Financial instrument risk exposure and risk management The Company is exposed in varying degrees to a variety of financial instrument-related risks. The Board of Directors approves and monitors the risk management processes, inclusive of documented treasury policies, counterparty limits, and controlling and reporting structures. The type of risk exposure and the way in which such exposure is managed is provided as follows: Credit risk Credit risk is the risk of potential loss to the Company if a counterparty to a financial instrument fairs to meet its contractual obligations. The Company’s credit risk is primarily attributable to its liquid financial assets, including cash, and amounts receivable and other assets. The carrying values of these financial assets represent the Company’s maximum exposure to credit risk. The Company limits the exposure to credit risk by only investing its cash in high-credit quality financial institutions in business and savings accounts, which are available on demand by the Company for its programs. Liquidity risk Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or other financial assets. The Company ensures that there is sufficient cash in order to meet its short-term business requirements after taking into account the Company’s holdings of cash. The Company has sufficient cash to meet its commitments associated with its financial liabilities in the near term, other than the amounts payable to related parties. Interest rate risk The Company is subject to interest rate risk with respect to its investments in cash. The Company’s policy is to invest cash at variable rates of interest and cash reserves are to be maintained in cash in order to maintain liquidity, while achieving a satisfactory return for shareholders. Fluctuations in interest rates when cash matures impactinterest income earned. As at March 31, 2021 and 2020, the Company’s exposure to interest rate risk was nominal. Price risk Equity price risk is defined as the potential adverse impact on the Company’s earnings due to movements in individual equity prices or general movements in the level of the stock market. The Company is subject to price risk in respect of its investments in marketable securities. As at March 31, 2021 and 2020, the Company’s exposure to price risk was not significant in relation to these Financial Statements. |
Events After the Reporting Peri
Events After the Reporting Period | 12 Months Ended |
Mar. 31, 2021 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Events After the Reporting Period | (a) Sublease Agreement On April 22, 2021, the Company and HDSI entered into a sublease agreement for renting an office space in Vancouver British Columbia (the “2021 Office Sublease Agreement”). Pursuant to the Sublease Agreement, the sublease term commences on May 1, 2021 and expires on April 29, 2026. The Company as the sublease tenant will pay HDSI the sublandlord the basic rent according to the following schedule: Rent Periods Basic Rents May 1, 2021 to April 30, 2022 $ 25,545 May 1, 2022 to April 30, 2023 25,545 May 1, 2023 to April 30, 2024 26,855 May 1, 2024 to April 30, 2025 28,165 May 1, 2025 to April 29, 2026 28,165 Total $ 134,275 (b) JOY District Agreement with Freeport On May 11, 2021, the Company and Freeport-McMoRan Mineral Properties Canada Inc. (“Freeport”), a wholly owned subsidiary of Freeport-McMoRan Inc. (NYSE:FCX) entered into a Mineral Property Earn-in Agreement (the “EIA”) whereby Freeport may acquire up to a 70% ownership interest of the Company’s Joy porphyry Cu-Au District Property (See Note 7(b)). Under the terms of the EIA, Freeport has a two-stage option to earn up to a 70% ownership interest in themineral claims comprising the JOY District, plus other rights and interests, over a 10 year period. To earn an initial 60% interest, Freeport is required to fund $35 million of work expenditures over a 5- year term. During the first year of the earn-in, a $4 million work program is planned in the JOY District. These optional earn-in expenditures can be accelerated by Freeport at its discretion. Amarc will be operator during the initial earn-in period. Once Freeport has acquired such 60% interest, Amarc and Freeport will proceed to operate the JOY District through a jointly owned corporation with Freeport assuming project operatorship. Upon Freeport earning such 60% interest, it can elect, in its sole discretion, to earn an additional 10% interest, for a total 70% interest by sole funding a further $75 million within the following five years. Once Freeport has finalized its earned ownership interest at either the 60% or 70% level, each party will be responsible for funding its own pro-rata share of project costs on a 60:40 or 70:30 basis. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2021 | |
Significant Accounting Policies | |
Statement of Compliance | These Financial Statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”) and the International Financial Reporting Interpretations Committee (“IFRIC”), effective for the Company’s reporting year ended March 31, 2021. The Board of Directors of the Company authorized these Financial Statements for issuance on July 27, 2021. |
Basis of Presentation and Consolidation | These Financial Statements have been prepared on a historical cost basis, except for certain financial instruments classified as fair value through other comprehensive income, which are reported at fair value. In addition, these Financial Statements have been prepared using the accrual basis of accounting, except for cash flow information. These Financial Statements include the financial statementsof the Company and its wholly-owned subsidiary, 1130346 B.C. Ltd. (the “Subco”), incorporated under the laws of BC. The Subco was incorporated for the purposes of entering into an option agreement (note 7(b)). As at March 31, 2021 and 2020, the Subco did not have any assets, liabilities, income or expenses. Intercompany balances and transactions are eliminated in full on consolidation. On March 30, 2021, the Subco was dissolved. |
Significant Accounting Estimates and Judgments | The preparation of the Financial Statements in conformity with IFRS requires management to make judgments, estimates, and assumptions that affect the application of policies and reported amounts ofassets and liabilities, income and expenses. Actual results may differfrom these estimates. The impacts of such estimates are pervasive throughout the Financial Statements, and may require accounting adjustments based on future occurrences. Revisions to accounting estimates are recognized in the period in which the estimate is revised and future periods if the revision affects both current and future periods. These estimates are based on historical experience, current and future economic conditions and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Specific areas where significant estimates or judgments exist are: ● assessment of the Company’s ability to continue as a going concern; ● the determination of categories of financial assets and financial liabilities; and, ● the carrying value and recoverability of the Company’s marketable securities. |
Foreign Currency | The functional and presentational currency of the Company is the Canadian Dollar (“CAD”). Transactions in currencies other than the functional currency of the Company are recorded at the rates of exchange prevailing on the dates of transactions. At each financial position reporting date, monetary assets and liabilities that are denominated in foreign currencies are translated at the rates of exchange prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not re-translated. Gains and losses arising on translation are included in profit or loss for the year. |
Financial Instruments | A financial asset (unless it is a trade receivable without a significant financing component that is initially measured at the transaction price) is initially measured at fair value plus, for an item not measured at fair value through profit or loss (“FVTPL”), transaction costs that are directly attributable to its acquisition. The directly attributable transaction costs of a financial asset classified at FVTPL are expensed in the period in which they are incurred. Financial assets measured at amortized cost A financial asset is measured at amortized cost if it meets both the following conditions and is not designated as at FVTPL: ● it is held within a business model whose objective is to hold assets to collect contractual cash flows; and, ● its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. These financial assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses, and impairment losses are recognized in profit or loss. Any gain or loss on the derecognition of the financial asset is recognized in profit or loss. Financial assets measured at fair value through other comprehensive income A debt investment is measured at fair value through other comprehensive income (“FVTOCI”) if it meets both the following conditions and is not designated as at FVTPL: ● it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and, ● its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On the initial recognition of an equity instrument that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment’s fair value in other comprehensive income (“OCI”). This election is made on an investment-by-investment basis. Debt investments measured at FVTOCI are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses, and impairment are recognized in profit or loss. Other net gains and losses are measured in OCI. On de-recognition, gains and losses accumulated in OCI are reclassified to profit or loss. Equity investments measured at FVTOCI are subsequently measured at fair value. Dividends are recognized as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognized in OCI and are never reclassified to profit or loss. Financial assets measured at fair value through profit or loss All financial assets not classified as measured at amortized cost or measured at FVTOCI, as described above, are measured at FVTPL; this includes all derivative financial assets. On initial recognition, the Company may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or measured at FVTOCI as FVTPL if doing so eliminates, or significantly reduces, an accounting mismatch that would otherwise arise. These financial assets are subsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss. Financial liabilities Classification Accounts payable and accrued liabilities Amortized cost Balance due to related parties Amortized cost Financial assets Classification Cash Amortized cost Marketable securities FVTOCI Restricted cash Amortized cost Amounts receivable and other assets Amortized cost |
Exploration and Evaluation Expenditures | Exploration and evaluation costs are costs incurred to discover mineral resources, and to assess the technical feasibility and commercial viability of the mineral resources found. Exploration and evaluation expenditures include: ● costs associated with the acquisition of licences; ● costs associated with the acquisition of exploration and evaluation assets, including mineral properties; and, ● costs associated with exploration and evaluation activities. Exploration and evaluation costs are generally expensed as incurred until the technical feasibility and commercial viability of extracting a mineral resource has been determined and a positive decision to proceed to development has been made. However, if management concludes that future economic benefits are more likely than not to be realized, the costs of property, plant and equipment for use in the exploration and evaluation of mineral resources are capitalized. Costs incurred before the Company has obtained the legal rights to explore an area are expensed. Costs incurred after the technical feasibility and commercial viability of extracting a mineral resource has been determined and a positive decision to proceed to development has been made are considered development costs and are capitalized. Costs applicable to established mineral property interests where no further work is planned by the Company may, for presentation purposes only, be carried at nominal amounts. |
Equipment | Equipment is carried at cost, less accumulated depreciation and accumulated impairment losses. The cost of equipment consists of the purchase price, any costs directly attributable to bringing the asset to the location and the condition necessary for its intended use, and an initial estimate of the costs of dismantling and removing the asset and restoring the site on which it is located. Depreciation is provided at rates calculated to expense the cost of the equipment, less its estimated residual value, using the declining balance method at various rates ranging from 20% to 30% per annum. An item of equipment is derecognized upon disposal or when no material future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on disposal of the asset, determined as the difference between the net disposal proceeds and the carrying amount of the asset, is recognized in profit or loss. Where an item of equipment consists of major components with different useful lives, the components are accounted for as separate items of equipment. Expenditures incurred to replace a component of an item of equipment that is account for separately, including major inspection and overhaul expenditures, are capitalized. As at March 31, 2021, all equipment had been fully depreciated. The Company did not purchase any equipment during the year ended March 31, 2021. |
Share Capital | Common shares of the Company are classified as equity. Transaction costs directly attributable to the issuance of common shares and share purchase options are recognized as a deduction from equity, net of any tax effects. When the Company issues common shares for consideration other than cash, the transaction is measured at fair value based on the quoted market price of the Company’s common shares on the date of issuance. |
Loss Per Share | Loss per share is computed by dividing the losses attributable to common shareholders by the weighted average number of common shares outstanding during the reporting period. Diluted loss per share is determined by adjusting the losses attributable to common shareholders and the weighted average number of common shares outstanding for the effects of all dilutive potential common shares, such as options granted to employees. The dilutive effect of options assumes that the proceeds to be received on the exercise of share purchase options are applied to repurchase common shares at the average market price for the reporting period. Share purchase options are included in the calculation of dilutive earnings per share only to the extent that the market price of the common shares exceeds the exercise price of the share purchase options. The effect of anti-dilutive factors is not considered when computed diluted loss per share. |
Equity-Settled Share-Based Payments | The share purchase option plan allows employees and consultants of the Company to acquire shares of the Company. The fair value of share purchase options granted is recognized as an employee orconsultant expense with a corresponding increase in the share-based payments reserve in equity. An individual is classified as an employee when the individual is an employee for legal and tax purposes (direct employee) or provides services similar to those performed by a direct employee. For employees, fair value is measured at the grant date and each tranche is recognized on a straight-line basis over the period during which the share purchase options vest. The fair value of the share purchase options granted is measured using the Black-Scholes option pricing model taking into account the terms and conditions upon which the share purchase options were granted. At the end of each financial reporting period, the amount recognized as an expense is adjusted to reflect the actual number of share purchase options that are expected to vest. Share-based payment transactions with non-employees are measured at the fair value of the goods and services received. However, if the fair value cannot be estimated reliably, the share-based payment transaction is measured at the fair value of the equity instrument granted at the date the entity obtains the goods or the counterparty renders the service. |
Income Taxes | Income tax on the profit or loss for the years presented comprises of current and deferred tax. Income tax is recognized in profit or loss except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity. Current tax expense is the expected tax payable on taxable income for the year, using tax rates enacted or substantively enacted at year end, adjusted for amendments to tax payable with regards toprevious years. Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: ● goodwill not deductible for tax purposes; ● the initial recognition of assets or liabilities that affect neither accounting nor taxable profit; and, ● differences relating to investments in subsidiaries, associates, and joint ventures to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the financial position reporting date applicable to the period of expected realization or settlement. A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. Additional income taxes that arise from the distribution of dividends are recognized at the same time as the liability to pay the related dividend. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities, when they relate to income taxes levied by the same taxation authority, and the Company intends to settle its current tax assets and liabilities on a net basis. Flow-through Shares The Company will, from time-to-time, issue flow-through common shares to finance a portion of its exploration programs. Pursuant to the terms of the flow-through share agreements, these shares transfer the tax deductibility of qualifying resource expenditures toinvestors. On issuance, the Company bifurcates the flow-through share into i) a flow-through share premium, equal to the estimated premium, if any, investors pay for the flow-through feature, which is recognized as a liability, and ii) share capital. Upon expenses being incurred, the Company derecognizes this liability and recognizes this premium a other income, offsetting any expense associated with the Company’s expenditure of the flow-through proceeds. |
Restoration, Rehabilitation and Environmental Obligations | An obligation to incur restoration, rehabilitation and environmental costs arises when environmental disturbance is caused by the exploration ordevelopment of a mineral property interest. Such costs arising from the decommissioning of plant and other site preparation work, discounted to their net present value, are provided for and capitalized at the start of each project to the carrying amount of the asset, along with a corresponding liability at the time the obligation to incur such costs arises. The timing of the actual rehabilitation expenditure is dependent on a number of factors such as the life and nature of the project or asset, the conditions imposed by the relevant permits, and, when applicable, the jurisdiction in which the project or asset is located. Discount rates using a pre-tax rate that reflects the time value of money are used to calculate the net present value, where applicable. These costs are charged against profit or loss over the economic life of the related asset, through amortization using either the unit-of-production method or the straight-line method. The corresponding liability is progressively increased as the effect of discounting unwinds, creating an expense recognized in profit or loss. The operations of the Company have been, and may in the future be, affected from time to time in varying degrees by changes in environmental regulations, including those for site restoration costs. Both the likelihood of new regulations and their overall effect upon the Company are not predictable. The Company has no material restoration, rehabilitation and environmental obligations as at March 31, 2021. |
Operating Segments | The Company operates as a single reportable segment—the acquisition, exploration and development of mineral properties. All assets are held in Canada. |
Government Assistance | When the Company is entitled to receive the BC Mineral Exploration Tax Credit (“BCMETC”) and other government grants, this government assistance is recognized as a cost recovery when there is reasonable assurance of recovery. Any amounts accrued or received, typically remain subject to review and revision by government authorities. It is not possible to predict the occurrence or outcome of such actions in advance. |
Recent Accounting Pronouncements not yet Effective | Amendments to IFRS 3, Business Combinations ("IFRS 3") The Company adopted the amendments to IFRS 3 in the current year, although there was no impact on Company. The amendments relate to the definition of a business and clarify that whilea business usually has outputs, outputs are not required for an integrated set of activities and assets to qualify as a business. To be considered a business, an acquired set of activities and assets must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. The amendments remove the assessment of whether market participants are capable of replacing any missing inputs or processes and continuing to produce outputs. The amendments also introduce additional guidance that helps to determine whether a substantive process has been acquired. The amendments introduce an optional concentration test that permits a simplified assessment of whether an acquired set of activities and assets is not a business. Under the optional concentration test, the acquired set of activities and assets is not a business if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar assets. The amendments are applied prospectively to all business combinations and asset acquisitions for which the acquisition date is on or after April 1, 2020. Adoption of Other Narrow Scope Amendments to IFRSs and IFRS Interpretations The Company also adopted other amendments to IFRSs, which were effective for accounting periods beginning on or after April 1, 2020. The adoption had no impact on the Financial Statements. New and Revised IFRS, Narrow Scope Amendments to IFRS and IFRS Interpretations not yet Effective Certain pronouncements have been issued by the IASB that are mandatory for accounting periods after March 31, 2021. There are currently no such pronouncements that are expected to have a significant impact on the Company's consolidated financial statements upon adoption; however, the pronouncement below may have an impact in future periods. Amendments to IAS 16, Property, Plant and Equipment The amendments clarify the accounting for the net proceeds from selling any items produced while bringing an item of property, plant and equipment ("PPE") to the location and condition necessary for it to be capable of operating in the manner intended by management. The amendments prohibit entities from deducting amounts received from selling items produced from the cost of PPE while the Company is preparing the asset for its intended use. Instead, salesproceeds and the cost of producing these items will be recognized in profit or loss. The amendments are effective for annual reporting periods beginning on or after January 1, 2022, with earlier application permitted. The amendments apply retrospectively, but only to assets brought to the location and condition necessary for them to be capable of operating in the manner intended by management on or after the beginning of the earliest period presented in the financial statements in which the Company first applies the amendments. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Significant Accounting Policies | |
Financial assets and liabilities classification | Financial liabilities Classification Accounts payable and accrued liabilities Amortized cost Balance due to related parties Amortized cost Financial assets Classification Cash Amortized cost Marketable securities FVTOCI Restricted cash Amortized cost Amounts receivable and other assets Amortized cost |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Marektable Securities | |
Marketable securities | Year ended Year ended March 31, 2021 March 31, 2020 Balance – beginning of year $ 18,356 $ 35,067 Disposition of marketable securities - (5,477 ) Received as option payments (note 7(e)) 1,634,500 - Revaluation of marketable securities (626,438 ) (11,234 ) Balance – end of year $ 1,026,418 $ 18,356 |
Marketable securities by classification | Company Shares/Warrants Held Cost Fair Value Fair Value Increase (Decrease) Carlyle Commodities Corp - Shares 5,500,000 907,500 577,500 (330,000 ) Carlyle Commodities Corp - Warrants 5,500,000 727,000 421,000 (306,000 ) Other 2,275,002 18,356 27,918 9,562 1,652,856 1,026,418 (626,438 ) |
Amounts Receivable and Other _2
Amounts Receivable and Other Assets (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Trade and other receivables [abstract] | |
Schedule of amounts receivable and other assets | March 31, 2021 March 31, 2020 Sales tax refundable $ 17,011 $ 16,858 Contribution receivable 9,851 - Prepaid insurance 20,518 66,520 Total $ 47,380 $ 83,378 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Accounts Payable And Accrued Liabilities | |
Schedule of accounts payable and accrued liabilities | March 31, 2021 March 31, 2020 Accounts payable $ 168,195 $ 100,075 Total $ 168,195 $ 100,075 |
Director's Loans (Tables)
Director's Loans (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Borrowings [abstract] | |
Schedule of unsecured loans payable | Year ended March 31, 2021 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 57,881 108,768 Closing balance $ 570,000 $ 812,119 |
Schedule of borrowings | March 31, 2021 March 31, 2020 Current portion $ - $ 300,000 Non-current portion 570,000 512,119 Total $ 570,000 $ 812,119 |
Schedule of transaction cost | Finance expenses For the year ended March 31, 2021 2020 2019 Interest on director’s loan $ 111,354 $ 105,630 $ 90,000 Amortization of transaction costs 57,881 108,768 130,256 Total $ 169,235 $ 214,398 $ 220,256 |
Share Capital and Reserves (Tab
Share Capital and Reserves (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Miscellaneous equity [abstract] | |
Schedule of purchase options | March 31, 2021 March 31, 2020 Weighted Average Exercise Price Number of Options Weighted Average Exercise Price Number of Options Outstanding - beginning balance $ 0.05 2,000,000 $ - - Granted – – 0.05 2,000,000 Outstanding - beginning balance $ 0.05 2,000,000 $ 0.05 2,000,000 |
Schedule of options outstanding | 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 3.51 500,000 3.51 Total 2,000,000 3.51 500,000 3.51 |
Schedule of share purchase warrants | Exercise price March 31, 2021 March 31, 2020 Issued pursuant to a loan agreement (note 9(a)) $ 0.05 16,000,000 16,000,000 Exercised $ 0.05 (5,000,000 ) – Total 11,000,000 16,000,000 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Disclosure of transactions between related parties [line items] | |
Schedule of balances due to related parties | Balances due to related parties March 31, 2021 March 31, 2020 Bookskipper Accounting & Tax Services $ 1,050 $ - Hunter Dickinson Services Inc. 614,352 507,232 Robert Dickinson (interest payable) 174,816 79,726 United Mineral Services Ltd. 5,021 5,021 Total $ 795,239 $ 591,979 |
Hunter Dickinson Services Inc. | |
Disclosure of transactions between related parties [line items] | |
Schedule of related party transactions | Transactions with HDSI For the years ended March 31, (rounded to the nearest thousand CAD) 2021 2020 2019 Services received from HDSI and as requested by the Company $ 914,000 $ 1,272,000 $ 1,620,000 Information technology – infrastructure and support services 60,000 60,000 60,000 Reimbursement, at cost, of third-party expenses incurred by HDSI on behalf of the Company 79,000 104,000 63,000 Total $ 1,053,000 $ 1,436,000 $ 1,745,000 |
United Mineral Services Ltd. | |
Disclosure of transactions between related parties [line items] | |
Schedule of related party transactions | Transactions with UMS For the years ended March 31, (rounded to the nearest thousand CAD) 2021 2020 2019 Services received from UMS and as requested by the Company $ - $ 813 $ 36,000 Interest andfinance charges - 616 – Reimbursement of third-party expenses incurred by UMS on behalf of the Company 138,009 8,442 19,000 Total $ 138,009 $ 9,871 $ 55,000 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Major components of tax expense (income) [abstract] | |
Schedule of reconciliation of effective tax rate | March 31, 2021 March 31, 2020 Income (loss) for the year $ 1,360,699 $ (1,253,534 ) Total income tax expense – – Loss excluding income tax 1,360,699 (1,253,534 ) Income tax expense (recovery) using the Company’s tax rate 367,000 (388,000 ) Non-deductible expenses and other (577,000 ) (114,000 ) Temporary difference booked to reserve (16,000 ) (2,000 ) Deferred income tax assets not recognized 194,000 454,000 $ – $ – |
Schedule of deductible temporary difference of deferred tax asset | Expiry Tax losses (capital) Tax losses (non-capital) Resources pools Other Within one year $ – $ – $ – $ – One to five years – – – 21,000 After five years – 10,730,000 – 1,011,000 No expiry date 1,294,000 – 31,201,000 77,000 $ 1,294,000 $ 10,730,000 $ 31,201,000 $ 1,109,000 |
Supplementary Information to _2
Supplementary Information to the Consolidated Statement of Loss (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Supplementary Information To Consolidated Statements Of Loss | |
Schedule of employee salaries and benefits | Employees’ salaries and benefits For the years ended March 31, (rounded to the nearest thousand CAD) 2021 2020 2019 Salaries and benefits included in the following: Exploration andevaluation expenses $ 576,000 $ 856,000 $ 1,268,000 Administration expense 1 363,000 454,000 571,000 Total $ 939,000 $ 1,310,000 $ 1,839,000 |
Schedule of office and administration expenses | Office and administration expenses For the years ended March 31, (rounded to the nearest thousand CAD) 2021 2020 2019 Salaries and benefits $ 300,000 $ 414,000 $ 501,000 Insurance 79,000 55,000 74,000 Data processing and retention 23,000 60,000 60,000 Other office expenses 15,000 21,000 22,000 Total $ 417,000 $ 550,000 $ 657,000 |
Events After the Reporting Pe_2
Events After the Reporting Period (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Rent | Rent Periods Basic Rents May 1, 2021 to April 30, 2022 $ 25,545 May 1, 2022 to April 30, 2023 25,545 May 1, 2023 to April 30, 2024 26,855 May 1, 2024 to April 30, 2025 28,165 May 1, 2025 to April 29, 2026 28,165 Total $ 134,275 |
Nature of Operations and Goin_2
Nature of Operations and Going Concern (Details Narrative) - CAD ($) | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 |
Nature Of Operations And Going Concern | ||||
Cash | $ 308,085 | $ 249,183 | $ 282,996 | $ 3,308,469 |
Working capital | 418,449 | |||
Accumulated deficit | $ (69,587,867) | $ (70,948,566) |
Significant Accounting Polici_4
Significant Accounting Policies (Details) | 12 Months Ended |
Mar. 31, 2021 | |
Cash | |
Statement Line Items [Line Items] | |
Classification | Amortized cost |
Marketable Securities | |
Statement Line Items [Line Items] | |
Classification | FVTOCI |
Restricted Cash | |
Statement Line Items [Line Items] | |
Classification | Amortized cost |
Amounts Receivable and Other Assets | |
Statement Line Items [Line Items] | |
Classification | Amortized cost |
Accounts Payable and Accrued Liabilities | |
Statement Line Items [Line Items] | |
Classification | Amortized cost |
Balance Due to Related Parties | |
Statement Line Items [Line Items] | |
Classification | Amortized cost |
Significant Accounting Polici_5
Significant Accounting Policies (Details Narrative) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Significant Accounting Policies | ||
Depreciation method used for equipment | Declining balance method | Declining balance method |
Reportable segment, description | The Company operates as a single reportable segment. | The Company operates as a single reportable segment. |
Marektable Securities (Details)
Marektable Securities (Details) - CAD ($) | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Marektable Securities | |||
Marketable securities, beginning | $ 18,356 | $ 35,067 | |
Disposition of marketable securities | 0 | (5,477) | |
Received as option payments | 1,634,500 | 0 | |
Revaluation of marketable securities | (626,438) | (11,234) | $ 2,737 |
Marketable securities, ending | $ 1,026,418 | $ 18,356 | $ 35,067 |
Marketable Securities (Details
Marketable Securities (Details 1) - CAD ($) | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Statement Line Items [Line Items] | |||
Cost | $ 1,652,856 | ||
Fair value | 1,026,418 | $ 18,356 | $ 35,067 |
Fair value increase/decrease | $ (626,438) | $ (11,234) | $ 2,737 |
Carlyle Commodities Corp. Shares | |||
Statement Line Items [Line Items] | |||
Shares/Warrants held | 5,500,000 | ||
Cost | $ 907,500 | ||
Fair value | 577,500 | ||
Fair value increase/decrease | $ (330,000) | ||
Carlyle Commodities Corp. Warrants | |||
Statement Line Items [Line Items] | |||
Shares/Warrants held | 5,500,000 | ||
Cost | $ 727,000 | ||
Fair value | 421,000 | ||
Fair value increase/decrease | $ (306,000) | ||
Other | |||
Statement Line Items [Line Items] | |||
Shares/Warrants held | 2,275,002 | ||
Cost | $ 18,356 | ||
Fair value | 27,918 | ||
Fair value increase/decrease | $ 9,562 |
Amounts Receivable and Other _3
Amounts Receivable and Other Assets (Details) - CAD ($) | Mar. 31, 2021 | Mar. 31, 2020 |
Trade and other receivables [abstract] | ||
Sales tax refundable | $ 17,011 | $ 16,858 |
Contributions receivable (note 6(a) and 6(b)) | 9,851 | 0 |
Prepaid insurance | 20,518 | 66,520 |
Total | $ 47,380 | $ 83,378 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities (Details) - CAD ($) | Mar. 31, 2021 | Mar. 31, 2020 |
Accounts Payable And Accrued Liabilities | ||
Accounts payable | $ 168,195 | $ 100,075 |
Total | $ 168,195 | $ 100,075 |
Director's Loans (Details)
Director's Loans (Details) - CAD ($) | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Borrowings [abstract] | |||
Opening balance | $ 812,119 | $ 893,800 | |
Principal advances | 0 | 675,000 | |
Principal repayments | (300,000) | (375,000) | |
Transaction costs | 0 | (490,449) | |
Amortization of transaction costs | 57,881 | 108,768 | $ 130,256 |
Closing balance | $ 570,000 | $ 812,119 | $ 893,800 |
Director's Loans (Details 1)
Director's Loans (Details 1) - CAD ($) | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Borrowings [abstract] | |||
Current portion | $ 0 | $ 300,000 | |
Non-current portion | 570,000 | 512,119 | |
Total | $ 570,000 | $ 812,119 | $ 893,800 |
Director's Loans (Details 2)
Director's Loans (Details 2) - CAD ($) | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Borrowings [abstract] | |||
Interest on director's loan | $ 111,354 | $ 105,630 | $ 90,000 |
Amortization of transaction costs | 57,881 | 108,768 | 130,256 |
Total | $ 169,235 | $ 214,398 | $ 220,256 |
Share Capital and Reserves (Det
Share Capital and Reserves (Details) | 12 Months Ended | |
Mar. 31, 2021shares$ / shares | Mar. 31, 2020shares$ / shares | |
Miscellaneous equity [abstract] | ||
Number of options outstanding, beginning | shares | 2,000,000 | 0 |
Granted | shares | 0 | 2,000,000 |
Number of options outstanding, ending | shares | 2,000,000 | 2,000,000 |
Weighted average exercise price outstanding, beginning | $ / shares | $ .05 | $ .05 |
Granted | $ / shares | .00 | .00 |
Weighted average exercise price outstanding, ending | $ / shares | $ .05 | $ .05 |
Share Capital and Reserves (D_2
Share Capital and Reserves (Details 1) | 12 Months Ended | ||
Mar. 31, 2021shares$ / shares | Mar. 31, 2020shares$ / shares | Mar. 31, 2019shares$ / shares | |
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price | $ / shares | $ .05 | $ .05 | $ .05 |
Number of options outstanding | 2,000,000 | 2,000,000 | 0 |
Weighted average remaining contractual life outstanding (years) | 3 years 6 months 4 days | ||
Number of options exercisable | 500,000 | ||
Weighted average remaining contractual life exercisable (years) | 3 years 6 months 4 days | ||
Exercise Price 1 | |||
Disclosure of range of exercise prices of outstanding share options [line items] | |||
Exercise price | $ / shares | $ 0.05 | ||
Number of options outstanding | 2,000,000 | ||
Weighted average remaining contractual life outstanding (years) | 3 years 6 months 4 days | ||
Number of options exercisable | 500,000 | ||
Weighted average remaining contractual life exercisable (years) | 3 years 6 months 4 days |
Share Capital and Reserves (D_3
Share Capital and Reserves (Details 2) | Mar. 31, 2021shares$ / shares | Mar. 31, 2020shares$ / shares |
DisclosureOfNumberAndWeightedAverageRemainingContractualLifeOfOutstandingSharePurchaseWarrantsLineItems [Line Items] | ||
Share purchase warrants outstanding | 11,000,000 | 16,000,000 |
Exercise Price 1 | ||
DisclosureOfNumberAndWeightedAverageRemainingContractualLifeOfOutstandingSharePurchaseWarrantsLineItems [Line Items] | ||
Exercise price | $ / shares | $ .05 | |
Share purchase warrants outstanding | 16,000,000 | 0 |
Exercise Price 2 | ||
DisclosureOfNumberAndWeightedAverageRemainingContractualLifeOfOutstandingSharePurchaseWarrantsLineItems [Line Items] | ||
Exercise price | $ / shares | $ .05 | $ 0.05 |
Share purchase warrants outstanding | (5,000,000) | 16,000,000 |
Share Capital and Reserves (D_4
Share Capital and Reserves (Details Narrative) - CAD ($) | 12 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
DisclosureOfMiscellaneousEquityLineItems [Line Items] | ||||
Share-based compensation expense | $ 17,888 | $ 42,124 | $ 0 | |
Share Capital | ||||
DisclosureOfMiscellaneousEquityLineItems [Line Items] | ||||
Common shares issued | 180,602,894 | 175,602,894 | ||
Common shares outstanding | 180,602,894 | 175,602,894 | 170,602,894 | 168,786,227 |
Common shares issued pursuant to property agreements | 5,000,000 | 1,816,667 |
Related Party Transactions (Det
Related Party Transactions (Details) - CAD ($) | Mar. 31, 2021 | Mar. 31, 2020 |
Disclosure of transactions between related parties [line items] | ||
Balances due to related parties | $ 795,239 | $ 591,979 |
Bookskipper Accounting and Tax Services | ||
Disclosure of transactions between related parties [line items] | ||
Balances due to related parties | 1,050 | 0 |
Hunter Dickinson Services Inc. | ||
Disclosure of transactions between related parties [line items] | ||
Balances due to related parties | 614,352 | 507,232 |
Robert Dickinson (Interest Payable) | ||
Disclosure of transactions between related parties [line items] | ||
Balances due to related parties | 174,816 | 79,726 |
United Mineral Services Ltd. | ||
Disclosure of transactions between related parties [line items] | ||
Balances due to related parties | $ 5,021 | $ 5,021 |
Related Party Transactions (D_2
Related Party Transactions (Details 1) - CAD ($) | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Hunter Dickinson Services Inc. | |||
Disclosure of transactions between related parties [line items] | |||
Services received as requested by the Company | $ 914,000 | $ 1,272,000 | $ 1,620,000 |
Information technology-infrastructure and support services | 60,000 | 60,000 | 60,000 |
Reimbursement of third-party expenses incurred on behalf of the Company | 79,000 | 104,000 | 63,000 |
Transactions with related party | 1,053,000 | 1,436,000 | 1,743,000 |
United Mineral Services Ltd. | |||
Disclosure of transactions between related parties [line items] | |||
Services received as requested by the Company | 0 | 813 | 36,000 |
Interest and finance charges | 0 | 616 | 0 |
Reimbursement of third-party expenses incurred on behalf of the Company | 138,009 | 8,442 | 19,000 |
Transactions with related party | $ 138,009 | $ 9,871 | $ 55,000 |
Related Party Transactions (D_3
Related Party Transactions (Details Narrative) - CAD ($) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
United Mineral Services Ltd. | ||
Disclosure of transactions between related parties [line items] | ||
Service fees | $ 10,000 | $ 0 |
Income Taxes (Details)
Income Taxes (Details) - CAD ($) | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Major components of tax expense (income) [abstract] | |||
Net income (loss) | $ 1,360,699 | $ (1,253,534) | $ (1,948,568) |
Total income tax expense | 0 | 0 | |
Loss excluding income tax | 1,360,699 | (1,253,534) | |
Income tax recovery using the Company's tax rate | 367,000 | (338,000) | |
Non-deductible expenses and other | (577,000) | (114,000) | |
Temporary difference booked to reserve | (16,000) | (2,000) | |
Deferred income tax assets not recognized | 194,000 | 454,000 | |
Total | $ 0 | $ 0 |
Income Taxes (Details 1)
Income Taxes (Details 1) - CAD ($) | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
DisclosureOfDeferredTaxAssetsLineItems [Line Items] | |||
Tax losses (capital) | $ 1,294,000 | ||
Tax losses (non-capital) | 10,730,000 | $ 9,842,000 | $ 8,800,000 |
Resources pools | 31,201,000 | $ 31,285,000 | $ 30,600,000 |
Other | 1,109,000 | ||
Within One Year | |||
DisclosureOfDeferredTaxAssetsLineItems [Line Items] | |||
Tax losses (capital) | 0 | ||
Tax losses (non-capital) | 0 | ||
Resources pools | 0 | ||
Other | 0 | ||
One to Five Years | |||
DisclosureOfDeferredTaxAssetsLineItems [Line Items] | |||
Tax losses (capital) | 0 | ||
Tax losses (non-capital) | 0 | ||
Resources pools | 0 | ||
Other | 21,000 | ||
After Five Years | |||
DisclosureOfDeferredTaxAssetsLineItems [Line Items] | |||
Tax losses (capital) | 0 | ||
Tax losses (non-capital) | 10,730,000 | ||
Resources pools | 0 | ||
Other | 1,011,000 | ||
No Expiry Date | |||
DisclosureOfDeferredTaxAssetsLineItems [Line Items] | |||
Tax losses (capital) | 1,294,000 | ||
Tax losses (non-capital) | 0 | ||
Resources pools | 31,201,000 | ||
Other | $ 77,000 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - CAD ($) | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Major components of tax expense (income) [abstract] | |||
Unused non-capital loss carry forwards | $ 10,730,000 | $ 9,842,000 | $ 8,800,000 |
Resource tax pools | $ 31,201,000 | $ 31,285,000 | $ 30,600,000 |
Statutory tax rate | 27.00% | 27.00% | 27.00% |
Effective tax rate | 0.00% | 0.00% | 0.00% |
Supplementary Information to _3
Supplementary Information to the Consolidated Statements of Loss (Details) - CAD ($) | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
DisclosureOfEmployeeSalariesAndBenefitsLineItems [Line Items] | |||
Exploration and evaluation expenses | $ 1,395,645 | $ 1,637,479 | $ 5,390,102 |
Administration expense | 629,974 | 855,869 | 913,897 |
Employees | |||
DisclosureOfEmployeeSalariesAndBenefitsLineItems [Line Items] | |||
Exploration and evaluation expenses | 576,000 | 856,000 | 1,268,000 |
Administration expense | 363,000 | 454,000 | 571,000 |
Total | $ 939,000 | $ 1,310,000 | $ 1,839,000 |
Supplementary Information to _4
Supplementary Information to the Consolidated Statements of Loss (Details 1) - CAD ($) | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Supplementary Information To Consolidated Statements Of Loss | |||
Salaries and benefits | $ 300,000 | $ 414,000 | $ 501,000 |
Insurance | 79,000 | 55,000 | 74,000 |
Data processing and retention | 23,000 | 60,000 | 60,000 |
Other office expenses | 15,000 | 21,000 | 22,000 |
Total | $ 416,924 | $ 550,534 | $ 656,569 |
Events After the Reporting Pe_3
Events After the Reporting Period (Details) | 12 Months Ended |
Mar. 31, 2021CAD ($) | |
Disclosure of non-adjusting events after reporting period [abstract] | |
May 1, 2021 to April 30, 2022 | $ 25,545 |
May 1, 2022 to April 30, 2023 | 25,545 |
May 1, 2023 to April 30, 2024 | 26,855 |
May 1, 2024 to April 30, 2025 | 28,165 |
May 1, 2025 to April 29, 2026 | 28,165 |
Total | $ 134,275 |