Cover
Cover | 9 Months Ended |
Dec. 31, 2023 | |
Cover [Abstract] | |
Entity Registrant Name | AMARC RESOURCES LTD. |
Entity Central Index Key | 0001175596 |
Document Type | 6-K |
Amendment Flag | false |
Current Fiscal Year End Date | --03-31 |
Document Period End Date | Dec. 31, 2023 |
Document Fiscal Period Focus | Q3 |
Document Fiscal Year Focus | 2024 |
Entity Ex Transition Period | false |
Entity File Number | 000-49869 |
Entity Incorporation State Country Code | Z4 |
Entity Address Address Line 1 | 14th Floor – 1040 W. Georgia Street |
Entity Address Address Line 2 | 1040 West Georgia Street |
Entity Address City Or Town | Vancouver |
Entity Address Postal Zip Code | V6E 4H1 |
City Area Code | 604 |
Local Phone Number | 561-2873 |
Entity Address Country | CA |
Condensed Interim Consolidated
Condensed Interim Consolidated Statements of Financial Position - CAD ($) | Dec. 31, 2023 | Mar. 31, 2023 |
Current assets | ||
Cash | $ 5,087,086 | $ 5,131,510 |
Amounts receivable and other assets | 106,606 | 218,351 |
Marketable securities | 96,837 | 139,284 |
Total Current Assets | 5,290,529 | 5,489,145 |
Non-current assets | ||
Restricted cash | 539,834 | 539,834 |
Right-of-use asset | 47,076 | 62,208 |
Total assets | 5,877,439 | 6,091,187 |
Current liabilities | ||
Accounts payable and accrued liabilities | 577,390 | 1,180,863 |
Advanced contributions received | 1,566,966 | 4,124,349 |
Balance due to related parties | 132,146 | 530,512 |
Flow through liability | 769,231 | 0 |
Lease liability | 22,754 | 20,696 |
Total current liabilities | 3,068,487 | 5,856,420 |
Non-current liabilities | ||
Director's loan | 747,148 | 648,005 |
Lease Liability | 34,890 | 52,207 |
Total liabilities | 3,850,525 | 6,556,632 |
Shareholders' equity | ||
Share capital | 67,236,421 | 65,228,921 |
Reserves | 4,327,722 | 4,289,896 |
Accumulated deficit | (69,537,229) | (69,984,263) |
Stockholders' Equity | 2,026,914 | (465,446) |
Total liabilities and shareholders' equity | $ 5,877,439 | $ 6,091,186 |
Condensed Interim Consolidate_2
Condensed Interim Consolidated Statements of Income (Unaudited) - CAD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Expenses | ||||
Exploration and evaluation | $ 1,712,024 | $ 2,123,387 | $ 9,182,161 | $ 10,714,921 |
Assays and analysis | 245,484 | 305,763 | 1,120,316 | 415,664 |
Drilling | 0 | 269,277 | 0 | 3,226,200 |
Environmental | 23,370 | 0 | 58,506 | 0 |
Equipment rental | 125,158 | 0 | 290,826 | 0 |
Freight | 11,683 | 0 | 59,693 | 0 |
Geological, including geophysical | 843,426 | 347,680 | 3,301,642 | 1,267,004 |
Graphics | 3,575 | 0 | 24,305 | 0 |
Helicopter and fuel | 13,446 | 52,175 | 1,487,096 | 2,034,154 |
Property acquisition and assessments costs | 66,946 | 64,170 | 193,998 | 170,708 |
Site activities | 176,183 | 788,096 | 2,077,330 | 2,955,128 |
Socioeconomic | 103,795 | 198,089 | 225,217 | 437,866 |
Technical data | 50,335 | 45,415 | 81,823 | 67,915 |
Travel and accommodation | 48,623 | 52,722 | 261,409 | 140,282 |
Administration | 343,252 | 212,667 | 794,633 | 559,603 |
Legal, accounting and audit | 55,131 | 7,623 | 89,866 | 35,137 |
Office and administration | 103,763 | 81,228 | 296,929 | 219,335 |
Rent | 13,721 | 4,640 | 40,975 | 22,275 |
Shareholder communication | 83,014 | 102,200 | 225,069 | 217,489 |
Travel and accommodation expense | 66,166 | 16,400 | 90,623 | 38,852 |
Trust and regulatory | 21,457 | 576 | 51,171 | 26,515 |
Equity-settled share-based compensation | 26,758 | 13,236 | 80,273 | 116,376 |
Cost recoveries | (2,713,983) | (3,090,775) | (9,992,051) | (16,103,562) |
Loss (income) before other items | 445,510 | (741,485) | 1,142,475 | (4,712,662) |
Other items | ||||
Finance income | (72,612) | (47,188) | (249,553) | (51,339) |
Interest expense - director's loans | 25,205 | 35,574 | 75,342 | 99,574 |
Accretion expense - office lease | 1,764 | 2,343 | 5,755 | 7,410 |
Other fee income | 0 | (175,501) | (460,000) | (960,882) |
Amortization of right-of-use asset | 5,044 | 5,044 | 15,132 | 15,132 |
Transaction cost - director's loans | 35,573 | 26,726 | 99,143 | 74,485 |
Loss on sales of marketable securities | 0 | 0 | 0 | 2,429 |
Foreign exchange loss | 1,583 | 788 | 2,132 | 2,424 |
Net income | (635,392) | (893,699) | (447,033) | (5,523,429) |
Other comprehensive (income) loss | ||||
Change in value of marketable securities | (14,495) | (82,536) | 42,447 | 58,638 |
Total other comprehensive income | $ (649,887) | $ (976,235) | $ (404,586) | $ (5,464,791) |
Basic and diluted income per share | $ 0 | $ 0 | $ 0 | $ (0.03) |
Weighted average number of common shares outstanding | 195,126,807 | 186,602,894 | 189,462,894 | 186,602,894 |
Condensed Interim Consolidate_3
Condensed Interim Consolidated Statements of Comprehensive Income (Loss) (unaudited) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Condensed Interim Consolidated Statements of Income (Unaudited) | ||||
Net income | $ 635,392 | $ 893,699 | $ 447,033 | $ 5,523,429 |
Other comprehensive income (loss): | ||||
Revaluation of marketable securities | 14,495 | 82,536 | (42,447) | (58,638) |
Total other comprehensive income (loss) | 14,495 | 82,536 | (42,447) | (58,638) |
Comprehensive income | $ 649,887 | $ 976,235 | $ 404,586 | $ 5,464,791 |
Condensed Interim Consolidate_4
Condensed Interim Consolidated Statements of Changes in Equity | CAD ($) | USD ($) | Number of Common Shares CAD ($) shares | Share-based payments reserve CAD ($) | Investment revaluation reserve CAD ($) | Share warrants reserve CAD ($) | Deficit CAD ($) |
Balance, amount at Mar. 31, 2022 | $ (628,423) | $ 65,228,921 | $ 2,386,230 | $ (1,327,802) | $ 3,035,907 | $ (69,951,679) | |
Balance, shares at Mar. 31, 2022 | shares | 186,602,894 | ||||||
Statement [Line Items] | |||||||
Net income for the period | 5,523,429 | $ 0 | 0 | 0 | 0 | 5,523,429 | |
Other comprehensive loss for the period | (58,638) | 0 | 0 | (58,638) | 0 | 0 | |
Total comprehensive loss | 5,464,791 | $ 5,464,791 | 0 | 0 | (58,638) | 0 | 5,523,429 |
Issuance of share purchase warrants | 99,191 | 0 | 0 | 0 | 99,191 | 0 | |
Equity-settled share-based compensation | 116,376 | $ 0 | 116,376 | 0 | 0 | 0 | |
Equity-settled share-based compensation | 116,376 | ||||||
Balance, shares at Dec. 31, 2022 | shares | 186,602,894 | ||||||
Balance, amount at Dec. 31, 2022 | 5,051,935 | $ 65,228,921 | 2,502,606 | (1,386,440) | 3,135,098 | (64,428,250) | |
Balance, amount at Mar. 31, 2023 | (465,446) | $ 65,228,921 | 2,650,490 | (1,495,692) | 3,135,098 | (69,984,262) | |
Balance, shares at Mar. 31, 2023 | shares | 186,602,894 | ||||||
Statement [Line Items] | |||||||
Net income for the period | 447,033 | $ 0 | 0 | 0 | 0 | 447,033 | |
Other comprehensive loss for the period | (42,447) | 0 | 0 | (42,447) | 0 | 0 | |
Total comprehensive loss | 404,586 | $ 404,586 | $ 0 | 0 | (42,447) | 0 | 447,033 |
Issuance of common shares pursuant to property agreement, shares | shares | 100,000 | ||||||
Issuance of common shares pursuant to property agreement, amount | 7,500 | $ 7,500 | 0 | 0 | 0 | 0 | |
Issuance of common shares pursuant to a non-flow-through private placement, shares | shares | 9,615,385 | ||||||
Issuance of common shares pursuant to a non-flow-through private placement, amount | 769,231 | $ 769,231 | 0 | 0 | 0 | 0 | |
Issuance of common shares pursuant to a flow-through private placement, shares | shares | 15,384,615 | ||||||
Issuance of common shares pursuant to a flow-through private placement, amount | 2,000,000 | $ 2,000,000 | 0 | 0 | 0 | 0 | |
Flow-through share premium liability | (769,231) | (769,231) | 0 | 0 | 0 | 0 | |
Equity-settled share-based compensation | 80,273 | $ 0 | 80,273 | 0 | 0 | 0 | |
Balance, shares at Dec. 31, 2023 | shares | 211,702,894 | ||||||
Balance, amount at Dec. 31, 2023 | $ 2,026,914 | $ 67,236,421 | $ 2,730,763 | $ (1,538,139) | $ 3,135,098 | $ (69,537,229) |
Condensed Interim Consolidate_5
Condensed Interim Consolidated Statements of Cash Flows - CAD ($) | 9 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating activities | ||
Net income for the period | $ 447,033 | $ 5,523,429 |
Adjustments for: | ||
Amortization of right-of-use asset | 15,132 | 15,132 |
Equity-settled share-based compensation | 80,273 | 116,376 |
Office lease accretion per IFRS 16 | 5,755 | 7,410 |
Office base rent recorded as lease reduction per IFRS 16 | (21,014) | (20,031) |
Property acquisition and assessments costs | 7,500 | 0 |
Interest expense - director's loans | 0 | 99,574 |
Transaction cost - director's loans | 99,143 | 74,485 |
Changes in working capital items | ||
Amounts receivable and other assets | 111,745 | (102,471) |
Restricted cash | 0 | (346,484) |
Accounts payable and accrued liabilities | (603,473) | 331,036 |
Advanced contributions received | (2,557,383) | 0 |
Balances due to related parties | (398,366) | (45,596) |
Net cash provided by (used in) operating activities | (2,813,655) | 5,652,860 |
Investing activities | ||
Proceeds from disposition of mineral properties | 0 | 1,690 |
Net cash provided by investing activities | 0 | 1,690 |
Financing activities | ||
Net proceeds from issuance of common shares pursuant to a private placement | 2,769,231 | 0 |
Proceeds from director's loan | 0 | 350,000 |
Net cash provided by financing activities | 2,769,231 | 350,000 |
Net increase (decrease) in cash | (44,424) | 6,004,550 |
Cash, beginning balance | 5,131,510 | 370,784 |
Cash, ending balance | $ 5,087,086 | $ 6,375,334 |
Nature And Continuance Of Opera
Nature And Continuance Of Operations | 9 Months Ended |
Dec. 31, 2023 | |
Nature And Continuance Of Operations | |
Nature And Continuance Of Operations | 1. NATURE AND CONTINUANCE OF OPERATIONS 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 condensed consolidated interim financial statements as at and for the nine months ended December 31, 2023 (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 December 31, 2023, the Company had cash of $5,087,086, working capital of $2,222,042, and an accumulated deficit of $69,537,229. The Company will need to seek additional financing to meet its exploration and development objectives. The Company has a reasonable expectation that additional funds will be available when necessary to meet ongoing exploration and development costs. However, there can be no assurance that the Company will continue to be able to obtain additional financial resources or will achieve profitability or positive cash flows. If the Company is unable to obtain adequate additional financing, the Company will be required to re-evaluate its planned expenditures until additional funding can be raised through financing activities. These factors indicate the existence of a material uncertainty that casts significant doubt about the Company’s ability to continue as a going concern. These Financial Statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that may be necessary should the Company be unable to continue as a going concern. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Dec. 31, 2023 | |
Significant Accounting Policies | |
Significant Accounting Policies | 2. 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 IAS 34, Interim Financial Reporting (“IAS 34”), as issued by the International Accounting Standards Board (“IASB”) and the interpretations by the IFRS Interpretation Committee (“IFRIC”). These Financial Statements do not include all of the information and footnotes required by International Financial Reporting Standards (“IFRS”) for complete financial statements for year-end reporting purposes. These Financial Statements should be read in conjunction with the Company’s consolidated financial statements as at and for the year ended March 31, 2023. Results for the reporting period ended December 31, 2023 are not necessarily indicative of future results. The accounting policies and methods of computation applied by the Company in these Financial Statements are the same as those applied by the Company in its more recent annual financial statements, which are filed under the Company’s provide on SEDAR at www.sedarplus.ca. The Board of Directors of the Company authorized these Financial Statements for issuance on February 28, 2024. (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 statements of the Company and its wholly-owned subsidiary, 1130346 B.C. Ltd., (the “Subco”) incorporated under the laws of British Columbia. The Subco was incorporated for the purposes of entering into an option agreement related to the JOY District. On March 31, 2021, the Subco was dissolved, did not have any assets, liabilities, income or expenses, and all intercompany balances and transactions had been eliminated. Certain comparative amounts have been reclassified to conform to the presentation adopted in the current period. (c) Significant accounting estimates and judgements The critical estimates and judgements applied in the preparation of these Financial Statements are consistent with those applied in the Company’s audited consolidated financial statements as at and for the year ended March 31, 2023. (d) Operating segments The Company operates as a single reportable segment—the acquisition, exploration and development of mineral properties. All assets are held in Canada. The functional and presentational currency of the Company is the Canadian Dollar (“CAD”). |
Cash
Cash | 9 Months Ended |
Dec. 31, 2023 | |
Cash | |
Cash | 3. CASH The Company’s cash is invested in business accounts, which are available on demand by the Company. |
Marketable Securities
Marketable Securities | 9 Months Ended |
Dec. 31, 2023 | |
Marketable Securities | |
Marketable Securities | 4. MARKETABLE SECURITIES As at December 31, 2023, the fair value of its current holdings was $96,837 (March 31, 2023 - $139,284) and the positive change of fair value adjustment of $42,447 for the period ended December 31, 2023 (December 31, 2022 – positive change of fair value adjustment of $58,638). The marketable securities include 550,000 units (shares and warrants) of Carlyle Commodities Corp., a Canadian public company listed on TSXV Exchange. As at December 31, 2023, the Company held the following marketable securities: Shares/Warrants Held Cost Fair Value Fair Value Increase (Decrease) (#) ($) ($) ($) Carlyle Commodities Corp – Shares 550,000 907,500 66,000 (841,500 ) Carlyle Commodities Corp – Warrants 550,000 727,000 17,000 (710,000 ) Other 1,329,189 14,237 13,837 (400 ) Total 2,429,189 1,648,737 96,837 (1,551,900 ) |
Restricted Cash
Restricted Cash | 9 Months Ended |
Dec. 31, 2023 | |
Restricted Cash | |
Restricted Cash | 5. 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 | 9 Months Ended |
Dec. 31, 2023 | |
Amounts Receivable and Other Assets | |
Amounts Receivable and Other Assets | 6. AMOUNTS RECEIVABLE AND OTHER ASSETS December 31, 2023 March 31, 2023 ($) ($) Sales tax refundable 98,729 199,184 Prepaid 7,877 19,167 106,606 218,351 |
Exploration and Evaluation Expe
Exploration and Evaluation Expenses and Cost Recoveries | 9 Months Ended |
Dec. 31, 2023 | |
Exploration and Evaluation Expenses and Cost Recoveries | |
Exploration and Evaluation Expenses and Cost Recoveries | 7. EXPLORATION AND EVALUATION EXPENSES AND COST RECOVERIES Below is a summary of the Company’s major exploration property interests, together with the material property transactions. (a) IKE District The IKE Property mineral claims (a subset of the IKE District mineral tenure) carry a net smelter return (“NSR”) royalty obligation of 1%, subject to a $2 million cap and which the Company is able to purchase 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 mineral claims (a subset of the IKE District mineral tenure) 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 IKE District is subject to a 1% NSR royalty from mine production capped at a total of $5 million. (b) JOY District 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 mineral claims (a subset of the JOY District mineral tenure) for the reimbursement of the vendor’s direct acquisition costs of $335,299. 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 mineral claims (a subset of the JOY District Mineral tenure). 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 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 purchased outright GFTEC’s 51% interest in the PINE Property by issuing to GFTEC 5,000,000 common shares of the Company. As such, Amarc now holds a 100% interest in the PINE Property mineral claims. The PINE Property is subject to a 3% underlying NSR royalty payable to a former owner. The Company 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 retains 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. 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 mineral tenure. The claim is subject to a 1% NSR royalty payable from commercial production that is capped at $0.5 million. 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 “Agreement”) whereby Freeport may acquire up to a 70% ownership interest of the Company’s JOY porphyry Cu-Au District Property. Under the terms of the Agreement, Freeport has a two-stage option to earn up to a 70% ownership interest in the mineral 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. 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. The Company initially records the amounts of contributions received or receivable from Freeport pursuant to the Agreement as a liability (advanced contributions received) in the consolidated statements of financial position, and subsequently reallocates amounts as cost recoveries in the consolidated statements of (income) loss as the Company incurs the related expenditures. During the nine months ended December 31, 2023, the Company recorded a gross amount of cost recovery of $4,922,827 offsetting the expenditures incurred pursuant to the Agreement. (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 (Note 11(c)) to purchase a 100% interest in the DUKE Property mineral claims (a subset of the DUKE District mineral tenure) for the reimbursement of the vendor’s direct acquisition costs of $168,996. DUKE District Agreement with Boliden On November 22, 2022, the Company announced that it had entered into a Mineral Property Earn-in Agreement (the "Agreement") with Boliden Mineral Canada Ltd. (“Boliden”), a wholly-owned subsidiary of the Boliden Group. Under the terms of the Agreement, Boliden has a two-staged option to earn up to a 70% interest in the DUKE District. To earn an initial 60% interest Boliden must fund $30 million of exploration and development expenditures within four years of the effective date of the Agreement, of which $5 million is a committed amount to be spent in calendar 2022 and early calendar 2023. Amarc will be the operator during this initial earn-in stage. Upon earning a 60% interest, Boliden can elect to earn an additional 10% interest in the Duke District, for an aggregate 70% interest, by funding an additional $60 million of exploration and development expenditures at a minimum rate of $10 million per year over the ensuing six years. Once Boliden has earned a 60% interest it will also have the right to become the operator. Upon Boliden finalizing its earned ownership interest, Amarc and Boliden will form either a 60:40 or 70:30 unincorporated joint venture to further advance the DUKE District. At that stage, each party will be responsible for funding its own pro-rata share of project costs, or be subject to customary equity dilution, converting to a capped royalty if it falls below a 10% participating interest. The Company initially records the amounts of contributions received or receivable from Boliden pursuant to the Agreement as a liability (Advanced contributions received) in the consolidated statements of financial position, and subsequently recognizes amounts as cost recoveries in the consolidated statements of (income) loss as the Company incurs the related expenditures. During the nine months ended December 31, 2023, the Company recorded a gross amount of cost recovery of $5,054,064 offsetting the expenditures incurred pursuant to the Agreement. During the nine month period ended December 31, 2023, the Company earned a fee of $375,000 as the project operator. DUKE District Capped Royalty Amarc holds 100% interest in the 722 km 2 On September 5, 2023, Amarc announced that it may acquire 100% interest in a group of mineral claims covering some 2.34 km 2 (d) Other property transactions During the year ended March 31, 2020, the Company received a non-refundable payment of US$200,000 (CDN$260,115) pursuant to an option agreement, whereby an arms-length third party optionee agreed to earn an initial 51% interest in the Windfall Project which was comprised of 25 mineral claims located within the IKE District , by spending US$4.2 million of exploration expenditures by October 21, 2022. On May 25, 2021, this option agreement was terminated by mutual consent of both the Company and the optionee. On December 16, 2020 (the “Closing Date”), the Company closed the sale of its Newton Property, located in south-central BC, to Isaac Mining Corp. (“IMC”), an arms-length private company and a wholly-owned subsidiary of Carlyle Commodities Corp. (“Carlyle”). Pursuant to this sale, the Company received $300,000 in cash from IMC and 5.5 million common shares and 5.5 million warrants of Carlyle as consideration. The 5.5 million common shares were measured at $907,500 based on the fair market value of $0.165 per share on the Closing Date. The 5.5 million warrants were measured at $727,000 using the Black-Scholes option pricing model with the following assumptions: risk free-interest rate – 0.38%; dividend yield – 0.00%; expected volatility – 139.0%; expected life – 4.98 years. As Carlyle consolidated its common shares on a basis of 10 to 1 on September 1, 2022, the 550,000 post-consolidated warrants are exercisable at $5 per warrant until December 8, 2025. On May 16, 2022, the Company entered into a mineral claims option agreement with an arms-length third party optionor to acquire a 100% interest in and to a property, subject to a 2% NSR royalty in the event of commercial production on the property, payable until $10,000,000 has been paid after which the NSR royalty reduces to 0.5%. The Company paid $100,000 during the year ended March 31, 2023 and shall pay $100,000 on or before May 31, 2023 and each year thereafter to, and including, May 31, 2031 until an aggregate of $1,000,000 has been paid to optionor. |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 9 Months Ended |
Dec. 31, 2023 | |
Accounts Payable and Accrued Liabilities | |
Accounts Payable and Accrued Liabilities | 8. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES December 31, 2023 March 31, 2023 ($) ($) Accounts payable 312,410 944,393 Accrued liabilities 264,980 236,470 Total 577,390 1,180,863 |
Directors Loans
Directors Loans | 9 Months Ended |
Dec. 31, 2023 | |
Directors Loans | |
Directors Loan | 9. DIRECTOR’S 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. On December 13, 2021, a total of $160,000 in interest was paid. Pursuant to the Loan, the Company issued to the Lender a 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. The Company entered into a Second Loan Amendment Agreement dated May 25, 2022, pursuant to which it agreed to a $100,000 increase to the existing Loan (the “Additional Loan”). The Additional Loan is unsecured, bears interest at a rate of 10% per annum and is repayable on or before the earlier of November 26, 2024, the occurrence of a default or on achievement of financing milestones. In connection with the Additional Loan, the Company issued to the Lender a loan bonus comprising of 1,176,470 common share purchase warrants (the "Bonus Warrants"), each entitling the holder to acquire one common share of the Company until November 26, 2024 at a price of $0.085 per share. On June 15, 2022, the Company obtained an additional short-term loan (the “Short-term Loan”) of $250,000 with an interest rate of 12% per annum from the Lender. In January 2023, the Company repaid the Additional Loan and Short-term Loan, including accrued interest accrued to the date of repayment. The change in the Loan balance is as follows: Nine months ended Year ended December 31, 2023 March 31, 2023 ($) ($) Opening balance 648,005 644,642 Principal advances - 350,000 Principal repayment - (350,000 ) Transaction costs - (99,191 ) Amortization of transaction costs 99,143 102,554 Closing balance 747,148 648,005 |
Flow Through Liability
Flow Through Liability | 9 Months Ended |
Dec. 31, 2023 | |
Flow Through Liability | |
FLOW THROUGH LIABILITY | 10. FLOW THROUGH LIABILITY During the nine months ended December 31, 2023, the Company issued 15,384,615 flow-through shares at a price of $0.13 per share for gross proceeds of $2,000,000 (the “Financing”) and recognized a flow-through premium liability of $769,231 as the difference between the flow-through share price and the non-flow-through share price in the concurrent offering. During the nine months ended December 31, 2023, the Company did not incur qualifying exploration expenses, subsequent to the Financing. The flow-through premium liability outstanding relating to these flow-through shares is $769,231 as at December 31, 2023. |
Share Capital and Reserves
Share Capital and Reserves | 9 Months Ended |
Dec. 31, 2023 | |
Share Capital and Reserves | |
Share Capital and Reserves | 11. 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. On September 8, 2023, 100,000 common shares were issued pursuant to a property agreement at $0.075 per share. On August 20, 2020, 3,000,000 flow-through shares were issued pursuant to the exercise of warrants for gross proceeds of $150,000. On October 2, 2020, 2,000,000 flow-through shares were issued pursuant to the exercise of warrants for gross proceeds of $100,000. $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. On December 2, 2021, 6,000,000 flow-through shares were issued pursuant to the exercise of warrants for gross proceeds of $300,000. On December 1, 2023, 15,384,615 flow-through shares were issued pursuant to a flow-through private placement at a price of $0.13 each, totaling $2,000,000. As at December 31, 2023, the amount of flow-through proceeds remaining to be expended is approximately $2,245,000 (March 31, 2023 - $245,000). On December 1, 2023, 9,615,385 non-flow-through shares were issued pursuant to a non-flow-through private placement at a price of $0.08 each, totaling $769,231. The BCMETC cannot be claimed by the Company on mineral exploration expenses related to meeting expenditure commitments pursuant to the issue of flow-through shares; however, the BCMETC itself, once received, may be used for any purpose. As at December 31, 2023, there were 211,702,894 (March 31, 2023 – 186,602,894) Common Shares issued and outstanding. (b) Share purchase options On March 9, 2022, the Company granted 3,480,000 incentive stock options to certain associates to acquire an aggregate of 3,480,000 common shares at $0.12 per share, for a period of three to five years, of which approximately 50% are being granted to insiders (Note 12(a)). All of the options are subject to the required TSXV acceptance and customary vesting provisions over 24 months. The fair value of these options at issue was determined to be $366,912 using the Black-Scholes pricing model and based on the following assumptions: risk-free rate of 1.65%; expected volatility of 139%; underlying market price of $0.12; strike price of $0.12; expiry term of 3 - 5 years; and dividend yield of nil. On July 8, 2022, the Company entered into an Investor Relations Agreement (the “Agreement”) with Kin Communications Inc. (“Kin”). Pursuant to the Agreement, the Company granted Kin 1,000,000 stock options entitling Kin to purchase 1,000,000 common shares of the Company at a price of $0.11 per share for a period of five years. These options vest in four instalments of 25% each instalment, with the first instalment vesting 90 days after the effective date of the Agreement. The fair value of these options was determined at $88,486 using the Black-Scholes pricing model based on the following assumptions: risk-free rate of 3.21%; expected volatility of 139%; underlying market price of $0.10; strike price of $0.11; expiry term of 5 years; and dividend yield of nil. On April 11, 2023, the Company granted 520,000 incentive stock options to certain associates to acquire an aggregate of 520,000 common shares at $0.125 per share, for a period of three years, of which 200,000 options were granted to insiders (Note 12(a)). All of the options are subject to the required TSXV acceptance and customary vesting provisions over 24 months. The fair value of these options at issue was determined to be $49,647 using the Black-Scholes pricing model and based on the following assumptions: risk-free rate of 3.56%; expected volatility of 123%; underlying market price of $0.13; strike price of $0.125; expiry term of 3 years; and dividend yield of nil. The following summarizes changes in the Company’s share purchase options: December 31, 2023 March 31, 2023 Weighted Average Exercise Price Number of Options Weighted Average Exercise Price Number of Options Beginning balance 0.10 6,480,000 0.09 5,480,000 Granted 0.125 520,000 0.11 1,000,000 Ending balance 0.11 7,000,000 0.10 6,480,000 The following summarizes information on the options outstanding and exercisable as at December 31, 2023: Weighted Average Number of Number of Remaining Contractual Options Options Exercise price Expiry date Life (periods) Outstanding Exercisable $ 0.05 4-Oct-24 0.76 2,000,000 2,000,000 $ 0.12 9-Mar-25 1.19 2,580,000 1,720,000 $ 0.12 9-Mar-27 3.19 900,000 500,000 $ 0.11 8-Jul-27 3.52 1,000,000 1,000,000 $ 0.125 11-Apr-26 2.28 520,000 156,000 1.74 7,000,000 5,376,000 (c) Share purchase warrants The following common summarizes changes in the Company’s share purchase warrants: December 31, 2023 March 31, 2023 Weighted Average Exercise Price Number of Warrants Weighted Average Exercise Price Number of Warrants Beginning balance 0.06 6,176,470 0.05 5,000,000 Granted pursuant to the Loan (Note 9) – 0.085 1,176,470 Granted pursuant to a private placement 0.08 4,807,693 – Ending balance 0.07 10,984,163 0.06 6,176,470 (i) 2019 loan bonus warrants In December 2019, 16,000,000 share purchase warrants were issued pursuant to the Loan (Note 9). 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. (ii) 2022 loan bonus warrants In June 2022, 1,176,470 share purchase warrants were issued pursuant to the Loan (Note 9). The fair value of these warrants at issue was determined to be $99,191 at $0.085 per warrant using the Black-Scholes pricing model and based on the following assumptions: risk-free rate of 3.28%; expected volatility of 138%; underlying market price of $0.11; strike price of $0.085; expiry term of 2.45 years; and dividend yield of nil. (iii) 2023 non-flow-through warrants In December 2023, 4,807,693 share purchase warrants were issued pursuant to a non-flow-through private placement. The share purchase warrants have a strike price of $0.08, an expiry term of 5 years, and are subject to a blocker term that prohibits exercise of the warrants to the extent the holder would as a result of any exercise exceed 19.99% of the issued shares. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions | |
Related Party Transactions | 12. RELATED PARTY TRANSACTIONS December 31, 2023 March 31, 2023 Balances due to related parties ($) ($) Hunter Dickinson Services Inc. 93,859 327,348 Robert Dickinson (interest payable) 25,205 190,082 United Mineral Services Ltd. 7,586 7,586 Thomas Wilson (CFO fees) 5,496 5,496 Total 132,146 530,512 (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 a director’s loan. Note 7(b) and 7(c) includes the details of the acquisition of mineral property interests from a private entity wholly-owned by one of the directors of the Company. During the nine month period ended December 31, 2023 and 2022, 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. (Note 12(b)). During the nine month period ended December 31, 2023, the Company recorded share-based compensation expense of $35,037 (December 31, 2022 - $64,046) in relation to 1,950,000 (December 31, 2022 – 1,750,000) stock options issued to directors and officers of the Company in the prior year (Note 10 (b)). During the nine month period ended December 31, 2023, the Company incurred fees totaling $47,107 (2022 -$27,000) in respect of services provided by the Chief Financial Officer. During the nine month period ended December 31, 2023, the Company incurred fees totaling $159,165 (2022 - $41,461) in respect of geological services provided by the VP Exploration. (b) Hunter Dickinson Services Inc. Hunter Dickinson Inc. (“HDI”) and its wholly-owned subsidiary Hunter Dickinson Services Inc. (“HDSI”) are private companies established by a group of mining professionals. HDSI provides contract services 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 it is at Amarc’s discretion that HDSI provides certain contract services. The Company has one director in common with HDSI, namely Robert Dickinson. Also, the Company’s President, Chief Executive Officer and Director, and Corporate Secretary are contracted to work for the Company under an employee secondment agreement between the Company and HDSI. Pursuant to an agreement dated July 2, 2010, HDSI provides certain cost effective 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 is a 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, capital market advisory services, communication services and office supplies. 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 the payment 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: Nine months ended December 31, 2023 2022 (rounded to the nearest thousand CAD) ($) ($) Services received from HDSI and as requested by the Company 923,000 686,000 Information technology – infrastructure and support services 45,000 45,000 Office rent 32,000 43,000 Reimbursement, at cost, of third-party expenses incurred by HDSI on behalf of the Company 222,000 120,000 Total 1,222,000 894,000 (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 nine month period ended December 31, 2023, the Company incurred fees of $14,340 (2022 - $nil) in respect of geological services provided by UMS. |
Supplementary Information To Th
Supplementary Information To The Consolidated Statement Of Loss | 9 Months Ended |
Dec. 31, 2023 | |
Supplementary Information To The Consolidated Statement Of Loss | |
Supplementary Information To The Consolidated Statement Of Loss | 13. SUPPLEMENTARY INFORMATION TO THE CONSOLIDATED STATEMENTS OF LOSS (a) Salaries, fees and benefits Salaries, fees and benefits included in exploration and evaluation expenses and administration expenses are as follows: Nine months ended December 31, 2023 2022 Salaries, fees and benefits ($) ($) Exploration and evaluation expenses 3,834,000 4,494,000 Administration expenses 241,000 172,000 4,075,000 4,666,000 (1) rounded to the nearest thousand dollar (2) includes salaries and benefits included in office and administration expenses (Note 12(b)) and other salaries and benefits expenses classified as administration expenses (b) Office and administration expenses Office and administration expenses include the following: Nine months ended December 31, 2023 2022 ($) ($) Salaries and Benefits 235,000 171,000 Data processing and retention 17,000 11,000 Insurance 22,000 22,000 Other office expenses 22,000 15,000 296,000 219,000 (1) |
Office Lease Right Of Use Asset
Office Lease Right Of Use Asset And Lease Liability | 9 Months Ended |
Dec. 31, 2023 | |
Office Lease Right Of Use Asset And Lease Liability | |
Office Lease - Right Of Use Asset And Lease Liability | 14. OFFICE LEASE – RIGHT OF USE ASSET AND LEASE LIABILITY The Company subleases corporate offices in Vancouver, BC from HDSI under a lease agreement dated May 1, 2021, and the lease expires on April 29, 2026. Right-of-use asset A summary of the changes in the right-of-use asset for the nine month period ended December 31, 2023 and the year ended March 31, 2023 are as follows: Right-of-use-asset ($) Balance at March 31, 2022 82,384 Amortization (20,176 ) Balance at March 31, 2023 62,208 Amortization (15,132 ) Balance at December 31, 2023 47,076 Lease liability On May 1, 2021, the Company entered into the lease agreement, which resulted in the lease liability of $100,877 (undiscounted value of $134,766, discount rate used is 12.00%). This liability represents the monthly lease payment from May 1, 2021 to April 29, 2026, the end of the lease term less abatement granted by HDSI. A summary of changes in the lease liability during the nine month period ended December 31, 2023 and the year ended March 31, 2023 are as follows: Lease liability ($) Balance at March 31, 2022 90,028 Lease payment – base rent portion (26,745 ) Lease liability – accretion expense 9,620 Balance as at Mach 31, 2023 72,903 Current portion 20,696 Long-term portion 52,207 Lease liability ($) Balance at March 31, 2023 72,903 Lease payment – base rent portion (21,014 ) Lease liability – accretion expense 5,755 Balance as at December 31, 2023 57,644 Current portion 22,754 Long-term portion 34,890 The following is a schedule of the Company’s future lease payments (base rent portion) under the lease obligations: Future lease payments (base rent portion only) ($) Fiscal 2024 (January 1, 2024 to March 31, 2024) 7,041 Fiscal 2025 (April 1, 2024 to March 31, 2025) 28,165 Fiscal 2026 (April 1, 2025 to March 31, 2026) 28,165 Fiscal 2027 (April 1, 2026 to April 29, 2027) (Note 6) 2,347 Total undiscounted lease payments 65,718 Less: imputed interest (8,074 ) Lease liability as at December 31, 2023 57,644 |
Financial Risk Management
Financial Risk Management | 9 Months Ended |
Dec. 31, 2023 | |
Financial Risk Management | |
Financial Risk Management | 15. 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 nine month period ended December 31, 2023. (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 December 31, 2023 and March 31, 2023, 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 fair 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 impact interest income earned. As at December 31, 2023 and March 31, 2023, 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 December 31, 2023 and March 31, 2023, the Company’s exposure to price risk was not significant in relation to these Financial Statements. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Dec. 31, 2023 | |
Significant Accounting Policies | |
Statement of Compliance | These Financial Statements have been prepared in accordance with IAS 34, Interim Financial Reporting (“IAS 34”), as issued by the International Accounting Standards Board (“IASB”) and the interpretations by the IFRS Interpretation Committee (“IFRIC”). These Financial Statements do not include all of the information and footnotes required by International Financial Reporting Standards (“IFRS”) for complete financial statements for year-end reporting purposes. These Financial Statements should be read in conjunction with the Company’s consolidated financial statements as at and for the year ended March 31, 2023. Results for the reporting period ended December 31, 2023 are not necessarily indicative of future results. The accounting policies and methods of computation applied by the Company in these Financial Statements are the same as those applied by the Company in its more recent annual financial statements, which are filed under the Company’s provide on SEDAR at www.sedarplus.ca. The Board of Directors of the Company authorized these Financial Statements for issuance on February 28, 2024. |
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 statements of the Company and its wholly-owned subsidiary, 1130346 B.C. Ltd., (the “Subco”) incorporated under the laws of British Columbia. The Subco was incorporated for the purposes of entering into an option agreement related to the JOY District. On March 31, 2021, the Subco was dissolved, did not have any assets, liabilities, income or expenses, and all intercompany balances and transactions had been eliminated. Certain comparative amounts have been reclassified to conform to the presentation adopted in the current period. |
Significant Accounting Estimates and Judgments | The critical estimates and judgements applied in the preparation of these Financial Statements are consistent with those applied in the Company’s audited consolidated financial statements as at and for the year ended March 31, 2023. |
Operating Segments | The Company operates as a single reportable segment—the acquisition, exploration and development of mineral properties. All assets are held in Canada. The functional and presentational currency of the Company is the Canadian Dollar (“CAD”). |
Marketable Securities (Tables)
Marketable Securities (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Marketable Securities | |
Schedule of Marketable securities | Shares/Warrants Held Cost Fair Value Fair Value Increase (Decrease) (#) ($) ($) ($) Carlyle Commodities Corp – Shares 550,000 907,500 66,000 (841,500 ) Carlyle Commodities Corp – Warrants 550,000 727,000 17,000 (710,000 ) Other 1,329,189 14,237 13,837 (400 ) Total 2,429,189 1,648,737 96,837 (1,551,900 ) |
Amounts Receivable and Other _2
Amounts Receivable and Other Assets (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Amounts Receivable and Other Assets | |
Schedule of amounts receivable and other assets | December 31, 2023 March 31, 2023 ($) ($) Sales tax refundable 98,729 199,184 Prepaid 7,877 19,167 106,606 218,351 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Accounts Payable and Accrued Liabilities | |
Schedule of accounts payable and accrued liabilities | December 31, 2023 March 31, 2023 ($) ($) Accounts payable 312,410 944,393 Accrued liabilities 264,980 236,470 Total 577,390 1,180,863 |
Directors Loans (Tables)
Directors Loans (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Directors Loans | |
Schedule of unsecured loans payable | Nine months ended Year ended December 31, 2023 March 31, 2023 ($) ($) Opening balance 648,005 644,642 Principal advances - 350,000 Principal repayment - (350,000 ) Transaction costs - (99,191 ) Amortization of transaction costs 99,143 102,554 Closing balance 747,148 648,005 |
Schedule of Non-Current Portion | Nine months ended Year ended December 31, 2023 March 31, 2023 ($) ($) Non-current portion 747,148 648,005 Total 747,148 648,005 |
Schedule of Finance Expenses | Finance expenses Nine months ended December 31, 2023 2022 ($) ($) Interest on loan 75,342 99,574 Amortization of transaction costs 99,143 74,485 Total 174,485 174,059 |
Share Capital and Reserves (Tab
Share Capital and Reserves (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Share Capital and Reserves | |
Schedule of purchase options | December 31, 2023 March 31, 2023 Weighted Average Exercise Price Number of Options Weighted Average Exercise Price Number of Options Beginning balance 0.10 6,480,000 0.09 5,480,000 Granted 0.125 520,000 0.11 1,000,000 Ending balance 0.11 7,000,000 0.10 6,480,000 |
Schedule of options outstanding and exercisable | Weighted Average Number of Number of Remaining Contractual Options Options Exercise price Expiry date Life (periods) Outstanding Exercisable $ 0.05 4-Oct-24 0.76 2,000,000 2,000,000 $ 0.12 9-Mar-25 1.19 2,580,000 1,720,000 $ 0.12 9-Mar-27 3.19 900,000 500,000 $ 0.11 8-Jul-27 3.52 1,000,000 1,000,000 $ 0.125 11-Apr-26 2.28 520,000 156,000 1.74 7,000,000 5,376,000 |
Schedule of share purchase warrants | December 31, 2023 March 31, 2023 Weighted Average Exercise Price Number of Warrants Weighted Average Exercise Price Number of Warrants Beginning balance 0.06 6,176,470 0.05 5,000,000 Granted pursuant to the Loan (Note 9) – 0.085 1,176,470 Granted pursuant to a private placement 0.08 4,807,693 – Ending balance 0.07 10,984,163 0.06 6,176,470 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Statement [Line Items] | |
Schedule of balances due to related parties | December 31, 2023 March 31, 2023 Balances due to related parties ($) ($) Hunter Dickinson Services Inc. 93,859 327,348 Robert Dickinson (interest payable) 25,205 190,082 United Mineral Services Ltd. 7,586 7,586 Thomas Wilson (CFO fees) 5,496 5,496 Total 132,146 530,512 |
Hunter Dickinson Services Inc. | |
Statement [Line Items] | |
Schedule of related party transactions | Nine months ended December 31, 2023 2022 (rounded to the nearest thousand CAD) ($) ($) Services received from HDSI and as requested by the Company 923,000 686,000 Information technology – infrastructure and support services 45,000 45,000 Office rent 32,000 43,000 Reimbursement, at cost, of third-party expenses incurred by HDSI on behalf of the Company 222,000 120,000 Total 1,222,000 894,000 |
Supplementary Information To _2
Supplementary Information To The Consolidated Statements Of Loss (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Schedule Of Employees Salaries, fees and Benefits | Nine months ended December 31, 2023 2022 Salaries, fees and benefits ($) ($) Exploration and evaluation expenses 3,834,000 4,494,000 Administration expenses 241,000 172,000 4,075,000 4,666,000 |
Schedule of Office And Administration Expenses | Nine months ended December 31, 2023 2022 ($) ($) Salaries and Benefits 235,000 171,000 Data processing and retention 17,000 11,000 Insurance 22,000 22,000 Other office expenses 22,000 15,000 296,000 219,000 |
Office Lease Right Of Use Ass_2
Office Lease Right Of Use Asset And lease liability (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Office Lease Right Of Use Asset And lease liability (Tables) | |
Schedule Of Right -Of-Use Asset | Right-of-use-asset ($) Balance at March 31, 2022 82,384 Amortization (20,176 ) Balance at March 31, 2023 62,208 Amortization (15,132 ) Balance at December 31, 2023 47,076 |
Summary of Changes In The Lease Liability | Lease liability ($) Balance at March 31, 2022 90,028 Lease payment – base rent portion (26,745 ) Lease liability – accretion expense 9,620 Balance as at Mach 31, 2023 72,903 Current portion 20,696 Long-term portion 52,207 Lease liability ($) Balance at March 31, 2023 72,903 Lease payment – base rent portion (21,014 ) Lease liability – accretion expense 5,755 Balance as at December 31, 2023 57,644 Current portion 22,754 Long-term portion 34,890 |
Summary Of Company Future Lease Payments | Future lease payments (base rent portion only) ($) Fiscal 2024 (January 1, 2024 to March 31, 2024) 7,041 Fiscal 2025 (April 1, 2024 to March 31, 2025) 28,165 Fiscal 2026 (April 1, 2025 to March 31, 2026) 28,165 Fiscal 2027 (April 1, 2026 to April 29, 2027) (Note 6) 2,347 Total undiscounted lease payments 65,718 Less: imputed interest (8,074 ) Lease liability as at December 31, 2023 57,644 |
NATURE AND CONTINUANCE OF OPE_2
NATURE AND CONTINUANCE OF OPERATIONS (Details Narrative) - CAD ($) | Dec. 31, 2023 | Mar. 31, 2023 |
NATURE AND CONTINUANCE OF OPERATIONS (Details Narrative) | ||
Cash | $ 5,087,086 | |
Working capital | 2,222,042 | |
Accumulated deficit | $ (69,537,229) | $ (69,984,263) |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | 9 Months Ended |
Dec. 31, 2023 | |
Significant Accounting Policies | |
Reportable segment, description | The Company operates as a single reportable segment |
MARKETABLE SECURITIES (Details)
MARKETABLE SECURITIES (Details) | 9 Months Ended | |
Dec. 31, 2023 USD ($) shares | Dec. 31, 2023 CAD ($) shares | |
Statement [Line Items] | ||
Shares/Warrants Held | shares | 2,429,189 | 2,429,189 |
Cost | $ 1,648,737 | |
Fair Value | 96,837 | |
Fair Value Increase(Decrease) | $ (1,551,900) | |
Carlyle Commodities Corp. Shares [Member] | ||
Statement [Line Items] | ||
Shares/Warrants Held | shares | 550,000 | 550,000 |
Cost | $ 907,500 | |
Fair Value | 66,000 | |
Fair Value Increase(Decrease) | $ (841,500) | |
Carlyle Commodities Corp. Warrants | ||
Statement [Line Items] | ||
Shares/Warrants Held | shares | 550,000 | 550,000 |
Cost | $ 727,000 | |
Fair Value | 17,000 | |
Fair Value Increase(Decrease) | $ (710,000) | |
Other | ||
Statement [Line Items] | ||
Shares/Warrants Held | shares | 1,329,189 | 1,329,189 |
Cost | $ 14,237 | |
Fair Value | 13,837 | |
Fair Value Increase(Decrease) | $ (400) |
MARKETABLE SECURITIES (Details
MARKETABLE SECURITIES (Details Narrative) - Carlyle Commodities Corp. Shares [Member] - CAD ($) | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | |
Statement [Line Items] | |||
Shares/Warrants held | 550,000 | ||
Fair value | $ 96,837 | $ 139,284 | |
Fair value increase/decrease | $ (42,447) | $ (58,638) |
AMOUNTS RECEIVABLE AND OTHER _3
AMOUNTS RECEIVABLE AND OTHER ASSETS (Details) - CAD ($) | Dec. 31, 2023 | Mar. 31, 2023 |
Amounts Receivable and Other Assets | ||
Sales tax refundable | $ 98,729 | $ 199,184 |
Prepaid insurance and expense | 7,877 | 19,167 |
Total | $ 106,606 | $ 218,351 |
EXPLORATION AND EVALUATION EX_2
EXPLORATION AND EVALUATION EXPENSES AND COST RECOVERIES (Details Narrative) | 1 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Sep. 05, 2023 USD ($) shares | May 11, 2021 CAD ($) | Nov. 22, 2022 | Oct. 21, 2022 CAD ($) | May 16, 2022 CAD ($) | Mar. 31, 2020 CAD ($) | Nov. 30, 2019 CAD ($) | Jan. 31, 2019 CAD ($) shares | Oct. 31, 2018 CAD ($) shares | Nov. 30, 2016 CAD ($) | Dec. 31, 2023 CAD ($) shares | Dec. 31, 2023 USD ($) shares | Mar. 31, 2022 CAD ($) | Dec. 31, 2019 shares | |
Statement [Line Items] | ||||||||||||||
Common shares issue | shares | 15,384,615 | 15,384,615 | ||||||||||||
Duke District [Member] | ||||||||||||||
Statement [Line Items] | ||||||||||||||
Royalty interest | 100% | |||||||||||||
Acquire interest | 100% | |||||||||||||
Returns royalty retained | 2% | |||||||||||||
Ownership amount | $ 10 | |||||||||||||
Common stock shares issued | shares | 200,000 | |||||||||||||
Cash payments | $ 250,000 | |||||||||||||
IKE District [Member] | ||||||||||||||
Statement [Line Items] | ||||||||||||||
Royalty interest | 1% | 1% | ||||||||||||
Royalty obligation | $ 5,000,000 | |||||||||||||
Gold Fields Toodoggone Exploration Corporation [Member] | ||||||||||||||
Statement [Line Items] | ||||||||||||||
Common shares issue | shares | 300,000 | 5,000,000 | ||||||||||||
Percentage of property purchase | 100% | 100% | ||||||||||||
Cash payments | $ 100,000 | $ 1,000,000 | ||||||||||||
Description of retains profits interest | GFTEC retains 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 | GFTEC retains 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 | ||||||||||||
Joy Property Mineral [Member] | ||||||||||||||
Statement [Line Items] | ||||||||||||||
Owenership percentage | 100% | |||||||||||||
Direct acquisition costs | $ 335,299 | |||||||||||||
JOY District Agreement with Freeport [Member] | ||||||||||||||
Statement [Line Items] | ||||||||||||||
Owenership percentage | 70% | |||||||||||||
Initial interest | 60% | |||||||||||||
Required fund | $ 35,000,000 | |||||||||||||
Work expenditures term | 5 years | |||||||||||||
Earning description | 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 | |||||||||||||
Project costs | $ 4,922,827 | |||||||||||||
Granite Property Mineral [Member] | ||||||||||||||
Statement [Line Items] | ||||||||||||||
Royalty interest | 2% | 2% | ||||||||||||
Royalty amount payment | $ 1,500,000 | |||||||||||||
Royalty obligation | $ 2,000,000 | |||||||||||||
Additional royalty interest | 2.50% | 2.50% | ||||||||||||
Paula Property[Member] | ||||||||||||||
Statement [Line Items] | ||||||||||||||
Royalty interest | 1% | |||||||||||||
Percentage of property purchase | 100% | |||||||||||||
Cash payments | $ 500,000 | |||||||||||||
Duke Property Mineral [Member] | Duke District [Member] | ||||||||||||||
Statement [Line Items] | ||||||||||||||
Royalty interest | 70% | |||||||||||||
Exploration and development expenditures | $ 30,000,000 | $ 5,000,000 | ||||||||||||
Owenership percentage | 100% | |||||||||||||
Acquisition costs | $ 168,996 | |||||||||||||
Additional add on exploration and development expenditures | $ 60,000,000 | |||||||||||||
Description about exploration and development expenditures | a minimum rate of $10 million per year over the ensuing six years | a minimum rate of $10 million per year over the ensuing six years | ||||||||||||
Cost recovery expenditure | $ 5,054,064,000,000 | |||||||||||||
Rvenue from project | $ 375,000 | |||||||||||||
Other Property Transactions [Member] | ||||||||||||||
Statement [Line Items] | ||||||||||||||
Expected life | 4 years 11 months 23 days | 4 years 11 months 23 days | ||||||||||||
Expected volatility | 139% | 139% | ||||||||||||
Dividend yield | 0% | 0% | ||||||||||||
Initial interest rate | 51% | |||||||||||||
Risk free-interest rate | 0.38% | 0.38% | ||||||||||||
Received non refundable payment from option | $ 200,000 | |||||||||||||
Exploration and development expenditures | $ 4,200,000 | |||||||||||||
Owenership percentage | 100% | |||||||||||||
Description of consideration comprising | the Company received $300,000 in cash from IMC and 5.5 million common shares and 5.5 million warrants of Carlyle as consideration. The 5.5 million common shares were measured at $907,500 based on the fair market value of $0.165 per share on the Closing Date. The 5.5 million warrants were measured at $727,000 using the Black-Scholes option pricing model | the Company received $300,000 in cash from IMC and 5.5 million common shares and 5.5 million warrants of Carlyle as consideration. The 5.5 million common shares were measured at $907,500 based on the fair market value of $0.165 per share on the Closing Date. The 5.5 million warrants were measured at $727,000 using the Black-Scholes option pricing model | ||||||||||||
Description of post consolidated warrants | As Carlyle consolidated its common shares on a basis of 10 to 1 on September 1, 2022, the 550,000 post-consolidated warrants are exercisable at $5 per warrant until December 8, 2025 | As Carlyle consolidated its common shares on a basis of 10 to 1 on September 1, 2022, the 550,000 post-consolidated warrants are exercisable at $5 per warrant until December 8, 2025 | ||||||||||||
Description of minerals claims option agreement | subject to a 2% NSR royalty in the event of commercial production on the property, payable until $10,000,000 has been paid after which the NSR royalty reduces to 0.5% | |||||||||||||
Payment for commercial production | $ 100,000 | |||||||||||||
Payment for commercial production to subsequent year | shall pay $100,000 on or before May 31, 2023 and each year thereafter to, and including, May 31, 2031 until an aggregate of $1,000,000 has been paid to optionor | shall pay $100,000 on or before May 31, 2023 and each year thereafter to, and including, May 31, 2031 until an aggregate of $1,000,000 has been paid to optionor | ||||||||||||
PINE Property [Member] | ||||||||||||||
Statement [Line Items] | ||||||||||||||
Dividend yield | 49% | |||||||||||||
Percentage of property purchase | 51% | |||||||||||||
Joy District [Member] | ||||||||||||||
Statement [Line Items] | ||||||||||||||
Common shares issue | shares | 5,277,778 | |||||||||||||
Cascadero Copper Corporation [Member] | ||||||||||||||
Statement [Line Items] | ||||||||||||||
Dividend yield | 100% | |||||||||||||
Accounts payable and accrued liabilities | ||||||||||||||
Statement [Line Items] | ||||||||||||||
Royalty interest | 1% | 1% | ||||||||||||
Royalty obligation | $ 2,000,000 | |||||||||||||
Advance royalty payments | $ 50,000 | |||||||||||||
Common shares issue | shares | 500,000 | 500,000 |
ACCOUNTS PAYABLE AND ACCRUED _3
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) - CAD ($) | Dec. 31, 2023 | Mar. 31, 2023 |
Accounts Payable and Accrued Liabilities | ||
Accounts payable | $ 312,410 | $ 944,393 |
Accrued liabilities | 264,980 | 236,470 |
Total | $ 577,390 | $ 1,180,863 |
DIRECTORS LOAN (Details)
DIRECTORS LOAN (Details) | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2023 CAD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 CAD ($) | Mar. 31, 2022 CAD ($) | |
Directors Loans | ||||
Opening balance | $ 648,005 | $ 648,005 | $ 644,642 | |
Principal advances | 0 | 350,000 | ||
Principal repayments | $ 0 | 350,000 | ||
Transaction costs | 0 | (99,191) | ||
Amortization of transaction costs | 99,143 | $ 74,485 | 102,554 | |
Closing balance | $ 747,148 | $ 747,148 | $ 648,005 |
DIRECTORS LOAN (Details 1)
DIRECTORS LOAN (Details 1) | Dec. 31, 2023 CAD ($) | Dec. 31, 2023 USD ($) | Mar. 31, 2023 CAD ($) | Mar. 31, 2022 CAD ($) | Mar. 31, 2021 CAD ($) | Dec. 31, 2019 CAD ($) |
Directors Loans | ||||||
Non-current portion | $ 747,148 | $ 648,005 | ||||
Total | $ 747,148 | $ 747,148 | $ 648,005 | $ 648,005 | $ 644,642 | $ 1,000,000 |
DIRECTORS LOAN (Details 2)
DIRECTORS LOAN (Details 2) - CAD ($) | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | |
Directors Loans | |||
Interest on loan | $ 75,342 | $ 99,574 | |
Amortization of transaction costs | 99,143 | 74,485 | $ 102,554 |
Total | $ 174,485 | $ 174,059 |
DIRECTORS LOAN (Details Narrati
DIRECTORS LOAN (Details Narrative) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||
Dec. 13, 2021 CAD ($) | Jun. 15, 2023 CAD ($) | Dec. 31, 2023 CAD ($) | Dec. 31, 2022 CAD ($) | Dec. 31, 2023 CAD ($) shares | Dec. 31, 2023 CAD ($) $ / shares | Dec. 31, 2022 CAD ($) | Dec. 31, 2023 USD ($) | Mar. 31, 2023 CAD ($) | Mar. 31, 2022 CAD ($) | Mar. 31, 2021 CAD ($) | Dec. 31, 2019 CAD ($) | |
Directors Loans | ||||||||||||
Interest rate | 12% | 10% | ||||||||||
Short term loan | $ 250,000 | |||||||||||
Principal balance | $ 747,148 | $ 747,148 | $ 747,148 | $ 747,148 | $ 648,005 | $ 648,005 | $ 644,642 | $ 1,000,000 | ||||
Interest paid | $ 160,000 | $ 25,205 | $ 35,574 | $ 75,342 | $ 99,574 | |||||||
Loan bonus share issued, share | shares | 16,000,000 | |||||||||||
Loan bonus share expiration | five years | |||||||||||
Exercise price | $ / shares | $ 0.05 | |||||||||||
Loan Amendment Agreement | $ 100,000 | |||||||||||
Loan | $ 1,176,470 | |||||||||||
Bonus warrant exercise price | $ / shares | $ 0.085 |
FLOW THROUGH LIABILITY (Details
FLOW THROUGH LIABILITY (Details Narrative) | 9 Months Ended |
Dec. 31, 2023 USD ($) $ / shares shares | |
FLOW THROUGH LIABILITY (Details Narrative) | |
Flow through premium liability | $ 769,231 |
Common shares issue | shares | 15,384,615 |
Shares price per shares | $ / shares | $ 0.13 |
Gross proceeds from flow-through shares | $ 2,000,000 |
SHARE CAPITAL AND RESERVES (Det
SHARE CAPITAL AND RESERVES (Details) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 $ / shares | Mar. 31, 2023 $ / shares | |
Share Capital and Reserves | ||
Number of options outstanding, beginning | 6,480,000 | 5,480,000 |
Weighted average exercise price outstanding, beginning | $ 0.10 | $ 0.09 |
Number of options Granted | 520,000 | 1,000,000 |
Weighted average exercise price Granted | $ 0.125 | $ 0.11 |
Number of options outstanding, ending | 7,000,000 | 6,480,000 |
Weighted average exercise price outstanding, ending | $ 0.11 | $ 0.10 |
SHARE CAPITAL AND RESERVES (D_2
SHARE CAPITAL AND RESERVES (Details 1) | 9 Months Ended | ||
Dec. 31, 2023 $ / shares | Mar. 31, 2023 $ / shares | Mar. 31, 2022 $ / shares | |
Statement [Line Items] | |||
Weighted average exercise price outstanding, beginning | $ 0.11 | $ 0.10 | $ 0.09 |
Number of options outstanding | 7,000,000 | 6,480,000 | 5,480,000 |
Weighted average remaining contractual life (years) | 1 year 8 months 26 days | ||
Number of options exercisable | 5,376,000 | ||
Exercise Price 1 | |||
Statement [Line Items] | |||
Weighted average exercise price outstanding, beginning | $ 0.05 | ||
Number of options outstanding | 2,000,000 | ||
Weighted average remaining contractual life (years) | 9 months 3 days | ||
Number of options exercisable | 2,000,000 | ||
Exercise Price 2 | |||
Statement [Line Items] | |||
Weighted average exercise price outstanding, beginning | $ 0.12 | ||
Number of options outstanding | 2,580,000 | ||
Weighted average remaining contractual life (years) | 1 year 2 months 8 days | ||
Number of options exercisable | 1,720,000 | ||
Exercise Price 3 | |||
Statement [Line Items] | |||
Weighted average exercise price outstanding, beginning | $ 0.12 | ||
Number of options outstanding | 900,000 | ||
Weighted average remaining contractual life (years) | 3 years 2 months 8 days | ||
Number of options exercisable | 500,000 | ||
Exercise Price 4 | |||
Statement [Line Items] | |||
Weighted average exercise price outstanding, beginning | $ 0.11 | ||
Number of options outstanding | 1,000,000 | ||
Weighted average remaining contractual life (years) | 3 years 6 months 7 days | ||
Number of options exercisable | 1,000,000 | ||
Exercise Price 5 | |||
Statement [Line Items] | |||
Weighted average exercise price outstanding, beginning | $ 0.125 | ||
Number of options outstanding | 520,000 | ||
Weighted average remaining contractual life (years) | 2 years 3 months 10 days | ||
Number of options exercisable | 156,000 |
SHARE CAPITAL AND RESERVES (D_3
SHARE CAPITAL AND RESERVES (Details 2) - $ / shares | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Share Capital and Reserves | ||
Number of warrants, beginning | 6,176,470 | 5,000,000 |
Weighted average exercise price, beginning | $ 0.06 | $ 0.05 |
Number of warrants granted | 1,176,470 | |
Weighted average exercise price Granted | $ 0.085 | |
Number of warrants exercised | 4,807,693 | |
Weighted average exercise price exercised | $ 0.08 | |
Number of warrants, ending | 10,984,163 | 6,176,470 |
Weighted average exercise price, ending | $ 0.07 | $ 0.06 |
SHARE CAPITAL AND RESERVES (D_4
SHARE CAPITAL AND RESERVES (Details Narrative) | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
Dec. 02, 2023 USD ($) $ / shares shares | Sep. 08, 2023 $ / shares shares | Apr. 11, 2023 USD ($) $ / shares shares | Jul. 08, 2022 $ / shares | Jul. 08, 2022 CAD ($) shares | Mar. 09, 2022 $ / shares | Mar. 09, 2022 CAD ($) shares | Dec. 02, 2021 CAD ($) shares | Oct. 02, 2020 CAD ($) shares | Jun. 30, 2022 CAD ($) shares | Aug. 20, 2020 CAD ($) shares | Dec. 31, 2019 CAD ($) shares | Dec. 31, 2023 USD ($) shares | Dec. 31, 2020 CAD ($) | Mar. 31, 2023 CAD ($) shares | |
Statement [Line Items] | |||||||||||||||
Stock issued to exercise of warrants, shares | 15,384,615 | 100,000 | 6,000,000 | 2,000,000 | 3,000,000 | ||||||||||
Stock issued to exercise of warrants, proceeds | $ 2,000,000 | $ 300,000 | $ 100,000 | $ 150,000 | |||||||||||
Stock issued to exercise of warrants, non-flow-through shares proceeds | $ | $ 769,231 | ||||||||||||||
Flow-through proceeds outstanding | $ 2,245,000 | $ 245,000 | |||||||||||||
Stock issaunce costs | $ | $ 100 | ||||||||||||||
Renounced to shareholder | $ | $ 167,000 | ||||||||||||||
Stock issued to exercise of warrants, non-flow-through shares | 9,615,385 | ||||||||||||||
Share price | $ / shares | $ 0.13 | $ 0.075 | |||||||||||||
Non-flow-through shares price | $ / shares | $ 0.08 | ||||||||||||||
2019 Loan Bonus Warrants | |||||||||||||||
Statement [Line Items] | |||||||||||||||
Black-scholes fair value assumption description | 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 | ||||||||||||||
Share purchase warrants issued | 16,000,000 | ||||||||||||||
Fair value of warrants issued | $ | $ 490,449 | ||||||||||||||
2022 Loan Bonus Warrants | |||||||||||||||
Statement [Line Items] | |||||||||||||||
Black-scholes fair value assumption description | risk-free rate of 3.28%; expected volatility of 138%; underlying market price of $0.11; strike price of $0.085; expiry term of 2.45 years; and dividend yield of nil | ||||||||||||||
Share purchase warrants issued | 1,176,470 | ||||||||||||||
Fair value of warrants issued | $ | $ 99,191 | ||||||||||||||
2023 Non Flow Tthrough Warrants Member | |||||||||||||||
Statement [Line Items] | |||||||||||||||
Share purchase warrants issued | 4,807,693 | ||||||||||||||
Expiry term description | The share purchase warrants have a strike price of $0.08, an expiry term of 5 years, and are subject to a blocker term that prohibits exercise of the warrants to the extent the holder would as a result of any exercise exceed 19.99% of the issued shares | ||||||||||||||
Share Purchase Option [Member] | |||||||||||||||
Statement [Line Items] | |||||||||||||||
Stock option granted | 520,000 | 3,480,000 | |||||||||||||
Aggregate common shares acquire | 520,000 | 3,480,000 | |||||||||||||
Share price | $ / shares | $ 0.125 | $ 0.12 | |||||||||||||
Stock granted term dscription | three years | three to five years | |||||||||||||
Stock granted to insiders | 50% | ||||||||||||||
Fair value of options | $ 49,647 | $ 366,912 | |||||||||||||
Black-scholes fair value assumption description | risk-free rate of 3.56%; expected volatility of 123%; underlying market price of $0.13; strike price of $0.125; expiry term of 3 years; and dividend yield of nil | risk-free rate of 1.65%; expected volatility of 139%; underlying market price of $0.12; strike price of $0.12; expiry term of 3 - 5 years; and dividend yield of nil | |||||||||||||
Investor Relations Agreement | |||||||||||||||
Statement [Line Items] | |||||||||||||||
Stock option granted | 1,000,000 | ||||||||||||||
Aggregate common shares acquire | 1,000,000 | ||||||||||||||
Share price | $ / shares | $ 0.11 | ||||||||||||||
Stock granted term dscription | five years | ||||||||||||||
Options vest each instalments | 25% | ||||||||||||||
Fair value of options | $ | $ 88,486 | ||||||||||||||
Black-scholes fair value assumption description | risk-free rate of 3.21%; expected volatility of 139%; underlying market price of $0.10; strike price of $0.11; expiry term of 5 years; and dividend yield of nil | ||||||||||||||
Share Capital | |||||||||||||||
Statement [Line Items] | |||||||||||||||
Common shares issued | 211,702,894 | 186,602,894 | |||||||||||||
Common shares outstanding | 211,702,894 | 186,602,894 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - CAD ($) | Dec. 31, 2023 | Mar. 31, 2023 |
Statement [Line Items] | ||
Balances due to related parties | $ 132,146 | $ 530,512 |
Hunter Dickinson Services Inc. | ||
Statement [Line Items] | ||
Balances due to related parties | 93,859 | 327,348 |
Robert Dickinson (Interest Payable) | ||
Statement [Line Items] | ||
Balances due to related parties | 25,205 | 190,082 |
Thomas Wilson (CFO Fees) [Member] | ||
Statement [Line Items] | ||
Balances due to related parties | 5,496 | 5,496 |
United Mineral Services Ltd. | ||
Statement [Line Items] | ||
Balances due to related parties | $ 7,586 | $ 7,586 |
RELATED PARTY TRANSACTIONS (D_2
RELATED PARTY TRANSACTIONS (Details 1) - Hunter Dickinson Services Inc. - CAD ($) | 9 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Statement [Line Items] | ||
Services received from HDSI and as requested by the Company | $ 923,000 | $ 686,000 |
Information technology - infrastructure and support services | 45,000 | 45,000 |
Office rent | 32,000 | 43,000 |
Reimbursement, at cost, of third-party expenses incurred by HDSI on behalf of the Company | 222,000 | 120,000 |
Total | $ 1,222,000 | $ 894,000 |
RELATED PARTY TRANSACTIONS (D_3
RELATED PARTY TRANSACTIONS (Details Narrative) - CAD ($) | 9 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
United Mineral Services Ltd. | ||
Statement [Line Items] | ||
Company incurred fees | $ 14,340 | $ 0 |
Directors and Officers | ||
Statement [Line Items] | ||
Stock options issued | 1,950,000 | 1,750,000 |
Share-based compensation expense | $ 35,037 | $ 64,046 |
Company incurred fees | 159,165 | 41,461 |
Chief Financial Officer | ||
Statement [Line Items] | ||
Company incurred fees | $ 47,107 | $ 27,000 |
SUPPLEMENTARY INFORMATION TO _3
SUPPLEMENTARY INFORMATION TO THE CONSOLIDATED STATEMENTS OF LOSS (Details) | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2023 CAD ($) | Dec. 31, 2022 CAD ($) | Dec. 31, 2023 CAD ($) | Dec. 31, 2022 CAD ($) | Dec. 31, 2022 USD ($) | |
Statement [Line Items] | |||||
Exploration and evaluation expenses | $ 3,834,000 | $ 4,494,000 | |||
Administration expenses | $ 343,252 | $ 212,667 | 794,633 | $ 559,603 | |
Salaries, fees and benefits [Member] | |||||
Statement [Line Items] | |||||
Wages And Salaries | 4,075,000 | 4,666,000 | |||
Administration expenses | $ 241,000 | $ 172,000 |
SUPPLEMENTARY INFORMATION TO _4
SUPPLEMENTARY INFORMATION TO THE CONSOLIDATED STATEMENTS OF LOSS (Details 1) | 9 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 CAD ($) | |
Supplementary Information To The Consolidated Statement Of Loss | ||
Salaries and benefits | $ 235,000 | $ 171,000 |
Data processing and retention | 17,000 | 11,000 |
Insurance | 22,000 | 22,000 |
Other office expenses | 22,000 | 15,000 |
Total | $ 296,000 | $ 219,000 |
OFFICE LEASE RIGHT OF USE ASS_3
OFFICE LEASE RIGHT OF USE ASSET AND LEASE LIABILITY (Details) | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2023 CAD ($) | Dec. 31, 2023 USD ($) | Mar. 31, 2023 CAD ($) | |
OFFICE LEASE RIGHT OF USE ASSET AND LEASE LIABILITY (Details) | |||
Beginning Period Right Of Use Of Assets | $ 62,208 | $ 82,384 | |
Amortization | $ (15,132) | (20,176) | |
Ending period Right Of Use Of Assets | $ 47,076 | $ 62,208 |
OFFICE LEASE RIGHT OF USE ASS_4
OFFICE LEASE RIGHT OF USE ASSET AND LEASE LIABILITY (Details 1) | 9 Months Ended | 12 Months Ended | |
Dec. 31, 2023 CAD ($) | Dec. 31, 2023 USD ($) | Mar. 31, 2023 CAD ($) | |
OFFICE LEASE RIGHT OF USE ASSET AND LEASE LIABILITY (Details) | |||
Beginning period of lease liability | $ 72,903 | $ 90,028 | |
Lease payment- base rent portion | $ (21,014) | (26,745) | |
Lease liability - accretion expense | 5,755 | 9,620 | |
Ending period of lease liability | $ 57,644 | 72,903 | |
Current portion | 22,754 | 20,696 | |
Long term portion | $ 34,890 | $ 52,207 |
OFFICE LEASE RIGHT OF USE ASS_5
OFFICE LEASE RIGHT OF USE ASSET AND LEASE LIABILITY (Details 2) - CAD ($) | 9 Months Ended | |
May 02, 2021 | Dec. 31, 2023 | |
OFFICE LEASE RIGHT OF USE ASSET AND LEASE LIABILITY (Details) | ||
April 1, 2023 to March 31, 2024 | $ 7,041 | |
April 1, 2024 to March 31, 2025 | 28,165 | |
April 1, 2025 to March 31, 2026 | 28,165 | |
April 1, 2026 to April 29, 2027 | 2,347 | |
Total undiscounted lease payments | 65,718 | |
Less: inputed interest | (8,074) | |
Lease liability | $ 100,877 | $ 57,644 |
OFFICE LEASE RIGHT OF USE ASS_6
OFFICE LEASE RIGHT OF USE ASSET AND LEASE LIABILITY (Details Narrative) - CAD ($) | 9 Months Ended | |
May 02, 2021 | Dec. 31, 2023 | |
OFFICE LEASE RIGHT OF USE ASSET AND LEASE LIABILITY (Details) | ||
Lease liability | $ 100,877 | $ 57,644 |
Undiscounted value | $ 134,766 | |
Discount rate | 12% | |
Description pf lease payments | lease payment from May 1, 2021 to April 29, 2026, the end of the lease term less abatement granted by HDSI |