Cover
Cover | 16 Months Ended |
Jul. 17, 2024 | |
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 | Jul. 17, 2024 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2024 |
Entity File Number | 000-49869 |
Entity Address Address Line 1 | 14th Floor - 1040 W. Georgia Street |
Entity Address City Or Town | Vancouver |
Entity Address Postal Zip Code | V6E 4H1 |
Entity Address Country | CA |
Statements of Financial Positio
Statements of Financial Position - CAD ($) | Mar. 31, 2024 | Mar. 31, 2023 |
Current assets | ||
Cash | $ 9,007,042 | $ 5,131,510 |
Amounts receivable and other assets | 216,124 | 218,351 |
Marketable securities | 41,587 | 139,284 |
Total Current Assets | 9,264,753 | 5,489,145 |
Non-current assets | ||
Restricted cash | 534,828 | 539,834 |
Right-of-use asset | 42,033 | 62,208 |
Total assets | 9,841,614 | 6,091,187 |
Current liabilities | ||
Accounts payable and accrued liabilities | 1,128,808 | 1,180,863 |
Advanced contributions received | 5,132,721 | 4,124,349 |
Balance due to related parties | 147,333 | 530,512 |
Flow through liability | 769,231 | 0 |
Lease liability | 23,443 | 20,696 |
Total current liabilities | 7,201,536 | 5,856,420 |
Non-current liabilities | ||
Director's loan | 784,947 | 648,005 |
Lease Liability | 28,764 | 52,207 |
Total liabilities | 8,015,247 | 6,556,632 |
Shareholders' equity (deficiency) | ||
Share capital | 67,236,421 | 65,228,921 |
Reserves | 4,617,658 | 4,289,896 |
Accumulated deficit | (70,027,712) | (69,984,262) |
Shareholders' equity (deficiency) | 1,826,367 | (465,445) |
Total liabilities and shareholders' equity | $ 9,841,614 | $ 6,091,187 |
Statements of Loss
Statements of Loss - CAD ($) | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Expenses | |||
Exploration and evaluation | $ 12,432,493 | $ 14,752,416 | $ 5,386,333 |
Assays and analysis | 1,454,103 | 873,408 | 310,769 |
Drilling | 1,056,492 | 4,814,692 | 980,248 |
Environmental | 72,002 | 60,957 | 13,975 |
Equipment rental | 376,252 | 623,236 | |
Freight | 77,699 | 454,102 | 79,043 |
Geological, including geophysical | 3,846,587 | 1,751,825 | 1,074,970 |
Graphics | 28,292 | 5,846 | 99,552 |
Helicopter and fuel | 1,491,388 | 2,035,711 | 910,699 |
Property acquisition and assessments costs | 211,879 | 141,538 | 56,699 |
Site activities | 3,019,055 | 3,176,489 | 1,077,369 |
Socioeconomic | 351,694 | 525,645 | 274,109 |
Technical data | 97,123 | 80,005 | 393,561 |
Travel and accommodation | 349,927 | 208,962 | 115,339 |
Administration | 1,161,870 | 818,856 | 616,970 |
Legal, accounting and audit | 109,830 | 36,854 | 96,897 |
Office and administration | 417,032 | 308,828 | 324,117 |
Rent | 62,908 | 26,745 | 14,944 |
Shareholder communication | 366,171 | 345,484 | 140,036 |
Travel and accommodation expense | 135,138 | 63,233 | 9,758 |
Trust and regulatory | 70,791 | 37,712 | 31,218 |
Equity-settled share-based compensation | 425,460 | 264,260 | 123,578 |
Cost recoveries | (13,178,925) | (14,773,794) | (5,539,024) |
Loss (income) before other items | 840,898 | 1,061,738 | 587,857 |
Other items | |||
Finance income | (371,222) | (123,727) | (18,694) |
Interest expense - director's loans | 101,274 | 126,685 | 100,000 |
Other interest and finance charges | 0 | 285 | 0 |
Accretion expense - office lease | 7,360 | 9,620 | 10,438 |
Interest income | 0 | (15,101) | |
Other fee income | (696,248) | (1,154,570) | (409,486) |
Amortization of right-of-use asset | 20,175 | 20,176 | 18,493 |
Transaction cost - director's loans | 136,942 | 102,554 | 74,642 |
Loss on sales of marketable securities | 0 | 2,429 | |
Foreign exchange loss | 4,271 | 2,494 | 562 |
Net loss | 43,450 | 32,583 | 363,812 |
Other comprehensive loss | |||
Change in value of marketable securities | 97,698 | 167,890 | 715,125 |
Total other comprehensive loss | $ 141,148 | $ 200,473 | $ 1,078,937 |
Basic and diluted loss per share | $ 0 | $ 0 | $ 0 |
Weighted average number of common shares outstanding | 194,992,511 | 186,602,894 | 181,479,873 |
Statements of Comprehensive (Lo
Statements of Comprehensive (Loss) - CAD ($) | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Statements of Loss | |||
Net (loss) | $ (43,450) | $ (32,583) | $ (363,812) |
Other comprehensive income (loss): | |||
Revaluation of marketable securities | (97,698) | (167,890) | (715,125) |
Total other comprehensive (loss) | (97,698) | (167,890) | (715,125) |
Comprehensive (loss) | $ (141,148) | $ (200,473) | $ (1,078,937) |
Statements of Changes in (Defic
Statements of Changes in (Deficiency) Equity - CAD ($) | Total | Number of Common Shares | Investment revaluation reserve | Retained Earnings (Accumulated Deficit) | Shares warrants reserve | Share based payments reserve |
Balance, shares at Mar. 31, 2021 | 180,602,894 | |||||
Balance, amount at Mar. 31, 2021 | $ 26,936 | $ 64,744,721 | $ (612,677) | $ (69,587,867) | $ 3,220,107 | $ 2,262,652 |
Statement [Line Items] | ||||||
Net loss for the year | (363,812) | 0 | 0 | (363,812) | 0 | 0 |
Other comprehensive loss for the year | (715,125) | 0 | (715,125) | 0 | 0 | 0 |
Total comprehensive loss | (1,078,937) | $ 0 | (715,125) | (363,812) | 0 | 0 |
Shares issued through exercise of warrants, shares | 6,000,000 | |||||
Shares issued through exercise of warrants, amount | 300,000 | $ 484,200 | 0 | 0 | (184,200) | 0 |
Equity-settled share-based compensation | 123,578 | $ 0 | 0 | 0 | 0 | 123,578 |
Balance, shares at Mar. 31, 2022 | 18,602,894 | |||||
Balance, amount at Mar. 31, 2022 | (628,423) | $ 65,228,921 | (1,327,802) | (69,951,679) | 3,035,907 | 2,386,230 |
Statement [Line Items] | ||||||
Net loss for the year | (32,583) | 0 | 0 | (32,583) | 0 | 0 |
Other comprehensive loss for the year | (167,890) | 0 | (167,890) | 0 | 0 | 0 |
Total comprehensive loss | (200,473) | 0 | (167,890) | (32,583) | 0 | 0 |
Equity-settled share-based compensation | 264,260 | 0 | 0 | 0 | 0 | 264,260 |
Issuance of share purchase warrants | 99,191 | $ 0 | 0 | 0 | 99,191 | 0 |
Balance, shares at Mar. 31, 2023 | 186,602,894 | |||||
Balance, amount at Mar. 31, 2023 | (465,445) | $ 65,228,921 | (1,495,692) | (69,984,262) | 3,135,098 | 2,650,490 |
Statement [Line Items] | ||||||
Net loss for the year | (43,450) | 0 | 0 | (43,450) | 0 | 0 |
Other comprehensive loss for the year | (97,698) | 0 | (97,698) | 0 | 0 | 0 |
Total comprehensive loss | (141,148) | 0 | (97,698) | (43,450) | 0 | 0 |
Equity-settled share-based compensation | 425,460 | $ 0 | 0 | 0 | 0 | 425,460 |
Issuance of common shares pursuant to property agreement, 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 | 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 | 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 |
Balance, shares at Mar. 31, 2024 | 211,702,894 | |||||
Balance, amount at Mar. 31, 2024 | $ 1,826,367 | $ 67,236,421 | $ (1,593,390) | $ (70,027,712) | $ 3,135,098 | $ 3,075,950 |
Statements of Cash Flows
Statements of Cash Flows - CAD ($) | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Operating activities | |||
Net (loss) for the year | $ (43,450) | $ (32,583) | $ (363,812) |
Adjustments for: | |||
Amortization of right-of-use asset | 20,175 | 20,176 | 18,494 |
Equity-settled share-based compensation | 425,460 | 264,260 | 123,578 |
Office lease accretion per IFRS 16 | 7,360 | 9,620 | 10,438 |
Office base rent recorded as lease reduction per IFRS 16 | (28,056) | (26,745) | (21,288) |
Property acquisition and assessments costs | 7,500 | ||
Interest expense - director's loans | 0 | 78,822 | 100,000 |
Loss on sales of marketable securities | 0 | 2,429 | 0 |
Transaction cost - director's loans | 136,942 | 102,554 | 74,642 |
Changes in working capital items | |||
Amounts receivable and other assets | 2,227 | (169,534) | (1,437) |
Restricted cash | 5,006 | (361,284) | (63) |
Accounts payable and accrued liabilities | (52,056) | 767,585 | 245,083 |
Advanced contributions received | 1,008,372 | 4,124,349 | 0 |
Balances due to related parties | (383,179) | 27,250 | (422,936) |
Net cash provided by (used in) operating activities | 1,106,301 | 4,806,899 | (237,301) |
Investing activities | |||
Proceeds from disposition of mineral properties | 0 | 1,690 | 0 |
Net cash provided by investing activities | 0 | 1,690 | 0 |
Financing activities | |||
Net proceeds from issuance of common shares pursuant to a private placement | 2,769,231 | ||
Net proceeds from issuance of common shares pursuant to exercise of share purchase warrants | 300,000 | ||
Proceeds from director's loan | 0 | 350,000 | |
Repayment of director's loans | (350,000) | ||
Interest paid on director's loans | (47,863) | ||
Net cash provided by (used in) financing activities | 2,769,231 | (47,863) | 300,000 |
Net increase in cash | 3,875,532 | 4,760,726 | 62,699 |
Cash, beginning balance | 5,131,510 | 370,784 | 308,085 |
Cash, ending balance | $ 9,007,042 | $ 5,131,510 | $ 370,784 |
Nature and continuance of opera
Nature and continuance of operations | 12 Months Ended |
Mar. 31, 2024 | |
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 financial statements as at and for the year ended March 31, 2024 (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, 2024 , the Company had cash of $9,007,042, working capital of $2,063,217, and an accumulated deficit of $70,027,712. 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. |
Material accounting policy info
Material accounting policy information | 12 Months Ended |
Mar. 31, 2024 | |
Material accounting policy information | |
Material Accounting Policy Information | 2. MATERIAL ACCOUNTING POLICY INFORMATION 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, 2024. The Board of Directors of the Company authorized these Financial Statements for issuance on July 16, 2024. (b) Basis of presentation 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. Certain comparative amounts have been reclassified to conform to the presentation adopted in the current period. (c) Significant accounting estimates and judgements The preparation of the Financial Statements in conformity with IFRS requires management to make judgements, estimates, and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Actual results may differ from 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) Operating segments 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. 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 licenses; · 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 accounted for separately, including major inspection and overhaul expenditures, are capitalized. As at March 31, 2024, all equipment had been fully depreciated. The Company did not purchase any equipment during the year ended March 31, 2024. (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 or consultant 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 to previous 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 to investors. 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 as 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 or development 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. (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 Mining 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) IFRS 16, Leases (“IFRS 16”) All leases are accounted for by recognizing a right-of-use asset and a lease liability except for: · Leases of low value assets; and · Leases with a duration of twelve months or less. Lease liabilities are measured at the present value of the contractual payments due to the lessor over the lease term, with the discount rate determined by the interest rate implicit in the lease, or if that rate cannot be readily determined, the Company’s incremental borrowing rate on commencement of the lease is used. Variable lease payments are only included in the measurement of the lease liability if they depend on an index or rate. In such cases, the initial measurement of the lease liability assumes the variable element will remain unchanged throughout the lease term. Other variable lease payments are expensed in the period to which they relate. On initial recognition, the carrying value of the lease liability also includes: · Amounts expected to be payable under any residual value guarantee; · The exercise price of any purchase option granted if it is reasonable certain to assess that option; and · Any penalties payable for terminating the lease, if the term of the lease has been estimated on the basis of termination option being exercised. Right-of-use assets are initially measured at the amount of the lease liability, reduced for any lease incentives received, and increased for: · Lease payments made at or before commencement of the lease; · Initial direct costs incurred; and · The amount of any provision recognized where the Company is contractually required to dismantle, remove or restore the leased asset. Lease liabilities, on initial measurement, increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right-of-use assets are amortized on a straight-line basis over the remaining term of the lease or over the remaining economic life of the asset if this is judged to be shorter than the lease term. When the Company revises its estimate of the term of any lease, it adjusts the carrying amount of the lease liability to reflect the payments to make over the revised term, which are discounted at the same discount rate that applied on lease commencement. The carrying value of lease liabilities is similarly revised when the variable element of future lease payments dependent on a rate or index is revised. In both cases, an equivalent adjustment is made to the carrying value. |
Cash
Cash | 12 Months Ended |
Mar. 31, 2024 | |
Cash | 3. CASH The Company’s cash is invested in business accounts, which are available on demand by the Company. |
Marketable Securities
Marketable Securities | 12 Months Ended |
Mar. 31, 2024 | |
Marketable Securities | |
Marketable Securities | 4. MARKETABLE SECURITIES As at March 31, 2024, the fair value of its current holdings was $41,587 (March 31, 2023 - $139,284) and during the year ended March 31, 2024 there was a negative change of fair value adjustment of $97,698 (March 31, 2023 – $167,890). The marketable securities include 550,000 units (shares and warrants) of Carlyle Commodities Corp., a Canadian public company listed on the TSX Venture Exchange. As at March 31, 2024 , the Company held the following marketable securities: Company Shares/Warrants Held Cost Fair Value Fair Value Increase(Decrease) (#) ($) ($) ($) Carlyle Commodities Corp - Shares 550,000 907,500 24,750 (882,750) Carlyle Commodities Corp - Warrants 550,000 727,000 3,000 (724,000) Other 1,678,839 14,237 13,837 (400) Total 2,778,839 1,648,737 41,587 (1,607,150) |
Restricted Cash
Restricted Cash | 12 Months Ended |
Mar. 31, 2024 | |
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 | 12 Months Ended |
Mar. 31, 2024 | |
Amounts Receivable and Other Assets | |
Amounts Receivable and Other Assets | 6. AMOUNTS RECEIVABLE AND OTHER ASSETS March 31, 2024 March 31, 2023 ($) ($) Sales tax refundable 158,223 199,184 Prepaid 57,901 19,167 216,124 218,351 |
Exploration and Evaluation Expe
Exploration and Evaluation Expenses and Cost Recoveries | 12 Months Ended |
Mar. 31, 2024 | |
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 million 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 (“Underlying NSR”) 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 the Underlying NSR and a 1% NSR royalty on the balance of the claims that are not subject to the Underlying NSR. 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 $500,000. 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 an aggregate 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 statements of financial position, and subsequently reallocates amounts as cost recoveries in the statements of (income) loss as the Company incurs the related expenditures. During the year ended March 31, 2024, the Company recorded advanced contributions balance of $1,187,195. During the year ended March 31, 2024, the Company recorded a gross amount of cost recovery of $4,257,245 offsetting the expenditures incurred pursuant to the Agreement. During the year ended March 31, 2024, the Company earned a fee of $85,000 as the project operator. (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 12(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 statements of financial position, and subsequently recognizes amounts as cost recoveries in the statements of (income) loss as the Company incurs the related expenditures. During the year ended March 31, 2024, the Company recorded advanced contributions balance of $3,945,526. During the year ended March 31, 2024, the Company recorded a gross amount of cost recovery of $7,844,221 offsetting the expenditures incurred pursuant to the Agreement. During the year ended March 31, 2024, the Company earned a fee of $611,248 as the project operator. DUKE District Capped Royalty Amarc holds 100% interest in the 722 km 2 On July 7, 2023, the Company entered into a mineral property 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 million has been paid after which the NSR shall cease. To acquire the property, the Company must issue 200,000 common shares and make annual cash payments of $5,000 to the optionor plus funding an annual scholarship for Indigenous students for a period of 10 years in the amount of $20,000 per year. (d) Other property transactions 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 550,000 post-consolidated common shares and 550,000 post consolidated warrants of Carlyle as consideration, exercisable at $5 per post-consolidated warrant until December 8, 2025. The 550,000 post-consolidated common shares were measured at $907,500 based on the fair market value of $1.65 per post-consolidated share on the Closing Date. The 550,000 post-consolidated 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. 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 $1,000,000 has been paid to optionor. |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 12 Months Ended |
Mar. 31, 2024 | |
Accounts Payable and Accrued Liabilities | |
Accounts Payable and Accrued Liabilities | 8. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES March 31, 2024 March 31, 2023 ($) ($) Accounts payable 842,821 944,393 Accrued liabilities 285,987 236,470 Total 1,128,808 1,180,863 |
Directors Loans
Directors Loans | 12 Months Ended |
Mar. 31, 2024 | |
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 $250,000 with an interest rate of 12% per annum from the Lender. In January 2023, the Company repaid the Additional Loan and Short-term Loan, including accrued interest accrued to the date of repayment. The change in the Loan balance is as follows: Year ended Year ended March 31, 2024 March 31, 2023 ($) ($) Opening balance 648,005 644,642 Principal advances - 350,000 Principal repayment - (350,000) Transaction costs - (99,191) Amortization of transaction costs 136,942 102,554 Closing balance 784,947 648,005 Year ended Year ended March 31, 2024 March 31, 2023 ($) ($) Non-current portion 784,947 648,005 Total 784,947 648,005 Finance expenses Years ended March 31, 2024 2023 2022 ($) ($) ($) Interest on loan 101,274 126,685 100,000 Amortization of transaction costs 136,942 102,554 74,642 Total 238,216 229,239 174,642 |
Flow Through Liability
Flow Through Liability | 12 Months Ended |
Mar. 31, 2024 | |
Flow Through Liability | |
Flow Through Liability | 10. FLOW THROUGH LIABILITY During the year ended March 31, 2024 , 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 based on the difference between the flow-through share price and the non-flow-through share price in the concurrent offering. During the year ended March 31, 2024 , 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 March 31, 2024. |
Share Capital and Reserves
Share Capital and Reserves | 12 Months Ended |
Mar. 31, 2024 | |
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 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 September 8, 2023, 100,000 common shares were issued pursuant to a property agreement at $0.075 per share. 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. 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. As at March 31, 2024, the amount of flow-through proceeds remaining to be expended is approximately $2,383,000 (March 31, 2023 - $383,000). 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 March 31, 2024, 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 TSX Venture Exchange 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 TSX Venture Exchange 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. On March 22, 2024 the Company granted 6,410,000 incentive stock options to certain associates to acquire an aggregate of 6,410,000 common shares at $0.105 per share, for a period of three to five years, of which 5,500,000 options were granted to insiders (Note 12(a)). All of the options are subject to the required TSX Venture Exchange acceptance and customary vesting provisions over 24 months. The fair value of these options at issue was determined to be $589,109 using the Black-Scholes pricing model and based on the following assumptions: risk-free rate of 3.48%; expected volatility of 95% for options with three year expiry term and 131% for options with five year expiry term; underlying market price of $0.11; strike price of $0.105; and dividend yield of nil. The following summarizes changes in the Company’s share purchase options: March 31, 2024 March 31, 2023 Weighted Average Exercise Price Number of Options Weighted Average Exercise Price Number of Options Beginning balance 0.100 0.090 5,480,000 Granted 0.107 6,930,000 0.110 1,000,000 Ending balance 0.102 13,410,000 0.100 6,480,000 The following summarizes information on the options outstanding and exercisable as at March 31, 2024: Weighted Average Number of Number of Remaining Contractual Options Options Exercise price Expiry date Life (periods) Outstanding Exercisable $ 0.05 4-Oct-24 0.51 2,000,000 2,000,000 $ 0.12 9-Mar-25 0.94 2,580,000 1,719,998 $ 0.12 9-Mar-27 2.94 900,000 700,000 $ 0.11 8-Jul-27 3.27 1,000,000 1,000,000 $ 0.125 11-Apr-26 2.03 520,000 173,333 $ 0.105 22-Mar-29 4.98 5,500,000 2,750,000 $ 0.105 22-Mar-27 2.98 910,000 705,000 3.02 13,410,000 9,048,331 (c) Share purchase warrants The following common summarizes changes in the Company’s share purchase warrants: March 31, 2024 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 0.10 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 $0.08, an expiry term of 5 years, and are subject to a blocker term that prohibits exercise of the warrants to the extent the holder would as a result of any exercise exceed 19.99% of the issued shares. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions | |
Related Party Transactions | 12. RELATED PARTY TRANSACTIONS March 31, 2024 March 31, 2023 Balances due to related parties ($) ($) Hunter Dickinson Services Inc. 134,251 327,348 Robert Dickinson (interest payable) - 190,082 United Mineral Services Ltd. 7,586 7,586 Thomas Wilson (CFO fees) 5,496 5,496 Total 147,333 530,512 (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 year ended March 31, 2024 and 2023, 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 year ended March 31, 2024, the Company recorded share-based compensation expense of $316,771 (March 31, 2023 - $94,373) in relation to 7,450,000 (March 31, 2023 – 1,750,000) stock options issued to directors and officers of the Company in the prior year (Note 11 (b)). During the year ended March 31, 2024, the Company incurred fees totaling $62,810 (2023 -$49,149) in respect of services provided by the Chief Financial Officer. On March 11, 2024, the Company announced the resignation of the VP Exploration and the appointment of a successor VP Exploration. During the year ended March 31, 2024, the Company incurred fees totaling $12,179 (2023 - nil) in respect of geological services provided by the VP Exploration. During the year ended March 31, 2024, the Company incurred fees totaling $211,137 (2023 - $208,648) in respect of geological services provided by the former-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: Years ended March 31, 2024 2023 2023 (rounded to the nearest thousand CAD) ($) ($) ($) Services received from HDSI and as requested by the Company 1,278,000 993,000 765,000 Information technology – infrastructure and support services 62,000 60,000 67,000 Office rent 45,000 41,000 33,000 Reimbursement, at cost, of third-party expenses incurred by HDSI on behalf of the Company 329,000 193,000 136,000 Total 1,714,000 1,287,000 1,001,000 (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, 2024, the Company incurred fees of $8,563 (2023 - $3,370) in respect of geological services provided by UMS. |
Supplementary information to th
Supplementary information to the statements of loss | 12 Months Ended |
Mar. 31, 2024 | |
Supplementary information to the statements of loss | |
Supplementary Information To The Statements Of Loss | 13. SUPPLEMENTARY INFORMATION TO THE STATEMENTS OF LOSS (a) Salaries, fees and benefits Salaries, fees and benefits included in exploration and evaluation expenses and administration expenses are as follows: Years ended March 31, 2024 2023 2022 Salaries, fees and benefits (1) ($) ($) ($) Exploration and evaluation expenses 6,777,000 7,130,000 2,391,000 Administration expenses (2) 347,000 245,000 194,000 7,124,000 7,375,000 2,585,000 (1) rounded to the nearest thousand dollar (2) includes salaries and benefits included in office and administration expenses (Note 13(b)) and other salaries and benefits expenses classified as administration expenses (b) Office and administration expenses Office and administration expenses include the following: Years ended March 31, 2024 (1) 2023 (1) 2022 (1) ($) ($) ($) Salaries and Benefits 340,000 245,000 245,000 Data processing and retention 21,000 14,000 17,000 Insurance 26,000 34,000 30,000 Other office expenses 30,000 16,000 32,000 417,000 309,000 324,000 (1) rounded to the nearest thousand dollar |
Office Lease Right Of Use Asset
Office Lease Right Of Use Asset And Lease Liability | 12 Months Ended |
Mar. 31, 2024 | |
Office Lease Right Of Use Asset And Lease Liability | |
Office Lease - Right Of Use Asset And Lease Liability | 14. OFFICE LEASE – RIGHT OF USE ASSET AND LEASE LIABILITY The Company subleases corporate offices in Vancouver, BC from HDSI under a lease agreement dated May 1, 2021, and the lease expires on April 29, 2026. Right-of-use asset A summary of the changes in the right-of-use asset for the year ended March 31, 2024 and the year ended March 31, 2024 are as follows: Right-of-use-asset ($) Balance at March 31, 2022 82,384 Amortization (20,176) Balance at March 31, 2023 62,208 Amortization (20,175) Balance at March 31, 2024 42,033 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 $134,766, discount rate used is 12.00%). This liability represents the monthly lease payment from May 1, 2021 to April 29, 2026, the end of the lease term less abatement granted by HDSI. A summary of changes in the lease liability during the year ended March 31, 2024 and the year ended March 31, 2023 are as follows: Lease liability ($) 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 ($) Balance at March 31, 2023 72,903 Lease payment – base rent portion (28,056) Lease liability – accretion expense 7,360 Balance at March 31, 2024 52,207 Current portion 23,443 Long-term portion 28,764 The following is a schedule of the Company’s future lease payments (base rent portion) under the lease obligations: Future lease payments (base rent portion only) ($) Fiscal 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 58,677 Less: imputed interest (6,470) Lease liability as at March 31, 2024 52,207 |
Financial Risk Management
Financial Risk Management | 12 Months Ended |
Mar. 31, 2024 | |
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 year ended March 31, 2024. (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, 2024 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 March 31, 2024 and 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 March 31, 2024 and 2023, the Company’s exposure to price risk was not significant in relation to these Financial Statements. |
Income taxes
Income taxes | 12 Months Ended |
Mar. 31, 2024 | |
Income taxes | |
Income Taxes | 16. 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 for deferred tax As future taxable profits of the Company are uncertain, no deferred tax asset has been recognized. At March 31, 2024, the Company has unused non-capital loss carry forwards of approximately $9,600,000 (March 31, 2023 - $10.4 million; March 31, 2022 - $10.7 million). At March 31, 2023, the Company has resource tax pools of approximately $31,200,000 (March 31, 2023 - $31.1 million; March 31, 2022 - $31 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, March 31, 2024 2023 Net income (loss) for the year (43,450) (32,583) Total income tax expense - - Net income (loss) excluding income tax (43,450) (32,583) Income tax expense (recovery) using the Company's tax rate (12,000) (9,000) Non-deductible expenses and other 154,000 142,000 Change in deferred tax rates - - Temporary difference booked to reserve (13,000) (23,000) Deferred income tax assets not recognized (129,000) (110,000) The Company’s statutory tax rate was 27% (2023 – 27%; 2022 – 27%) and its effective tax rate is nil (2023 – nil; 2022 – nil). (d) Deductible temporary differences At March 31, 2024, the Company had the following deductible temporary differences for which no deferred tax asset was recognized: Expiry Tax Losses (Capital) Tax Losses (Non-Capital) Resource Pools Other Within one year - - - - One to five years - - - - After five years - 9,647,000 - 1,011,000 No expiry date 2,165,000 - 31,250,000 77,000 2,165,000 9,647,000 31,250,000 1,088,000 |
Material accounting policy in_2
Material accounting policy information (Policies) | 12 Months Ended |
Mar. 31, 2024 | |
Material accounting policy information | |
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, 2024. The Board of Directors of the Company authorized these Financial Statements for issuance on July 16, 2024. |
Basis of Presentation | 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. Certain comparative amounts have been reclassified to conform to the presentation adopted in the current period. |
Significant Accounting Estimates and judgements | The preparation of the Financial Statements in conformity with IFRS requires management to make judgements, estimates, and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Actual results may differ from 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. |
Operating Segments | 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. 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 licenses; · 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 accounted for separately, including major inspection and overhaul expenditures, are capitalized. As at March 31, 2024, all equipment had been fully depreciated. The Company did not purchase any equipment during the year ended March 31, 2024. |
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 or consultant 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 to previous 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 to investors. 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 as 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 or development 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. |
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 Mining 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. |
IFRS 16, Leases ("IFRS 16") | All leases are accounted for by recognizing a right-of-use asset and a lease liability except for: · Leases of low value assets; and · Leases with a duration of twelve months or less. Lease liabilities are measured at the present value of the contractual payments due to the lessor over the lease term, with the discount rate determined by the interest rate implicit in the lease, or if that rate cannot be readily determined, the Company’s incremental borrowing rate on commencement of the lease is used. Variable lease payments are only included in the measurement of the lease liability if they depend on an index or rate. In such cases, the initial measurement of the lease liability assumes the variable element will remain unchanged throughout the lease term. Other variable lease payments are expensed in the period to which they relate. On initial recognition, the carrying value of the lease liability also includes: · Amounts expected to be payable under any residual value guarantee; · The exercise price of any purchase option granted if it is reasonable certain to assess that option; and · Any penalties payable for terminating the lease, if the term of the lease has been estimated on the basis of termination option being exercised. Right-of-use assets are initially measured at the amount of the lease liability, reduced for any lease incentives received, and increased for: · Lease payments made at or before commencement of the lease; · Initial direct costs incurred; and · The amount of any provision recognized where the Company is contractually required to dismantle, remove or restore the leased asset. Lease liabilities, on initial measurement, increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right-of-use assets are amortized on a straight-line basis over the remaining term of the lease or over the remaining economic life of the asset if this is judged to be shorter than the lease term. When the Company revises its estimate of the term of any lease, it adjusts the carrying amount of the lease liability to reflect the payments to make over the revised term, which are discounted at the same discount rate that applied on lease commencement. The carrying value of lease liabilities is similarly revised when the variable element of future lease payments dependent on a rate or index is revised. In both cases, an equivalent adjustment is made to the carrying value. |
Material accounting policy in_3
Material accounting policy information (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Material accounting policy information | |
Financial assets measured at fair value | 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, 2024 | |
Marketable Securities | |
Schedule of Marketable Securities | Company Shares/Warrants Held Cost Fair Value Fair Value Increase(Decrease) (#) ($) ($) ($) Carlyle Commodities Corp - Shares 550,000 907,500 24,750 (882,750) Carlyle Commodities Corp - Warrants 550,000 727,000 3,000 (724,000) Other 1,678,839 14,237 13,837 (400) Total 2,778,839 1,648,737 41,587 (1,607,150) |
Amounts Receivable and Other _2
Amounts Receivable and Other Assets (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Amounts Receivable and Other Assets | |
Schedule Of Amounts Receivable And Other Assets | March 31, 2024 March 31, 2023 ($) ($) Sales tax refundable 158,223 199,184 Prepaid 57,901 19,167 216,124 218,351 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Accounts Payable and Accrued Liabilities | |
Schedule Of Accounts Payable And Accrued Liabilities | March 31, 2024 March 31, 2023 ($) ($) Accounts payable 842,821 944,393 Accrued liabilities 285,987 236,470 Total 1,128,808 1,180,863 |
Directors Loans (Tables)
Directors Loans (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Directors Loans | |
Schedule Of Unsecured Loans Payable | Year ended Year ended March 31, 2024 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 136,942 102,554 Closing balance 784,947 648,005 Year ended Year ended March 31, 2024 March 31, 2023 ($) ($) Non-current portion 784,947 648,005 Total 784,947 648,005 Finance expenses Years ended March 31, 2024 2023 2022 ($) ($) ($) Interest on loan 101,274 126,685 100,000 Amortization of transaction costs 136,942 102,554 74,642 Total 238,216 229,239 174,642 |
Share Capital and Reserves (Tab
Share Capital and Reserves (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Share Capital and Reserves | |
Schedule Of Purchase Options | March 31, 2024 March 31, 2023 Weighted Average Exercise Price Number of Options Weighted Average Exercise Price Number of Options Beginning balance 0.100 0.090 5,480,000 Granted 0.107 6,930,000 0.110 1,000,000 Ending balance 0.102 13,410,000 0.100 6,480,000 |
Schedule Of Options Outstanding | Weighted Average Number of Number of Remaining Contractual Options Options Exercise price Expiry date Life (periods) Outstanding Exercisable $ 0.05 4-Oct-24 0.51 2,000,000 2,000,000 $ 0.12 9-Mar-25 0.94 2,580,000 1,719,998 $ 0.12 9-Mar-27 2.94 900,000 700,000 $ 0.11 8-Jul-27 3.27 1,000,000 1,000,000 $ 0.125 11-Apr-26 2.03 520,000 173,333 $ 0.105 22-Mar-29 4.98 5,500,000 2,750,000 $ 0.105 22-Mar-27 2.98 910,000 705,000 3.02 13,410,000 9,048,331 |
Schedule Of Share Purchase Warrants | March 31, 2024 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 0.10 6,176,470 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Statement [Line Items] | |
Schedule Of Balances Due To Related Parties | March 31, 2024 March 31, 2023 Balances due to related parties ($) ($) Hunter Dickinson Services Inc. 134,251 327,348 Robert Dickinson (interest payable) - 190,082 United Mineral Services Ltd. 7,586 7,586 Thomas Wilson (CFO fees) 5,496 5,496 Total 147,333 530,512 |
Hunter Dickinson Services Inc. | |
Statement [Line Items] | |
Schedule of related party transactions | Years ended March 31, 2024 2023 2023 (rounded to the nearest thousand CAD) ($) ($) ($) Services received from HDSI and as requested by the Company 1,278,000 993,000 765,000 Information technology – infrastructure and support services 62,000 60,000 67,000 Office rent 45,000 41,000 33,000 Reimbursement, at cost, of third-party expenses incurred by HDSI on behalf of the Company 329,000 193,000 136,000 Total 1,714,000 1,287,000 1,001,000 |
Supplementary information to _2
Supplementary information to the statement of loss (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Supplementary information to the statements of loss | |
Schedule Of Employee Salaries And Benefits | Years ended March 31, 2024 2023 2022 Salaries, fees and benefits (1) ($) ($) ($) Exploration and evaluation expenses 6,777,000 7,130,000 2,391,000 Administration expenses (2) 347,000 245,000 194,000 7,124,000 7,375,000 2,585,000 |
Schedule Of Office And Administration Expenses | Years ended March 31, 2024 (1) 2023 (1) 2022 (1) ($) ($) ($) Salaries and Benefits 340,000 245,000 245,000 Data processing and retention 21,000 14,000 17,000 Insurance 26,000 34,000 30,000 Other office expenses 30,000 16,000 32,000 417,000 309,000 324,000 |
Office Lease Right Of Use Ass_2
Office Lease Right Of Use Asset And Lease Liability (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Office Lease Right Of Use Asset And Lease Liability | |
Schedule Of Changes In The Right-Of-Use Asset | Right-of-use-asset ($) Balance at March 31, 2022 82,384 Amortization (20,176) Balance at March 31, 2023 62,208 Amortization (20,175) Balance at March 31, 2024 42,033 |
Schedule 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 (28,056) Lease liability – accretion expense 7,360 Balance at March 31, 2024 52,207 Current portion 23,443 Long-term portion 28,764 |
Schedule Of Future Lease Payments | Future lease payments (base rent portion only) ($) Fiscal 2025 (April 1, 2024 to March 31, 2025) 28,165 Fiscal 2026 (April 1, 2025 to March 31, 2026) 28,165 Fiscal 2027 (April 1, 2026 to April 29, 2027) (Note 6) 2,347 Total undiscounted lease payments 58,677 Less: imputed interest (6,470) Lease liability as at March 31, 2024 52,207 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Income taxes | |
Schedule Of Reconciliation Of Effective Tax Rate | March 31, March 31, 2024 2023 Net income (loss) for the year (43,450) (32,583) Total income tax expense - - Net income (loss) excluding income tax (43,450) (32,583) Income tax expense (recovery) using the Company's tax rate (12,000) (9,000) Non-deductible expenses and other 154,000 142,000 Change in deferred tax rates - - Temporary difference booked to reserve (13,000) (23,000) Deferred income tax assets not recognized (129,000) (110,000) |
Schedule Of Deductible Temporary Difference Of Deferred Tax Asset | Expiry Tax Losses (Capital) Tax Losses (Non-Capital) Resource Pools Other Within one year - - - - One to five years - - - - After five years - 9,647,000 - 1,011,000 No expiry date 2,165,000 - 31,250,000 77,000 2,165,000 9,647,000 31,250,000 1,088,000 |
NATURE AND CONTINUANCE OF OPE_2
NATURE AND CONTINUANCE OF OPERATIONS (Details Narrative) - CAD ($) | Mar. 31, 2024 | Mar. 31, 2023 |
NATURE AND CONTINUANCE OF OPERATIONS (Details Narrative) | ||
Cash | $ 9,007,042 | |
Working capital | 2,063,217 | |
Accumulated deficit | $ (70,027,712) | $ (69,984,262) |
MATERIAL ACCOUNTING POLICY IN_4
MATERIAL ACCOUNTING POLICY INFORMATION (Details) | 12 Months Ended |
Mar. 31, 2024 | |
Cash | |
Statement [Line Items] | |
Classification | Amortized cost |
Marketable Securities | |
Statement [Line Items] | |
Classification | FVTOCI |
Restricted Cash | |
Statement [Line Items] | |
Classification | Amortized cost |
Amounts Receivable and Other Assets | |
Statement [Line Items] | |
Classification | Amortized cost |
Balance Due to Related Parties | |
Statement [Line Items] | |
Classification | Amortized cost |
Number of Common Shares | |
Statement [Line Items] | |
Classification | Amortized cost |
MATERIAL ACCOUNTING POLICY IN_5
MATERIAL ACCOUNTING POLICY INFORMATION (Details Narrative) | 12 Months Ended |
Mar. 31, 2024 | |
MATERIAL ACCOUNTING POLICY INFORMATION (Details) | |
Depreciation rate, property, plant and equipment, minimum | 20% |
Depreciation rate, property, plant and equipment, maximum | 30% |
MARKETABLE SECURITIES (Details)
MARKETABLE SECURITIES (Details) | 12 Months Ended |
Mar. 31, 2024 CAD ($) shares | |
Statement [Line Items] | |
Shares/Warrants Held | shares | 2,778,839 |
Cost | $ 1,648,737 |
Fair Value | 41,587 |
Fair Value Increase(Decrease) | $ (1,607,150) |
Carlyle Commodities Corp. Warrants | |
Statement [Line Items] | |
Shares/Warrants Held | shares | 550,000 |
Cost | $ 727,000 |
Fair Value | 3,000 |
Fair Value Increase(Decrease) | $ (724,000) |
Other | |
Statement [Line Items] | |
Shares/Warrants Held | shares | 1,678,839 |
Cost | $ 14,237 |
Fair Value | 13,837 |
Fair Value Increase(Decrease) | $ (400) |
Numbers of Common Shares | |
Statement [Line Items] | |
Shares/Warrants Held | shares | 550,000 |
Cost | $ 907,500 |
Fair Value | 24,750 |
Fair Value Increase(Decrease) | $ (882,750) |
MARKETABLE SECURITIES (Details
MARKETABLE SECURITIES (Details Narrative) - Carlyle Commodities Corp Shares [Member] - CAD ($) | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement [Line Items] | ||
Shares/warrants held | 550,000 | |
Fair value | $ 41,587 | $ 139,284 |
Fair value increase/decrease | $ 97,698 | $ 167,890 |
AMOUNTS RECEIVABLE AND OTHER _3
AMOUNTS RECEIVABLE AND OTHER ASSETS (Details) - CAD ($) | Mar. 31, 2024 | Mar. 31, 2023 |
Amounts Receivable and Other Assets | ||
Sales tax refundable | $ 158,223 | $ 199,184 |
Prepaid receivable and other assets | 57,901 | 19,167 |
Total | $ 216,124 | $ 218,351 |
EXPLORATION AND EVALUATION EX_2
EXPLORATION AND EVALUATION EXPENSES AND COST RECOVERIES (Details Narrative) - CAD ($) | 1 Months Ended | 12 Months Ended | |||||||||
Jul. 07, 2023 | May 11, 2021 | Nov. 22, 2022 | May 16, 2022 | Nov. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 | Nov. 30, 2016 | Mar. 31, 2024 | Mar. 31, 2022 | Dec. 31, 2019 | |
IKE District [Member] | |||||||||||
Statement [Line Items] | |||||||||||
Royalty interest | 1% | ||||||||||
Royalty obligation | $ 5,000,000 | ||||||||||
Joy District [Member] | |||||||||||
Statement [Line Items] | |||||||||||
Common shares issue | 5,277,778 | ||||||||||
IKE Property Mineral [Member] | |||||||||||
Statement [Line Items] | |||||||||||
Royalty interest | 1% | ||||||||||
Royalty amount payment | $ 4,000,000 | ||||||||||
Royalty obligation | $ 2,000,000 | ||||||||||
Additional royalty interest | 2% | ||||||||||
Common shares issue | 500,000 | ||||||||||
Advance royalty payments | $ 50,000 | ||||||||||
Granite Property Mineral [Member] | |||||||||||
Statement [Line Items] | |||||||||||
Royalty interest | 2% | ||||||||||
Royalty amount payment | $ 1,500,000 | ||||||||||
Royalty obligation | $ 2,000,000 | ||||||||||
Additional royalty interest | 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 | ||||||||||
Advanced contributions balance | $ 3,945,526 | ||||||||||
Cost recovery expenditure | 7,844,221 | ||||||||||
Rvenue from project | $ 611,248 | ||||||||||
Duke Property Mineral [Member] | DUKE District Capped Royalty [Member] | |||||||||||
Statement [Line Items] | |||||||||||
Royalty interest | 2% | ||||||||||
Common shares issue | 200,000 | ||||||||||
Owenership percentage | 100% | ||||||||||
Event of commercial property description | payable until $10 million has been paid after which the NSR shall cease | ||||||||||
Cash payments | $ 5,000 | ||||||||||
Annual scholarship per year | $ 20,000 | ||||||||||
Other Property Transactions [Member] | |||||||||||
Statement [Line Items] | |||||||||||
Expected life | 4 years 11 months 23 days | ||||||||||
Expected volatility | 139% | ||||||||||
Dividend yield | 0% | ||||||||||
Risk free-interest rate | 0.38% | ||||||||||
Owenership percentage | 100% | ||||||||||
Description of consideration comprising | the Company received $300,000 in cash from IMC and 550,000 post-consolidated common shares and 550,000 post consolidated warrants of Carlyle as consideration, exercisable at $5 per post-consolidated warrant until December 8, 2025. The 550,000 post-consolidated common shares were measured at $907,500 based on the fair market value of $1.65 per post-consolidated share on the Closing Date. The 550,000 post-consolidated warrants were measured at $727,000 using the Black-Scholes option pricing model | ||||||||||
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 | ||||||||||
Cascadero Copper Corporation [Member] | |||||||||||
Statement [Line Items] | |||||||||||
Dividend yield | 100% | ||||||||||
PINE Property [Member] | |||||||||||
Statement [Line Items] | |||||||||||
Dividend yield | 49% | ||||||||||
Percentage of property purchase | 51% | ||||||||||
Gold Fields Toodoggone Exploration Corporation [Member] | |||||||||||
Statement [Line Items] | |||||||||||
Common shares issue | 300,000 | 5,000,000 | |||||||||
Percentage of property purchase | 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 the Underlying NSR and a 1% NSR royalty on the balance of the claims that are not subject to the Underlying NSR. 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 an aggregate 70% interest by sole funding a further $75 million within the following five years | ||||||||||
Project costs | $ 4,257,245 | ||||||||||
Earned fee | $ 85,000 |
ACCOUNTS PAYABLE AND ACCRUED _3
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) - CAD ($) | Mar. 31, 2024 | Mar. 31, 2023 |
Accounts Payable and Accrued Liabilities | ||
Accounts payable | $ 842,821 | $ 944,393 |
Accrued liabilities | 285,987 | 236,470 |
Total | $ 1,128,808 | $ 1,180,863 |
DIRECTORS LOAN (Details)
DIRECTORS LOAN (Details) - CAD ($) | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
DIRECTORS LOAN (Details) | |||
Opening balance | $ 648,005 | $ 644,642 | |
Principal advances | 0 | 350,000 | |
Principal repayments | 0 | 350,000 | |
Transaction costs | 0 | (99,191) | |
Amortization of transaction costs | 136,942 | 102,554 | $ 74,642 |
Closing balance | $ 784,947 | $ 648,005 | $ 644,642 |
DIRECTORS LOAN (Details 1)
DIRECTORS LOAN (Details 1) - CAD ($) | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2019 |
DIRECTORS LOAN (Details) | ||||
Non-current portion | $ 784,947 | $ 648,005 | ||
Total | $ 784,947 | $ 648,005 | $ 644,642 | $ 1,000,000 |
DIRECTORS LOAN (Details 2)
DIRECTORS LOAN (Details 2) - CAD ($) | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
DIRECTORS LOAN (Details) | |||
Interest on loan | $ 101,274 | $ 126,685 | $ 100,000 |
Amortization of transaction costs | 136,942 | 102,554 | 74,642 |
Total | $ 238,216 | $ 229,239 | $ 174,642 |
DIRECTORS LOAN (Details Narrati
DIRECTORS LOAN (Details Narrative) - CAD ($) | 1 Months Ended | 12 Months Ended | ||||
Dec. 13, 2021 | Jun. 15, 2023 | Dec. 31, 2019 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
DIRECTORS LOAN (Details) | ||||||
Interest rate | 12% | 10% | 10% | |||
Short term loan | $ 250,000 | |||||
Principal balance | $ 1,000,000 | $ 784,947 | $ 648,005 | $ 644,642 | ||
Interest paid | $ 160,000 | $ 101,274 | $ 126,685 | $ 100,000 | ||
Loan bonus share issued, share | 16,000,000 | |||||
Loan bonus share expiration | five years | |||||
Exercise price | $ 0.05 | |||||
Loan amendment agreement | $ 100,000 | |||||
Loan | $ 1,176,470 | |||||
Bonus warrant exercise price | $ 0.085 |
FLOW THROUGH LIABILITY (Details
FLOW THROUGH LIABILITY (Details Narrative) | 12 Months Ended |
Mar. 31, 2024 CAD ($) $ / shares shares | |
Flow Through Liability | |
Common shares issue | shares | 15,384,615 |
Flow-through premium liability outstanding | $ 769,231 |
Shares price per shares | $ / shares | $ 0.13 |
Gross proceeds from flow-through shares | $ 2,000,000 |
Flow through premium liability | $ 769,231 |
SHARE CAPITAL AND RESERVES (Det
SHARE CAPITAL AND RESERVES (Details) | 12 Months Ended | |
Mar. 31, 2024 $ / shares shares | Mar. 31, 2023 $ / shares shares | |
Share Capital and Reserves | ||
Number of options outstanding, beginning | shares | 6,480,000 | 5,480,000 |
Weighted average exercise price outstanding, beginning | $ 0.100 | $ 0.090 |
Number of options granted | 6,930,000 | 1,000,000 |
Weighted average exercise price Granted | $ 0.107 | $ 0.110 |
Number of options outstanding, ending | shares | 13,410,000 | 6,480,000 |
Weighted average exercise price outstanding, ending | $ 0.102 | $ 0.100 |
SHARE CAPITAL AND RESERVES (D_2
SHARE CAPITAL AND RESERVES (Details 1) | 12 Months Ended | ||
Mar. 31, 2024 $ / shares | Mar. 31, 2023 $ / shares | Mar. 31, 2022 $ / shares | |
Statement [Line Items] | |||
Weighted average exercise price outstanding, beginning | $ 0.102 | $ 0.100 | $ 0.090 |
Number of options outstanding | 13,410,000 | ||
Weighted average remaining contractual life (years) | 3 years 7 days | ||
Number of options exercisable | 9,048,331 | ||
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) | 11 months 8 days | ||
Number of options exercisable | 1,719,998 | ||
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) | 6 months 3 days | ||
Number of options exercisable | 2,000,000 | ||
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) | 2 years 11 months 8 days | ||
Number of options exercisable | 700,000 | ||
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 3 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 10 days | ||
Number of options exercisable | 173,333 | ||
Exercise Price 6 | |||
Statement [Line Items] | |||
Weighted average exercise price outstanding, beginning | $ 0.105 | ||
Number of options outstanding | 5,500,000 | ||
Weighted average remaining contractual life (years) | 4 years 11 months 23 days | ||
Number of options exercisable | 2,750,000 | ||
Exercise Price 7 | |||
Statement [Line Items] | |||
Weighted average exercise price outstanding, beginning | $ 0.105 | ||
Number of options outstanding | 910,000 | ||
Weighted average remaining contractual life (years) | 2 years 11 months 23 days | ||
Number of options exercisable | 705,000 |
SHARE CAPITAL AND RESERVES (D_3
SHARE CAPITAL AND RESERVES (Details 2) - $ / shares | 12 Months Ended | |
Mar. 31, 2024 | 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 | 0 | 1,176,470 |
Number of warrants exercised | 4,807,693 | 0 |
Weighted average exercise price Granted | $ 0 | $ 0.085 |
Weighted average exercise price exercised | $ 0.08 | $ 0 |
Number of warrants, ending | 10,984,163 | 6,176,470 |
Weighted average exercise price, ending | $ 0.10 | $ 0.07 |
SHARE CAPITAL AND RESERVES (D_4
SHARE CAPITAL AND RESERVES (Details Narrative) | 1 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 01, 2023 CAD ($) $ / shares shares | Apr. 11, 2023 CAD ($) shares | Apr. 11, 2023 $ / shares | Jul. 08, 2022 CAD ($) shares | Jul. 08, 2022 $ / shares | Mar. 09, 2022 CAD ($) shares | Mar. 09, 2022 $ / shares | Dec. 02, 2021 CAD ($) shares | Oct. 02, 2020 CAD ($) shares | Mar. 22, 2024 CAD ($) $ / shares shares | Dec. 31, 2023 $ / shares shares | Jun. 30, 2022 CAD ($) shares | Aug. 20, 2020 CAD ($) shares | Dec. 31, 2019 CAD ($) shares | Mar. 31, 2022 CAD ($) | Dec. 31, 2020 CAD ($) | Mar. 31, 2024 CAD ($) shares | Sep. 08, 2023 $ / shares shares | Mar. 31, 2023 CAD ($) shares | |
Statement [Line Items] | |||||||||||||||||||
Stock issued to exercise of warrants, shares | 6,000,000 | 2,000,000 | 3,000,000 | ||||||||||||||||
Flow-through proceeds outstanding | $ | $ 2,383,000 | $ 383,000 | |||||||||||||||||
Common shares issue | 15,384,615 | ||||||||||||||||||
Stock issued to exercise of warrants, proceeds | $ | $ 300,000 | $ 100,000 | $ 150,000 | ||||||||||||||||
Stock issaunce costs | $ | $ 100 | ||||||||||||||||||
Renounced to shareholder | $ | $ 167,000 | ||||||||||||||||||
Fair value of warrants issued | $ | $ 300,000 | ||||||||||||||||||
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-through warrants | |||||||||||||||||||
Statement [Line Items] | |||||||||||||||||||
Share purchase warrants issued | 4,807,693 | ||||||||||||||||||
Expiry term share purchase warrants | 5 years | ||||||||||||||||||
Strike price | $ / shares | $ 0.08 | ||||||||||||||||||
Investor Relations Agreement | |||||||||||||||||||
Statement [Line Items] | |||||||||||||||||||
Stock option granted | 520,000 | 3,480,000 | 6,410,000 | ||||||||||||||||
Aggregate common shares acquire | 520,000 | 3,480,000 | 6,410,000 | ||||||||||||||||
Share price | (per share) | $ 0.125 | $ 0.12 | $ 0.105 | ||||||||||||||||
Stock granted term dscription | three years | three to five years | three to five years | ||||||||||||||||
Stock granted to insiders percentage | 50% | ||||||||||||||||||
Fair value of options | $ | $ 49,647 | $ 366,912 | $ 589,109 | ||||||||||||||||
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 | risk-free rate of 3.48%; expected volatility of 95% for options with three year expiry term and 131% for options with five year expiry term; underlying market price of $0.11; strike price of $0.105; and dividend yield of nil | ||||||||||||||||
Share Purchase Option | |||||||||||||||||||
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 | ||||||||||||||||||
Property Agreement [Member] | |||||||||||||||||||
Statement [Line Items] | |||||||||||||||||||
Common shares issued | 100,000 | ||||||||||||||||||
Common stock share issue price | $ / shares | $ 0.075 | ||||||||||||||||||
Private Placement Flow [Member] | |||||||||||||||||||
Statement [Line Items] | |||||||||||||||||||
Common shares issue | 15,384,615 | ||||||||||||||||||
Stock issued to exercise of warrants, proceeds | $ | $ 2,000,000 | ||||||||||||||||||
Share price | $ / shares | $ 0.13 | ||||||||||||||||||
Private Placement Non Flow [Member] | |||||||||||||||||||
Statement [Line Items] | |||||||||||||||||||
Common shares issue | 9,615,385 | ||||||||||||||||||
Stock issued to exercise of warrants, proceeds | $ | $ 769,231 | ||||||||||||||||||
Share price | $ / shares | $ 0.08 | ||||||||||||||||||
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 ($) | Mar. 31, 2024 | Mar. 31, 2023 |
Statement [Line Items] | ||
Balances due to related parties | $ 147,333 | $ 530,512 |
Hunter Dickinson Services Inc. | ||
Statement [Line Items] | ||
Balances due to related parties | 134,251 | 327,348 |
Robert Dickinson (Interest Payable) | ||
Statement [Line Items] | ||
Balances due to related parties | 0 | 190,082 |
United Mineral Services Ltd. | ||
Statement [Line Items] | ||
Balances due to related parties | 7,586 | 7,586 |
Thomas Wilson (CFO Fees) [Member] | ||
Statement [Line Items] | ||
Balances due to related parties | $ 5,496 | $ 5,496 |
RELATED PARTY TRANSACTIONS (D_2
RELATED PARTY TRANSACTIONS (Details 1) - Hunter Dickinson Services Inc. - CAD ($) | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Statement [Line Items] | |||
Services received from HDSI and as requested by the Company | $ 1,278,000 | $ 993,000 | $ 765,000 |
Information technology - infrastructure and support services | 62,000 | 60,000 | 67,000 |
Office rent | 45,000 | 41,000 | 33,000 |
Reimbursement, at cost, of third-party expenses incurred by HDSI on behalf of the Company | 329,000 | 193,000 | 136,000 |
Total | $ 1,714,000 | $ 1,287,000 | $ 1,001,000 |
RELATED PARTY TRANSACTIONS (D_3
RELATED PARTY TRANSACTIONS (Details Narrative) - CAD ($) | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement [Line Items] | ||
Company incurred fees | $ 8,563 | $ 3,370 |
United Mineral Services Ltd. | ||
Statement [Line Items] | ||
Company incurred fees | $ 62,810 | $ 49,149 |
Directors and Officers | ||
Statement [Line Items] | ||
Stock options issued | 7,450,000 | 1,750,000 |
Share-based compensation | $ 316,771 | $ 94,373 |
Company incurred fees | 211,137 | 208,648 |
Chief Financial Officer | ||
Statement [Line Items] | ||
Company incurred fees | $ 12,179 | $ 0 |
SUPPLEMENTARY INFORMATION TO _3
SUPPLEMENTARY INFORMATION TO THE CONSOLIDATED STATEMENTS OF LOSS (Details) - Salaries, fees and benefits [Member] - CAD ($) | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Statement [Line Items] | |||
Exploration and evaluation expenses | $ 6,777,000 | $ 7,130,000 | $ 2,391,000 |
Administration expenses | 347,000 | 245,000 | 194,000 |
Total | $ 7,124,000 | $ 7,375,000 | $ 2,585,000 |
SUPPLEMENTARY INFORMATION TO _4
SUPPLEMENTARY INFORMATION TO THE CONSOLIDATED STATEMENTS OF LOSS (Details 1) - CAD ($) | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
SUPPLEMENTARY INFORMATION TO THE CONSOLIDATED STATEMENTS OF LOSS (Details) | |||
Salaries and benefits | $ 340,000 | $ 245,000 | $ 245,000 |
Data processing and retention | 21,000 | 14,000 | 17,000 |
Insurance | 26,000 | 34,000 | 30,000 |
Other office expenses | 30,000 | 16,000 | 32,000 |
Total | $ 417,000 | $ 309,000 | $ 324,000 |
OFFICE LEASE RIGHT OF USE ASS_3
OFFICE LEASE RIGHT OF USE ASSET AND LEASE LIABILITY (Details) - CAD ($) | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
OFFICE LEASE RIGHT OF USE ASSET AND LEASE LIABILITY (Details) | ||
Beginning Period Right Of Use Of Assets | $ 62,208 | $ 82,384 |
Amortization | (20,175) | (20,176) |
Ending period Right Of Use Of Assets | $ 42,033 | $ 62,208 |
OFFICE LEASE RIGHT OF USE ASS_4
OFFICE LEASE RIGHT OF USE ASSET AND LEASE LIABILITY (Details 1) - CAD ($) | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
OFFICE LEASE RIGHT OF USE ASSET AND LEASE LIABILITY (Details) | ||
Beginning balance | $ 72,903 | $ 90,028 |
Lease payment- base rent portion | (28,056) | (26,745) |
Lease liability - accretion expense | 7,360 | 9,620 |
Ending balance | 52,207 | 72,903 |
Current portion | 23,443 | 20,696 |
Long term portion | $ 28,764 | $ 52,207 |
OFFICE LEASE RIGHT OF USE ASS_5
OFFICE LEASE RIGHT OF USE ASSET AND LEASE LIABILITY (Details 2) | 12 Months Ended |
Mar. 31, 2024 CAD ($) | |
OFFICE LEASE RIGHT OF USE ASSET AND LEASE LIABILITY (Details) | |
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 | 58,677 |
Less: inputed interest | (6,470) |
Lease liability | $ 52,207 |
INCOME TAXES (Details)
INCOME TAXES (Details) - CAD ($) | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
INCOME TAXES (Details) | ||
Net income (loss) for the year | $ (43,450) | $ (32,583) |
Total income tax expense | 0 | 0 |
Net income (loss) excluding income tax | (43,450) | (32,583) |
Income tax expense (recovery) using the Company's tax rate | (12,000) | (9,000) |
Non-deductible expenses and other | 154,000 | 142,000 |
Change in deferred tax rates | 0 | 0 |
Temporary difference booked to reserve | (13,000) | (23,000) |
Deferred income tax assets not recognized | $ 129,000 | $ 110,000 |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) | Mar. 31, 2024 CAD ($) |
Statement [Line Items] | |
Tax losses (capital) | $ 2,165,000 |
Tax losses (non-capital) | 9,647,000 |
Resources pools | 31,250,000 |
Other | 1,088,000 |
Within One Year | |
Statement [Line Items] | |
Tax losses (capital) | 0 |
Tax losses (non-capital) | 0 |
Resources pools | 0 |
Other | 0 |
One to Five Years | |
Statement [Line Items] | |
Tax losses (capital) | 0 |
Tax losses (non-capital) | 0 |
Resources pools | 0 |
Other | 0 |
After Five Years | |
Statement [Line Items] | |
Tax losses (capital) | 0 |
Tax losses (non-capital) | 9,647,000 |
Resources pools | 0 |
Other | 1,011,000 |
No Expiry Date | |
Statement [Line Items] | |
Tax losses (capital) | 2,165,000 |
Tax losses (non-capital) | 0 |
Resources pools | 31,250,000 |
Other | $ 77,000 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - CAD ($) | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
INCOME TAXES (Details) | |||
Unused non-capital loss carry forwards | $ 9,600,000 | $ 10,400,000 | $ 10,700,000 |
Resource tax pools | $ 31,200,000 | $ 31,100,000 | $ 31,000,000 |
Statutory tax rate | 27% | 27% | 27% |
Effective tax rate | 0% | 0% | 0% |