Amarc Resources (AXREF) 6-K 4 Sep 24 2024 Q1 Current report (foreign) Financial data

Cover

Cover	3 Months Ended
	Jun. 30, 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	Jun. 30, 2024
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
Entity File Number	000-49869
Entity Address Address Line 1	14th Floor – 1040 W. Georgia Street
Entity Address Address Line 2	1040 West Georgia Street
Entity Address City Or Town	Vancouver
Entity Address Country	CA
Entity Address Postal Zip Code	V6E 4H1

Condensed Interim Statements of

Condensed Interim Statements of Financial Position - CAD ($)	Jun. 30, 2024	Mar. 31, 2024
Current assets
Cash	$ 5,262,832	$ 9,007,042
Amounts receivable and other assets	269,913	216,124
Marketable securities	36,835	41,587
Total Current Assets	5,569,580	9,264,753
Non-current assets
Restricted cash	534,828	534,828
Right-of-use asset	36,989	42,033
Total assets	6,141,397	9,841,614
Current liabilities
Accounts payable and accrued liabilities	2,396,215	1,128,808
Advanced contributions received	938,377	5,132,721
Balances due to related parties	101,428	147,333
Flow through liability	769,231	769,231
Lease liability	24,154	23,443
Total current liabilities	4,229,405	7,201,536
Non-current liabilities
Director's loan	825,540	784,947
Lease liability	22,452	28,764
Total liabilities	5,077,397	8,015,247
Shareholders' equity (deficiency)
Share capital	67,236,421	67,236,421
Reserves	4,678,090	4,617,658
Accumulated deficit	(70,850,511)	(70,027,712)
Shareholders' equity (deficiency)	1,064,000	1,826,367
Total liabilities and shareholders' equity	$ 6,141,397	$ 9,841,614

Condensed Interim Statements _2

Condensed Interim Statements of Loss - CAD ($)	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Expenses
Assays and analysis	$ 183,838	$ 360,966
Drilling	1,235,891	0
Environmental	12,024	17,470
Equipment rental	59,686	37,466
Freight	68,558	24,591
Geological, including geophysical	1,047,365	804,324
Graphics	15,495	10,982
Helicopter and fuel	962,389	431,025
Property acquisition and assessments costs	112,917	102,928
Site activities	744,338	444,521
Socioeconomic	162,169	44,806
Technical data	19,030	14,453
Travel and accommodation	121,433	101,815
Exploration and evaluation	4,745,133	2,395,347
Legal, accounting and audit	8,483	3,944
Office and administration	99,653	72,332
Rent	14,587	12,595
Shareholder communication	109,438	70,906
Travel and accommodation	18,237	16,265
Trust and regulatory	22,890	5,071
Administration	273,288	181,113
Equity-settled share-based compensation	65,184	26,758
Cost recoveries	(4,211,577)	(1,799,566)
Loss (income) before other items	872,028	803,652
Other items
Finance income	(121,876)	(85,956)
Interest expense - director's loans	24,932	24,932
Accretion expense - office lease	1,440	2,071
Other fee income	0	(375,000)
Amortization of right-of-use asset	5,044	5,045
Transaction cost - director's loans	40,593	30,472
Foreign exchange loss	638	(220)
Net loss	822,799	404,996
Other comprehensive loss
Change in value of marketable securities	4,752	56,942
Total other comprehensive loss	$ 827,551	$ 461,938
Basic and diluted loss per share	$ 0	$ 0
shares outstanding	211,702,894	186,602,894

Condensed Interim Statements _3

Condensed Interim Statements of Comprehensive (Loss) - CAD ($)	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Condensed Interim Statements of Comprehensive (Loss)
Net (loss)	$ (822,799)	$ (404,996)
Revaluation of marketable securities	(4,752)	(56,942)
Total other comprehensive (loss)	(4,752)	(56,942)
Comprehensive (loss)	$ (827,551)	$ (461,938)

Condensed Interim Statements _4

Condensed Interim Statements of Changes in (Deficiency) Equity - CAD ($)	Total	Number of Common Shares	Share Based Payment Reserve Member	Investment Revaluation Reserve Member	Share Warrant Reserve Member	Retained Earnings (Accumulated Deficit)
Balance, shares at Mar. 31, 2023		186,602,894
Balance, amount at Mar. 31, 2023	$ (465,445)	$ 65,228,921	$ 2,650,490	$ (1,495,692)	$ 3,135,098	$ (69,984,262)
Statement [Line Items]
Net loss for the period	(404,996)	0	0	0	0	(404,996)
Other comprehensive loss for the period	(56,942)	0	0	(56,942)	0	0
Total comprehensive loss	(461,938)	0	0	(56,942)	0	(404,996)
Equity-settled share-based compensation	26,758	0	26,758	0	0	0
Balance, amount at Jun. 30, 2023	(900,625)	$ 65,228,921	2,677,248	(1,552,634)	3,135,098	(70,389,258)
Balance, shares at Jun. 30, 2023		186,602,894
Balance, shares at Mar. 31, 2024		211,702,894
Balance, amount at Mar. 31, 2024	1,826,367	$ 67,236,421	3,075,950	(1,593,390)	3,135,098	(70,027,712)
Statement [Line Items]
Net loss for the period	(822,799)	0	0	0	0	(822,799)
Other comprehensive loss for the period	(4,752)	0	0	(4,752)	0	0
Total comprehensive loss	(822,878)	0	0	(4,752)	0	(818,126)
Equity-settled share-based compensation	65,184	0	65,184	0	0	0
Balance, amount at Jun. 30, 2024	$ 1,064,000	$ 67,236,421	$ 3,141,134	$ (1,598,142)	$ 3,135,098	$ (70,850,511)
Balance, shares at Jun. 30, 2024		211,702,894

Condensed Interim Statements _5

Condensed Interim Statements of Cash Flows - CAD ($)	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities
Net (loss) for the period	$ (822,799)	$ (404,996)
Adjustments for:
Amortization of right-of-use asset	5,044	5,045
Equity-settled share-based compensation	65,184	26,758
Office lease accretion per IFRS 16	1,440	2,071
Office base rent recorded as lease reduction per IFRS 16	(7,041)	(6,931)
Transaction cost - director's loans	40,593	30,472
Changes in working capital items
Amounts receivable and other assets	(53,789)	100,636
Accounts payable and accrued liabilities	1,267,407	(462,042)
Advanced contributions received	(4,194,344)	2,849,644
Balances due to related parties	(45,905)	51,906
Net cash provided by (used in) operating activities	(3,744,210)	2,192,563
Net increase in cash	(3,744,210)	2,192,563
Cash, beginning balance	9,007,042	5,131,510
Cash, ending balance	$ 5,262,832	$ 7,324,073

Nature and continuance of opera

Nature and continuance of operations	3 Months Ended
	Jun. 30, 2024
Nature And Continuance Of Operations	1. NATURE AND CONTINUANCE OF OPERATIONS Amarc Resources Ltd. (“Amarc” or the “Company”) is a company incorporated under the laws of the Province of British Columbia (“BC”). Its principal business activity is the acquisition and exploration of mineral properties. The Company’s mineral property interests are located in BC. The address of the Company’s corporate office is 14th Floor, 1040 West Georgia Street, Vancouver, BC, Canada V6E 4H1. The Company is in the process of exploring its mineral property interests and has not yet determined whether its mineral property interests contain economically recoverable mineral reserves. The Company’s continuing operations are entirely dependent upon the existence of economically recoverable mineral reserves, the ability of the Company to obtain the necessary financing to continue the exploration and development of its mineral property interests and to obtain the permits necessary to mine, and the future profitable production from its mineral property interest or proceeds from the disposition of its mineral property interests. These Condensed Interim financial statements as at and for the three months ended June 30, 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 June 30, 2024 , the Company had cash of $5,262,832, working capital of $1,340,175, and an accumulated deficit of $70,850,511. 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	3 Months Ended
	Jun. 30, 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. These Financial Statements do not include all of the information and footnotes required by International Financial Reporting Standards (“IFRS”) for complete financial statements for year-end reporting purposes. These Financial Statements should be read in conjunction with the Company’s consolidated financial statements as at and for the year ended March 31, 2024. Results for the reporting period ended June 30, 2024 are not necessarily indicative of future results. The accounting policies and methods of computation applied by the Company in these Financial Statements are the same as those applied by the Company in its more recent annual financial statements, which are filed under the Company’s provide on SEDAR at www.sedarplus.com The Board of Directors of the Company authorized these Financial Statements for issuance on August 29, 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.

Cash

Cash	3 Months Ended
	Jun. 30, 2024
Cash
Cash	3. CASH The Company’s cash is invested in business accounts, which are available on demand by the Company.

Marketable Securities

Marketable Securities	3 Months Ended
	Jun. 30, 2024
Marketable Securities	4. MARKETABLE SECURITIES As at June 30, 2024, the fair value of its current holdings was $36,835 (March 31, 2024 - $41,587) and during the three months ended June 30, 2024 there was a negative change of fair value adjustment of $4,752 (June 30, 2023 – $56,942). The marketable securities include 550,000 units (shares and warrants) of Carlyle Commodities Corp., a Canadian public company listed on the TSX Venture Exchange. As at June 30, 2024, the Company held the following marketable securities: Company Shares/Warrants Held Cost Fair Value Fair Value Increase (Decrease) (#) ($) ($) ($) Carlyle Commodities Corp - Shares 550,000 907,500 22,000 (885,500 ) Carlyle Commodities Corp - Warrants 550,000 727,000 1,000 (726,000 ) Other 1,680,729 14,237 13,835 (402 ) Total 2,780,729 1,648,737 36,835 (1,611,902 )

Restricted Cash

Restricted Cash	3 Months Ended
	Jun. 30, 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	3 Months Ended
	Jun. 30, 2024
Amounts Receivable and Other Assets
Amounts Receivable and Other Assets	6. AMOUNTS RECEIVABLE AND OTHER ASSETS June 30, 2024 March 31, 2024 ($) ($) Sales tax refundable 214,219 158,223 Prepaid 55,694 57,901 269,913 216,124

Exploration and Evaluation Expe

Exploration and Evaluation Expenses and Cost Recoveries	3 Months Ended
	Jun. 30, 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 three months ended June 30, 2024, the $1,187,195 advanced contributions balance was fully reallocated as cost recoveries to offset the expenditures incurred pursuant to the Agreement. (c) DUKE District The DUKE District is located in central BC. In November 2016, the Company entered into a purchase agreement with a private company wholly-owned by one of its directors (Note 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 three months ended June 30, 2024, the Company recorded advanced contributions balance of $938,377 (March 31, 2024 - $3,945,526). During the three months ended June 30, 2024, the Company recorded a gross amount of cost recovery of $3,007,149 offsetting the expenditures incurred pursuant to the Agreement. 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 Company closed the sale of its Newton Property, located in south-central BC, to Isaac Mining Corp., an arms-length private company and a wholly-owned subsidiary of Carlyle Commodities Corp. Amarc retains a 2% NSR Royalty in the Newton Property. 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	3 Months Ended
	Jun. 30, 2024
Accounts Payable and Accrued Liabilities
Accounts Payable and Accrued Liabilities	8. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES June 30, 2024 March 31, 2024 ($) ($) Accounts payable 2,086,135 842,821 Accrued liabilities 310,080 285,987 Total 2,396,215 1,128,808

Directors Loans

Directors Loans	3 Months Ended
	Jun. 30, 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 $250,000 with an interest rate of 12% per annum from the Lender. In January 2023, the Company repaid the Additional Loan and Short-term Loan, including accrued interest accrued to the date of repayment. The change in the Loan balance is as follows: Year ended Year ended March 31, 2024 March 31, 2024 ($) ($) Opening balance 784,947 648,005 Amortization of transaction costs 40,593 136,942 Closing balance 825,540 784,947 Year ended Year ended March 31, 2024 March 31, 2024 ($) ($) Non-current portion 825,540 784,947 Total 825,540 784,947 Finance expenses Three months ended June 30, 2024 2023 ($) ($) Interest on loan 24,932 24,932 Amortization of transaction costs 40,593 30,472 Total 65,525 55,404

Flow Through Liability

Flow Through Liability	3 Months Ended
	Jun. 30, 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 June 30, 2024 and March 31, 2024.

Share Capital and Reserves

Share Capital and Reserves	3 Months Ended
	Jun. 30, 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 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 June 30, 2024, the amount of flow-through proceeds remaining to be expensed is approximately $2,383,000 (March 31, 2024 - $2,383,000). 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. There were no share issuances during the period ended June 30, 2024 for the Company. As at June 30, 2024, there were 211,702,894 (March 31, 2024 – 211,702,894) Common Shares issued and outstanding. (b) Share purchase options 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: June 30, 2024 March 31, 2024 Weighted Average Exercise Price Number of Options Weighted Average Exercise Price Number of Options Beginning balance 0.102 13,410,000 0.100 6,480,000 Cancelled 0.117 (1,100,000 ) NA - Granted NA - 0.107 6,930,000 Ending balance 0.100 12,310,000 0.102 13,410,000 The following summarizes information on the options outstanding and exercisable as at June 30, 2024: Weighted Average Remaining Number of Number of Contractual Options Options Exercise price Expiry date Life (periods) Outstanding Exercisable $ 0.05 4-Oct-24 0.26 2,000,000 2,000,000 $ 0.12 9-Mar-25 0.69 2,580,000 1,719,998 $ 0.11 8-Jul-27 3.02 1,000,000 1,000,000 $ 0.125 11-Apr-26 1.78 520,000 346,666 $ 0.105 22-Mar-29 4.73 5,300,000 2,650,000 $ 0.105 22-Mar-27 2.73 910,000 705,000 2.75 12,310,000 8,421,665 (c) Share purchase warrants The following common summarizes changes in the Company’s share purchase warrants: June 30, 2024 March 31, 2024 Weighted Average Exercise Price Number of Warrants Weighted Average Exercise Price Number of Warrants Beginning balance 0.06 10,984,163 0.06 6,176,470 Granted pursuant to a private placement 0.08 4,807,693 Ending balance 0.06 10,984,163 0.06 10,984,163 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. The following summarizes information on the warrants outstanding as at June 30, 2024: Weighted Average Remaining Contractual Warrants Exercise price Expiry date Life (periods) Outstanding $ 0.050 26-Nov-24 0.41 5,000,000 $ 0.085 26-Nov-24 0.41 1,176,470 $ 0.080 1-Dec-28 4.42 4,807,693 2.17 10,984,163

Related Party Transactions

Related Party Transactions	3 Months Ended
	Jun. 30, 2024
Related Party Transactions
Related Party Transactions	12. RELATED PARTY TRANSACTIONS June 30, 2024 March 31, 2024 Balances due to related parties ($) ($) Hunter Dickinson Services Inc. 101,428 134,251 United Mineral Services Ltd. - 7,586 Thomas Wilson (CFO fees) - 5,496 Total 101,428 147,333 (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 three months ended June 30, 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 three months ended June 30, 2024, the Company recorded share-based compensation expense of $60,432 (June 30, 2023 - $11,679) in relation to 6,750,000 (June 30, 2023 – 1,950,000) stock options issued to directors and officers of the Company in the prior year (Note 11 (b)). During the three months ended June 30, 2024, the Company incurred fees totaling $15,703 (June 30, 2023 -$16,488) in respect of services provided by the Chief Financial Officer. On June 25, 2024, the Company announced the resignation of the VP Exploration. During the three months ended June 30, 2024, the Company incurred fees totaling $33,333 (2023 - nil) 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: Three months ended June 30, 2024 2023 (rounded to the nearest thousand CAD) ($) ($) Services received from HDSI and as requested by the Company 429,000 290,000 Information technology – infrastructure and support services 21,000 15,000 Office rent 15,000 13,000 Reimbursement, at cost, of third-party expenses incurred by HDSI on behalf of the Company 72,000 81,000 Total 537,000 399,000 (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 three months ended June 30, 2024, the Company incurred fees of $4,901 (2023 - $nil) in respect of geological services provided by UMS.

Supplementary Information To Th

Supplementary Information To The Statements Of Loss	3 Months Ended
	Jun. 30, 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: Three months ended June 30, 2024 (1) 2023 (1) Salaries, fees and benefits ($) ($) Exploration and evaluation expenses 2,456,000 944,000 Administration expenses (2) 81,000 56,000 2,537,000 1,000,000 (1) (2) (b) Office and administration expenses Office and administration expenses include the following: Three months ended June 30, 2024 (1) 2023 (1) ($) ($) Salaries and Benefits 81,000 59,000 Data processing and retention 4,000 3,000 Insurance 7,000 7,000 Other office expenses 8,000 5,000 100,000 74,000 (1)

Office Lease Right Of Use Asset

Office Lease Right Of Use Asset And Lease Liability	3 Months Ended
	Jun. 30, 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 three months ended June 30, 2024 and the year ended March 31, 2024 are as follows: Right-of-use-asset ($) Balance at March 31, 2023 62,208 Amortization (20,175 ) Balance at March 31, 2024 42,033 Amortization (5,044 ) Balance at June 30, 2024 36,989 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 $134,766, discount rate used is 12.00%). This liability represents the monthly lease payment from May 1, 2021 to April 29, 2026, the end of the lease term less abatement granted by HDSI. A summary of changes in the lease liability during the three months ended June 30, 2024 and the year ended March 31, 2024 are as follows: Lease liability ($) Balance at March 31, 2023 72,903 Lease payment – base rent portion (28,056 ) Lease liability – accretion expense 7,360 Balance as at March 31, 2024 52,207 Current portion 23,443 Long-term portion 28,764 Lease liability ($) Balance at March 31, 2024 52,207 Lease payment – base rent portion (7,041 ) Lease liability – accretion expense 1,440 Balance at June 30, 2024 46,606 Current portion 24,154 Long-term portion 22,452 The following is a schedule of the Company’s future lease payments (base rent portion) under the lease obligations: Future lease payments (base rent portion only) ($) Fiscal 2025 (July 1, 2024 to March 31, 2025) 21,124 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 51,636 Less: imputed interest (5,030 ) Lease liability as at June 30, 2024 46,606

Financial Risk Management

Financial Risk Management	3 Months Ended
	Jun. 30, 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 three months ended June 30, 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 June 30, 2024 and March 31, 2024, 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 June 30, 2024 and March 31, 2024, 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 June 30, 2024 and March 31, 2024, the Company’s exposure to price risk was not significant in relation to these Financial Statements.

Material accounting policy in_2

Material accounting policy information (Policies)	3 Months Ended
	Jun. 30, 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. These Financial Statements do not include all of the information and footnotes required by International Financial Reporting Standards (“IFRS”) for complete financial statements for year-end reporting purposes. These Financial Statements should be read in conjunction with the Company’s consolidated financial statements as at and for the year ended March 31, 2024. Results for the reporting period ended June 30, 2024 are not necessarily indicative of future results. The accounting policies and methods of computation applied by the Company in these Financial Statements are the same as those applied by the Company in its more recent annual financial statements, which are filed under the Company’s provide on SEDAR at www.sedarplus.com The Board of Directors of the Company authorized these Financial Statements for issuance on August 29, 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.

Marketable Securities (Tables)

Marketable Securities (Tables)	3 Months Ended
	Jun. 30, 2024
Schedule of Marketable Securities	Company Shares/Warrants Held Cost Fair Value Fair Value Increase (Decrease) (#) ($) ($) ($) Carlyle Commodities Corp - Shares 550,000 907,500 22,000 (885,500 ) Carlyle Commodities Corp - Warrants 550,000 727,000 1,000 (726,000 ) Other 1,680,729 14,237 13,835 (402 ) Total 2,780,729 1,648,737 36,835 (1,611,902 )

Amounts Receivable and Other _2

Amounts Receivable and Other Assets (Tables)	3 Months Ended
	Jun. 30, 2024
Amounts Receivable and Other Assets
Schedule Of Amounts Receivable And Other Assets	June 30, 2024 March 31, 2024 ($) ($) Sales tax refundable 214,219 158,223 Prepaid 55,694 57,901 269,913 216,124

Accounts Payable and Accrued _2

Accounts Payable and Accrued Liabilities (Tables)	3 Months Ended
	Jun. 30, 2024
Accounts Payable and Accrued Liabilities
Schedule Of Accounts Payable And Accrued Liabilities	June 30, 2024 March 31, 2024 ($) ($) Accounts payable 2,086,135 842,821 Accrued liabilities 310,080 285,987 Total 2,396,215 1,128,808

Directors Loans (Tables)

Directors Loans (Tables)	3 Months Ended
	Jun. 30, 2024
Directors Loans
Schedule Of Unsecured Loans Payable	Year ended Year ended March 31, 2024 March 31, 2024 ($) ($) Opening balance 784,947 648,005 Amortization of transaction costs 40,593 136,942 Closing balance 825,540 784,947 Year ended Year ended March 31, 2024 March 31, 2024 ($) ($) Non-current portion 825,540 784,947 Total 825,540 784,947 Finance expenses Three months ended June 30, 2024 2023 ($) ($) Interest on loan 24,932 24,932 Amortization of transaction costs 40,593 30,472 Total 65,525 55,404

Share Capital and Reserves (Tab

Share Capital and Reserves (Tables)	3 Months Ended
	Jun. 30, 2024
Share Capital and Reserves
Schedule Of Purchase Options	June 30, 2024 March 31, 2024 Weighted Average Exercise Price Number of Options Weighted Average Exercise Price Number of Options Beginning balance 0.102 13,410,000 0.100 6,480,000 Cancelled 0.117 (1,100,000 ) NA - Granted NA - 0.107 6,930,000 Ending balance 0.100 12,310,000 0.102 13,410,000
Schedule Of Options Outstanding	Weighted Average Remaining Number of Number of Contractual Options Options Exercise price Expiry date Life (periods) Outstanding Exercisable $ 0.05 4-Oct-24 0.26 2,000,000 2,000,000 $ 0.12 9-Mar-25 0.69 2,580,000 1,719,998 $ 0.11 8-Jul-27 3.02 1,000,000 1,000,000 $ 0.125 11-Apr-26 1.78 520,000 346,666 $ 0.105 22-Mar-29 4.73 5,300,000 2,650,000 $ 0.105 22-Mar-27 2.73 910,000 705,000 2.75 12,310,000 8,421,665
Schedule of warrant Outstanding	Weighted Average Remaining Contractual Warrants Exercise price Expiry date Life (periods) Outstanding $ 0.050 26-Nov-24 0.41 5,000,000 $ 0.085 26-Nov-24 0.41 1,176,470 $ 0.080 1-Dec-28 4.42 4,807,693 2.17 10,984,163
Schedule Of Share Purchase Warrants	June 30, 2024 March 31, 2024 Weighted Average Exercise Price Number of Warrants Weighted Average Exercise Price Number of Warrants Beginning balance 0.06 10,984,163 0.06 6,176,470 Granted pursuant to a private placement 0.08 4,807,693 Ending balance 0.06 10,984,163 0.06 10,984,163

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Jun. 30, 2024
Statement [Line Items]
Schedule Of Balances Due To Related Parties	June 30, 2024 March 31, 2024 Balances due to related parties ($) ($) Hunter Dickinson Services Inc. 101,428 134,251 United Mineral Services Ltd. - 7,586 Thomas Wilson (CFO fees) - 5,496 Total 101,428 147,333
Schedule of related party transactions	12. RELATED PARTY TRANSACTIONS June 30, 2024 March 31, 2024 Balances due to related parties ($) ($) Hunter Dickinson Services Inc. 101,428 134,251 United Mineral Services Ltd. - 7,586 Thomas Wilson (CFO fees) - 5,496 Total 101,428 147,333 (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 three months ended June 30, 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 three months ended June 30, 2024, the Company recorded share-based compensation expense of $60,432 (June 30, 2023 - $11,679) in relation to 6,750,000 (June 30, 2023 – 1,950,000) stock options issued to directors and officers of the Company in the prior year (Note 11 (b)). During the three months ended June 30, 2024, the Company incurred fees totaling $15,703 (June 30, 2023 -$16,488) in respect of services provided by the Chief Financial Officer. On June 25, 2024, the Company announced the resignation of the VP Exploration. During the three months ended June 30, 2024, the Company incurred fees totaling $33,333 (2023 - nil) 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: Three months ended June 30, 2024 2023 (rounded to the nearest thousand CAD) ($) ($) Services received from HDSI and as requested by the Company 429,000 290,000 Information technology – infrastructure and support services 21,000 15,000 Office rent 15,000 13,000 Reimbursement, at cost, of third-party expenses incurred by HDSI on behalf of the Company 72,000 81,000 Total 537,000 399,000 (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 three months ended June 30, 2024, the Company incurred fees of $4,901 (2023 - $nil) in respect of geological services provided by UMS.
Hunter Dickinson Services Inc.
Statement [Line Items]
Schedule of related party transactions	Three months ended June 30, 2024 2023 (rounded to the nearest thousand CAD) ($) ($) Services received from HDSI and as requested by the Company 429,000 290,000 Information technology – infrastructure and support services 21,000 15,000 Office rent 15,000 13,000 Reimbursement, at cost, of third-party expenses incurred by HDSI on behalf of the Company 72,000 81,000 Total 537,000 399,000

Supplementary Information To _2

Supplementary Information To The Statements Of Loss (Tables)	3 Months Ended
	Jun. 30, 2024
Supplementary Information To The Statements Of Loss
Schedule of Salaries and benefits	Three months ended June 30, 2024 (1) 2023 (1) Salaries, fees and benefits ($) ($) Exploration and evaluation expenses 2,456,000 944,000 Administration expenses (2) 81,000 56,000 2,537,000 1,000,000
Schedule of office and administration expenses	Three months ended June 30, 2024 (1) 2023 (1) ($) ($) Salaries and Benefits 81,000 59,000 Data processing and retention 4,000 3,000 Insurance 7,000 7,000 Other office expenses 8,000 5,000 100,000 74,000

Office Lease Right Of Use Ass_2

Office Lease Right Of Use Asset And Lease Liability (Tables)	3 Months Ended
	Jun. 30, 2024
Office Lease Right Of Use Asset And Lease Liability
Schedule Of Changes In The Right-Of-Use Asset	Right-of-use-asset ($) Balance at March 31, 2023 62,208 Amortization (20,175 ) Balance at March 31, 2024 42,033 Amortization (5,044 ) Balance at June 30, 2024 36,989
Schedule Of Changes In The Lease Liability	Lease liability ($) Balance at March 31, 2023 72,903 Lease payment – base rent portion (28,056 ) Lease liability – accretion expense 7,360 Balance as at March 31, 2024 52,207 Current portion 23,443 Long-term portion 28,764 Lease liability ($) Balance at March 31, 2024 52,207 Lease payment – base rent portion (7,041 ) Lease liability – accretion expense 1,440 Balance at June 30, 2024 46,606 Current portion 24,154 Long-term portion 22,452
Schedule Of Future Lease Payments	Future lease payments (base rent portion only) ($) Fiscal 2025 (July 1, 2024 to March 31, 2025) 21,124 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 51,636 Less: imputed interest (5,030 ) Lease liability as at June 30, 2024 46,606

NATURE AND CONTINUANCE OF OPE_2

NATURE AND CONTINUANCE OF OPERATIONS (Details Narrative) - CAD ($)	Jun. 30, 2024	Mar. 31, 2024
Cash	$ 5,262,832
Working capital	1,340,175
Accumulated deficit	$ (70,850,511)	$ (70,027,712)

MARKETABLE SECURITIES (Details)

MARKETABLE SECURITIES (Details)	3 Months Ended
	Jun. 30, 2024 CAD ($) shares
Statement [Line Items]
Shares/Warrants Held | shares	2,780,729
Cost	$ 1,648,737
Fair Value	36,835
Fair Value Increase(Decrease)	$ (1,611,902)
Carlyle Commodities Corp. Warrants
Statement [Line Items]
Shares/Warrants Held | shares	550,000
Cost	$ 727,000
Fair Value	1,000
Fair Value Increase(Decrease)	$ (726,000)
Other
Statement [Line Items]
Shares/Warrants Held | shares	1,680,729
Cost	$ 14,237
Fair Value	13,835
Fair Value Increase(Decrease)	$ (402)
Carlyle Commodities Corp. Shares [Member]
Statement [Line Items]
Shares/Warrants Held | shares	550,000
Cost	$ 907,500
Fair Value	22,000
Fair Value Increase(Decrease)	$ (885,500)

MARKETABLE SECURITIES (Details

MARKETABLE SECURITIES (Details Narrative) - Carlyle Commodities Corp. Shares [Member] - CAD ($)	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024
Statement [Line Items]
Shares/Warrants held	550,000
Fair value	$ 36,835		$ 41,587
Fair value increase/decrease	$ (4,752)	$ (56,942)

AMOUNTS RECEIVABLE AND OTHER _3

AMOUNTS RECEIVABLE AND OTHER ASSETS (Details) - CAD ($)	Jun. 30, 2024	Mar. 31, 2024
Amounts Receivable and Other Assets
Sales tax refundable	$ 214,219	$ 158,223
Prepaid insurance and expense	55,694	57,901
Total	$ 269,913	$ 216,124

EXPLORATION AND EVALUATION EX_2

EXPLORATION AND EVALUATION EXPENSES AND COST RECOVERIES (Details Narrative) - CAD ($)

1 Months Ended

3 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

Jun. 30, 2024

Mar. 31, 2023

Mar. 31, 2024

Dec. 31, 2019

Statement [Line Items]

Common shares issue

15,384,615

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%

Joy Property Mineral [Member]

Statement [Line Items]

Owenership percentage

100%

Direct acquisition costs

$ 335,299

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

Cascadero Copper Corporation [Member]

Statement [Line Items]

Aquired percentage

100%

PINE Property [Member]

Statement [Line Items]

Percentage of property purchase

51%

Aquired percentage

49%

Paula Property[Member]

Statement [Line Items]

Royalty interest

1%

Percentage of property purchase

100%

Cash payments

$ 500,000,000

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

Project costs

$ 1,187,195

Advanced contributions balance

$ 1,187,195

Duke Property Mineral [Member] | Duke District [Member]

Statement [Line Items]

Royalty interest

70%

Owenership percentage

100%

Acquisition costs

$ 168,996

Exploration and development expenditures

30,000,000

$ 5,000,000

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

Cost recovery expenditure

$ 3,007,149,000,000

Advanced contributions balance

$ 938,377

$ 3,945,526

Other Property Transactions [Member]

Statement [Line Items]

Royalty interest

2%

Owenership percentage

100%

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

Duke District Capped Royalty Member

Statement [Line Items]

Royalty interest

2%

Cash payments

$ 5,000

Owenership percentage

100%

Description of Event of commercial property

payable until $10 million has been paid after which the NSR shall cease

Common shares issue

200,000

Annual scholarship per year

$ 20,000

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) - CAD ($)	Jun. 30, 2024	Mar. 31, 2024
Accounts Payable and Accrued Liabilities
Accounts payable	$ 2,086,135	$ 842,821
Accrued liabilities	310,080	285,987
Total	$ 2,396,215	$ 1,128,808

DIRECTORS LOAN (Details)

DIRECTORS LOAN (Details) - CAD ($)	3 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Mar. 31, 2023
Directors Loans
Opening balance	$ 825,540	$ 784,947	$ 784,947	$ 648,005
Amortization of transaction costs	$ 40,593	$ 30,472	40,593	136,942
Closing balance			$ 825,540	$ 784,947

DIRECTORS LOAN (Details 1)

DIRECTORS LOAN (Details 1) - CAD ($)	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2019
Directors Loans
Non-current portion	$ 825,540	$ 784,947
Total	$ 825,540	$ 784,947	$ 648,005	$ 1,000,000

DIRECTORS LOAN (Details 2)

DIRECTORS LOAN (Details 2) - CAD ($)	3 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Mar. 31, 2023
Directors Loans
Interest on loan	$ 24,932	$ 24,932
Amortization of transaction costs	40,593	30,472	$ 40,593	$ 136,942
Total	$ 65,525	$ 55,404

DIRECTORS LOAN (Details Narrati

DIRECTORS LOAN (Details Narrative) - CAD ($)		1 Months Ended		3 Months Ended
	Dec. 13, 2021	Jun. 15, 2022	Dec. 31, 2019	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2022
Directors Loans
Interest rate		12%	10%	10%
Short term loan		$ 250,000
Principal balance			$ 1,000,000			$ 825,540	$ 784,947	$ 648,005
Interest paid	$ 160,000			$ 24,932	$ 24,932
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) - CAD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024
Flow Through Liability
Common shares issue	15,384,615
Flow-through premium liability outstanding	769,231
Shares price per shares	$ 0.13
Gross proceeds from flow-through shares	$ 2,000,000
Flow through premium liability	$ 769,231	$ 769,231

SHARE CAPITAL AND RESERVES (Det

SHARE CAPITAL AND RESERVES (Details)	3 Months Ended	12 Months Ended
	Jun. 30, 2024 $ / shares shares	Mar. 31, 2024 $ / shares shares
Share Capital and Reserves
Number of options outstanding, beginning | shares	13,410,000	6,480,000
Weighted average exercise price outstanding, beginning	$ 0.102	$ 0.100
Number of options granted	(1,100,000)	6,930,000
Weighted average exercise price Granted	$ 0.117	$ 0.107
Number of options outstanding, ending | shares	12,310,000	13,410,000
Weighted average exercise price outstanding, ending	$ 0.100	$ 0.102

SHARE CAPITAL AND RESERVES (D_2

SHARE CAPITAL AND RESERVES (Details 1) - $ / shares	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Mar. 31, 2023
Statement [Line Items]
Weighted average exercise price outstanding, beginning	$ 0.100	$ 0.102	$ 0.100
Number of options outstanding	12,310,000
Weighted average remaining contractual life (years)	2 years 9 months
Number of options exercisable	8,421,665
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)	3 months 3 days
Number of options exercisable	2,000,000
Exercise Price 2
Statement [Line Items]
Weighted average exercise price outstanding, beginning	$ 0.12
Number of options outstanding	2,580,000
Weighted average remaining contractual life (years)	8 months 8 days
Number of options exercisable	1,719,998
Exercise Price 3
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 7 days
Number of options exercisable	1,000,000
Exercise Price 4
Statement [Line Items]
Weighted average exercise price outstanding, beginning	$ 0.125
Number of options outstanding	520,000
Weighted average remaining contractual life (years)	1 year 9 months 10 days
Number of options exercisable	346,666
Exercise Price 5
Statement [Line Items]
Weighted average exercise price outstanding, beginning	$ 0.105
Number of options outstanding	5,300,000
Weighted average remaining contractual life (years)	4 years 8 months 23 days
Number of options exercisable	2,650,000
Exercise Price 6
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 8 months 23 days
Number of options exercisable	705,000

SHARE CAPITAL AND RESERVES (D_3

SHARE CAPITAL AND RESERVES (Details 2) - $ / shares	3 Months Ended	12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024
Share Capital and Reserves
Number of warrants, beginning	10,984,163	6,176,470
Weighted average exercise price, beginning	$ 0.06	$ 0.06
Number of warrants exercised		4,807,693
Weighted average exercise price exercised		$ 0.08
Number of warrants, ending	10,984,163	10,984,163
Weighted average exercise price, ending	$ 0.06	$ 0.06

SHARE CAPITAL AND RESERVES (D_4

SHARE CAPITAL AND RESERVES (Details 3) - $ / shares	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Mar. 31, 2023
Statement [Line Items]
Weighted average exercise price outstanding, beginning	$ 0.100	$ 0.102	$ 0.100
Weighted average remaining contractual life (years)	2 years 9 months
Warrants One [Member]
Statement [Line Items]
Weighted average exercise price outstanding, beginning	$ 0.050
Weighted average remaining contractual life (years)	4 months 28 days
Warrants Outstanding	5,000,000
Warrants Two [Member]
Statement [Line Items]
Weighted average exercise price outstanding, beginning	$ 0.085
Weighted average remaining contractual life (years)	4 months 28 days
Warrants Outstanding	1,176,470
Warrants Three [Member]
Statement [Line Items]
Weighted average exercise price outstanding, beginning	$ 0.080
Weighted average remaining contractual life (years)	4 years 5 months 1 day
Warrants Outstanding	4,807,693
Warrants [Member]
Statement [Line Items]
Weighted average remaining contractual life (years)	2 years 2 months 1 day
Warrants Outstanding	10,984,163

SHARE CAPITAL AND RESERVES (D_5

SHARE CAPITAL AND RESERVES (Details Narrative)				1 Months Ended
	Dec. 01, 2023 $ / shares shares	Dec. 01, 2023 CAD ($) shares	Apr. 11, 2023 CAD ($) $ / shares shares	Mar. 22, 2024 CAD ($) $ / shares shares	Dec. 31, 2023 $ / shares shares	Jun. 30, 2024 CAD ($) shares	Mar. 31, 2024 CAD ($) shares	Sep. 08, 2023 $ / shares shares
Statement [Line Items]
Flow-through proceeds outstanding | $						$ 2,383,000	$ 2,383,000
Common shares issue						15,384,615
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
Share Capital
Statement [Line Items]
Common shares issued						211,702,894	211,702,894
Common shares outstanding						211,702,894	211,702,894
Private Placement Flow [Member]
Statement [Line Items]
Common shares issue	15,384,615	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	9,615,385
Stock issued to exercise of warrants, proceeds | $		$ 769,231
Share price | $ / shares	$ 0.08
Property Agreement [Member]
Statement [Line Items]
Common shares issued								100,000
Common stock share issue price | $ / shares								$ 0.075
Investor Relations Agreement
Statement [Line Items]
Stock option granted			520,000	6,410,000
Stock option granted to insiders			200,000	5,500,000
Aggregate common shares acquire			520,000	6,410,000
Share price | $ / shares			$ 0.125	$ 0.105
Stock granted term dscription			three years	three to five years
Fair value of options | $			$ 49,647	$ 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 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

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - CAD ($)	Jun. 30, 2024	Mar. 31, 2023
Statement [Line Items]
Balances due to related parties	$ 101,428	$ 147,333
Hunter Dickinson Services Inc.
Statement [Line Items]
Balances due to related parties	101,428	134,251
Thomas Wilson (CFO Fees) [Member]
Statement [Line Items]
Balances due to related parties	0	5,496
United Mineral Services Ltd.
Statement [Line Items]
Balances due to related parties	$ 0	$ 7,586

RELATED PARTY TRANSACTIONS (D_2

RELATED PARTY TRANSACTIONS (Details 1) - Hunter Dickinson Services Inc. - CAD ($)	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Statement [Line Items]
Services received from HDSI and as requested by the Company	$ 429,000	$ 290,000
Information technology - infrastructure and support service	21,000	15,000
Office rent	15,000	13,000
Exploration expenses and related reimbursement of third-party expenses incurred on behalf of the Company	72,000	81,000
Total	$ 537,000	$ 399,000

RELATED PARTY TRANSACTIONS (D_3

RELATED PARTY TRANSACTIONS (Details Narrative) - CAD ($)	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
United Mineral Services Ltd.
Statement [Line Items]
Company incurred fees	$ 4,901	$ 0
Directors and Officers
Statement [Line Items]
Stock options issued	6,750,000	1,950,000
Share-based compensation expense	$ 60,432	$ 11,679
Chief Financial Officer
Statement [Line Items]
Company incurred fees	15,703	16,488
Former VP Exploration
Statement [Line Items]
Company incurred fees	$ 33,333	$ 0

SUPPLEMENTARY INFORMATION TO _3

SUPPLEMENTARY INFORMATION TO THE STATEMENTS OF LOSS (Details) - CAD ($)	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Statement [Line Items]
Administration expenses	$ 273,288	$ 181,113
Salaries, fees and benefits [Member]
Statement [Line Items]
Exploration and evaluation expenses	2,456,000	944,000
Administration expenses	81,000	56,000
Total	$ 2,537,000	$ 1,000,000

SUPPLEMENTARY INFORMATION TO _4

SUPPLEMENTARY INFORMATION TO THE STATEMENTS OF LOSS (Details 1) - CAD ($)	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Supplementary Information To The Statements Of Loss
Salaries and benefits	$ 81,000	$ 59,000
Data processing and retention	4,000	3,000
Insurance	7,000	7,000
Other office expenses	8,000	5,000
Total	$ 100,000	$ 74,000

OFFICE LEASE RIGHT OF USE ASS_3

OFFICE LEASE RIGHT OF USE ASSET AND LEASE LIABILITY (Details) - CAD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024
Office Lease Right Of Use Asset And Lease Liability
Beginning Period Right Of Use Of Assets	$ 42,033	$ 62,208
Amortization	(5,044)	(20,175)
Ending period Right Of Use Of Assets	$ 36,989	$ 42,033

OFFICE LEASE RIGHT OF USE ASS_4

OFFICE LEASE RIGHT OF USE ASSET AND LEASE LIABILITY (Details 1) - CAD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024
Office Lease Right Of Use Asset And Lease Liability
Beginning period of lease liability	$ 52,207	$ 72,903
Lease payment- base rent portion	(7,041)	(28,056)
Lease liability - accretion expense	1,440	7,360
Ending period of lease liability	46,606	52,207
Current portion	24,154	23,443
Long term portion	$ 22,452	$ 28,764

OFFICE LEASE RIGHT OF USE ASS_5

OFFICE LEASE RIGHT OF USE ASSET AND LEASE LIABILITY (Details 2) - CAD ($)		3 Months Ended
	May 02, 2021	Jun. 30, 2024
Office Lease Right Of Use Asset And Lease Liability
Fiscal 2025 (April 1, 2024 to March 31, 2025)		$ 21,124
Fiscal 2026 (April 1, 2025 to March 31, 2026)		28,165
Fiscal 2027 (April 1, 2026 to April 29, 2027)		2,347
Total undiscounted lease payments		51,636
Less: inputed interest		(5,030)
Lease liability	$ 100,877	$ 46,606

OFFICE LEASE RIGHT OF USE ASS_6

OFFICE LEASE RIGHT OF USE ASSET AND LEASE LIABILITY (Details Narrative) - CAD ($)		3 Months Ended
	May 02, 2021	Jun. 30, 2024
Office Lease Right Of Use Asset And Lease Liability
Lease liability	$ 100,877	$ 46,606
Undiscounted value	$ 134,766
Discount rate	12%
Description pf lease payments	monthly lease payment from May 1, 2021 to April 29, 2026, the end of the lease term less abatement granted by HDSI