Amarc Resources : FY22 Third Quarter Financial Report

AMARC RESOURCES LTD.

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

FOR THE NINE MONTHS ENDED

DECEMBER 31, 2021 and 2020

(Expressed in Canadian Dollars)

(Unaudited)

Notice to Reader

In accordance with subsection 4.3(3) of National Instrument 51-102, management of the Company advises that the Company's auditors have not performed a review of these interim financial statements.

Amarc Resources Ltd.

Condensed Interim Consolidated Statements of Financial Position

(Unaudited - Expressed in Canadian Dollars)

		December 31,	March 31,
		2021	2021
	Note	($)	($)
ASSETS
Current assets
Cash	3	680,055	308,085
Amounts receivable and other assets	6	147,059	47,380
Marketable securities	4	283,072	1,026,418
		1,110,186	1,381,883
Non-current assets
Restricted cash	5	178,547	178,487
Right-of-use asset	13	87,426	-
Total assets		1,376,159	1,560,370
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued liabilities	8	311,502	168,195
Balances due to related parties	11	327,499	795,239
Lease liability	13	14,609	-
		653,610	963,434
Non-current liabilities
Director's loan	9	644,642	570,000
Lease liability	13	86,020	-
Total liabilities		1,384,272	1,533,434
Shareholders' equity
Share capital	10	65,044,721	64,744,721
Reserves	10	4,126,736	4,870,082
Accumulated deficit		(69,179,570)	(69,587,867)
		(8,113)	26,936
Total liabilities and shareholders' equity		1,376,159	1,560,370

Nature of operations and going concern (note 1)

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

/s/ Robert A. Dickinson	/s/ Scott D. Cousens
Robert A. Dickinson	Scott D. Cousens
Director	Director

Amarc Resources Ltd.

Condensed Consolidated Interim Statements of Loss and

Comprehensive Loss

(Unaudited - Expressed in Canadian Dollars, except for weighted average number of common shares)

		Three months ended December 31,	Nine months ended December 31,
	Note	2021	2020		2021	2020
		($)	($)		($)	($)
Expenses
Exploration and evaluation	6(b)	1,210,119	282,062		4,993,106	1,237,047
Assays and analysis		133,434		43,028		268,050		129,042
Drilling		387,538		1,248		980,248		146,886
Equipment rental		-		875		-		875
Geological, including geophysical		274,753		60,107		921,359		393,190
Helicopter and fuel		86,163		28,800		910,699		208,347
Property acquisition and assessments costs		57,725		51,448		59,456		51,646
Site activities		213,838		31,026		1,504,625		177,470
Socioeconomic		31,246		11,145		224,733		65,622
Technical data		6,520		53,206		26,928		53,206
Travel and accommodation		18,902		1,179		97,008		10,763
Administration		137,385	87,269		385,349	387,435
Legal, accounting and audit		34,108		-		76,245		23,767
Office and administration	12(b)	65,413		54,481		211,071		287,678
Rent		9,177		-		16,226		-
Shareholder communication		26,529		29,793		58,216		46,680
Travel and accommodation		1,243		2,000		1,428		7,008
Trust and regulatory		915		995		22,163		22,302
Equity-settledshare-based compensation		-	2,645		-	15,420
Cost recoveries	6(b)	(1,231,515)	(141,182)		(5,605,240)	(1,221,230)
Gain on sale of mineral property		-	(1,934,500)		-	(1,934,500)
		115,989	(1,703,706)		(226,785)	(1,515,828)
Other items
Finance income		(3,218)	(1,579)		(17,072)	(24,151)
Interest expense - director's loans	9	25,205	25,206		75,342	86,697
Accretion expense - office lease		2,819		-	7,728		-
Other fee income	6(b)	(30,343)		-	(336,164)		-
Amortization of Right-of-use asset		23,726		-	32,133		-
Transaction cost - director's loans	9	20,079	15,086		55,959	42,043
Foreign exchange loss		11	(77)		562	(1,034)
Net (income) loss		154,268	(1,665,070)		(408,297)	(1,412,273)
Other comprehensive loss:
Items that will not be reclassified subsequently
to loss:
Change in value of marketable securities		303,493	415,593		743,346	417,058
Total other comprehensive (income) loss		457,761	(1,249,477)		335,049	(995,215)
Basic and diluted (income) loss per share		0	(0)		(0)	(0)

	(#)	(#)	(#)	(#)
Weighted average number of common
shares outstanding	182,559,416	180,580,916	180,849,132	178,029,901

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

Amarc Resources Ltd.

Condensed Consolidated Interim Statements of Changes in (Deficiency) Equity

(Unaudited - Expressed in Canadian Dollars, except for share information)

	Share capital			Reserves
				Share-
				based	Investment	Share
	Number			payments	revaluation	warrants
	of shares	Amount		reserve	reserve	reserve	Deficit	Total
	(#)	($)	($)	($)	($)	($)	($)
Balance at April 1, 2020	175,602,894	64,341,556	2,244,764	13,761	3,373,372	(70,948,566)	(975,113)
Net loss for the period	-	-		-	-	-	1,412,273	1,412,273
Other comprehensive loss for the period	-	-		-	(417,058)	-	-	(417,058)
Total comprehensive loss	-	-		-	(417,058)	-	1,412,273	995,215
Equity-settledshare-based compensation	-	-	15,420	-	-	-	15,420
Subscription received for shares to be
issued	-	-		-	-	-	-	-
Shares issued through exercise of warrants	3,000,000	403,165		-	-	(153,265)	-	249,900
Balance at December 31, 2020	178,602,894	64,744,721	2,260,184	(403,297)	3,220,107	(69,536,293)	285,422
Balance at April 1, 2021	180,602,894	64,744,721	2,262,652	(612,677)	3,220,107	(69,587,867)	26,936
Net income for the period	-	-		-	-	-	408,297	408,297
Other comprehensive loss for the period	-	-		-	(743,346)	-	-	(743,346)
Total comprehensive loss	-	-		-	(743,346)	-	408,297	(335,049)
Shares issued through exercise of warrants	6,000,000	300,000		-	-	-	-	300,000
Balance at December 31, 2021	186,602,894	65,044,721	2,262,652	(1,356,023)	3,220,107	(69,179,570)	(8,113)

The accompanying notes are an integral part of these condensed consolidated interim financial statements.