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Amarc Resources Ltd (AHR-V)
RSWeb SiteTreeForumSEDARQuoteFree
Trade DateVolumeHighLowCloseChgStatus
April 12, 2024195,600$0.120$0.110$0.120$0.010Trading
Basic Info
Listed On:TSX Venture: AHR6/21/1994Sector:ResourceKey People
Issued:211,702,89412/31/2023Story Type:Discovery ExplorationDiane Nicolson (CEO), Robert A. Dickinson (Chair), Jeannine P. M. Webb (CFO), Michael Lee (CFO), Paul Johnston (VP EX),
Diluted:229,687,057
JK Owns:No
Insider Stake:14%12/5/2022Tel:(604) 684-6365
Working Capital:$2,222,04212/31/2023Email:Address
Market Cap:$25,404,347
Web Site:amarcresources.com1040 W. Georgia St 14th Floor, Vancouver, BC, V6E 4H1, Canada
Cash Breakup:$0.01per shTwitter:@HDI_Amarc
Spec Value Rating History
Dec 13, 2018 $0.055 Bottom-Fish Spec Value New
Dec 27, 2019 $0.040 Zombie Spec Value New
Dec 15, 2021 $0.110 Bottom-Fish Spec Value New
Nov 28, 2022 $0.135 Bottom-Fish Spec Value New
Dec 30, 2022 $0.150 Fair Spec Value New
Dec 27, 2023 $0.090 Bottom-Fish Spec Value New
Dec 29, 2023 $0.100 Bottom-Fish Spec Value New
Spec Value Rating Overview Updated January 3, 2023
SV Rating: Bottom-Fish Spec Value - as of December 29, 2023: Amarc Resources Ltd was made a Fair Spec Value rated 2023 Favorite at $0.15 on December 30, 2022 based partly on its British Columbia focused copper exploration plays, two of which, Joy and Duke, are funded by majors Freeport McMoran and Boliden who can earn up to 70% by spending $105 million and $90 million respectively. Freeport optioned the Joy copper-gold porphyry project in May 2021 and has spent about $20 million to the end of 2022. The 48,200 ha Joy project adjoins to the north of the Kemess Mine now operated by Centerra Gold. Freeport, which drilled 15,427 m in 2022 for which results were still pending at the start of 2023, is delineating the Pine copper-gold system and testing district wide targets. Boliden optioned the 67,800 ha Duke project in November 2022 and immediately initiated a winter drill program. Duke, located 50 km north of the former Bell and Granisle copper mines in the Babine Lake region, is an emerging copper-molybdenum-silver discovery Amarc made in 2017. Amarc is operator of both projects. The company is headed by CEO Diane Nicolson and Chairman Bob Dickinson who with 29 million shares representing 16% is Amarc's largest shareholder. Amarc has for two decades been focused on grassroots exploration in British Columbia during a period when Northern Dynasty's now beleaguered Pebble copper-gold project in Alaska dominated the attention of the HDI group. Amarc appeared on track for a major emerging discovery in 2014 when it assembled the IKE copper-molybdenum-silver district located in southwestern British Columbia between Taseko's stalled New Prosperity copper-gold project and the Bralorne gold project to the south. IKE, which does not yet have a resource estimate, was first optioned to Thompson Creek in 2015 which dropped out after Centerra Gold acquired Thompson in 2017. In mid 2017 Hudbay optioned both IKE and Joy, but dropped out in early 2019 after spending nearly $10 million when Waterton launched a proxy battle. Amarc, which had a weak treasury supported by loans from Dickinson, spent the next two years bottom-crawling below $0.10 until the Joy farmout in 2021 woke up the company. Market interest strengthened with the Duke farmout because one never knows when a major like Freeport might suddenly lose interest, but it will take at least a year before Boliden is in any danger of losing interest. In May 2022 Amarc also quietly optioned the Hearne Hill project for $1 million in the form of $100,000 annual payments. Hearne Hill is south of Duke and southeast of Pacific Booker's Morrison copper-gold porphyry project which is stalled because of proximity to Morrison Lake. Hearne Hill is inland and hosts a copper breccia pipe system that underwent small scale mining but which Amarc plans to rethink as a bulk tonnage copper system. The main reason, however, for making Amarc a 2023 Favorite is its plan to revisit the Empress area at the northern end of the 100% owned IKE project. The Empress area represents a gold enriched copper replacement system within older volcanics and sediments off-board the northern boundary of the Coast Plutonic Complex. Amarc would also like to do enough drilling of IKE to allow a maiden resource estimate. Working capital as of September 30, 2022 was about $3 million, not enough to mount a major program. But with 199 million shares fully diluted and the last financing done in 2017 there is no market overhang if Bob Dickinson comes through with his threat to emerge from semi-retirement and turn Amarc into the success story that has eluded it for two decades.
Recommendation History
Edition Date Price
Recommendation Gain
BF1998 12/1/1997 $0.62 New BF MP Buy $0.50-$0.75 0%
BF1998 12/11/1998 $0.60 Confirm BF TP Buy $0.50-$0.75 -20%
BF1998 1/5/2000 $0.70 Confirm BF TP Buy $0.50-$0.75 -7%
BF1998 12/30/2005 $0.29 BF Cycle Closeout Sell 100% -61%
BF2009 12/24/2008 $0.10 New BF MP Buy $0.10-$0.19 -47%
BF2009 12/30/2011 $0.41 BF Technical Closeout Hold 0% 116%
BF2014 12/4/2014 $0.07 New BF Buy below $0.10 -30%
BF2014 12/31/2015 $0.06 BF Technical Closeout 100% -40%
BF2016 12/31/2015 $0.06 New BF Buy below $0.10 -40%
BF2016 12/13/2018 $0.06 BF Technical Closeout 100% -45%
SVF2023 12/30/2022 $0.15 Fair Spec Value Favorite 0%
SVF2023 12/29/2023 $0.10 SV Technical Closeout 100% -33%
Charts & Financing Activity
 Most recent 43-101 resource estimate  Prior resource estimate  PEA  PFS  FS/BFS/DFS
Private Placement Key
less than $500,000 $1,000,000 - $2,000,000 $5,000,000 - $10,000,000 $20,000,000 - $50,000,000
$500,000 - $1,000,000 $2,000,000 - $5,000,000 $10,000,000 - $20,000,000 over $50,000,000
Private placement financing dates and value ranges are based on transactions reported by the TSXV Monthly Review.
Date Company Type Quantity Price FT Units Amount Broker
Jan 7, 2002 Amarc Resources Ltd PP 2,054,000 $0.400
Units $821,600
Jan 7, 2002 Amarc Resources Ltd PP 446,000 $0.400
Units $178,400
Mar 8, 2002 Amarc Resources Ltd PP 2,500,000 $0.400
Units $1,000,000
Aug 19, 2002 Amarc Resources Ltd PP 345,710 $0.600
Units $207,426
Jan 16, 2004 Amarc Resources Ltd PP 4,397,906 $0.550 FT Units $2,418,848
Jan 16, 2004 Amarc Resources Ltd PP 3,604,178 $0.550
Units $1,982,298
Jan 28, 2004 Amarc Resources Ltd PP 5,047,000 $0.340 FT Units $1,715,980
Jan 28, 2004 Amarc Resources Ltd PP 7,953,000 $0.340
Units $2,704,020
Mar 9, 2004 Amarc Resources Ltd PP 2,000,000 $0.750
Units $1,500,000
Feb 15, 2007 Amarc Resources Ltd PP 6,000,000 $0.500
Units $3,000,000
Feb 15, 2007 Amarc Resources Ltd PP 4,490,000 $0.500 FT Units $2,245,000
Feb 6, 2009 Amarc Resources Ltd PP 5,000,000 $0.100 FT Units $500,000
Feb 25, 2010 Amarc Resources Ltd PP 4,800,000 $0.500 FT
$2,400,000
Feb 25, 2010 Amarc Resources Ltd PP 6,200,000 $0.500

$3,100,000
Jan 24, 2011 Amarc Resources Ltd PP 5,812,500 $0.800 FT
$4,650,000
Jan 24, 2011 Amarc Resources Ltd PP 8,076,923 $0.650

$5,250,000
Oct 4, 2017 Amarc Resources Ltd PP 13,045,500 $0.200

$2,609,100
Jan 16, 2024 Amarc Resources Ltd PP 9,615,385 $0.080
Units $769,231
Jan 16, 2024 Amarc Resources Ltd PP 15,384,615 $0.130 FT Units $2,000,000
Capital
Financials Dated: December 31, 2023 Reporting Period: 9 months Year End: 03/31 Currency: CAD
Assets Liabilities Income
Cash Equivalents: $5,087,086 Current Liabilities: $3,068,487 Operating Revenues: $0
Receivables etc: $203,443 Tangible LT Debt: $782,038 Operating Cash Costs: $0
Current Assets: $5,290,529 Intangible LT Debt: $0 Operating Cash Flow: $0
Long Term Assets:$586,910Total Liabilities:$3,850,525Operating Non-Cash Costs:$0




Miscellaneous Revenue:$0
Total Assets: $5,877,439 Share Capital: $67,236,421 Cash Expenses: $9,911,778


Shareholder Deficit: ($65,209,507) Non-Cash Expenses: $80,273
Working Capital: $2,222,042 Net Shareholder Equity: $2,026,914 Total Expenses: $9,992,051




Overall Cash Flow:($9,911,778)
Monthly Overhead:$1,101,309

Net Income (Loss):($9,992,051)

Note:
Capital History
Date PeriodCash EqCurrent
Assets
Total
Assets
Current
Liabilities
Total
Liabiltiies
Share
Capital
GAINCash
Expenses
DilutedWorking
Capital
12/31/2010 9 $4,798,710 $5,301,421 $5,331,884 $1,234,643 $1,234,643 $41,423,706
$894,584 0 $4,066,778
6/30/2011 3 $7,379,789 $8,402,533 $9,761,723 $641,558 $641,558 $45,482,087
$547,384 102,848,896 $7,760,975
9/30/2011 6 $7,338,975 $7,840,750 $9,209,957 $1,590,167 $1,590,167 $45,482,087
$485,118 108,382,996 $6,250,583
12/31/2011 9 $2,799,288 $3,816,025 $5,699,301 $739,146 $739,146 $45,495,272
$5,831,633 108,424,996 $3,076,879
3/31/2012 12 $15,475,104 $17,184,975 $18,176,394 $960,704 $960,704 $58,740,910
$8,656,141 159,446,644 $16,224,271
6/30/2012 3 $11,269,102 $13,279,236 $14,739,675 $644,289 $644,289 $58,744,810
$3,238,903 159,362,644 $12,634,947
9/30/2012 6 $9,430,476 $9,847,264 $11,758,717 $455,537 $455,537 $58,744,810
$6,066,025 159,329,444 $9,391,727
12/31/2012 9 $5,940,703 $6,276,016 $10,663,225 $489,671 $489,671 $58,756,410
$7,252,019 159,329,544 $5,786,345
3/31/2013 12 $5,869,313 $6,093,170 $7,644,026 $459,862 $459,862 $58,756,410 0% $10,249,745 159,496,644 $5,633,308
6/30/2013 3 $5,508,105 $5,645,067 $7,093,291 $578,329 $578,329 $58,756,410
$685,555 144,009,861 $5,066,738
9/30/2013 6 $4,601,675 $4,792,627 $6,377,313 $248,592 $488,592 $58,756,410
$1,321,716 143,935,361 $4,544,035
12/31/2013 9 $4,275,162 $5,747,601 $6,110,537 $711,153 $711,153 $58,756,410
$1,899,889 143,863,961 $5,036,448
3/31/2014 12 $4,772,772 $4,945,215 $5,306,065 $105,340 $105,340 $58,761,410 0% $2,399,522 143,879,961 $4,839,875
6/30/2014 3 $4,284,773 $4,448,038 $4,833,341 $93,416 $93,416 $58,767,910
$474,732 143,968,861 $4,354,622
9/30/2014 6 $1,933,026 $2,227,190 $3,361,328 $1,172,736 $1,172,736 $58,767,910
$685,996 141,875,361 $1,054,454
12/31/2014 9 $924,343 $1,075,088 $2,307,930 $1,352,747 $1,352,747 $58,767,910
$4,217,440 141,875,361 ($277,659)
3/31/2015 12 $489,150 $1,520 $1,755,079 $1,278,941 $1,278,941 $58,955,410 0% $4,755,666 144,375,361 ($1,277,421)
6/30/2015 3 $182,496 $1,182,766 $1,432,332 $1,563,623 $1,563,623 $58,967,910
$602,956 144,475,361 ($380,857)
9/30/2015 6 $2,566,163 $3,676,919 $4,441,565 $2,601,561 $6,101,561 $58,967,910
$2,096,119 150,030,916 $1,075,358
12/31/2015 9 $1,076,820 $1,231,453 $2,146,481 $1,241,373 $4,741,373 $2,146,481
$3,006,898 144,475,361 ($9,920)
3/31/2016 12 $747,408 $891,218 $1,096,246 $1,202,833 $1,437,382 $58,967,910 0% $4,097,315 150,030,916 ($311,615)
6/30/2016 3 $1,965,761 $2,227,058 $2,330,412 $2,509,099 $2,771,415 $58,967,910
$68,416 144,475,361 ($282,041)
9/30/2016 6 $821,970 $956,186 $1,059,540 $1,671,212 $1,671,212 $58,967,910
$162,129 141,424,061 ($715,026)
12/31/2016 9 $619,053 $656,303 $1,264,758 $512,911 $1,418,981 $58,967,910
$547,336 156,979,616 $143,392
3/31/2017 12 $930,890 $999,249 $1,112,064 $580,421 $1,520,678 $59,559,910 1% $725,761 156,979,616 $418,828
6/30/2017 3 $207,412 $258,748 $411,108 $632,114 $1,608,640 $59,559,910
$629,677 156,979,616 ($373,366)
9/30/2017 6 $3,897,626 $4,129,259 $4,302,402 $1,893,855 $2,410,043 $63,207,056
$4,968,720 171,969,560 $2,235,404
12/31/2017 9 $1,210,789 $2,010,348 $2,183,491 $147,561 $883,922 $63,557,056
$1,246,420 171,969,560 $1,862,787
3/31/2018 12 $3,308,469 $3,451,504 $3,624,647 $1,615,690 $2,379,234 $63,884,056 7% $8,996,062 173,786,227 $1,835,814
6/30/2018 3 $3,950,591 $4,051,819 $4,224,962 $2,926,409 $3,719,293 $63,884,056
$679,812 173,786,227 $1,125,410
9/30/2018 6 $1,515,167 $1,703,551 $1,876,694 $650,319 $1,474,892 $63,884,056
$773,836 173,786,227 $1,053,232
12/31/2018 9 $572,623 $659,806 $832,949 $1,061,618 $1,061,618 $64,184,056
$5,886,816 175,452,894 ($401,812)
3/31/2019 12 $282,996 $625,658 $798,801 $1,341,719 $1,341,719 $64,041,556 0% $8,434,922 175,602,894 ($716,061)
6/30/2019 3 $78,210 $138,072 $311,215 $1,412,948 $1,412,948 $64,041,556
$494,394 175,602,894 ($1,274,876)
9/30/2019 6 $407,079 $543,635 $721,778 $1,344,259 $1,344,259 $64,041,556
$1,290,746 180,602,894 ($800,624)
12/31/2019 9 $241,187 $336,495 $514,638 $702,575 $1,202,664 $64,041,556
$1,813,705 188,602,894 ($366,080)
3/31/2020 12 $249,183 $350,917 $529,060 $992,054 $1,504,173 $64,341,556 0% $6,524,255 193,602,894 ($641,137)
6/30/2020 3 $22,645 $99,935 $278,336 $1,238,195 $1,763,234 $64,341,556
$508,993 193,602,894 ($1,138,260)
9/30/2020 6 $1,106,872 $1,247,561 $1,445,970 $1,873,117 $2,412,193 $64,583,515
$1,079,101 191,602,894 ($625,556)
12/31/2020 9 $726,284 $2,125,595 $2,304,076 $1,464,492 $2,018,654 $64,744,721
$1,205,810 191,602,894 $661,103
3/31/2021 12 $308,085 $1,381,883 $1,560,370 $963,434 $1,533,434 $64,744,721 1% $2,025,619 193,602,894 $418,449
6/30/2021 3 $682,976 $1,833,993 $2,110,037 $1,457,453 $2,130,670 $64,744,721
$923,730 193,602,894 $376,540
9/30/2021 6 $1,353,821 $2,147,314 $2,418,332 $1,576,784 $2,268,684 $64,744,721
$4,373,725 193,602,894 $570,530
12/31/2021 9 $680,055 $1,110,186 $1,376,159 $653,610 $1,384,272 $65,044,721
$5,605,240 193,602,894 $456,576
3/31/2022 12 $370,784 $730,894 $991,828 $902,706 $1,620,251 $65,228,921 1% $616,970 197,082,894 ($171,812)
6/30/2022 3 $2,245,285 $2,787,558 $3,337,902 $2,267,955 $3,000,108 $65,228,921
$2,538,247 198,259,364 $519,603
9/30/2022 6 $6,565,762 $7,121,258 $7,718,587 $2,899,993 $3,656,123 $65,228,921
$346,936 199,259,364 $4,221,265
12/31/2022 9 $6,375,334 $6,775,158 $7,367,444 $1,537,930 $2,315,509 $65,228,921
$16,103,562 199,259,364 $5,237,228
3/31/2023 12 $5,131,510 $5,489,145 $6,091,187 $5,856,420 $6,556,632 $65,228,921 0% $9,913 199,259,364 ($367,275)
6/30/2023 3 $7,324,073 $7,524,130 $8,121,128 $8,296,668 $9,021,753 $65,228,921
$400,171 199,779,364 ($772,538)
9/30/2023 6 $3,570,628 $3,996,417 $4,588,371 $4,411,448 $5,163,860 $65,236,421
$5,345,058 199,879,364 ($415,031)
Structure & People
Directors, Officers and Employees: 29,921,987 14.1% AGM: March 29, 2022
Other Insiders: 0 0.0% People Tree Available
Past Reported Shareholders: 23,172,126 N/A
Related Party Occupation Related
Since
Insider Director Officer Capacity Ownership %
T. Barry Coughlan Businessperson 2/1/2009

86,000 0.0%
Scott D. Cousens Administrator 9/1/1995

148,300 0.1%
Robert A. Dickinson Geologist 4/1/1993 Chairman 28,969,687 13.7%
Diane Nicolson Geologist 2/27/2008 CEO & President 718,000 0.3%
Paul Johnston Geologist 3/11/2024
VP Exploration 0 0.0%
KIN Communications Inc Investor Relations 7/8/2022

IR 0 0.0%
Michael Lee Accountant 1/21/2019
CFO 0 0.0%
Mark Rebagliati Geologist 11/21/2019

Advisory Board 0 0.0%
Jeannine P. M. Webb Accountant 10/4/2021
CFO 0 0.0%
Past Insiders and Reported Shareholders - Current Ownership Status unknown - positions may be pre-rollback
Related Party Occupation Related
Since
Insider
Ended
Director
Ended

Capacity Ownership
Rene G. Carrier Administrator 9/29/2008 11/22/2018 11/22/2018
Director 400,000
David J. Copeland Engineer 9/1/1995 9/17/2015 9/17/2015
Director 1,249,500
Colin Gibson Broker 1/24/2011


Placee 125,000
Roy Greig Geologist 1/31/2022 3/11/2024

VP Exploration 0
Harold Hodgson Broker 1/24/2011


Placee 312,500
Greg Johnson Broker 1/24/2011


Placee 31,250
Jeffrey R. Mason Accountant 9/1/1995 11/22/2018 11/22/2018
Director 2,878,500
Peter Ross Broker 1/24/2011


Placee 62,500
John Rybinski Broker 1/24/2011


Placee 312,500
Philip Smith Broker 1/24/2011


Placee 62,500
Sun Valley Gold LLC Institution 3/16/2012


Insider 14,615,384
Ronald W. Thiessen Accountant 9/1/1995 11/21/2019 11/21/2019
CEO 3,109,992
John Welch Broker 1/24/2011


Placee 12,500
Share positions of current insiders based on last AGM circular, ownership % based on current Issued. Share positions of past insiders and shareholders have not been adjusted for rollbacks or splits.
Risk Analysis

Click here to view IPV Report

Key to Understanding the Spec Value Hunter Tables
Flagship Play Secondary Plays Other Plays
A Spec Value Hunter table allows speculators to identify which projects offer poor, fair or good speculative value according to the rational speculation model. The speculative value depends on the project stage, the project's implied value as calculated by the company's fully diluted, stock price and net project interest, and the dream target deemed appropriate for the project. A dream target is what a project would be worth in discounted cash flow terms once in production.
Poor Speculative Value - Fair Speculative Value - Good Speculative Value -
Note: narrow arrows indicate IPV is outside the fair value channel but within 25% of the fair value limits
Color Key for Target Outcome Achievability
Ranges in millions
ranked from most to least achievable
below $25 Should be Private: Artisanal, Placer, Mom & Pop Shop
$25-$50 Tiny Scale: underground mine or quarry - not worth the bother
$50-$100 Small Scale: junior needs to self-develop
$100-$250 Buyout Target: by Lower Tier Producers
$250-$500 Buyout Target: by Mid-Tier Producers
$500-$1,000 Ideal Target for Junior: Buckhorn, Sleeper
$1,000-$2,000 Almost World Class: Ekati, Red Chris, Brucejack, Juanicipio, Stibnite
$2,000-$5,000 World Class: Eskay Creek, Hemlo, Hermosa-Taylor, Oyu Tolgoi, LaRonde, McArthur
$5,000-$10,000 Giants: Escondida, Sullivan, Carlin Trend, Kidd Creek, Orapa, Kamoa-Kakula
above $10,000 Off the Scale District: Wits 1.0, Araxa, Sudbury Basin, Bayan Obo
The target outcome range required for the current implied project value to represent fair speculative value is based on the upper and lower certainty limits associated with the project stage. The color coding is based on the target outcome using the mid-point of the certainty range.
Active Company Projects
Project Location Net
Interest
Stage IPV $
MM
Fair Spec Value
Required Target
Outcome Range

$100
UPV
$500

$2000
Target Metals Deposit Style
Ike Canada - British Columbia - Southwest BC 100% WI 3-Discovery Delineation $28 $551 - $1,102 Copper Molybdenum Silver GoldPorphyry
Duke Canada - British Columbia - Central BC 30% TC 2-Target Drilling $92 $3,675 - $9,187 Copper Gold Silver MolybdenumPorphyry
Joy Canada - British Columbia - Toodoggone 30% TC 3-Discovery Delineation $92 $1,837 - $3,675 Copper GoldPorphyry
Hearne Canada - British Columbia - Northern BC 100% WI 2-Target Drilling $28 $1,102 - $2,756 CopperPorphyry
Project StageFlagshipSecondaryActive
Grassroots (1) & Target Testing (2)
Discovery Delineation (3)
Infill Drilling & Metallurgy (4)
PEA (5) or PFS (6)
Feasibility & Permitting (7)
Construction (8) or Production (9)
Clicking on the project icon will display a popup identifying the company project, its stage and target metals, basic facts, a chart, a link to that project within that company's KRO Profile, a link to the most recent news release, and a link to the most recent KRO comment if one exists.
Company Projects

Ike Project
Featured in Share Collective
IkeCanadaBCSouthwest BC46,200 ha
Net Interest: 100% WI
Vested: No
Uncapped NSR/GOR: 0.00%
Ownership Terms: December 2013 option to acquire 80% from Oxford Resources Inc. Amarc can acquire 80% by making cash payments totaling $125,000, issuing 300,000 shares, and by incurring approximately $1,860,000 in exploration expenditures on or before November 30, 2015. In July 2014 the Ike Agreement was amended and Oxford assigned all of its interest property, and the underlying option agreement with respect to the Ike property, to Amarc and converted its ownership interest in the Ike property to a 1% Net Smelter Return (“NSR”) royalty in consideration of a $40,000 cash payment. The 1% NSR royalty can be purchased at any time for $2,000,000 less any amount of royalty already paid. Underying vendor holds a 2% NSR. 1% can be bought for $2 million any time before commercial production and the other 1% can be bought for $2 million before Nov 30, 2015. On Sept 3, 2015 optioned up to 50% to Thompson Creek Metals which dropped the option after earning 10% which it agreed to convert into a 1% NSR capped at $5 million. Agreement July 18, 2017 whereby Hudbay Minerals Inc can earn an initial 49% ownership interest in the IKE Project under a Stage 1 Farm-in Right by funding $25 million of expenditures before December 31, 2020, of which $3.3 million is committed for 2017. Provided its Stage 1 Farm-in Right is exercised, Hudbay can, pursuant to a Stage 2 Farm-in Right, elect to earn an additional 1% interest in the Project (for a total 50% interest), by funding $15 million of expenditures (for a total of $40 million), also before December 31, 2020. Stage 1 and Stage 2 Farm-in expenditures can be accelerated by Hudbay at its discretion. Amarc will be the operator during the Stage 1 and Stage 2 periods. A Joint Venture ("JV") will be formed when Hudbay has acquired a 49% interest in the Project. Provided that Hudbay has exercised its Stage 2 Farm-in Right and acquired a 50% interest in the IKE Project, it can then elect to go forward via one of two paths. First, Hudbay can replace Amarc as operator of the JV after it funds all project expenditures and completes a Feasibility Study for the IKE Project by December 31, 2025. Having gained operatorship, Hudbay can then choose to either go forward with Amarc in a 50/50 participating JV, or can instead elect to continue with its Farm-in (the 'Stage 3 Farm-in Right") to acquire an additional 10% interest in the IKE Project (for a total 60% interest). To exercise its Stage 3 Farm-in Right, Hudbay must fund all expenditures required to submit a British Columbia Environment Assessment ("EA") application for the IKE Project and, if applicable, a Canadian EA application, with the application(s) being accepted for review by December 31, 2026. In addition, Hudbay must also continue to fund all project expenditures until the necessary EA Certificate(s) are received. Following receipt of the EA Certificate(s), all IKE Project expenditures going forward will be shared by Hudbay and Amarc on a pro rata basis (Hudbay 60%/Amarc 40%) under the JV. As a second alternative path Hudbay can elect, after exercising its Stage 2 Farm-in Right, to proceed directly to the Stage 3 Farm-in Right, so immediately becoming the operator, and acquire a further 10% interest (for a total 60% interest) by, as above, submitting and having accepted for review a British Columbia EA application and, if applicable, a Canadian EA application, by December 31, 2026. Again in this instance, Hudbay must also fund all project expenditures until receipt of the necessary EA Certificate(s). As with the first path, following receipt of the EA Certificate(s), all IKE Project expenditures going forward will be shared by Hudbay and Amarc on a pro rata basis (Hudbay 60%/Amarc 40%) under the JV. HudBay dropped option on Jan 21, 2019.
Target Metals: Copper Molybdenum Silver GoldModel: PorphyryStage: 3-Discovery Delineation
See Reliable Project Location Google Map in free Corporate Profile
Milestone Timeline
ProgramStartEndMilestone
Target Testing2014 Q3 Mid July2014 Q3 Mid SeptemberInitial Amarc drill program begins, with nine holes planned for 5,400m, designed as an initial test to confirm if Ike is an important porphyry system, deserving of more detailed exploration work going forward.
Target Testing2014 Q4 Late November2014 Q4 Late NovemberReported results from 9 hole 5,400 m drill program started in mid September 2014 that confirm the presence of a potentially economic Cu-Mo-Ag porphyry system.

Duke Project
Featured in Share Collective
DukeCanadaBCCentral BC68,700 ha
Net Interest: 30% TC
Vested: Yes
Uncapped NSR/GOR: 0.00%
Ownership Terms: Agreement Nov 22, 2022 where Boliden can earn up to 70% by spending CAD $30 million within 4 years to earn 60%, of which $5 million is committed in late 2022 and early 2023, after which Boliden can elect to earn 70% by spending $60 million over 6 years with $10 million minimum per year. Amarc will operate until Bolden vests for 60% at which point Bolden can elect to become operator.
Target Metals: Copper Gold Silver MolybdenumModel: PorphyryStage: 2-Target Drilling
See Reliable Project Location Google Map in free Corporate Profile

Joy Project
Featured in Share Collective
JoyCanadaBCToodoggone0 ha
Net Interest: 30% TC
Vested: Yes
Uncapped NSR/GOR: 0.00%
Ownership Terms: Part by staking, other by option from Cascadero and Gold Fields where Cascadero gets $1 million cash in stages by Oct 31, 2018 and $950,000 in Amarc stock by Oct 31, 2018 for its 49%. Amarc can over 4 years acquire Gold Fields' 51% by creating a new company in which Gold Fields will receive 15% on a fully diluted basis. Option Aug 22, 2017 whereby HudBay can earn 49% by spending $15 million by Dec 31, 2020, of which $1.9 million was committed for 2017. On vesting for 49%, Hudbay can earn 50% by spending an extra $5 million, also by Dec 31, 2020. Amarc operates during these stages. If Hydbay vests for 50%, it can elect to earn 60% by funding all costs needed to deliver an EA by Dec 31, 2026. HudBay dropped option on Jan 21, 2019. On Dec 10, 2019 Amarc acquired Gold Fiels' 51% by issuing 5 million shares and a future 2 million contingent on unspecified expenditures. Gold Fields retains a 2.5% NPI on 86% of property and 1% NSR on the rest. The NPI can be reduced to 1.25% for $2.5 million in cash or stock. Agreement May 12, 2021 to option 70% to Freeport McMoran for $35 million exploration over 5 years to earn 60%, after which it can earn 70% by spending $75 million over 5 years.
Target Metals: Copper GoldModel: PorphyryStage: 3-Discovery Delineation
See Reliable Project Location Google Map in free Corporate Profile

Hearne Project
Featured in Share Collective
HearneCanadaBCNorthern BC10,000 ha
Net Interest: 100% WI
Vested: Yes
Uncapped NSR/GOR: 2.00%
Ownership Terms: Agreement May 16, 2022 to acquire 100% for $1 million payable $100,000 up front and $100,000 annually. Vendor retains a 2% NSR of which 1.5% is capped at 0.5%.
Target Metals: CopperModel: PorphyryStage: 2-Target Drilling
See Reliable Project Location Google Map in free Corporate Profile
Company Related KRO Comments
Jan 26, 2023Kaiser Watch - 0:23:35
Jan 26, 2023KW Excerpt: Kaiser Watch January 26, 2023: Amarc Resources Ltd (AHR-V)
Jan 6, 2023Kaiser Watch - 0:27:05
Jan 6, 2023KW Excerpt: Kaiser Watch January 6, 2023: Amarc Resources Ltd (AHR-V)
Jan 3, 2022Tracker: Speculative Value Rating for Amarc Resources Ltd
Jan 3, 2022Tracker: Speculative Value Rating for Amarc Resources Ltd
Dec 27, 2019Tracker: Spec Value Rating for Amarc Resources Ltd (AHR-V)
Dec 4, 2014Bottom-Fish Comment: Bottom-Fish Strategy for Amarc Resources Ltd
Feb 26, 1999Excerpt from KBFR Jan-Feb 1999
Dec 11, 1998Report Nov-Dec 1998: Amarc Resources Ltd - 1999 Bottom-Fish 100
Nov 18, 1998Report Sept-Oct 1998: Amarc Resources Ltd - 1998 Annual Review
Dec 1, 1997Report Sept-Dec 1997: Amarc Resources Ltd - 1998 Bottom-Fish 100

Company News Releases - Members Only
Mar 25, 2024Grant Of Options
Mar 11, 2024Appoints Dr. Paul Johnston As Vice President Exploration
Feb 8, 2024Launches 2024 Duke Copper Gold District Drilling
Jan 19, 2024Comprehensive 2023 Surveys at Duke Confirm Porphyry Copper Gold Deposit Potential Across the District
Jan 16, 2024Private Placement Non Brokered
Jan 11, 20242023 Year In Review Fully Funded For Extensive 2024 Drilling
Dec 13, 2023Amarc and Boliden Prepare for 2024 Drilling Program at Duke Copper-Gold District
Dec 1, 2023Completes $2.77 Million Financings
Nov 23, 2023$2.77 Million in Equity Financings
Nov 21, 2023Completes Comprehensive Field Programs To Assess Porphyry Copper Gold Targets Across The Duke District
Nov 16, 2023Appoints Dr. James Lang As Technical Advisor Further Strengthening Its Team
Oct 26, 2023Amarc and Freeport McMoran Mineral Properties Canada Inc. Commence Planning for the 2024 Joy Copper Gold District Drilling Program
Sep 13, 2023Property Asset or Share Purchase Agreement
Sep 5, 2023Establishes Indigenous Scholarship for Lake Babine Nation as Part of Duke Area Claims Option With Prospector Richard J Billingsley
Jun 26, 2023Amarc And Freeport Launch Comprehensive Exploration Program Across The Joy Copper Gold District
Jun 15, 2023Drilling Continues To Expand The Duke Deposit: Surveys Underway Throughout The Surrounding Duke Copper Gold District
May 17, 2023Remobilizes to Duke District Initiates Systematic Assessment of Porphyry Copper Gold Targets
May 15, 2023To Present at the Emerging Growth Conference on Wednesday, May 17, 2023
Apr 13, 2023Completes Phase 1 Drilling Program at Its Duke Copper Gold District, BC Next Exploration Phase Planned to Commence in June
Mar 2, 2023Joy District Drilling Significantly Expands Pine Cu Au Deposit and Makes Important New Discovery at Canyon
Feb 15, 2023Ongoing Drilling Continues To Expand Duke Deposit
Jan 26, 2023Initial Drill Results Extend DUKE Deposit to Depth: Drills 542 m of 0.33% CuEQ from Surface at DUKE DEPOSIT, Including 126 m of 0.52% CuEQ
Jan 23, 2023Extensive Surface Surveys Identify and Expand Porphyry Copper Gold Deposit Drill Targets across the Joy Copper Gold District
Jan 19, 2023Drilling Recommences at Amarc's Duke Copper Gold District, BC
Jan 17, 20232022 a Transformative Year and Corporate Outlook
Dec 8, 2022Amarc and Boliden Commence Drilling the Duke Copper Gold District, BC
Nov 22, 2022Duke Copper Gold District To Be Advanced With Funding From Boliden
Oct 11, 2022Joy Copper Gold District Exploration Program Expands As Freeport Continues To Earn In
Sep 22, 2022Message From the CEO: September 2022
Aug 24, 2022Makes Substantial Progress With Drilling and Surface Surveys at Its JOY Copper Gold District
Jul 8, 2022Progressing Its BC Copper Gold Districts and Engages Kin Communications Inc.
Jul 4, 2022Property Asset or Share Purchase Agreement, Shares for Bonuses
Jun 15, 2022Completes Loan Transaction and Mineral Claims Option
May 26, 2022Amendment To Loan Agreement
May 12, 2022Visit Amarc at the Vancouver Resource Investment Conference
May 3, 2022Mark Rebagliati Selected as the 2022 Recipient of the J.C. Sproule Northern Exploration Award
Mar 9, 2022Grant of Options
Mar 7, 2022Update on JOY Copper Gold District, BC: Initial 2021 Drilling Expands Pine Deposit, Intersecting 101.9 M of 0.56% CuEQ1, Additional Large Scale Porphyry Copper Gold Deposit Targets
Jan 31, 2022Appoints Dr. Roy Greig, P.Geo, As Its New VP Exploration
Dec 15, 2021Freeport McMoRan Mineral Properties Canada Inc. Continue Earn in at JOY Copper Gold District into 2022
Nov 15, 2021Secures Additional Investment from Freeport McMoRan, Provides Update on Its JOY Copper Gold District, Golden Horseshoe Trend, BC
Oct 4, 2021Appoints Chief Financial Officer
Aug 4, 2021Receives Additional Funding From Freeport McMoran Mineral Properties Canada Inc. To Advance Exploration Activities at Its Joy Copper Gold Porphyry District, BC
Jun 29, 2021Enters Exploration Agreement With Three First Nations at JOY Project, BC
May 26, 2021Surging Global Copper Demand Through 2030 to Benefit Canadian Explorers and Producers
May 12, 2021Forms Alliance With Freeport McMoRan Mineral Properties Canada Inc. To Advance Its JOY Copper Gold Porphyry District, British Columbia
Apr 19, 2021Signs Exploration Agreement with Lake Babine Nation
Mar 24, 2021Launches New Corporate Website Highlighting Its Portfolio of High Value Copper Gold Assets in British Columbia
Jan 19, 2021Details of Exceptional Cu Au Deposit Targets at Empress and Greater Empress, British Columbia
Dec 17, 2020Divests the Newton Gold Property to Carlyle and Retains a 2% NSR Royalty
Dec 9, 2020To Divest Of Newton Gold Property
Oct 20, 2020Carlyle and Hunter Dickinson Group Discover Extensive Sheeted Vein System with First Ever Drill Program at Mack Copper Molybdenum Tungsten Gold Target
Jun 29, 2020Removed from BCSC Delinquent Filer List - 2020/05/07 OT Filings
Jun 25, 2020Files Technical Report on IKE Project
May 15, 2020Provides Update On Joy Copper Gold District And Files Project Technical Report
May 6, 2020Provides Update on Duke Copper Gold District and Files Project Technical Report
Dec 10, 2019Acquires 100% Of Joy Copper Gold Project, BC
Jan 21, 2019Works to Re Partner after Hudbay Relinquishes Exploration Options at Joy and IKE Projects, BC
Dec 11, 2018Delineates Multiple Drill Ready Porphyry Copper Gold Deposit Targets at JOY Property, British Columbia
Nov 6, 2018Drilling Continues to Successfully Delineate the IKE Copper Molybdenum Silver Discovery, British Columbia
Oct 3, 2018Commences Drilling Target One at JOY Copper Gold Porphyry Project, BC
Jul 31, 2018Commences Drilling at IKE Copper Molybdenum Silver Discovery, BC
Jul 17, 2018Field Programs Ramp Up at JOY Copper Gold Porphyry Project, BC
Jul 12, 2018Attending Sprott Symposium
Jun 25, 2018Presenting at the John Tumazos Conference
Jun 12, 2018More Successful Drill Results from Duke Copper Porphyry Discovery, British Columbia
Mar 22, 2018Commences Drilling at Duke Copper Project, British Columbia
Jan 24, 2018Signs Drilling Contract for Silver Vista
Dec 27, 2017Hudbay Confirms 2018 Funding to Advance Amarc's Copper Projects
Dec 19, 2017Exploration Progresses Goal to Achieve a New Generation of BC Porphyry Copper Mines
Nov 20, 2017Cascadero Copper Announces Corporate Update
Nov 7, 2017Provides Update on IKE, JOY and DUKE 2017 Exploration Programs
Oct 4, 2017Private Placement Non Brokered
Sep 27, 2017$2.6 Million Financing Drill Program Planned for DUKE
Sep 6, 20172017 Field Programs Underway at IKE and JOY
Aug 29, 2017Acquires Options from Gold Fields and Cascadero to Purchase PINE Porphyry Copper Gold Property, BC
Aug 22, 2017Amarc and Hudbay Partner to Advance the JOY Copper Gold Porphyry Project
Jul 18, 2017Property Asset or Share Disposition Agreement
Jul 6, 2017Amarc and Hudbay Partner to Advance the Ike Copper Porphyry District
Jun 30, 2017Appoints Dr. Diane Nicolson To The Board Of Directors
Jan 11, 2017Applies to Drill Seven Significant Porphyry Copper Targets Completes key property purchase at IKE while Centerra Relinquishes option
Nov 22, 2016Shares for Bonuses
Nov 21, 2016Acquires Two Additional Porphyry Copper Projects And Consolidates Loans
Oct 17, 20162016 field results at IKE set the table for development Of a new BC porphyry copper district
Aug 2, 2016Amarc and Thompson Creek Progress at IKE on Positive Results
Jul 22, 2016Sale of Taseko Interest to Amarc
Jul 19, 2016Amarc Acquires New Option to Purchase 100% of Galore Property Surrounding IKE
Feb 29, 2016Amarc and Thompson Creek Complete Definitive Agreement to Advance IKE Project
Dec 9, 20152015 Drill Results from IKE Copper Molybdenum Silver Discovery, British Columbia
Sep 28, 2015Property Asset or Share Disposition Agreement
Sep 21, 2015Shares for Bonuses
Sep 9, 2015$500,000 Loan
Sep 9, 2015$500,000 loan
Sep 3, 2015Amarc and Thompson Creek Partner to Advance the IKE Copper Porphyry Project
Dec 2, 2014Shares for Bonuses
Nov 27, 2014$1 Million Loan & Appoints new President
Nov 24, 2014Significant Copper Molybdenum Silver Porphyry Discovery At IKE, South Central British Columbia
Sep 18, 2014Exploration Progress Update On IKE Porphyry Target in British Columbia
Aug 15, 2014Galore Options Taseko Project to Amarc Resources Ltd.
Aug 12, 2014Taseko Porphyry Project Sold For $400,000
Jan 13, 2014Property Asset or Share Purchase Agreement
Dec 13, 2013Acquires Important Copper Molybdenum Silver Porphyry Target In British Columbia
Nov 15, 2013Exploration Update
Sep 19, 2013Results from the Summer Exploration Programs
Sep 19, 2013Exploration update
Sep 19, 2013Provides exploration update


 

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