FY25 Fourth Quarter Financial Report

AMARC RESOURCES LTD.

FINANCIAL STATEMENTS

FOR THE YEARS ENDED

MARCH 31, 2025, 2024 and 2023

(Expressed in Canadian Dollars)

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and the Shareholders of Amarc Resources Ltd., Opinion on the Financial Statements

We have audited the accompanying statements of financial position of Amarc Resources Ltd. ('the Company'), as of March 31, 2025 and 2024, and the related statements of (income) loss, comprehensive income (loss), changes in equity and cash flows for each of the years in the three year period ended March 31, 2025, and the related notes (collectively referred to as the 'financial statements'). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as at March 31, 2025 and 2024 and its financial performance and its cash flows for each of the years in the three year period ended March 31, 2025, in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board.

Going Concern

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. Without modifying our opinion, we draw attention to Note 1 in the financial statements which indicates that the Company has no current source of revenue, has incurred losses from inception and is dependent upon its ability to secure new sources of financing. These conditions, along with other matters as set forth in Note 1, indicate the existence of a material uncertainty that casts substantial doubt as to the Company's ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. This issue also constitutes, from our perspective, a critical audit matter.

The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (i) relates to accounts or disclosures that are material to the financial statements; and (ii) involved, on our part, especially challenging, subjective, or complex judgements. The communication of a critical audit matter does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating this critical audit matter, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

The principal considerations for our determination that the going concern uncertainty was a critical audit matter were: (i) that the formal reporting of such uncertainty involves a significant disclosure, the absence of which could constitute a material misstatement to a financial statement reader and, (ii) that, at the same time, it involves on our part the use of a high level of subjective judgement as we are required to consider the possible impact of future events that cannot currently be known and which in all likelihood will not be directly linked to any particular current or future financial results and reporting, or the lack thereof.

Addressing this matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the financial statements. These procedures also included, among others, (i) obtaining and evaluating management's assessment of the Company's ability to remain a going concern; (ii) determining based on all other evidence available to us whether management's assessment appeared to be fair and reasonable in the circumstances and, (iii) considering whether the resultant disclosure of these matters herein was consistent with the foregoing, in the context of the Company's overall business activities, objectives and financial history.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ('PCAOB') and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance whether the financial statements are free of material misstatement, whether due to fraud or error. The Company is not required to have, nor were we engaged to perform, an audit of internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

A critical audit matter was communicated above under 'Going Concern'.

CHARTERED PROFESSIONAL ACCOUNTANTS

We have served as the Company's auditor since 1995. Vancouver, Canada

July 18, 2025

Nature of operations and going concern (note 1) Events after the reporting period (note 17)

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

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

Robert A. Dickinson Scott D. Cousens

Director Director

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

Years ended March 31,

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

(Expressed in Canadian Dollars)

Years ended March 31,

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

(Expressed in Canadian Dollars, except for share information)

Share capital Reserves

Share-

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

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

1. NATURE AND CONTINUANCE OF OPERATIONS

   Amarc Resources Ltd. ("Amarc" or the "Company") is a company incorporated under the laws of the Province of British Columbia ("BC"). Its principal business activity is the acquisition and exploration of mineral properties. The Company's mineral property interests are located in BC. The address of the Company's corporate office is 14th Floor, 1040 West Georgia Street, Vancouver, BC, Canada V6E 4H1.

   The Company is in the process of exploring its mineral property interests and has not yet determined whether its mineral property interests contain economically recoverable mineral reserves. The Company's continuing operations are entirely dependent upon the existence of economically recoverable mineral reserves, the ability of the Company to obtain the necessary financing to continue the exploration and development of its mineral property interests and to obtain the permits necessary to mine, and the future profitable production from its mineral property interest or proceeds from the disposition of its mineral property interests.

   These financial statements as at and for the year ended March 31, 2025 (the "Financial Statements") have been prepared on a going concern basis, which contemplates the realization of assets and the discharge of liabilities in the normal course of business for the foreseeable future. As at March 31, 2025, the Company had cash of $1,211,297, working capital deficiency of $1,344,054, and an accumulated deficit of $73,940,600.

   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.

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.

   1. Statement of compliance

      These Financial Statements have been prepared in accordance IFRS Accounting 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, 2025.

      The Board of Directors of the Company authorized these Financial Statements for issuance on July 18, 2025.

   2. 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.

   3. 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; and

      • Exploration and evaluation expenses and related cost recoveries.

   4. 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.

   5. Financial instruments

      A financial asset (unless it is a trade receivable without a significant financing component that is initially measured at the transaction price) is initially measured at fair value plus, for an item not measured at fair value through profit or loss ("FVTPL"), transaction costs that are directly attributable to its acquisition. The directly attributable transaction costs of a financial asset classified at FVTPL are expensed in the period in which they are incurred.

      Financial assets measured at amortized cost

      A financial asset is measured at amortized cost if it meets both the following conditions and is not

      designated as at FVTPL:

      • it is held within a business model whose objective is to hold assets to collect contractual cashflows; and,

      • its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

        These financial assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses, and impairment losses are recognized in profit or loss. Any gain or loss on the derecognition of the financial asset is recognized in profit or loss.

        Financial assets measured at fair value through other comprehensive income

        A debt investment is measured at fair value through other comprehensive income ("FVTOCI") if it meets both the following conditions and is not designated as at FVTPL:

      • it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and,

      • its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

        On the initial recognition of an equity instrument that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment's fair value in other comprehensive income ("OCI"). This election is made on an investment-by-investment basis.

        Debt investments measured at FVTOCI are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses, and impairment are recognized in profit or loss. Other net gains and losses are measured in OCI. On de-recognition, gains and losses accumulated in OCI are reclassified to profit or loss.

        Financial assets measured at fair value through profit or loss

        All financial assets not classified as measured at amortized cost or measured at FVTOCI, as described above, are measured at FVTPL; this includes all derivative financial assets. On initial recognition, the Company may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost or measured at FVTOCI as FVTPL if doing so eliminates, or significantly reduces, an accounting mismatch that would otherwise arise.

        These financial assets aresubsequently measured at fair value. Net gains and losses, including any interest or dividend income, are recognized in profit or loss.

        Financial liabilities Classification

        Accounts payable and accrued liabilities Amortized cost

        Balance due to related parties Amortized cost

        Financial assets Classification

        Cash Amortized cost

        Marketable securities FVTOCI

        Restricted cash Amortized cost

        Amounts receivable and other assets Amortized cost

   6. Exploration and evaluation expenditures

      Exploration and evaluation costs are costs incurred to discover mineral resources, and to assess the technical feasibility and commercial viability of the mineral resources found.

      Exploration and evaluation expenditures include:

      • costs associated with the acquisition of licenses;

      • costs associated with the acquisition of exploration and evaluation of assets, including mineral properties; and,

      • costs associated with exploration and evaluation activities.

        Exploration and evaluation costs are generally expensed as incurred until the technical feasibility and commercial viability of extracting a mineral resource has been determined and a positive decision to proceed to development has been made. However, if management concludes that future economic benefits are more likely than not to be realized, the costs of property, plant and equipment for use in the exploration and evaluation of mineral resources are capitalized.

        Costs incurred before the Company has obtained the legal rights to explore an area are expensed. Costs incurred after the technical feasibility and commercial viability of extracting a mineral resource has been determined and a positive decision to proceed to development has been made are considered development costs and are capitalized.

        Costs applicable to established mineral property interests where no further work is planned by the Company may, for presentation purposes only, be carried at nominal amounts.

   7. Equipment

      Equipment is carried at cost, less accumulated depreciation and accumulated impairment losses.

      The cost of equipment consists of the purchase price, any costs directly attributable to bringing the asset to the location and the condition necessary for its intended use, and an initial estimate of the costs of dismantling and removing the asset and restoring the site on which it is located.

      Depreciation is provided at rates calculated to expense the cost of the equipment, less its estimated residual value, using the declining balance method at various rates ranging from 20% to 30% per annum.

      An item of equipment is derecognized upon disposal or when no material future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on disposal of the asset,

      determined as the difference between the net disposal proceeds and the carrying amount of the asset, is recognized in profit or loss.

      Where an item of equipment consists of major components with different useful lives, the components are accounted for as separate items of equipment. Expenditures incurred to replace a component of an item of equipment that is accounted for separately, including major inspection and overhaul expenditures, are capitalized.

      As at March 31, 2025, all equipment had been fully depreciated. The Company did not purchase any equipment during the year ended March 31, 2025.

   8. Share capital

      Common shares of the Company are classified as equity. Transaction costs directly attributable to the issuance of common shares and share purchase options are recognized as a deduction from equity, net of any tax effects.

      When the Company issues common shares for consideration other than cash, the transaction is measured at fair value based on the quoted market price of the Company's common shares on the date of issuance.

   9. Loss per share

      Loss per share is computed by dividing the losses attributable to common shareholders by the weighted average number of common shares outstanding during the reporting period. Diluted loss per share is determined by adjusting the losses attributable to common shareholders and the weighted average number of common shares outstanding for the effects of all dilutive potential common shares, such as options granted to employees. The dilutive effect of options assumes that the proceeds to be received on the exercise of share purchase options are applied to repurchase common shares at the average market price for the reporting period. Share purchase options are included in the calculation of dilutive earnings per share only to the extent that the market price of the common shares exceeds the exercise price of the share purchase options. The effect of anti-dilutive factors is not considered when computed diluted loss per share.

   10. Equity-settled share-based payments

       The share purchase option plan allows employees and consultants of the Company to acquire shares of the Company. Thefair value of share purchase options granted is recognized as an employee or consultant expense with a corresponding increase in the share-based payments reserve in equity. An individual is classified as an employee when the individual is an employee for legal and tax purposes (direct employee) or provides services similar to those performed by a direct employee.

       For employees, fair value is measured at the grant date and each tranche is recognized on a straight-line basis over the period during which the share purchase options vest. The fair value of the share purchase options granted is measured using the Black-Scholes option pricing model taking into account the terms and conditions upon which the share purchase options were granted. At the end of each financial reporting period, the amount recognized as an expense is adjusted to reflect the actual number of share purchase options that are expected to vest.

       Share-based payment transactions with non-employees are measured at the fair value of the goods and services received. However, if the fair value cannot be estimated reliably, the share-based payment

       transaction is measured at the fair value of the equity instrument granted at the date the entity obtains the goods or the counterparty renders the service.

   11. Income taxes

       Income tax on the profit or loss for the years presented comprises of current and deferred tax. Income tax is recognized in profit or loss except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity.

       Current tax expense is the expected tax payable on taxable income for the year, using tax rates enacted or substantively enacted at year end, adjusted for amendments to tax payable with regards to previous years.

       Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.

       The following temporary differences are not provided for:

       • goodwill not deductible for tax purposes;

       • the initial recognition of assets or liabilities that affect neither accounting nor taxable profit; and

       • differences relating to investments in subsidiaries, associates, and joint ventures to the extent that they will probably not reverse in the foreseeable future.

         The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the financial position reporting date applicable to the period of expected realization or settlement.

         A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized.

         Additional income taxes that arise from the distribution of dividends are recognized at the same time as the liability to pay the related dividend.

         Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities, when they relate to income taxes levied by the same taxation authority, and the Company intends to settle its current tax assets and liabilities on a net basis.

         Flow-through shares

         The Company will, from time-to-time, issue flow-through common shares to finance a portion of its exploration programs. Pursuant to the terms of the flow-through share agreements, these shares transfer the tax deductibility of qualifying resource expenditures to investors. On issuance, the Company bifurcates the flow-through share into i) a flow-through share premium, equal to the estimated premium, if any, investors pay for the flow-through feature, which is recognized as a liability, and ii) share capital. Upon expenses being incurred, the Company derecognizes this liability and recognizes this premium as other income, offsetting any expense associated with the Company's expenditure of the flow-through proceeds.

   12. Restoration, rehabilitation and environmental obligations

       An obligation to incur restoration, rehabilitation and environmental costs arises when environmental disturbance is caused by the exploration or development of a mineral property interest. Such costs arising from the decommissioning of plant and other site preparation work, discounted to their net present value, are provided for and capitalized at the start of each project to the carrying amount of the asset, along with a corresponding liability at the time the obligation to incur such costs arises. The timing of the actual rehabilitation expenditure is dependent on a number of factors such as the life and nature of the project or asset, the conditions imposed by the relevant permits, and, when applicable, the jurisdiction in which the project or asset is located.

   13. Operating segments

       The Company operates as a single reportable segment-the acquisition, exploration and development of mineral properties. All assets are held in Canada.

   14. Government assistance

       When the Company is entitled to receive the BC Mining Exploration Tax Credit ("BCMETC") and other government grants, this government assistance is recognized as a cost recovery when there is reasonable assurance of recovery. Any amounts accrued or received typically remain subject to review and revision by government authorities, which may occur within a three-year look-back period. It is not possible to predict the occurrence or outcome of such actions in advance.

   15. IFRS 16, Leases ("IFRS 16")

       All leases are accounted for by recognizing a right-of-use asset and a lease liability except for:

       • Leases of low value assets; and

       • Leases with a duration of twelve months or less.

         Lease liabilities are measured at the present value of the contractual payments due to the lessor over the lease term, with the discount rate determined by the interest rate implicit in the lease, or if that rate cannot be readily determined, the Company's incremental borrowing rate on commencement of the lease is used. Variable lease payments are only included in the measurement of the lease liability if they depend on an index or rate. In such cases, the initial measurement of the lease liability assumes the variable element will remain unchanged throughout the lease term. Other variable lease payments are expensed in the period to which they relate.

         On initial recognition, the carrying value of the lease liability also includes:

       • Amounts expected to be payable under any residual value guarantee;

       • The exercise price of any purchase option granted if it is reasonable certain to assess that option; and

       • Any penalties payable for terminating the lease, if the term of the lease has been estimated on the basis of termination option being exercised.

         Right-of-use assets are initially measured at the amount of the lease liability, reduced for any lease incentives received, and increased for:

       • Lease payments made at or before commencement of the lease;

       • Initial direct costs incurred; and

       • The amount of any provision recognized where the Company is contractually required to dismantle, remove or restore the leased asset.

         Lease liabilities, on initial measurement, increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made.

         Right-of-use assets are amortized on a straight-line basis over the remaining term of the lease or over the remaining economic life of the asset if this is judged to be shorter than the lease term.

         When the Company revises its estimate of the term of any lease, it adjusts the carrying amount of the lease liability to reflect the payments to make over the revised term, which are discounted at the same discount rate that applied on lease commencement. The carrying value of lease liabilities is similarly revised when the variable element of future lease payments dependent on a rate or index is revised. In both cases, an equivalent adjustment is made to the carrying value.

3. CASH

   The Company's cash is invested in business accounts, which are available on demand by the Company.

4. MARKETABLE SECURITIES

   As at March 31, 2025, the fair value of its current holdings was $22,086 (March 31, 2024 - $41,587) and during the year ended March 31, 2025 there was a negative change of fair value adjustment of $19,501 (March 31, 2024 - $97,698 negative change). The marketable securities include 550,000 units (shares and warrants) of Carlyle Commodities Corp., a Canadian public company listed on the TSX Venture Exchange.

   As at March 31, 2025, the Company held the following marketable securities:

   Company	Shares/Warrants Held	Cost	Fair Value	Fair Value Decrease
   	(#)	($)	($)	($)
   Carlyle Commodities Corp - Shares	550,000	907,500	8,250	(899,250)
   Carlyle Commodities Corp - Warrants	550,000	727,000	-	(727,000)
   Other	1,678,839	14,237	13,836	(401)
   Total	2,778,839	1,648,737	22,086	(1,626,651)

5. RESTRICTED CASH

Restricted cash represents amounts held in support of exploration permits. The amounts are refundable subject to the consent of provincial regulatory authorities upon completion of any required reclamation work on therelated projects.

1. 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.

   1. 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.

   2. JOY District

      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.

      See also Note 7(d) and Note 17(d).

      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 Earnin 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 is the 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. On May 12, 2025, Freeport met the funding requirement for the 60% interest under an accelerated timeframe (Note 17(b)).

      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, 2025, the Company recorded advanced contributions balance of $nil (March 31, 2024 - $1,187,195).

      During the year ended March 31, 2025, the Company recorded a gross amount of cost recovery of

      $11,619,947 offsetting the expenditures incurred pursuant to the Agreement.

   3. DUKE District

      In November 2016, the Company agreed to acquire a 100% interest in the DUKE Property mineral claims, part of the DUKE District in central BC, from a private company owned by one of its directors, reimbursing

      $168,996 in acquisition costs.

      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. Amarc is the operator during this initial earn-in stage.

      Upon earning a 60% interest, Boliden can elect to earn an additional 10% interest in the Duke District, for an aggregate 70% interest, by funding an additional $60 million of exploration and development expenditures at a minimum rate of $10 million per year over the ensuing six years. Once Boliden has earned a 60% interest it will also have the right to become the operator.

      Upon Boliden finalizing its earned ownership interest, Amarc and Boliden will form either a 60:40 or 70:30 unincorporated joint venture to further advance the DUKE District. At that stage, each party will be responsible for funding its own pro-rata share of project costs, or be subject to customary equity dilution, converting to a capped royalty if it falls below a 10% participating interest.

      The Company initially records the amounts of contributions received or receivable from Boliden pursuant to the Agreement as a liability (advanced contributions received) in the statements of financial position, and subsequently recognizes amounts as cost recoveries in the statements of (income) loss as the Company incurs the related expenditures. During the year ended March 31, 2025, the Company recorded advanced contributions balance of $635,530 (March 31, 2024 - $3,945,526).

      During the year ended March 31, 2025, the Company recorded a gross amount of cost recovery of

      $6,858,878 offsetting the expenditures incurred pursuant to the Agreement. DUKE District Capped Royalty

      Amarc holds 100% interest in the 722 km2 DUKE District which is largely free of any underlying royalty.

      On July 7, 2023, the Company entered into a mineral property option agreement with an arms-length third party optionor to acquire an 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.

   4. 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 million 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 million has been paid to optionor.

   On February 5, 2025, the Company entered into a mineral property option agreement with Canasil Resources Inc. ("Canasil") pursuant to which Amarc can acquire 100% interest in 22 mineral claims that are located adjacent to its JOY tenure and immediately to the east of its AuRORA copper-gold-silver ("Cu-Au-Ag") discovery. The terms of the 5-year option to acquire 100% of the Brenda Property require annual payments of $400,000 with the option to purchase exercise price starting at $8 million if exercised in the first year, and increasing on an annual basis to $12 million in year five. The claims are subject to a 2% net smelter returns royalty of which 1% (or one-half) can be acquired for $5 million before commencement of commercial mining operations or $10 million after commencement of mining. The claims fall largely within the area of common interest under the Amarc - Freeport agreement of 2021 (Note 7(b) and Note 17(d)).

2. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

   	March 31, 2025 ($)	March 31, 2024 ($)
   Accounts payable	488,338	842,821
   Accrued liabilities	292,585	285,987
   Total	780,923	1,128,808

3. 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. On November 25, 2024, the Lender agreed to extend the repayment date of the Loan to November 26, 2025.

   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 was unsecured, bearing an interest at a rate of 10% per annum and was 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 to the date of repayment.

   The change in the Loan balance is as follows:

   		Year ended	Year ended
   		March 31, 2025	March 31, 2024
   		($)	($)
   Opening balance		784,947	648,005
   Amortization of transaction costs		181,357	136,942
   Closing balance		966,304	784,947
   		Year ended	Year ended
   		March 31, 2025	March 31, 2024
   		($)	($)
   Current portion		966,304	784,947
   Total		966,304	784,947
   Finance expenses			Years ended March 31,
   	2025	2024	2023
   	($)	($)	($)
   Interest on loan	99,000	101,274	126,685
   Amortization of transaction costs	181,357	136,942	102,554
   Total	280,357	238,216	229,239

4. 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. Subsequent to the Financing, the Company did not incur qualifying exploration expenses during the year ended March 31, 2024. The flow-through premium liability outstanding balance relating to these flow-through shares was $769,231 as at March 31, 2024. During the year ended March 31, 2025, the Company incurred qualifying exploration expenses which reduced the flow-through share premium liability to $nil, and which the Company recognized as other income on settlement of flow-through share premium liability.

5. SHARE CAPITAL AND RESERVES

   1. 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 charity flow-through private placement at a price of $0.13 each, totaling $2,000,000.

      On December 1, 2023, 9,615,385 non-flow-through shares were issued pursuant to a non-flow-through private placement at a price of $0.08 each, totaling $769,231.

      As at March 31, 2025, the amount of flow-through proceeds remaining to be expensed is $Nil (March 31, 2024 - $2,383,000).

      On September 5, 2024, 100,000 common shares issued pursuant to a property agreement at $0.075 per share.

      During the year ended March 31, 2025, 2,000,000 common shares were issued at $0.05 per share upon the exercise of options.

      During the year ended March 31, 2025, 608,000 common shares were issued at $0.105 per share upon the exercise of options.

      During the year ended March 31, 2025, 1,000,000 common shares were issued at $0.11 per share upon the exercise of options.

      During the year ended March 31, 2025, 2,340,000 common shares were issued at $0.12 per share upon the exercise of options.

      During the year ended March 31, 2025, 266,668 common shares were issued at $0.125 per share upon the exercise of options.

      During the year ended March 31, 2025, 5,000,000 flow-through shares were issued at $0.05 per share upon the exercise of warrants.

      During the year ended March 31, 2025, 1,176,470 flow-through shares were issued at $0.085 per share upon the exercise of warrants.

      As at March 31, 2025, there were 224,194,032 (March 31, 2024 - 211,702,894) Common Shares issued and outstanding.

   2. 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.

      On February 4, 2025 the Company granted 290,000 incentive stock options to certain associates to acquire an aggregate of 290,000 common shares at $0.67 per share, for a period of five years. 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 $167,134 using the Black-Scholes pricing model and based on the following assumptions: risk-free rate of 2.66%; expected volatility of 120%; underlying market price of $0.69; strike price of $0.67; and dividend yield of nil.

      The following summarizes changes in the Company's share purchase options:

      March 31, 2025 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	0.116	(1,480,000)	NA	-
      Exercised	0.095	(6,214,668)	NA	-
      Expired	0.120	(60,000)	NA	-
      Granted	0.670	290,000	0.107	6,930,000
      Ending balance	0.133	5,945,332	0.102	13,410,000

      The following summarizes information on the options outstanding and exercisable as at March 31, 2025:

      Exercise price	Expiry date	Weighted Average Remaining Contractual Life (periods)	Number of Options Outstanding	Number of Options Exercisable
      $ 0.125	11-Apr-26	1.03	253,332	168,888
      $ 0.105	22-Mar-29	3.98	5,100,000	5,100,000
      $ 0.105	22-Mar-27	1.98	302,000	302,000
      $ 0.670	4-Feb-30	4.85	290,000	203,000
      		3.79	5,945,332	5,773,888

   3. Share purchase warrants

      The following common summarizes changes in the Company's share purchase warrants:

      March 31, 2025 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
      Exercised	0.06	(6,176,470)	NA	-
      Granted pursuant to a private placement	NA	-	0.08	4,807,693
      Ending balance	0.08	4,807,693	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 March 31, 2025:

      Exercise price	Expiry date	Weighted Average Remaining Contractual Life (periods)	Warrants Outstanding
      $ 0.080	1-Dec-28	3.67	4,807,693
      		3.67	4,807,693

6. RELATED PARTY TRANSACTIONS

   Balances due to related parties	March 31, 2025 ($)	March 31, 2024 ($)
   Hunter Dickinson Services Inc.	242,569	134,251
   United Mineral Services Ltd.	30,173	7,586
   Thomas Wilson (CFO fees)	5,496	5,496
   Total	278,238	147,333

   1. 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 years ended March 31, 2025 and 2024, 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 years ended March 31, 2025, the Company recorded share-based compensation expense of

      $263,523 (March 31, 2024 - $316,771) in relation to 6,600,000 (March 31, 2024 - 7,450,000) stock options issued to directors and officers of the Company in the prior year (Note 11 (b)).

      During the years ended March 31, 2025, the Company incurred fees totaling $66,857 (March 31, 2024 -

      $62,810) in respect of services provided by the Chief Financial Officer.

   2. 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 and as available from HDSI (the "Services Agreement"). As a result of this relationship, the Company has ready access to a range of diverse and specialized expertise on a regular basis, without having to engage or hire full-time employees or experts. The Company benefits from the economies of scale created by HDSI which itself serves several clients both within and external to the exploration and mining sector.

      The Company is not obligated to acquire any minimum amount of services from HDSI. The monetary amount of the services received from HDSI in a given period of time is a function of annually set and agreed charge-out rates for and the time spent by each HDSI employee engaged by the Company.

      HDSI also incurs third-party costs on behalf of the Company. Such third-party costs include, for example, capital market advisory services, communication services and office supplies. Third-party costs are billed at cost, without markup.

      There are no ongoing contractual or other commitments resulting from the Company's transactions with HDSI, other than the payment for services already rendered and billed. The agreement may be terminated upon 60 days' notice by either the Company or HDSI.

      The following is a summary of transactions with HDSI that occurred during the reporting period:

      Years ended March 31,

      (rounded to the nearest thousand CAD)	2025 ($)	2024 ($)	2023 ($)
      Services received from HDSI and as requested by the Company	1,977,000	1,278,000	993,000
      Information technology - infrastructure and support services	84,000	62,000	60,000
      Office rent	53,000	45,000	41,000
      Reimbursement, at cost, of third-party expenses incurred by HDSI on behalf of the Company	271,000	329,000	193,000
      Total	2,385,000	1,714,000	1,287,000

   3. United Mineral Services Ltd.

      United Mineral Services Ltd. ("UMS") is a private company wholly-owned by one of the directors of the Company. UMS is engaged in the acquisition and exploration of mineral property interests. During the year ended March 31, 2025, the Company incurred fees of $41,938 (2024 - $8,563) in respect of geological services provided by UMS.

7. SUPPLEMENTARY INFORMATION TO THE STATEMENTS OF LOSS

   1. Salaries, fees and benefits

      Years ended March 31,

      Salaries, fees and benefits	2025(1) ($)	2024(1) ($)	2023(1) ($)
      Exploration and evaluation expenses	11,372,000	6,777,000	7,130,000
      Administration expenses(2)	389,000	347,000	245,000
      	11,761,000	7,124,000	7,375,000

      Salaries, fees and benefits included in exploration and evaluation expenses and administration expenses are as follows:

      (1) rounded to the nearest thousand dollar

      (2) includes salaries and benefits included in office and administration expenses (Note 13(b)) and other salaries and benefits expenses classified as administration expenses

   2. Office and administration expenses

      Office and administration expenses include the following:

      Years ended March 31,

      	2025(1) ($)	2024(1) ($)	2023(1) ($)
      Salaries and Benefits	389,000	340,000	245,000
      Data processing and retention	13,000	21,000	14,000
      Insurance	27,000	26,000	34,000
      Other office expenses	55,000	30,000	16,000
      	484,000	417,000	309,000
      (1) rounded to the nearest thousand dollar

8. 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 years ended March 31, 2025 and 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	(20,175)
   Balance at March 31, 2025	21,858

   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 years ended March 31, 2025 and 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	(28,164)
   Lease liability - accretion expense	4,722
   Balance at March 31, 2025	28,765
   Current portion	26,417
   Long-term portion	2,348

   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 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	30,512
   Less: imputed interest	(1,747)
   Lease liability as at March 31, 2025	28,765

9. FINANCIAL RISK MANAGEMENT

   1. 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 orrepay debt.

      The Company's investment policy is to invest its cash in highly liquid, short-term, interest-bearing investments having maturity dates of three months or less from the date of acquisition, which are readily convertible into known amounts of cash.

      The Company is not subject to any imposed equity requirements.

      There were no changes to the Company's approach to capital management during the year ended March 31, 2025.

   2. Carrying amounts and fair values of financial instruments

      The Company's marketable securities are carried at fair value based on quoted prices in active markets.

      As at March 31, 2025 and 2024, the carrying values of the Company's financial assets and financial liabilities approximate their fair values.

   3. 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.

      Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. In the management of liquidity risk, the Company maintains a balance between continuity of funding and the flexibility through the use of borrowings. Management closely monitors the liquidity position and expects to have adequate sources of funding to finance the Company's projects and operations. The directors of the Company are of the opinion that, taking into account the Company's cash reserves and external financial resources, the Company has sufficient working capital for its current obligations.

      Interest rate risk

      The Company is subject to interest rate risk with respect to its investments in cash. The Company's policy is to invest cash at variable rates of interest and cash reserves are to be maintained in cash in order to maintain liquidity, while achieving a satisfactory return for shareholders. Fluctuations in interest rates when cash matures impact interest income earned.

      As at March 31, 2025 and 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 March 31, 2025 and 2024, the Company's exposure to price risk was not significant in relation to these Financial Statements.

10. INCOME TAXES

    1. Provision for current tax

       No provision has been made for current income taxes as the Company has no taxable income.

    2. Provision for deferred tax

       As future taxable profits of the Company are uncertain, no deferred tax asset has been recognized.

       At March 31, 2025, the Company has unused non-capital loss carry forwards of approximately

       $13,300,000 (March 31, 2024 - $9.6 million; March 31, 2023 - $10.4 million).

       At March 31, 2025, the Company has resource tax pools of approximately $31,000,000 (March 31, 2024

       - $31.2 million; March 31, 2023 - $31.1 million) available in Canada, which may be carried forward and utilized to offset future taxes related to certain resource income.

       (d) Reconciliation of effective tax rate

       	March 31, 2025	March 31, 2024
       Net income (loss) for the year	(3,912,888)	(43,450)
       Total income tax expense	-	-
       Net income (loss) excluding income tax	(3,912,888)	(43,450)
       Income tax expense (recovery) using the Company's tax rate	(1,056,000)	(12,000)
       Non-deductible expenses and other	133,000	154,000
       Temporary difference booked to reserve	(3,000)	(13,000)
       Deferred income tax assets not recognized	926,000	(129,000)
       	-	-

       The Company's statutory tax rate was 27% (2024 - 27%; 2023 - 27%) and its effective tax rate is nil (2024 - nil; 2023 - nil).

       (d) Deductible temporary differences

       At March 31, 2025, the Company had the following deductible temporary differences for which no deferred tax asset was recognized:

       Expiry	Tax Losses (Capital)	Tax Losses (Non-Capital)	Resource Pools	Other
       Within one year	-	-	-	-
       One to five years	-	-	-	-
       After five years	-	13,282,000	-	1,011,000
       No expiry date	2,175,000	-	31,036,000	77,000
       	2,175,000	13,282,000	31,036,000	1,088,000

11. EVENTS AFTER THE REPORTING PERIOD

    1. Exercise of Options

Subsequent to the year ended on March 31, 2025, the following options were exercised: 133,332 options at $0.125 per share.