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<font style="font-family: Times New Roman; font-size: 13px">UNITED
STATES</font><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">SECURITIES AND
EXCHANGE COMMISSION</font> <font style="font-family: Times New Roman; font-size: 10"><br></font></div>
<div style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">WASHINGTON, D.C.
20549</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">FORM
20-F</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#x2610;
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) or 12(g) OF THE
SECURITIES EXCHANGE ACT OF 1934</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px"><a name="_Toc108967408"><!--anchor--></a>OR</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#x2612;
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
For the fiscal year ended March 31, 2021</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">OR</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x2610;
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934</font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">OR</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x2610;
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934</font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-family: Times New Roman; font-size: 13px">For the transition
period from___________ to_____________</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<font style="font-family: Times New Roman; font-size: 10">&#xA0;</font>
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<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Commission
file number <font style="font-weight: bold">0-49869</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 16px">
AMARC RESOURCES LTD.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">(Exact
name of Registrant as specified in its charter)</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">
BRITISH COLUMBIA, CANADA</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(Jurisdiction
of incorporation or organization)</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
14th Floor, 1040 West Georgia Street</font></div>
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<font style="text-decoration: underline; font-family: Times New Roman; font-size: 13px">
Vancouver, British Columbia, Canada, V6E 4H1</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">(Address
of principal executive offices)</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Sebastian Tang, Chief Financial Officer</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Facsimile
No.: 604-684-8092</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">14th
Floor, 1040 West Georgia Street</font></div>
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<font style="text-decoration: underline; font-family: Times New Roman; font-size: 13px">
Vancouver, British Columbia, Canada, V6E 4H1</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(Name,
Telephone, E-mail and/or Facsimile number and Address of Company
Contact Person)</font></div>
<div><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Securities
registered or to be registered pursuant to Section 12(b) of the
Act:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<div style="display: table-row">
<div style="display: table-cell; width: 336px"><font style="font-family: Times New Roman; font-size: 13px">Title of Each
Class: <font style="font-style: italic">Not
applicable</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br>
</font></div>
<div style="text-align: center; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Name of each
exchange on which registered: <font style="font-style: italic">Not
applicable</font></font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Securities
registered or to be registered pursuant to Section 12(g) of the
Act:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Common shares with no par value</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Securities
for which there is a reporting obligation pursuant to Section 15(d)
of the Act: <font style="font-weight: bold">None</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Indicate
the number of outstanding shares of each of the issuer's classes of
capital or common stock as of the close of the period covered by
the annual report:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
180,602,894 common shares as of March 31, 2021</font></div>
<div><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Indicate
by check mark if the registrant is a well-known seasoned issuer, as
defined in Rule 405 of the Securities Act.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center">
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<div style="text-align: center"><font>&#xA0;&#x2610;&#xA0; Yes</font></div>
</td>
<td style="width: 50%">
<div style="text-align: center"><font>&#xA0;&#x2612;&#xA0; No</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">If this
report is an annual or transition report, indicate by check mark if
the registrant is not required to file reports pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
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<div style="text-align: center"><font>&#xA0;&#x2610;&#xA0; Yes</font></div>
</td>
<td style="width: 50%">
<div style="text-align: center"><font>&#xA0;&#x2612;&#xA0; No</font></div>
</td>
</tr></table>
&#xA0; <font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Indicate
by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such
shorter period that registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past
90 days.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="text-align: left; margin: 0px auto; width: 50%; font-family: inherit; font-size: inherit;">
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<td style="width: 50%">
<div style="text-align: center"><font>&#xA0;&#x2612;&#xA0; Yes</font></div>
</td>
<td style="width: 50%">
<div style="text-align: center"><font>&#xA0;&#x2610;&#xA0; No</font></div>
</td>
</tr></table>
&#xA0;&#xA0;</div>
<font style="font-family: Times New Roman; font-size: 13px">Indicate by check
mark whether the registrant has submitted electronically and posted
on its corporate Web site, if any, every Interactive Data File
required to be submitted and posted pursuant to Rule 405 of
Regulation S-T (&#xA7;232.405 of this chapter) during the preceding
12 months (or for such shorter period that the registrant was
required to submit and post such files).</font>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<div></div>
<div>
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<td style="width: 50%">
<div style="text-align: center"><font>&#xA0;&#x2612;&#xA0; Yes</font></div>
</td>
<td style="width: 50%">
<div style="text-align: center"><font>&#xA0;&#x2610;&#xA0; No</font></div>
</td>
</tr></table>
</div>
&#xA0; <font style="font-family: Times New Roman; font-size: 13px;"><br>
</font></div>
<font style="font-family: Times New Roman; font-size: 13px">Indicate by check
mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or an emerging growth
company. See the definitions of &#x201C;large accelerated
filer,&#x201D; &#x201C;accelerated filer,&#x201D; and &#x201C;emerging
growth company&#x201D; in Rule 12b-2 of the Exchange Act. (check
one):</font>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 49%">
<div style="text-align: center; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Large
accelerated filer &#x2610;</font></div>
<div style="text-align: center; margin-left: 48px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Non-accelerated
filer &#x2612;</font></div>
</td>
<td style="vertical-align: top; width: 51%">
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Accelerated filer
&#x2610;</font></div>
<div style="text-align: center; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Emerging growth
company &#x2612;</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">If an
emerging growth company that prepares its financial statements in
accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying
with any new or revised financial accounting standards&#x2020;
provided pursuant to Section 13(a) of the Exchange
Act.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Indicate
by check mark which basis of accounting the registrant has used to
prepare the financial statements included in this
filing:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 22%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">U.S.GAAP
&#x2610;</font></div>
</td>
<td style="vertical-align: top; width: 62%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">International
Financial Reporting Standards as issued by the International
Accounting Standards Board &#x2612;</font></div>
</td>
<td style="vertical-align: top; width: 16%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Other
&#x2610;</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">If
&#x201C;Other&#x201D; has been checked in response to the previous
question, indicate by check mark which financial statement item the
registrant has elected to follow:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center">
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<tr>
<td style="width: 50%">
<div style="text-align: center"><font>&#xA0; <font style="font-family: Times New Roman; font-size: 13px">Item 17
&#x2610;</font></font></div>
</td>
<td style="width: 50%">
<div style="text-align: center"><font>&#xA0; <font style="font-family: Times New Roman; font-size: 13px">Item 18
&#x2610;</font></font></div>
</td>
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</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">If this
is an annual report, indicate by check mark whether the registrant
is a shell company (as defined in Rule 12b-2 of the Exchange
Act).</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<div></div>
<div>
<table cellpadding="0" cellspacing="0" style="text-align: left; margin: 0px auto; width: 50%; font-family: inherit; font-size: inherit;">
<tr>
<td style="width: 50%">
<div style="text-align: center"><font>&#xA0;&#x2610;&#xA0; Yes</font></div>
</td>
<td style="width: 50%">
<div style="text-align: center"><font>&#xA0;&#x2612;&#xA0; No</font></div>
</td>
</tr></table>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
T A B L E&#xA0; O F&#xA0; C O N T E N T S</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-family: Times New Roman; font-size: 13px; margin: 0px auto 0px 0px;">
<tr>
<td style="vertical-align: top; width: 15%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 81%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 4%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 15%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font><a href="#IDEN"><font style="font-family: Times New Roman; font-size: 13px;">ITEM
1</font></a></font></div>
</td>
<td style="vertical-align: top; width: 81%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font><a href="#IDEN"><font style="font-family: Times New Roman; font-size: 13px;">IDENTITY OF
DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</font></a></font></div>
</td>
<td style="vertical-align: top; width: 4%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">6<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 15%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#OFFE"><font style="font-family: Times New Roman; font-size: 13px;">ITEM
2</font></a></div>
</td>
<td style="vertical-align: top; width: 81%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#OFFE"><font style="font-family: Times New Roman; font-size: 13px;">OFFER STATISTICS
AND EXPECTED TIMETABLE</font></a></div>
</td>
<td style="vertical-align: top; width: 4%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">7<br>
</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 15%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#KEYI"><font style="font-family: Times New Roman; font-size: 13px;">ITEM
3</font></a></div>
</td>
<td style="vertical-align: top; width: 81%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#KEYI"><font style="font-family: Times New Roman; font-size: 13px;">KEY
INFORMATION</font></a></div>
</td>
<td style="vertical-align: top; width: 4%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">7<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 15%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#INFO"><font style="font-family: Times New Roman; font-size: 13px;">ITEM
4</font></a></div>
</td>
<td style="vertical-align: top; width: 81%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#INFO"><font style="font-family: Times New Roman; font-size: 13px;">INFORMATION ON THE
COMPANY</font></a></div>
</td>
<td style="vertical-align: top; width: 4%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">14<br>
</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 15%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#UNRE"><font style="font-family: Times New Roman; font-size: 13px;">ITEM
4A</font></a></div>
</td>
<td style="vertical-align: top; width: 81%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#UNRE"><font style="font-family: Times New Roman; font-size: 13px;">UNRESOLVED STAFF
COMMENTS</font></a></div>
</td>
<td style="vertical-align: top; width: 4%;">27</td>
</tr><tr>
<td style="vertical-align: top; width: 15%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#OPER"><font style="font-family: Times New Roman; font-size: 13px;">ITEM
5</font></a></div>
</td>
<td style="vertical-align: top; width: 81%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#OPER"><font style="font-family: Times New Roman; font-size: 13px;">OPERATING AND
FINANCIAL REVIEW AND PROSPECTS</font></a></div>
</td>
<td style="vertical-align: top; width: 4%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">27</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 15%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#DIRE"><font style="font-family: Times New Roman; font-size: 13px;">ITEM
6</font></a></div>
</td>
<td style="vertical-align: top; width: 81%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#DIRE"><font style="font-family: Times New Roman; font-size: 13px;">DIRECTORS, SENIOR
MANAGEMENT AND EMPLOYEES</font></a></div>
</td>
<td style="vertical-align: top; width: 4%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">32<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 15%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#MAJO"><font style="font-family: Times New Roman; font-size: 13px;">ITEM
7</font></a></div>
</td>
<td style="vertical-align: top; width: 81%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#MAJO"><font style="font-family: Times New Roman; font-size: 13px;">MAJOR SHAREHOLDERS
AND RELATED PARTY TRANSACTIONS</font></a></div>
</td>
<td style="vertical-align: top; width: 4%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">41<br>
</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 15%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#FINA"><font style="font-family: Times New Roman; font-size: 13px;">ITEM
8</font></a></div>
</td>
<td style="vertical-align: top; width: 81%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#FINA"><font style="font-family: Times New Roman; font-size: 13px;">FINANCIAL
INFORMATION</font></a></div>
</td>
<td style="vertical-align: top; width: 4%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">44<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 15%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#THOFFE"><font style="font-family: Times New Roman; font-size: 13px;">ITEM
9</font></a></div>
</td>
<td style="vertical-align: top; width: 81%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#THOFFE"><font style="font-family: Times New Roman; font-size: 13px;">THE OFFER AND
LISTING</font></a></div>
</td>
<td style="vertical-align: top; width: 4%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">44</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 15%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#ADDI"><font style="font-family: Times New Roman; font-size: 13px;">ITEM
10</font></a></div>
</td>
<td style="vertical-align: top; width: 81%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#ADDI"><font style="font-family: Times New Roman; font-size: 13px;">ADDITIONAL
INFORMATION</font></a></div>
</td>
<td style="vertical-align: top; width: 4%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">47<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 15%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#QUAN"><font style="font-family: Times New Roman; font-size: 13px;">ITEM
11</font></a></div>
</td>
<td style="vertical-align: top; width: 81%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#QUAN"><font style="font-family: Times New Roman; font-size: 13px;">QUANTITATIVE AND
QUALITATIVE DISCLOSURES ABOUT MARKET RISK</font></a></div>
</td>
<td style="vertical-align: top; width: 4%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">57<br>
</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 15%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#DESC"><font style="font-family: Times New Roman; font-size: 13px;">ITEM
12</font></a></div>
</td>
<td style="vertical-align: top; width: 81%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#DESC"><font style="font-family: Times New Roman; font-size: 13px;">DESCRIPTION OF
SECURITIES OTHER THAN EQUITY SECURITIES</font></a></div>
</td>
<td style="vertical-align: top; width: 4%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">58<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 15%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#DEFA"><font style="font-family: Times New Roman; font-size: 13px;">ITEM
13</font></a></div>
</td>
<td style="vertical-align: top; width: 81%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#DEFA"><font style="font-family: Times New Roman; font-size: 13px;">DEFAULTS, DIVIDEND
ARREARAGES AND DELINQUENCIES</font></a></div>
</td>
<td style="vertical-align: top; width: 4%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">58</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 15%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#MATE"><font style="font-family: Times New Roman; font-size: 13px;">ITEM
14</font></a></div>
</td>
<td style="vertical-align: top; width: 81%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#MATE"><font style="font-family: Times New Roman; font-size: 13px;">MATERIAL
MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF
PROCEEDS</font></a></div>
</td>
<td style="vertical-align: top; width: 4%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">58</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 15%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#CONT"><font style="font-family: Times New Roman; font-size: 13px;">ITEM
15</font></a></div>
</td>
<td style="vertical-align: top; width: 81%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#CONT"><font style="font-family: Times New Roman; font-size: 13px;">CONTROLS AND
PROCEDURES</font></a></div>
</td>
<td style="vertical-align: top; width: 4%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">58</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 15%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#RESE"><font style="font-family: Times New Roman; font-size: 13px;">ITEM
16</font></a></div>
</td>
<td style="vertical-align: top; width: 81%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#RESE"><font style="font-family: Times New Roman; font-size: 13px;">[RESERVED]</font></a></div>
</td>
<td style="vertical-align: top; width: 4%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">59<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 15%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#AUDI"><font style="font-family: Times New Roman; font-size: 13px;">ITEM
16A</font></a></div>
</td>
<td style="vertical-align: top; width: 81%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#AUDI"><font style="font-family: Times New Roman; font-size: 13px;">AUDIT COMMITTEE
FINANCIAL EXPERT</font></a></div>
</td>
<td style="vertical-align: top; width: 4%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">59</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 15%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#CODE"><font style="font-family: Times New Roman; font-size: 13px;">ITEM
16B</font></a></div>
</td>
<td style="vertical-align: top; width: 81%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#CODE"><font style="font-family: Times New Roman; font-size: 13px;">CODE OF
ETHICS</font></a></div>
</td>
<td style="vertical-align: top; width: 4%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">59</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 15%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#PRIN"><font style="font-family: Times New Roman; font-size: 13px;">ITEM
16C</font></a></div>
</td>
<td style="vertical-align: top; width: 81%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#PRIN"><font style="font-family: Times New Roman; font-size: 13px;">PRINCIPAL
ACCOUNTANT FEES AND SERVICES</font></a></div>
</td>
<td style="vertical-align: top; width: 4%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">60<br>
</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 15%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#EXEM"><font style="font-family: Times New Roman; font-size: 13px;">ITEM
16D</font></a></div>
</td>
<td style="vertical-align: top; width: 81%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#EXEM"><font style="font-family: Times New Roman; font-size: 13px;">EXEMPTIONS FROM
LISTING STANDARDS FOR AUDIT COMMITTEES</font></a></div>
</td>
<td style="vertical-align: top; width: 4%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">61<br>
</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 15%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#PURC"><font style="font-family: Times New Roman; font-size: 13px;">ITEM
16E</font></a></div>
</td>
<td style="vertical-align: top; width: 81%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#PURC"><font style="font-family: Times New Roman; font-size: 13px;">PURCHASES OF
EQUITY SECURITIES BY THE ISSUER AND AFFILIATED
PURCHASERS</font></a></div>
</td>
<td style="vertical-align: top; width: 4%;">61<br></td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 15%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#CHAN"><font style="font-family: Times New Roman; font-size: 13px;">ITEM
16F</font></a></div>
</td>
<td style="vertical-align: top; width: 81%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#CHAN"><font style="font-family: Times New Roman; font-size: 13px;">CHANGE IN
REGISTRANT'S CERTIFYING ACCOUNTANT</font></a></div>
</td>
<td style="vertical-align: top; width: 4%;">61<br></td>
</tr><tr>
<td style="vertical-align: top; width: 15%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#CORP"><font style="font-family: Times New Roman; font-size: 13px;">ITEM
16G</font></a></div>
</td>
<td style="vertical-align: top; width: 81%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#CORP"><font style="font-family: Times New Roman; font-size: 13px;">CORPORATE
GOVERNANCE</font></a></div>
</td>
<td style="vertical-align: top; width: 4%;">61<br></td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 15%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#MINE"><font style="font-family: Times New Roman; font-size: 13px;">ITEM
16H</font></a></div>
</td>
<td style="vertical-align: top; width: 81%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#MINE"><font style="font-family: Times New Roman; font-size: 13px;">MINE SAFETY
DISCLOSURE</font></a></div>
</td>
<td style="vertical-align: top; width: 4%;">61<br></td>
</tr><tr>
<td style="vertical-align: top; width: 15%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#FINs"><font style="font-family: Times New Roman; font-size: 13px;">ITEM
17</font></a></div>
</td>
<td style="vertical-align: top; width: 81%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#FINs"><font style="font-family: Times New Roman; font-size: 13px;">FINANCIAL
STATEMENTS</font></a></div>
</td>
<td style="vertical-align: top; width: 4%;">61<br></td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 15%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#STATE"><font style="font-family: Times New Roman; font-size: 13px;">ITEM
18</font></a></div>
</td>
<td style="vertical-align: top; width: 81%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#STATE"><font style="font-family: Times New Roman; font-size: 13px;">FINANCIAL
STATEMENTS</font></a></div>
</td>
<td style="vertical-align: top; width: 4%;">61<br></td>
</tr><tr>
<td style="vertical-align: top; width: 15%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#EXHI"><font style="font-family: Times New Roman; font-size: 13px;">ITEM
19</font></a></div>
</td>
<td style="vertical-align: top; width: 81%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="#EXHI"><font style="font-family: Times New Roman; font-size: 13px;">EXHIBITS</font></a></div>
</td>
<td style="vertical-align: top; width: 4%;">62<br></td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10"><br></font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px"><br></font></div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
GENERAL</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In this
Annual Report on Form 20-F, all references to &#x201C;we&#x201D;,
&#x201C;Amarc&#x201D; or the &#x201C;Company&#x201D; refer to Amarc
Resources Ltd.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company uses the Canadian Dollar as its reporting currency. All
references in this document to &#x201C;Dollars&#x201D; or
&#x201C;$&#x201D; are expressed in Canadian Dollars
(&#x201C;CAD&#x201D;, &#x201C;C$&#x201D;), unless otherwise indicated.
See also <a href="#_ITEM_3._"><font style="text-decoration: underline; color: #0000FF">Item 3 &#x2013; Key
Information</font></a> for more detailed currency and conversion
information.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Except
as noted, the information set forth in this Annual Report is as of
July 27, 2021 and all information included in this document should
only be considered correct as of such date.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left">
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<tr>
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<div><font>&#xA0;</font></div>
</td>
<td style="width: 98%; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div><font>&#xA0;</font></div>
<div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; color: #44749F; font-family: Times New Roman; font-size: 13px">
Cautionary Note to Investors Concerning Forward-looking
Statements</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-style: italic; color: #44749F">
This discussion and analysis includes certain statements that may
be deemed &#x201C;forward-looking statements&#x201D;. All such
statements, other than statements of historical fact that address
exploration drilling, exploitation activities and other related
events or developments are forward-looking statements. Although
Amarc Resources Ltd. (&#x201C;Amarc&#x201D;) believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those in the forward-looking statements.
Assumptions used by Amarc to develop forward-looking statements
include the following: Amarc&#x2019;s projects will obtain all
required environmental and other permits and all land use and other
licenses, studies and exploration of Amarc&#x2019;s projects will
continue to be positive and no geological or technical problems
will occur. Factors that could cause actual results to differ
materially from those in forward-looking statements include market
prices, potential environmental issues or liabilities associated
with exploration, development and mining activities, exploitation
and exploration successes, continuity of mineralization,
uncertainties related to the ability to obtain necessary permits,
licenses and tenure and delays due to third party opposition,
changes in and the effect of government policies regarding mining
and natural resource exploration and exploitation, and exploration
and development of properties located within Aboriginal groups
asserted territories may affect or be perceived to affect asserted
aboriginal rights and title, which may cause permitting delays or
opposition by Aboriginal groups, continued availability of capital
and financing and general economic, market or business
conditions</font><font style="color: #000000; font-family: Times New Roman; font-size: 13px">&#xA0;</font><font style="font-style: italic; color: #44749F">as
well as risks relating to the uncertainties with respect to the
effects of COVID-19. Investors are cautioned that any such
statements are not guarantees of future performance and actual
results or developments may differ materially from those projected
in the forward-looking statements. For more information on Amarc
investors should review the Company&#x2019;s annual Form 20-F filing
with the United States Securities and Exchange Commission (the
&#x201C;SEC&#x201D;) at</font> <font style="font-style: italic; text-decoration: underline; color: #0000FF">www.sec.gov</font>
<font style="font-style: italic; color: #44749F">and its home
jurisdiction filings that are available at</font> <font style="font-style: italic; text-decoration: underline; color: #0000FF">www.sedar.com</font><font style="font-style: italic; color: #44749F">.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
&#xA0; <font style="font-family: Times New Roman; font-size: 13px;"><br>
</font></div>
</td>
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<div><font>&#xA0;</font></div>
</td>
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</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">4</font></div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
GLOSSARY OF TERMS</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Certain
terms used herein are defined as follows:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
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<tr>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Coastal
Plutonic Complex (&#x201C;CPC&#x201D;)</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">A
complex of granitic rocks formed between approximately 170 and 45
million years ago.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Induced
Polarization (&#x201C;IP&#x201D;) Survey</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">A
geophysical survey used to identify a feature that appears to be
different from the typical or background survey results when tested
for levels of electro-conductivity; IP detects both chargeable,
pyrite-bearing rock and non-conductive rock that has a high content
of quartz.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">mV/V</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Millivolts/volt;
a unit measure of chargeability in an IP survey.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Magmatic/hydrothermal-structural
deposit</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Any
concentration of metallic minerals formed by the precipitation of
solids from hot waters (hydrothermal solution). The solutions may
be sourced from a magma or from deeply circulating water heated by
magma.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Mesothermal-epithermal
deposit</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Deposit
formed at moderate temperature and pressure and depth (175-300
degrees C at 1,220-3,660 m - mesothermal) or lower temperature and
pressure at shallow depth (&lt;150- ~300 degrees C at surface to
1-2 km - epithermal).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Mineral
Symbols</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">As
&#x2013; arsenic; Au &#x2013; gold; Ag &#x2013; silver; Cu &#x2013;
copper; Fe &#x2013; iron; Hg &#x2013; mercury; Mo &#x2013; molybdenum;
Na &#x2013; sodium; Ni &#x2013; nickel; O &#x2013; oxygen; Pd &#x2013;
palladium; Pt &#x2013; platinum; Pb &#x2013; lead; S &#x2013; sulphur;
Sb &#x2013; antimony; Zn &#x2013; zinc.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">National
Instrument 43-101</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">National
Instrument 43-101 - <font style="font-style: italic">Standards of
Disclosure for Mineral Projects</font>, is a rule developed by the
Canadian Securities Administrators that establishes standards for
all public disclosure a reporting issuer makes of scientific and
technical information concerning mineral projects.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Net
Smelter Return (NSR) Royalty</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 74%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Monies
received for concentrate delivered to a smelter net of
metallurgical recovery losses, transportation costs, smelter
treatment-refining charges and penalty charges.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Polymetallic</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 74%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Comprised
of several metals.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Porphyry
Deposit</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 74%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Mineral
deposit characterized by widespread disseminated or veinlet-hosted
sulphide mineralization, characterized by large tonnage and
moderate to low grade.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 26%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Vein</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 74%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">A
tabular or sheet-like mineral deposit with identifiable walls,
often filling a fracture or fissure.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">5</font></div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
CURRENCY AND MEASUREMENT</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">All
currency amounts in this Annual Report are stated in Canadian
Dollars unless otherwise indicated.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Approximate
conversion of metric units into imperial equivalents is as
follows:</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Metric Units</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Multiply by</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Imperial Units</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">hectares</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2.471</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">=
acres</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">meters</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 22%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">3.281</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 51%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">=
feet</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">kilometers</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 22%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">3281</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 51%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">=
feet</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">kilometers</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 22%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.621</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">=
miles</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">grams</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.032</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">=
ounces (troy)</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">tonnes</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 22%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.102</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">= tons
(short) (2,000 lbs)</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">grams/tonne</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 22%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.029</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 51%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">=
ounces (troy)/ton</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
STATUS AS AN EMERGING GROWTH COMPANY</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company is an &#x201C;emerging growth company&#x201D; as defined in
section 3(a) of the Exchange Act, and the Company will continue to
qualify as an &#x201C;emerging growth company&#x201D; until the
earliest to occur of: (a) the last day of the fiscal year during
which the Company has total annual gross revenues of US$1.07
billion (as such amount is indexed for inflation every 5 years by
the SEC) or more; (b) the last day of the Company's fiscal year
following the fifth anniversary of the date of the first sale of
common equity securities pursuant to an effective registration
statement under the Securities Act; (c) the date on which the
Company has, during the previous 3-year period, issued more than
US$1 billion in non-convertible debt; or (d) the date on which the
Company is deemed to be a &#x201C;large accelerated filer&#x201D;, as
defined in Exchange Act Rule</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">12b&#x2013;2.
Therefore, the Company expects to continue to be an emerging growth
company for the foreseeable future.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Generally,
a registrant that registers any class of its securities under
section 12 of the Exchange Act is required to include in the second
and all subsequent annual reports filed by it under the Exchange
Act, a management report on internal control over financial
reporting and, subject to an exemption available to registrants
that are neither an &#x201C;accelerated filer&#x201D; or a
&#x201C;larger accelerated filer&#x201D; (as those terms are defined
in Exchange Act Rule 12b-2), an auditor attestation report on
management's assessment of internal control over financial
reporting. However, for so long as the Company continues to qualify
as an emerging growth company, the Company will be exempt from the
requirement to include an auditor attestation report in its annual
reports filed under the Exchange Act, even if it were to qualify as
an &#x201C;accelerated filer&#x201D; or a &#x201C;larger accelerated
filer&#x201D;. In addition, auditors of an emerging growth company
are exempt from the rules of the Public Company Accounting
Oversight Board requiring mandatory audit firm rotation or a
supplement to the auditor's report in which the auditor would be
required to provide additional information about the audit and the
financial statements of the registrant (auditor discussion and
analysis).</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company has irrevocably elected to comply with new or revised
accounting standards even though it is an emerging growth
company.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 96px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><a name="_Toc78195321"><!--anchor--></a><font style="color: #0000FF">ITEM 1</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0000FF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="IDEN">I</a>DENTITY OF DIRECTORS, SENIOR
MANAGEMENT AND ADVISERS</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">DIRECTORS
AND SENIOR MANAGEMENT</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Not
applicable.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">B.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">ADVISERS</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Not
applicable.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">C.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">AUDITORS</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Not
applicable.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">6</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 96px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><a name="_Toc78195322"><!--anchor--></a><font style="color: #0000FF">ITEM 2</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0000FF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="OFFE">O</a>FFER STATISTICS AND EXPECTED
TIMETABLE</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Not
applicable.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 96px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><a name="_ITEM_3._"><!--anchor--></a><a name="_Toc78195323"><!--anchor--></a><font style="color: #0000FF">ITEM
3</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0000FF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="KEYI">K</a>EY INFORMATION</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">SELECTED
FINANCIAL DATA</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
following tables summarize selected financial data for Amarc
extracted from the Company's audited financial statements for
related fiscal years. The data should be read in conjunction with
the Company's audited financial statements included as an exhibit
in this Annual Report.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
following table is derived from the financial statements of the
Company which have been prepared in accordance with and using
accounting policies in full compliance with International Financial
Reporting Standards (&#x201C;IFRS&#x201D;) issued by the
International Accounting Standards Board (&#x201C;IASB&#x201D;)
effective for each of the Company's fiscal year
presented.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
following selected financial data is presented in thousands of
Canadian Dollars.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Statements of Financial Position Data</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="font-family:inherit;margin-right:0px;margin-left:0px;width:100%;font-size:inherit;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:50%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">($
000&#x2019;s)</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;border-top:solid 1px #000000;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2021</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;border-top:solid 1px #000000;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2020</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;border-top:solid 1px #000000;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2019</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;border-top:solid 1px #000000;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2018</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;border-top:solid 1px #000000;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2017</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:50%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Equipment,
net</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2013;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2013;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2013;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2013;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2013;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:50%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Total
assets</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,560</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">529</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">799</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">3,625</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,112</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:50%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Total
liabilities</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,533</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,504</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,342</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2,379</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,521</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:50%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Working capital
surplus (deficit)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">418</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(641</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(716</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,836</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">419</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:50%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Share
capital</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">64,745</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">64,342</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">64,042</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">63,884</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">59,560</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:50%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Reserves</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">4,870</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">5,632</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">5,105</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">5,143</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">5,741</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:50%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Accumulated
deficit</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(69,588</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(70,949</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(69,690</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(67,782</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(65,709</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:50%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Net assets
(liabilities)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">27</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(975</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(543</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,246</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(409</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:50%;border-bottom:double 4px #000000;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Shareholders'
equity (deficiency)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:double 4px #000000;">27</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:double 4px #000000;">(975</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:double 4px #000000;">(543</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:double 4px #000000;">1,246</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:double 4px #000000;">(409</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">)</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Statements of Comprehensive Loss Data</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:50%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">($ 000&#x2019;s,
except per share amounts and number of shares)</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;border-top:solid 1px #000000;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2021</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;border-top:solid 1px #000000;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2020</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;border-top:solid 1px #000000;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2019</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;border-top:solid 1px #000000;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2018</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;border-top:solid 1px #000000;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2017</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:50%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Interest and other
income</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(27</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(6</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(38</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(27</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(8</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:50%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">General and
administrative expenses</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">631</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">856</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">913</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,054</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">733</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:50%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Exploration
expenditures, net of METC*</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">576</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">664</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">5,390</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">6,686</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2,926</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:50%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Contributions
pursuant to Option Agreements</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(791</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(413</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(4,538</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(6,197</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(2,933</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:50%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Share-based
payments</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">18</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2013;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2013;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2013;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2013;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:50%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Other</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">167</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">153</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">221</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">556</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">325</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:50%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Gain on sale of
mineral property</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(1,935</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2013;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2013;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2013;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2013;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:50%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Flow-through shares
premium</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">&#x2013;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">&#x2013;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">&#x2013;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">&#x2013;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">&#x2013;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:50%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Net income (loss)
for the year</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,361</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(1,254</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(1,948</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(2,072</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(1,043</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:50%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Other comprehensive
income (loss)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(626</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(11</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">2</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">28</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">8</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:50%;border-bottom:double 4px #000000;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Total comprehensive
income (loss)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">735</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(1,265</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,946</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">2,044</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,035</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:50%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:50%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Basic and diluted
net earnings (loss) per share</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.01</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(0.01</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(0.01</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(0.01</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(0.01</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:50%;border-bottom:double 4px #000000;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Weighted average
number of common shares outstanding</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:double 4px #000000;">178,666,081</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:double 4px #000000;">171,767,287</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:double 4px #000000;">156,826,422</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:double 4px #000000;">141,435,020</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:double 4px #000000;">141,406,301</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 13px">*&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">&#x201C;METC&#x201D;
refers to Mineral Exploration Tax Credits, which are discussed in
<font style="text-decoration: underline">Item 5</font>, under the
heading &#x201C;Critical Accounting Policies and
Estimates&#x201D;.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Currency and Exchange Rates</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">As of
the date of this Annual Report, the average rate of exchange of the
Canadian Dollar was US$1.00 = Canadian $1.32. Exchange rates
published by the Bank of Canada are available on its website,
<font style="text-decoration: underline; color: #0000FF">www.bankofcanada.ca</font>,
are nominal quotations &#x2014; not buying or selling rates &#x2014;
and are intended for statistical or analytical
purposes.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">7</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
following tables set out the exchange rates for the conversion of
Canadian Dollars into U.S. Dollars.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:50%;border-bottom:solid 2px #000000;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td colspan="5" rowspan="1" style="vertical-align:bottom;width:50%;">
<div><font style="text-align: left; vertical-align: bottom; width: 2%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 96%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">
<div><font style="font-family: Times New Roman; font-weight: bold;">For year ended
March 31(Canadian Dollar per U.S. Dollar)</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 2%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:50%;border-bottom:solid 2px #000000;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2021</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2020</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2019</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2018</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2017</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:50%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">End of
period</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1.2575</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1.4187</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1.3363</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1.2894</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1.3322</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:50%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Average for the
period</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1.3219</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1.3308</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1.3118</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1.2837</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1.3126</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:50%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">High for the
period</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1.4217</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1.4496</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1.3642</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1.3743</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1.3582</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:50%;border-bottom:double 4px #000000;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Low for the
period</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1.2455</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1.2970</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1.2552</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1.2128</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1.2544</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr>
<td colspan="3" rowspan="1" style="vertical-align:bottom;width:100%;">
<div><font style="text-align: left; vertical-align: bottom; width: 3%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 94%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Monthly High and
Low Exchange Rate (Canadian Dollar per U.S. Dollar)</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 3%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:76%;border-bottom:solid 2px #000000;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 11px; font-weight: bold;">
&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">
<div><font style="font-family: Times New Roman; font-weight: bold;">High</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Low</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">July 2021 (to the
date of this Annual Report)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1.2759</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1.2343</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">June
2021</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1.2419</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1.2040</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">May
2021</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1.2315</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1.2051</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">April
2021</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1.2617</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1.2285</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">March
2021</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1.2668</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1.2455</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:76%;border-bottom:double 4px #000000;">
<div style="text-align: left; text-indent:-24px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">February
2021</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1.2828</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1.2530</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">B.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">CAPITALIZATION
AND INDEBTEDNESS</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Not
applicable.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">C.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">REASONS
FOR THE OFFER AND USE OF PROCEEDS</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Not
applicable.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">D.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">RISK
FACTORS</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">An
investment in the Company's common shares is highly speculative and
subject to a number of risks. Only those persons who can bear the
risk of the entire loss of their investment should participate. An
investor should carefully consider the risks described below and
the other information that the Company furnishes to, or files with,
the Securities and Exchange Commission and with Canadian securities
regulators before investing in the Company's common shares. The
risks described below are not the only ones faced by the Company.
Additional risks that management is aware of or that the Company
currently believes are immaterial may indeed become important
factors that affect the Company's business. If any of the following
risks occur, or if others occur, the Company's business, operating
results and financial condition could be seriously harmed and the
investor may lose all of his investment.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
The Company has limited working capital and will require additional
capital to advance its projects.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company has limited working capital as at the current reporting
date. Further exploration on, and development of, the Company's
projects will require additional resources and funding. The Company
currently does not have sufficient funds to fully develop these
projects.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">There
is no assurance that the Company will be successful in obtaining
the required financing for these or other purposes, including for
general working capital.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
The Company has no earnings, has incurred net losses and negative
cash flows since inception, and expects to incur losses for the
foreseeable future.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company does not have any operational history of earnings and has
incurred net losses and negative cash flow from its operations
since incorporation. Although the Company hopes to eventually
generate revenues, significant operating losses are to be
anticipated for at least the next several years and possibly
longer. To the extent that such expenses do not result in the
creation of appropriate revenues, the Company's business may be
materially adversely affected. It is not possible to forecast how
the business of the Company will develop, and there can be no
assurance that the underlying assumed levels of expenses will prove
to be accurate.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
advancement of mineral properties to production will require the
commitment of substantial resources to conduct time-consuming
exploration and development activities. The Company's operating
expenses and capital expenditures may increase in subsequent years
as needed consultants, personnel and equipment associated with
advancing exploration, development and commercial production of the
Company's projects and any other properties the Company may acquire
are added. The amounts and timing of expenditures will depend
on:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">8</font></div>
</div>
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<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 13px">&#x25CF;&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the progress of
ongoing exploration and development;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 13px">&#x25CF;&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the results of
consultants' analyses and recommendations;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 13px">&#x25CF;&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the rate at which
operating losses are incurred;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 13px">&#x25CF;&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the execution of
any joint venture agreements with strategic allies;
and</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 13px">&#x25CF;&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the acquisition of
additional properties and other factors, many of which are beyond
the Company's control.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
The Company has no history of mining operations, and does not
expect to receive revenues from operations in the foreseeable
future.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company has no history of mining operations, and there can be no
assurance that the Company will generate any revenues or achieve
profitability. The Company expects to incur losses unless and until
such time as one or more of the Company&#x2019;s existing projects,
or any other properties the Company may acquire, enter into
commercial production and generate sufficient revenues to fund its
continuing operations, which cannot be assured. The Company does
not expect to receive revenues from operations in the foreseeable
future, if at all.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
The Company has not demonstrated that any mineralized material on
its properties constitutes reserves as defined in SEC Industry
Guide 7.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company has no mineral producing properties, and the Company has
not demonstrated that any mineralized material on its properties
constitutes reserves under SEC Industry Guide 7. Although the
mineralized material and mineralized deposit figures included in
this annual report have been carefully prepared by the Company, or,
in some instances have been prepared, reviewed or verified by
independent mining experts, these amounts are estimates only and no
assurance can be given that any particular level of recovery of
minerals from mineralized material will in fact be realized or that
an identified mineralized deposit will ever qualify as a
commercially mineable (or viable) reserve.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">No
assurance can be given that minerals will be discovered in
sufficient quantities to justify commercial operations or that
funds required for development can be obtained on a timely basis.
Whether a mineral deposit will be commercially viable depends on a
number of factors, some of which are:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 13px">&#x25CF;&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the particular
attributes of the deposit, such as size, grade and proximity to
infrastructure;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 13px">&#x25CF;&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">metal prices, which
may be volatile, and are highly cyclical; and</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 13px">&#x25CF;&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">government
regulations, including regulations relating to prices, taxes,
royalties, land tenure, land use, importing and exporting of
minerals, and environmental protection.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
exact effect of these factors cannot accurately be predicted, but
the combination of these factors may result in the Company not
receiving an adequate return on invested capital.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
The Company is subject to certain risks that are inherent in
exploration and mining activities beyond its control.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Resource
exploration, development, and operations are highly speculative,
characterized by a number of significant risks, which even a
combination of careful evaluation, experience and knowledge may not
eliminate, including, among other things, unprofitable efforts
resulting not only from the failure to discover mineral deposits
but from finding mineral deposits which, though present, are
insufficient in quantity and quality to return a profit from
production. Few properties that are explored are ultimately
developed into producing mines. No deposit that has been shown to
be economic has yet been found on the Company's existing projects,
and there can be no assurance that the Company will be able to
acquire any additional properties or that any additional properties
that are acquired will contain sufficient mineralization to warrant
further development.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Unusual
or unexpected formations, formation pressures, fires, power
outages, labour disruptions, flooding, explosions, cave-ins,
landslides, environmental hazards, the discharge of toxic chemicals
and other hazards, and the inability to obtain suitable or adequate
machinery, equipment or labour, are other risks involved in the
conduct of exploration programs, and in the development and
operation of mines. Such occurrences may delay development of the
Company&#x2019;s properties, delay production, increase production
costs or result in liability.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">9</font></div>
</div>
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<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Substantial expenditures are and will be required to establish
mineral resources and mineral reserves.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Substantial
expenditures are and will be required to establish mineral
resources and mineral reserves through drilling, to develop
metallurgical processes to extract the metal from mineral
resources. No assurance can be given that the Company will be able
to obtain sufficient financing to cover such expenditures when
required, or that such financing can be obtained on terms that are
acceptable to the Company.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
The Company&#x2019;s ability to obtain financing to fund its
exploration activities and, if warranted, development of any of its
properties, will be significantly affected by metal
prices.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
ability of the Company to obtain financing to fund its exploration
activities and, if warranted, development of any of its properties,
will be significantly affected by changes in the market price of
the metals for which it explores. Mineral prices are subject to
fluctuation. The effect of these factors cannot accurately be
predicted. The mining industry in general is intensely competitive
and there is no assurance that, even if commercial quantities of
mineral resource are discovered, a profitable market will exist for
the sale of the same.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Factors
beyond the control of the Company may affect the marketability of
any copper, gold, silver or any other materials discovered. The
prices of copper, gold, silver and other minerals are affected by
numerous factors beyond the control of the Company, including
international economic and political trends, expectations of
inflation, currency exchange fluctuations (specifically, Canadian
dollars relative to other currencies), interest rates and global or
regional consumption patterns, speculative activities and increased
production due to improved mining and production methods. In
addition, the world supplies of and demands for copper, gold,
silver and other minerals can cause fluctuations in the price of
such minerals.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Development of any of the Company&#x2019;s properties, if warranted,
will be subject to financing risks and potential
delays.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Inability
to obtain financing, technical considerations, delays in obtaining
governmental approvals, and other factors could cause delays in
developing any of the Company&#x2019;s properties that may in the
future be determined to contain a commercially mineable
ore-body.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">If it
is determined that a commercially mineable ore-body exists and it
can be economically exploited, the Company will require significant
additional financing in order to fund the costs of developing the
Company&#x2019;s properties into commercial production, if
warranted. The Company may have to seek additional funds through
public and private share offerings, arrangements with collaborative
parties, or debt financing. There can be no assurance that the
Company will be successful in its efforts to raise these required
funds, or that it will be able to raise the funds on terms that do
not result in high levels of dilution to shareholders.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Before
development and production can commence on any of its properties,
the Company must obtain regulatory and environmental approvals.
There is no assurance that such approvals will be obtained on a
timely basis or at all. The cost of compliance with changes in
governmental regulations has the potential to reduce the
profitability of operations or preclude entirely the economic
development of a property.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Mining
is one of the most intensely regulated businesses in Canada. The
period of time required to obtain environment assessments, consult
with aboriginal peoples and other stakeholders as well as
governments at the Canadian provincial and federal level can take
10 years or more. No assurance can be given that permitting of any
mine on the Company&#x2019;s properties will occur.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
The Company will rely on third-party consultants and contractors
&#x2013; whose availability cannot be assured - to undertake its
mineral exploration activities, as well as any future mine
development and mining activities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company will rely on consultants and others for exploration,
development, construction and operating expertise. No assurance can
be given that such consultants and other contractors will be
available when required, or that they can be retained on terms that
are acceptable to the Company.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">10</font></div>
</div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
The Company may enter into agreements with First Nations in
relation to its current and future exploration activities, and any
potential future production, which could impact any expected
earnings.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Our
properties are located within First Nations asserted traditional
territories, and the exploration and development of these
properties may affect, or be perceived to affect, asserted
aboriginal rights and title, which has the potential to manifest
permitting delays or opposition by First Nations
communities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company is working to establish positive relationships with First
Nations. As part of this process the Company may enter into
agreements, commensurate with the stage of activity, with First
Nations in relation to current and future exploration and any
potential future production. This could impact any expected
earnings.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
The Company is subject to intense competition.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
mining industry is competitive in all of its phases, including
financing, technical resources, personnel and property acquisition.
It requires significant capital, technical resources, personnel and
operational experience to effectively compete in the mining
industry. Because of the high costs associated with exploration,
the expertise required to analyze a project's potential and the
capital required to develop a mine, larger companies with
significant resources may have a competitive advantage over Amarc.
Amarc faces strong competition from other mining companies, some
with greater financial resources, operational experience and
technical capabilities than those that Amarc possesses. As a result
of this competition, Amarc may be unable to maintain or acquire
financing, personnel, technical resources or attractive mining
properties on terms Amarc considers acceptable or at
all.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
The Company is subject to certain risks that are not
insurable.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Hazards
such as unusual or unexpected geological formations and other
conditions are involved in mineral exploration and development.
Amarc may become subject to liability for pollution, cave-ins or
hazards against which it cannot insure. The payment of such
liabilities could result in increases in Amarc's operating expenses
which could, in turn, have a material adverse effect on Amarc's
financial position and its results of operations. Although Amarc
maintains liability insurance in an amount which it considers
adequate, the nature of these risks is such that the liabilities
might exceed policy limits, the liabilities and hazards might not
be insurable against, or Amarc might elect not to insure itself
against such liabilities due to high premium costs or other
reasons. In these events, Amarc could incur significant liabilities
and costs that could materially increase Amarc's operating
expenses.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
The Company&#x2019;s operations are and will be subject to
environmental regulations which can significantly increase
compliance costs and subject the Company to potential
liability.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">All of
the Company's operations are and will be subject to environmental
regulations, which can make operations more expensive or
potentially prohibit them altogether. Many of the regulations
require the Company to obtain permits for its activities. The
Company must update and review its permits from time to time, and
is subject to environmental impact analyses and public review
processes prior to approval of the additional
activities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company may be subject to the risks and liabilities associated with
potential pollution of the environment and the disposal of waste
products that could occur as a result of its
activities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">To the
extent the Company is subject to environmental liabilities, the
payment of such liabilities or the costs that it may incur to
remedy environmental pollution would reduce funds otherwise
available to it and could have a material adverse effect on the
Company. If the Company is unable to fully remedy an environmental
problem, it might be required to suspend operations or enter into
interim compliance measures pending completion of the required
remedy. The potential exposure may be significant and could have a
material adverse effect on the Company.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Changes in government regulations and the presence of unknown
environmental hazards on the Company&#x2019;s mineral properties may
result in significant unanticipated delays, as well as significant
compliance costs.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Changes
to existing environmental legislation, regulations and actions
could give rise to additional expense, capital expenditures,
restrictions and delays in the activities of the Company, the
extent of which cannot be predicted. Regulatory requirements and
environmental standards are subject to constant evaluation and may
be significantly increased. It is possible that future changes in
applicable laws, regulations and permits or changes in their
enforcement or regulatory interpretation could have a significant
impact on some portion of the Company's business, causing those
activities to become economically unattractive at that
time.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">11</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Trading in the Company&#x2019;s common shares is subject to
volatility.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">There
can be no assurance that an active trading market in the Company's
securities will be established or sustained. The market price for
the Company's securities is subject to wide fluctuations. Factors
such as announcements of exploration results, as well as market
conditions in the industry, may have a significant adverse impact
on the market price of the securities of the Company. Shares of the
Company are suitable only for those who can afford to lose their
entire investment. The stock market has from time to time
experienced extreme price and volume fluctuations, which have often
been unrelated to the operating performance of particular
companies.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Certain of the Company's directors and officers may be subject to
conflicts of interest.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Certain
of the Company's directors and officers may serve as directors or
officers of other companies or companies providing services to the
Company or they may have significant shareholdings in other
companies. Situations may arise where these directors and/or
officers of the Company may be in competition with the Company. Any
conflicts of interest will be subject to and governed by the law
applicable to directors' and officers' conflicts of interest. In
the event that such a conflict of interest arises at a meeting of
the Company's directors, a director who has such a conflict will
abstain from voting for or against the approval of such
participation or such terms. In accordance with applicable laws,
the directors of the Company are required to act honestly, in good
faith and in the best interests of the Company.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
The Company is unlikely to be in a position to pay dividends for
the foreseeable future.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">There
is no assurance that the Company will pay dividends on its shares
in the foreseeable future. The Company will likely require all its
funds to further the development of its business.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
The Company is vulnerable to changes in the financial
markets.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Market
conditions and unexpected volatility or illiquidity in financial
markets may adversely affect the prospects of the Company and the
value of its shares.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
The Company will be dependent on the continued services of its
senior management team, and its ability to retain other key
personnel.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company will be dependent on the continued services of its senior
management team, and its ability to retain other key personnel. The
loss of such key personnel could have a material adverse effect on
the Company. There can be no assurance that any of the Company's
employees will remain with the Company or that, in the future, the
employees will not organize competitive businesses or accept
employment with companies competitive with the
Company.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Furthermore,
as part of the Company's growth strategy, it must continue to hire
highly qualified individuals. There can be no assurance that the
Company will be able to attract, assimilate or retain qualified
personnel in the future, which would adversely affect its
business.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Changes in government rules, regulations or agreements, or their
application, may negatively affect the Company&#x2019;s ownership
rights, its access to or its ability to advance the exploration and
development of its mineral properties.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
government currently has in place or may in the future implement
laws, regulations, policies or agreements that may negatively
affect the Company&#x2019;s ownership rights with respect to its
mineral properties or its access to the properties. These may
restrain or block the Company&#x2019;s ability to advance the
exploration and development of its mineral properties or
significantly increase the costs and timeframe to advance the
properties.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
If the Company raises additional funding through equity financings,
then the Company's current shareholders will suffer
dilution.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company will require additional financing in order to complete full
exploration of the Company's mineral properties. Management
anticipates that the Company will have to sell additional equity
securities including, but not limited to, its common stock, share
purchase warrants or some form of convertible security. The effect
of additional issuances of equity securities will result in the
dilution of existing shareholders' percentage ownership
interests.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
The Company believes it is likely a &#x201C;passive foreign
investment company&#x201D; which may have adverse U.S. federal
income tax consequences for U.S. shareholders.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">U.S.
shareholders should be aware that the Company believes it was
classified as a passive foreign investment company
(&#x201C;PFIC&#x201D;), as defined in Section 1297 of the Internal
Revenue Code of 1986, as amended, during one or more previous tax
years, and may be a PFIC in the current tax year and possibly in
subsequent tax years. If the Company is a PFIC for any tax year
during a U.S. shareholder's holding period, then such U.S.
shareholder generally will be required to treat any gain realized
upon a disposition of common shares, or any so-called &#x201C;excess
distribution&#x201D; received on its common shares, as ordinary
income, and to pay an interest charge on a portion of such gain or
distributions, unless the shareholder makes a timely and effective
&#x201C;qualified electing fund&#x201D; election or a
&#x201C;mark-to-market&#x201D; election with respect to the common
shares. A U.S. shareholder who makes a qualified electing fund
election generally must report on a current basis its share of the
Company's net capital gain and ordinary earnings for any tax year
in which the Company is a PFIC, whether or not the Company
distributes any amounts to its shareholders. A U.S. shareholder who
makes the mark-to-market election generally must include as
ordinary income each year the excess of the fair market value of
the common shares over the taxpayer's basis therein. This paragraph
is qualified in its entirety by the discussion below under the
heading &#x201C;Certain United States Federal Income Tax
Considerations.&#x201D; Each U.S. shareholder should consult its own
tax advisor regarding the PFIC rules and the U.S. federal income
tax consequences of the acquisition, ownership, and disposition of
common shares.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
The Company's shareholders could face significant potential equity
dilution as a result of grants under the Company&#x2019;s stock
option plan.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Amarc
has a stock option plan which allows the management to issue
options to its employees and non-employees based on the policies of
the Company. If further shares, options, or warrants are issued,
they will likely act as an upside damper on the trading range of
the Company's shares. As a consequence of the passage of time since
the date of their original sale and issuance, none of the Company's
shares remain subject to any hold period restrictions in Canada or
the United States. The unrestricted resale of outstanding shares
from the exercise of dilutive securities may have a depressing
effect on the market for the Company's shares.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Penny stock classification could affect the marketability of the
Company's common stock and shareholders could find it difficult to
sell their stock.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
penny stock rules in the United States require a broker-dealer,
prior to a transaction in a penny stock not otherwise exempt from
the rules, to deliver a standardized risk disclosure document that
provides information about penny stocks and the nature and level of
risks in the penny stock market. The broker-dealer also must
provide the customer with current bid and offer quotations for the
penny stock, the compensation of the broker-dealer and its
salesperson in the transaction, and monthly account statements
showing the market value of each penny stock held in the customer's
account. The bid and offer quotations, and the broker-dealer and
salesperson compensation information, must be given to the customer
orally or in writing prior to effecting the transaction and must be
given to the customer in writing before or with the customer's
confirmation.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Further,
the penny stock rules require that prior to a transaction in a
penny stock not otherwise exempt from such rules; the broker-dealer
must make a special written determination that the penny stock is a
suitable investment for the purchaser and receive the purchaser's
written agreement to the transaction. These additional
broker-dealer practices and disclosure requirements may have the
effect of reducing the level of trading activity in the secondary
market for the Company's common shares in the United States, and
shareholders may find it more difficult to sell their
shares.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
The Company's financial statements have been prepared assuming the
Company will continue on a going concern basis, but there can be no
assurance that the Company will continue as a going
concern.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company&#x2019;s financial statements have been prepared on the
basis that it will continue as a going concern. The Company has
prioritized the allocation of available financial resources in
order to meet key corporate and mineral development expenditure
requirements in the near term. The costs required to complete
exploration and development of the Company's projects may be well
in excess of this amount. Accordingly, unless additional funding is
obtained, the going concern assumption may have to change. If Amarc
is unable to obtain adequate additional financing, the Company will
be required to curtail operations and exploration activities.
Furthermore, failure to continue as a going concern would require
that Amarc's assets and liabilities be restated on a liquidation
basis which could differ significantly from the going concern
basis.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">13</font></div>
</div>
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</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
The Company may from time to time be subject to
litigation.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company may in future be subject to legal proceedings. If the
Company is unable to resolve these matters favorably it may have a
material adverse effect of the Company.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 96px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><a name="_Toc78195324"><!--anchor--></a><font style="color: #0000FF">ITEM 4</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0000FF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="INFO">I</a>NFORMATION ON THE
COMPANY</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">HISTORY
AND DEVELOPMENT OF THE COMPANY</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Incorporation</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Amarc
Resources Ltd. was incorporated on February 2, 1993, pursuant to
the <font style="font-style: italic">Company Act</font> (British
Columbia, Canada) (the &#x201C;BCCA&#x201D;), as &#x201C;Patriot
Resources Ltd.&#x201D; and changed its name on January 26, 1994 to
&#x201C;Amarc Resources Ltd.&#x201D; The BCCA was replaced by the
<font style="font-style: italic">Business Corporations Act</font>
(British Columbia) (the &#x201C;BCA&#x201D;) in March 2004 and the
Company is now governed by the BCA.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Amarc
became a public company or &#x201C;reporting issuer&#x201D; in the
Province of British Columbia on May 30, 1995. The common shares of
Amarc were initially listed on the Vancouver Stock Exchange
(&#x201C;VSE&#x201D;) on August 4, 1995, and continue to trade on the
TSX Venture Exchange (&#x201C;TSX Venture&#x201D;) under the symbol
AHR. The TSX Venture was formerly known as the Canadian Venture
Exchange, the successor stock exchange to the VSE.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Amarc
commenced trading on the OTC Bulletin Board (&#x201C;OTCBB&#x201D;)
in the United States in June 2004 and on the OTCQB in August 2014
(at which time quotation of Amarc&#x2019;s common shares on the
OTCBB was discontinued), in each case under the symbol
AXREF.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Offices</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
head office of Amarc is located at 14<font style="font-size: 70%; vertical-align: top">th</font> Floor, 1040 West
Georgia Street, Vancouver, British Columbia, Canada V6E 4H1,
telephone (604) 684-6365, facsimile (604) 684-8092. The Company's
registered office is in care of its attorneys, McMillan LLP, 1500
Royal Centre P.O. Box 11117, 1055 West Georgia Street, Vancouver,
British Columbia, Canada V6E 4N7, telephone (604) 689-9111, fax
(604) 685-7084.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Company Development</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Amarc
has been engaged in the acquisition and exploration of mineral
properties since its incorporation. The Company is currently
actively exploring a number of properties located in British
Columbia, Canada. All of the Company's mineral properties are at
the exploration stage.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">B.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">BUSINESS
OVERVIEW</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Amarc
is a mineral exploration company with an experienced and successful
management team focused on advancing toward a new generation of
long life, high value British Columbia (&#x201C;BC&#x201D;) porphyry
copper-gold (&#x201C;Cu-Au&#x201D;) mines. By combining high demand
projects with successful management, Amarc has created a solid
platform to create value from its exploration stage
assets.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Amarc
is advancing the 100%-owned JOY, IKE and DUKE porphyry Cu&#xB1;Au
deposit districts located in northern and central BC, respectively.
Importantly, each of the three districts is located in proximity to
industrial infrastructure &#x2013; including power, highways and
rail. The JOY, IKE and DUKE Districts represent significant
potential for the development of multiple and important-scale,
porphyry Cu&#xB1;Au deposits.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">14</font></div>
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</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
LOCATION OF THE COMPANY'S JOY, IKE and DUKE PROJECTS</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="ahr_img1.jpg"></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Amarc&#x2019;s
100%-owned 482 km<font style="font-size: 70%; vertical-align: top">2</font> JOY District covers
the northern extension of the prolific Kemess porphyry Cu-Au
district (the &#x201C;Kemess District&#x201D;) in the Toodoggone
region of north-central BC. <font style="color: #333333">A
geological region with high potential for important porphyry and
epithermal deposits, the Toodoggone is part of BC's Golden
Horseshoe, which includes the Golden Triangle to the west and
northwest.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The JOY
claims are located approximately 20 km north of the former Kemess
South Mine and the government-approved Kemess underground project.
In mid-2017, Centerra Gold Inc. (&#x201C;Centerra&#x201D;) purchased
the Kemess District from AuRico Metals Inc. for $310
million<a href="#ref.FSDMD1"><font style="font-size: 70%; vertical-align: top">1</font></a>. JOY is host to
the open-ended PINE porphyry Cu-Au deposit (the &#x201C;PINE
Deposit&#x201D;) and the promising MEX porphyry Cu-Au deposit
target. Work by Amarc has identified significant expansion
potential that requires drill testing at both the PINE Deposit and
at MEX. In addition, Amarc&#x2019;s extensive exploration surveys
have identified <font style="color: #333333">a pipeline of other
large</font> (approximately 1 to 8 km<font style="font-size: 70%; vertical-align: top">2</font>) <font style="color: #333333">and high potential, porphyry Cu-Au targets, which
cluster on the property</font>. Each of these target areas in
themselves host multiple targets that are either drill-ready, or
can rapidly be brought up to a drill ready status by the completion
of focused surface surveys.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Amarc
has entered into an alliance with Freeport-McMoran Minerals
Properties Canada Inc. (&#x201C;Freeport&#x201D;), <font style="color: #333333">a wholly owned subsidiary of Freeport-McMoRan
Inc., to efficiently advance the JOY District. Under the terms of
the agreement Freeport may acquire up to a 70% ownership interest
by making staged investments totalling $110 million dollars. As
project operator, Amarc has mobilized work crews to JOY to
undertake a comprehensive 2021 exploration program, inclusive of
drilling, which is designed to advance deposit delineation and
assess several important-scale mineral systems.</font> Drill and IP
permits are in hand for the work programs being
undertaken.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The 462
km<font style="font-size: 70%; vertical-align: top">2</font><font style="font-size: 13px">&#xA0;</font>IKE District is located 33 km
northwest of the historical mining community of Gold Bridge near
the heartland of BC&#x2019;s producing porphyry Cu mines. The
greater IKE District includes porphyry Cu-Mo-Ag deposit discovery
(the &#x201C;IKE Deposit&#x201D;), the high potential Greater Empress
Cu-Au Project (the &#x201C;Greater Empress&#x201D; area) that hosts
the Empress Cu-Au-Ag deposit (the &#x201C;Empress Deposit&#x201D;)
and other significant porphyry Cu-Au-Mo-Ag and Cu-Au-Ag replacement
deposit targets, and also the number of promising porphyry Cu and
epithermal Au-Ag targets. The District shares many characteristics
with porphyry districts around the globe that host major, and
commonly multiple, Cu&#xB1;Au&#xB1;Mo&#xB1;Ag deposits and has the
potential to possess the grades and resources necessary to develop
into an important mining camp.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 1px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">Subject
to funding Amarc is planning:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">An expanded drill
program at the IKE Deposit with the goal of establishing a mineral
resource;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><a name="ref.FSDMD1"><font style="font-size: 70%; vertical-align: top">1</font><font style="font-size: 13px">&#xA0;</font>Centerra Gold Inc. news release
January 8, 2018.</a></font></div>
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">15</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">A well-planned core
drilling program at the Empress Deposit to expand the
mineralization which remains open; and</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">An integrated
program in the Greater Empress area to drill test high potential
drill-ready targets and survey work on other promising targets to
bring them also to a drill ready status.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company has the required drill and IP permits in hand for the
proposed work programs.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Amarc&#x2019;s
DUKE District is located 80 km northeast of Smithers within the
broader Babine District (the &#x201C;District&#x201D;), one of
BC&#x2019;s most prolific porphyry Cu-Au belts. The Babine District,
a 40 by 100 km north- northwesterly striking mineralized belt is
host to Noranda Mines&#x2019; past producing Bell and Granisle Cu-Au
mines that produced a total of 1.1 billion pounds of Cu, 634,000
ounces of Au and 3.5 million ounces of Ag<a href="#ref.DcDMD1"><font><font style="font-size: 70%; vertical-align: top">2</font></font></a>,</font>
<font style="font-family: Times New Roman; font-size: 13px">and the
advanced stage Morrison Cu-Au deposit. The DUKE District includes
both the DUKE porphyry Cu deposit target discovery and a series of
high potential porphyry Cu-Au deposit targets generated form the
Company&#x2019;s comprehensive district-scale targeting
programs.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 1px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company is currently planning:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">To undertake the
drilling required to delineate the geometry and grade distribution
of its DUKE discovery in order to inform a mineral resource
estimate and related studies; and</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Initial ground
surveys on its regional targets taking advantage of extensive
logging road networks across the property. These focused surveys
would be followed by RC drilling to test prioritized targets for
the presence of potential porphyry Cu- Au mineralized systems below
cover and, where a deposit target is confirmed, core drilling to
determine the extent, grade and geometry of the mineralized
system.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company has permits in hand to commence these works.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Amarc
works closely with local governments, indigenous groups and other
stakeholders in order to advance its mineral projects responsibly,
and to do so in a manner that contributes to sustainable community
and economic development. We pursue early and meaningful engagement
to ensure our mineral exploration and development activities are
well coordinated and broadly supported, address local priorities
and concerns, and optimize opportunities for collaboration. In
particular, we seek to establish mutually beneficial partnerships
with indigenous groups within whose traditional territories its
projects are located, through the provision of jobs, training
programs, contract opportunities, capacity funding agreements and
sponsorship of community events. All Amarc&#x2019;s work programs
are carefully planned to achieve high levels of environmental and
social performance.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
The JOY Cu-Au District</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Amarc&#x2019;s
100%-owned 482 km<font style="font-size: 70%; vertical-align: top">2</font> JOY District covers
the northern extension of the prolific Kemess District in the
Toodoggone region of north-central BC (see Amarc&#x2019;s May 15,
2020 news release and other information on the Company&#x2019;s
website at www.amarcresources.com/projects/joy-project). A
geological region with high potential for important porphyry and
epithermal deposits, the Toodoggone is part of BC's Golden
Horseshoe, which includes the Golden Triangle to the west and
northwest. Through its association with Hunter Dickinson Inc.
(&#x201C;HDI&#x201D;), Amarc's technical team was first to recognize
the Kemess District's true porphyry potential, historically,
acquiring both Kemess North and Kemess South as early-stage
prospects and advancing both to significant porphyry Cu-Au
deposits. Kemess South was sold on beneficial terms to a
predecessor of Northgate Minerals, which brought the deposit into
production. Northgate Minerals produced 3 million ounces of Au, and
750 million pounds of Cu over a 13-year period to 2011<a href="#ref.IDEMD1"><font style="font-size: 70%; vertical-align: top">3</font></a>&#xA0;from Kemess
South (BC&#x2019;s third largest Au producer). The southern area of
the Kemess District, now owned by Centerra, includes the
government-approved Kemess Underground Project (the deeper
higher-grade extension of the Kemess North deposit), the advanced
stage Kemess East deposit as well as the mined-out Kemess South
deposit. The resource road that services Centerra&#x2019;s deposits
and the historical Lawyers and Shasta Au-Ag mines, also provides
access to Amarc&#x2019;s JOY District.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top">
<a name="ref.DcDMD1">2</a></font><font style="font-size: 70%; vertical-align: top">&#xA0;</font><font style="font-size: 13px">MINFILE Number 093L 146 and 093M 001 MINFILE
Production Detail Report, BC Geological Survey, Ministry of Energy
and Mines, BC.</font></font></div>
<div style="text-align: justify; margin-left: 12px; margin-right: -15px; text-indent: -12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top"><a name="ref.IDEMD1">3</a></font> <font style="font-size: 13px">SRK
Consulting (Canada) Inc. 2013 NI-43-101 Technical Report on the
Kemess Underground Project, British Columbia, Canada, AuRico Metals
Ltd.Sedar</font></font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">16</font></div>
</div>
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<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="font-weight: bold; color: #333333; font-family: Times New Roman; font-size: 13px">
JOY District Highlights</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
PINE Deposit within the JOY District has seen several phases of
historical drilling. Work by Amarc has identified significant
expansion potential at both the PINE Deposit and the MEX deposit
target that requires drill testing. In addition, Amarc has defined
seven large (approximately 1 to 8 km<font style="font-size: 70%; vertical-align: top">2</font>), high potential
porphyry Cu-Au exploration target areas, each of which hosts
multiple targets that are either drill-ready, or can rapidly be
brought up to a drill ready status by the completion of focused
surface surveys. A highly effective targeting strategy was achieved
by combining and interpreting information from the Company&#x2019;s
exploration surveys and extensive historical datasets. These
datasets include results from soil geochemical sample grids,
airborne magnetics and Induced Polarization (&#x201C;IP&#x201D;)
geophysical surveys, geological and alteration mapping and
historical drilling. The large historical soils geochemical
database (6,390 samples) was of particular use.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The JOY
technical information in this section is summarized from the
Company&#x2019;s National Instrument</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">43-101
Technical Report (&#x201C;JOY Technical Report&#x201D;) filed under
Amarc&#x2019;s profile at www.sedar.com and on the Company&#x2019;s
website at
www.amarcresources.com/projects/joy-project/technical-report.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #333333">
Amarc has mobilized work crews to JOY to undertake a comprehensive
2021 exploration program, inclusive of drilling, which is designed
to advance deposit delineation and assess several important-scale
mineral systems. Required</font> drill and IP permits are in hand
for the work programs being undertaken.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
New Porphyry Cu-Au Potential at the PINE Deposit and MEX Deposit
Target</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
PINE Deposit is a northeast-trending, 2.5 km-long porphyry Cu-Au
mineralized system located within an underexplored 6 km<font style="font-size: 70%; vertical-align: top">2</font> area of strong
hydrothermal alteration, as defined by IP chargeability, alteration
mapping and limited historical drilling. At the PINE Deposit,
shallow historical drilling (most holes record less than 175 m
vertical penetration) indicates that mineralization is open both
laterally and to depth, with many of the holes ending in
mineralization and some showing a downhole increase in Cu and Au
grades. Examples of the historical results are provided in Table
1.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Table 1: PINE DEPOSIT</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 8px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Selected Drill Intervals from Historical Drilling</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-family: Times New Roman; font-size: 13px; margin: 0px auto 0px 0px;">
<tr style="background-color: #7f7f7f">
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0); border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Drill Hole</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
From (m)</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
To (m)</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<font style="color: #FFFFFF">Int.(m)</font><font style="font-size: 70%; vertical-align: top; color: #FFFFFF">1,2,3</font></font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #FFFFFF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Cu(%)</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Au(g/t)</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Ag(g/t)</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #FFFFFF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Mo(%)</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-color: rgb(0, 0, 0); border-style: solid; border-width: 0.5pt 0.5pt 2px;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<font style="color: #FFFFFF">CuEQ(%)</font><font style="font-size: 70%; vertical-align: top; color: #FFFFFF">4,5</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
79-2</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.8</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">51.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">49.2</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.28</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.669</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 111, 82);">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.64</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 8px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">99.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">127.5</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">28.5</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.32</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.647</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 111, 82);">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.67</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
80-07</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 8px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">10.8</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">48.2</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">37.4</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.22</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.353*</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.4</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.001</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 111, 82);">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.97*</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Incl.</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 8px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">13.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">15.9</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2.9</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.30</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">3.12</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.3</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.001</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 111, 82);">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.94*</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 8px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">57.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">90.5</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">33.5</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.11</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.531</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.4</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.003</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 111, 82);">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.41</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
92-38</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 8px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">14.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">44.1</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">30.1</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.21</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.116</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.7</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.001</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 111, 82);">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.82</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 8px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">53.5</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">192.2</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">138.7</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.09</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.381</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.6</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.003</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 196, 168);">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.31</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
92-40</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 8px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">14.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">49.2</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">35.2</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.21</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.506*</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.3</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.001</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 111, 82);">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.04*</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Incl.</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 8px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">20.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">22.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.28</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">3.34</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.2</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.001</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 111, 82);">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.93*</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 8px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">54.5</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">140.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">85.5</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.14</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.725</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.6</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.002</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 111, 82);">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.55</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 8px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">164.5</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">182.7</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">18.2</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.08</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.367</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.6</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.001</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 196, 168);">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.29</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
93-41</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 8px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">69.5</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">113.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">43.5</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.13</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.741*</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.8</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.002</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 111, 82);">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.55*</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Incl.</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 8px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">75.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">77.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.28</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">3.10</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">3.6</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.001</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 111, 82);">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.94*</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 8px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">129.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">137.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">8.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.36</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.210</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.1</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.002</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 196, 168);">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.48</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 8px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">189.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">197.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">8.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.10</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.375</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.6</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.003</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 196, 168);">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.32</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 8px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">265.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">273.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">8.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.08</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.438</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.1</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.004</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 196, 168);">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.33</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 196, 168);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
P97-04</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 8px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">55.1</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">75.3</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">20.2</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.15</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.510*</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">4.5</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.002</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 196, 168);">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.46*</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Incl.</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 8px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">74.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">75.3</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.3</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.32</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">205.20</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">43.4</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.004</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 111, 82);">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2.25*</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 8px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">90.7</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">127.4</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">36.7</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.15</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.522</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2.8</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.002</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 196, 168);">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.46*</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 8px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">127.4</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">192.4</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">65.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.16</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.658*</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2.3</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.002</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 111, 82);">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.54*</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Incl.</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 8px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">150.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">153.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">3.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.28</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">39.80</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">16.1</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.003</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 111, 82);">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2.02*</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Incl.</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 8px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">166.8</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">168.4</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.6</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.17</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">4.36</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">4.4</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.001</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 111, 82);">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.84*</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
P97-08</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 8px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">127.7</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">268.6</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">140.9</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.17</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.492</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.002</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 196, 168);">
<div style="text-align: center; margin-left: 0px; margin-right: -2px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.46</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-family: Times New Roman; font-size: 13px; margin: 0px auto 0px 0px;">
<tr>
<td rowspan="2" style="vertical-align: middle; width: 16%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">CuEQ%</font></div>
</td>
<td style="vertical-align: top; width: 44%; border-left: 0.5pt solid rgb(0, 0, 0); border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 196, 168);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 40%; border-color: rgb(0, 0, 0); border-style: solid; border-width: 0.5pt 0.5pt 2px;">
<div style="text-align: left; margin-left: 12px; margin-right: -9px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&gt;=0.30 &amp;
&lt;0.50</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 111, 82);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 40%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&gt;=0.50</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">17</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Notes to Table 1:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 72px;">
<font style="font-family: Times New Roman; font-size: 13px">1</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Widths reported are
drill widths, such that the thicknesses are unknown.</font></div>
</div>
</div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 72px;">
<font style="font-family: Times New Roman; font-size: 13px">2</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">All assay intervals
represent length-weighted averages.</font></div>
</div>
</div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 72px;">
<font style="font-family: Times New Roman; font-size: 13px">3</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Some figures may
not sum exactly due to rounding.</font></div>
</div>
</div>
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;">
<div></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 72px;">
<font style="font-family: Times New Roman; font-size: 13px">4<br></font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">Copper equivalent
(CuEQ) calculations use metal prices of: Cu US$3.00/lb, Mo
US$12.00/lb, Ag US$18.00/oz and Au US$1,400.00/oz and conceptual
recoveries of: Cu 90%, Au 72%, 67% Ag and 82% Mo. Conversion of
metals to an equivalent Cu grade based on these metal prices is
relative to the Cu price per unit mass factored by predicted
recoveries for those metals normalized to the copper recovery. The
metal equivalencies for each metal are added to the Cu grade. The
general formula for this is: CuEQ % = Cu% + (Au g/t * (Au recovery
/ Cu recovery) * (Au $ per oz/ 31.1034768) / (Cu $ per lb*
22.04623)) + (Ag g/t * (Ag recovery / Cu recovery) * (Ag $ per oz/
31.1034768) / (Cu $ per lb* 22.04623)) + (Mo % * (Mo recovery / Cu
recovery) * (Mo $ per lb / Cu $ per lb)).</font><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font>&#xA0;
<font style="font-family: Times New Roman; font-size: 13px"><br>
</font></div>
</div>
</div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 72px;">
<font style="font-family: Times New Roman; font-size: 13px">5<br></font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">The estimated
metallurgical recoveries are conceptual in nature. There is no
guarantee that the metallurgical testing required to determine
metal recoveries will be done or, if done, the metallurgical
recoveries could be at the level of the conceptual recoveries used
to determine the CuEQ.</font></div>
</div>
</div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 72px;">
<font style="font-family: Times New Roman; font-size: 13px">6<br></font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-family: Times New Roman; font-size: 13px">Details of
analysis, QA/QC and data verification for the PINE Deposit drilling
is provided in the 2020 IKE National Instrument 43-101 Technical
Report, which is posted on the Amarc website and the
Company&#x2019;s profile on SEDAR.</font> &#xA0;</font></div>
</div>
</div>
&#xA0; <font style="font-family: Times New Roman; font-size: 13px;"><br>
</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">In
addition:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="color: #202020; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #202020; font-family: Times New Roman; font-size: 13px">(-)
means not assayed for.</font></div>
</div>
</div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Au and CuEQ values
marked with an asterisk signify capping of very high Au assay
results at 3.0 g/t for the composite calculation (3.0 g/t is the
98th percentile for Au in the JOY drill data). The included (Incl.)
interval that follows presents the sample interval with the
uncapped Au result.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In
addition to the delineated drill-ready targets at the PINE Deposit,
untested areas of high IP chargeability and/or soil geochemistry
lie between the widely-spaced historical holes and extend outward
laterally, with the majority of the surrounding 6 km<font style="font-size: 70%; vertical-align: top">2</font> area of strong
hydrothermal alteration remaining to be fully
explored.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Similarly,
at the MEX deposit target widely-spaced historical drilling
indicates that the system remains open both laterally and to
depth.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Newly Identified Porphyry Cu-Au Targets</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The MEX
Cluster, located between the PINE Deposit and MEX mineralized
systems, includes a series of new targets that are characterized by
coincident anomalies defined by geochemical, geophysical and
mapping surveys. These new, well-defined targets are a priority for
early drill testing.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Additional
surface surveys are planned to prepare emerging drill targets at
the Canyon South, Twins, SW Takla, Central Takla and the North
Finley target areas for drilling. For example at Canyon South, a 1
km wide high-contrast &gt;28 mV/V core of a 2 km-wide &gt;18 mV/V
IP chargeability anomaly closely coincides with a 500 m diameter
magnetic high that is possibly related to an unidentified, and
potentially mineralized, porphyry stock. Notably, two historical
drill holes: PIN09-15, which encountered 11.43 g/t Au over 3 m, and
MEX12-013, which recorded 0.05% Cu and 0.18 g/t Au over 62.3 m are
located on the periphery of the Canyon South target and on the
opposite sides of the open 2 km-wide IP chargeability anomaly. Such
an occurrence of Au &#xB1; Cu could be related to the outer regions
of a porphyry system. A new IP survey is proposed to expand the
coverage of the historical IP to define the full extent of the
chargeability anomaly in preparation for drill
testing.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
JOY District Agreement with Freeport</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">On May
12, 2021 Amarc announced it entered into an agreement (the
"Agreement") with Freeport pursuant to which Freeport may acquire,
through a staged <font style="color: #333333">two-stage option up
to a 70% ownership interest in the mineral claims comprising the
JOY District, plus other rights and interests, over up to a 10 year
period.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #333333; font-family: Times New Roman; font-size: 13px">
To earn an initial 60% interest, Freeport is required to fund $35
million of work expenditures over a 5-year term. During the first
year of the earn-in, a $4 million work program is required in the
JOY District. Annual optional earn-in expenditures can be
accelerated by Freeport at its discretion. Amarc will be operator
during the initial earn-in period. Once Freeport has acquired such
60% interest, Amarc and Freeport will proceed to explore and
develop the JOY District through a jointly owned corporation with
Freeport assuming project operatorship.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #333333; font-family: Times New Roman; font-size: 13px">
Upon Freeport earning such 60% interest, it can elect, in its sole
discretion, to earn an additional 10% in the mineral claims
comprising the JOY District, plus other rights and interests (for a
total 70% interest) by sole funding a further $75 million within
the following five years.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #333333; font-family: Times New Roman; font-size: 13px">
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.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">18</font></div>
</div>
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<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
JOY District Royalties</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
100% Amarc owned JOY District comprises the JOY, PINE and Paula
properties, and also the STAKED Claims. The mineral claims
comprising the STAKED Claims were staked and are owned 100% by the
Company.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">On
November 21, 2017, Amarc acquired 100% interest in the 7,200 Ha JOY
property from United Minerals Services Ltd., a private vendor. The
JOY property is subject to an underlying 3% NSR royalty from
production to a former owner, which is capped at $3.5
million.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">On
August 29, 2017, Amarc announced that it had concluded option
agreements with each of Gold Fields Toodoggone Exploration
Corporation (&#x201C;Gold Fields&#x201D;) and Cascadero Copper
Corporation ("Cascadero"), which at that time held the PINE
property in a 51%:49% joint venture, that enabled Amarc to purchase
100% of the property. On December 31, 2018, Amarc completed the
purchase of Cascadero&#x2019;s 49% interest in the PINE property
(Amarc MD&amp;A December 31, 2018). Further on December 9, 2019,
Amarc announced that it had reached an agreement with Gold Fields
to amend the option agreement between the parties and purchased
outright the remaining 51% of the PINE property from Gold Fields
(Amarc news release, December 9, 2019).</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Gold
Fields retains a 2.5% NPI royalty on mineral claims comprising
about 96% of the PINE property and a 1% NSR royalty on the balance
of the claims. The NPI royalty can be reduced to 1.25% at any time
through the payment to Gold Fields of $2.5 million in cash or
shares. The NSR royalty can be reduced to 0.50% through the payment
to Gold Fields of $2.5 million in cash or shares.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
PINE property is subject to a 3% underlying NSR royalty payable
from production to a former owner and capped at $5 million payable
from production (Amarc November 21, 2017 news
release).</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">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 tenure
(Amarc MD&amp;A December 31, 2019). The claim is subject to a 1%
NSR royalty payable from commercial production that is capped at
$0.5 million.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
The IKE Cu-Au District</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Amarc&#x2019;s
100% owned IKE District is located 35 km northwest of the town of
Gold Bridge in southwestern BC near the heartland of the
province&#x2019;s producing porphyry Cu mines. It is proximal to
industrial infrastructure including power, and also highways and
rail that connect the District to Vancouver and its port
facilities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Hydrothermal
alteration and mineralization, which is prospective for the
discovery of porphyry Cu&#xB1;Au&#xB1;Mo&#xB1;Ag and related
deposit types occurs throughout the 462 km<font style="font-size: 70%; vertical-align: top">2</font> IKE District. The
District occupies a highly fertile block of crust where
magmatic&#x2010;hydrothermal&#x2010;structural characteristics are
favorable for the formation of intrusion-related
Cu&#xB1;Au&#xB1;Mo&#xB1;Ag deposits with good grade (see below).
These characteristics are common to most porphyry districts around
the globe that host major, and commonly multiple,
Cu&#xB1;Au&#xB1;Mo&#xB1;Ag deposits.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
greater IKE District includes the IKE porphyry Cu-Mo-Ag deposit
discovery, the high potential Greater Empress area that hosts the
Empress Cu-Au-Ag deposit and significant porphyry Cu-Au-Mo-Ag and
Cu-Au-Ag replacement deposit targets, and also a number of
promising porphyry Cu and Au-Ag epithermal targets. The District
has the potential to possess the grades and resources necessary to
develop into an important mining camp.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
IKE Porphyry Cu-Mo-Ag Deposit</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
potential of the IKE porphyry deposit was recognized by Amarc
during a review of porphyry occurrences located in underexplored
mineral belts in BC. Limited historical drilling indicated the
presence of a mineral system with characteristics favorable for an
economically viable porphyry Cu-Mo-Ag deposit, underlying a
significant area of gossanous material. Three historical drill
holes, located over approximately 220 m, had intersected long
continuous intercepts of chalcopyrite and molybdenite
mineralization with encouraging grades, for example: Hole 11-1
returned 186 m of 0.41% CuEQ<font style="font-size: 70%; vertical-align: top">4</font> (see Table 1 above
for note 4) at 0.31% Cu, 0.022% Mo, 1.9 g/t Ag and 0.01 g/t Au,
including 58 m of 0.52% CuEQ at 0.39% Cu, 0.031% Mo, 1.9 g/t Ag and
0.02 g/t Au; and, Hole 11-2: 120 m of 0.41% CuEQ at 0.31% Cu,
0.020% Mo, 3.3 g/t Ag and 0.01 g/t Au, including 32 m of 0.58% CuEQ
at 0.42 % Cu, 0.028% Mo, 6.3 g/t Ag and 0.02g/t Au.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">19</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">There
was no follow up exploration until Amarc initiated
exploration.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Largely
co-incident magnetic, IP chargeability geophysics and geochemical
talus fines anomalies, together with geological alteration mapping
have defined an extensive 9 km<font style="font-size: 70%; vertical-align: top">2</font> hydrothermal system,
into which Amarc has completed approximately 15,455 m of core
drilling in 26 widely-spaced holes.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">This
drilling has confirmed the presence of a substantial body of
porphyry Cu-Mo-Ag mineralization with encouraging grades, over an
area 1,200 m east-west by 1,000 m north- south, and over a vertical
extent of 875 m depth, that remains open to expansion. Table 1
provides selected drill intercepts for the IKE
Deposit.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Table 2: IKE DEPOSIT</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Selected
Drill Intervals from Amarc&#x2019;s Drilling</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr style="background-color: #808080">
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Drill Hole</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-top: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
From (m)</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-top: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
To (m)</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-top: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<font style="color: #FFFFFF">Int. (m)</font><font style="font-size: 70%; vertical-align: top; color: #FFFFFF">1,2,3</font></font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-top: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Cu (%)</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-top: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Au (g/t)</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-top: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Ag (g/t)</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-top: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Mo (%)</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-top: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<font style="color: #FFFFFF">CuEQ(%)</font><font style="font-size: 70%; vertical-align: top; color: #FFFFFF">4,5</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
IK14005</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">269.4</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">325.4</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">56.0</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.31</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.6</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 8px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.064</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 0px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.55</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">339.1</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">426.2</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">87.1</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.36</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.7</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 8px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.054</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 0px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.56</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Incl.</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">347.7</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">378.6</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">30.9</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.47</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.2</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 8px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.052</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 0px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.67</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">437.6</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">554.6</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">117.0</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.27</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.3</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 8px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.021</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 196, 168);">
<div style="text-align: right; margin-left: 0px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.35</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">602.9</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">616.1</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">13.2</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.29</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.6</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 8px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.009</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 196, 168);">
<div style="text-align: right; margin-left: 0px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.32</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
IK15010</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">204.0</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">268.0</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">64.0</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.30</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2.9</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 8px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.015</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 196, 168);">
<div style="text-align: right; margin-left: 0px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.38</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">293.0</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">421.0</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">128.0</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.33</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">3.1</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 8px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.022</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 196, 168);">
<div style="text-align: right; margin-left: 0px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.43</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Incl.</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">298.5</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">330.0</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">31.5</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.43</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">4.3</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 8px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.032</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 0px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.58</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">444.0</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">506.0</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">62.0</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.24</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2.3</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 8px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.020</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 196, 168);">
<div style="text-align: right; margin-left: 0px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.32</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
IK15013</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">48.0</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">60.0</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">12.0</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.23</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.7</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 8px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.017</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 196, 168);">
<div style="text-align: right; margin-left: 0px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.31</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">75.0</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">99.0</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">24.0</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.24</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.9</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 8px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.044</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 196, 168);">
<div style="text-align: right; margin-left: 0px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.41</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">129.0</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">307.7</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">178.7</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.32</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2.2</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 8px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.025</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 196, 168);">
<div style="text-align: right; margin-left: 0px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.42</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">339.5</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">366.5</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">27.0</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.18</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.2</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 8px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.030</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 196, 168);">
<div style="text-align: right; margin-left: 0px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.30</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">372.5</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">693.3</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">320.8</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.32</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2.3</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 8px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.038</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 196, 168);">
<div style="text-align: right; margin-left: 0px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.47</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Incl.</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">527.4</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">651.5</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">124.1</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.43</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">3.3</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 8px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.063</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 0px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.68</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
IK16020</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">111.0</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">156.0</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">45.0</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.25</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.7</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 8px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.015</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 196, 168);">
<div style="text-align: right; margin-left: 0px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.31</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">314.5</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">381.9</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">67.4</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.35</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2.8</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 8px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.023</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 196, 168);">
<div style="text-align: right; margin-left: 0px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.45</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Incl.</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">366.0</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">381.9</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">15.9</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.45</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">3.5</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 8px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.044</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 0px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.64</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">395.8</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">456.0</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">60.2</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.53</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">3.7</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 8px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.045</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 0px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.72</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">528.0</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">543.0</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">15.0</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.16</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.3</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 8px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.035</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 196, 168);">
<div style="text-align: right; margin-left: 0px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.30</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">549.0</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">582.0</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">33.0</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.23</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.6</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 8px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.110</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 0px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.64</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
IK18025</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">257.0</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">351.7</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">94.7</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.37</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.020</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2.5</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 8px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.020</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 0px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.47</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Incl.</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">308.0</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">345.4</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">37.4</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.48</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.025</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">3.4</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 8px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.030</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 0px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.62</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">359.0</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">437.0</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">78.0</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.44</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.019</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">3.0</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 8px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.037</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 0px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.61</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">461.0</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">482.0</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">21.0</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.14</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.005</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.0</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 8px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.054</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 0px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.35</font></div>
</td>
</tr></table>
</div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font>&#xA0;</font></div>
<div style="margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td rowspan="2" style="vertical-align: middle; width: 16%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">CuEQ%</font></div>
</td>
<td style="vertical-align: top; width: 44%; border-left: 0.5pt solid rgb(0, 0, 0); border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 164, 122);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 40%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: -9px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&gt;=0.30 &amp;
&lt;0.50</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 40%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&gt;=0.50</font></div>
</td>
</tr></table>
&#xA0; </div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">For
notes refer to Table 1.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-weight: bold; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Details of
analysis, QA/QC and data verification for the IKE Deposit drilling
is provided in the 2020 IKE National Instrument 43-101 Technical
Report, which is posted on the Amarc website and the
Company&#x2019;s profile on SEDAR.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Like
many major porphyry deposits, the IKE deposit formed in a very
active, multi-stage hydrothermal system that was extensive and
robust. Geological mapping and logging of diamond drill core at IKE
indicate the deposit is hosted entirely by multi-phase intrusive
rocks. Its overall geological setting is similar to that of many
important porphyry belts along the Cordillera in North and South
America.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Core
observations and initial petrographic studies at IKE indicate that
the chalcopyrite and molybdenite mineralization occurs as fine to
relatively coarse, mostly discrete grains, mainly as disseminations
and less commonly in fractures and veins. Multi-element analyses
have returned consistently and unusually low concentrations of
metallurgically or environmentally deleterious elements. These
characteristics, and the generally low concentrations of pyrite at
IKE, suggest excellent potential to produce clean, good-grade Cu
and Mo concentrates by standard flotation processing.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Subject
to funding, the Company is planning an expanded phased drill
program at the IKE deposit with the goal of establishing a mineral
resource, which will provide the basis for initial future economic
studies. The Company has the required permit in-hand for the
proposed drill programs.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">20</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Empress Deposit and Greater Empress Area Au-Rich Porphyry Cu and
Replacement-Style Deposit Potential</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Having
recognized the potential of the IKE Deposit, Amarc consolidated the
IKE District tenure. This included an important 35 km<font style="font-size: 70%; vertical-align: top">2</font> sub-area of the
District located 6 km north of the IKE Deposit, that straddles the
Coastal Plutonic Complex (&#x201C;CPC&#x201D;) contact for
approximately 15 km. This area known as the Greater Empress area is
centred on the <font style="color: #212121">high grade Empress
Cu-Au-Ag</font><font style="color: #2D96D2">&#xA0;</font>Deposit.
The Greater Empress area has seen exploration completed by several
operators since the 1920&#x2019;s. Recent compilation and
integration of useful historical information from geochemical and
geophysical surveys and also drilling, permitted a rapid
advancement in the understanding of the potential both to expand
the Empress Deposit, and throughout the area with the recognition
of significant porphyry Cu&#xB1;Au&#xB1;Mo-Ag and Cu-Au-Ag
replacement deposit targets. Potential also exits for auriferous,
polymetallic/mesothermal-epithermal deposits. The Company has the
required permits in-hand for the proposed drill programs and IP
geophysical surveys.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: -15px; text-indent: 0px">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Empress Cu-Au-Ag Replacement Deposit</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Historical
drilling at Empress has indicated a significant body of good grade
Cu-Au mineralization, which remains open to expansion with a modern
core drilling program. Table 3 provides selected drill historical
intercepts for the Empress Deposit. Mineralization at Empress is
considered to have formed by the replacement of previously altered
volcanics by a quartz-magnetite-sulphide assemblage, with higher
Cu-Au-Ag grades commonly occurring within 100 m in vertical
distance above the CPC&#x2019;s contact, within the overlying
volcanics. An initial examination of historical drill core by the
Amarc team recognized the nearby, Granite porphyry Cu-Au-Ag-Mo
deposit target, which is shallowly concealed by overburden. The
Granite porphyry deposit target is considered a probable source of
the Empress Deposit replacement fluids. Historical core drill
intercepts at Granite include Hole 91-49 which returned 92 m of
0.38% CuEQ<font style="font-size: 70%; vertical-align: top">4</font> (see Table 1 for
note 4) @ 0.22% Cu, 0.23 g/t Au, 0.008% Mo and 0.4 g/t Ag. This
target has not been delineated and mineralization remains open to
expansion. Step-out drilling from the known mineralization is
required.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">21</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Table 3: EMPRESS DEPOSIT</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: -16px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Selected
Drill Intervals from Historical Drilling</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-family: Times New Roman; font-size: 13px; margin: 0px auto 0px 0px;">
<tr style="background-color: #808080">
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Drill Hole</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
From (m)</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
To (m)</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<font style="color: #FFFFFF">Int. (m)</font><font style="font-size: 70%; vertical-align: top; color: #FFFFFF">1,2,3</font></font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Cu (%)</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Au (g/t)</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Ag (g/t)</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Mo (%)</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-color: rgb(0, 0, 0); border-style: solid; border-width: 0.5pt 0.5pt 2px;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<font style="color: #FFFFFF">CuEQ (%)</font><font style="font-size: 70%; vertical-align: top; color: #FFFFFF">4,5</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">76-2</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">51.2</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">114.9</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">63.7</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.37</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.492</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.1</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 0px; margin-right: 11px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.64</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Incl.</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">60.4</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">72.4</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">12.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.51</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.442</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 0px; margin-right: 11px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.76</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Incl.</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">103.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">114.9</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">11.9</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.75</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.721</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.4</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 0px; margin-right: 11px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.15</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">139.6</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">185.3</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">45.7</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.42</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.350</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.6</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 0px; margin-right: 11px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.61</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Incl.</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">139.6</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">157.9</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">18.3</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.39</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.941</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.1</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 0px; margin-right: 11px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.91</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Incl.</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">173.1</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">185.3</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">12.2</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.73</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.010</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 0px; margin-right: 11px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.74</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">209.4</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">215.8</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">6.4</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.74</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.758</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 0px; margin-right: 11px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.15</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">76-3</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">5.2</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">17.7</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">12.5</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.23</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.162</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.6</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 164, 122);">
<div style="text-align: right; margin-left: 0px; margin-right: 11px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.33</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">26.8</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">102.9</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">76.1</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.92</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.418</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">4.7</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 0px; margin-right: 11px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.72</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Incl.</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">26.8</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">37.6</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">10.8</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.49</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">4.244</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2.3</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 0px; margin-right: 11px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2.81</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Incl.</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">42.7</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">74.4</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">31.7</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.11</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.388</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">4.5</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 0px; margin-right: 11px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.89</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">88-2</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">7.3</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">50.3</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">43.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.36</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.326</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.3</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.005</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 0px; margin-right: 11px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.57</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Incl.</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">13.4</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">29.9</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">16.5</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.62</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.579</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2.3</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.002</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 0px; margin-right: 11px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.95</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">88-7</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">17.7</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">69.5</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">51.8</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.47</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.457</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2.4</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.002</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 0px; margin-right: 11px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.74</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Incl.</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">48.4</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">64.6</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">16.2</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.98</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.741</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">5.7</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.001</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 0px; margin-right: 11px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.43</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">89-2</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">21.6</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">123.7</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">102.1</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.36</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.361</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2.7</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.001</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 0px; margin-right: 11px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.58</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Incl.</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">26.5</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">37.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">10.5</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.31</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.754</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">3.2</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.003</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 0px; margin-right: 11px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.75</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Incl.</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">60.6</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">78.9</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">18.3</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.72</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.573</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">3.8</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.001</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 0px; margin-right: 11px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.06</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Incl.</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">99.1</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">118.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">18.9</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.49</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.470</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">4.2</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.001</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 0px; margin-right: 11px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.78</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">89-8</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">9.1</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">115.5</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">106.4</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.35</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.359</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.5</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.003</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 0px; margin-right: 11px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.56</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Incl.</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">78.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">99.6</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">21.6</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.69</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.913</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2.8</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.003</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 0px; margin-right: 11px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.21</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">90-17</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">107.6</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">113.4</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">5.8</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.55</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.446</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.6</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.010</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 0px; margin-right: 11px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.84</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">143.9</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">200.3</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">56.4</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.38</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.666</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">4.1</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.009</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 0px; margin-right: 11px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2.35</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">90-18</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">22.6</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">29.3</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">6.7</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.15</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.300</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.7</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.008</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 164, 122);">
<div style="text-align: right; margin-left: 0px; margin-right: 11px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.35</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">35.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">40.5</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">5.5</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.15</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.523</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.3</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.006</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 164, 122);">
<div style="text-align: right; margin-left: 0px; margin-right: 11px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.46</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">47.9</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">74.4</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">26.5</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.47</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.683</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">3.2</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.010</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 0px; margin-right: 11px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.90</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">79.9</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">92.7</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">12.8</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.15</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.254</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.4</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.003</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 164, 122);">
<div style="text-align: right; margin-left: 0px; margin-right: 11px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.31</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">107.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">161.9</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">54.9</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.78</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.746</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.004</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 0px; margin-right: 11px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.20</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">90-21</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">10.4</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">19.5</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">9.1</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.31</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.336</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.5</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.011</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 0px; margin-right: 11px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.53</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">140.5</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">192.9</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">52.4</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.10</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.209</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2.5</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.004</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 0px; margin-right: 11px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.79</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Incl.</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">153.3</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">175.3</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">22.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.58</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.671</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2.6</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.006</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 0px; margin-right: 11px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2.52</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Incl.</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">182.6</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">191.1</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">8.5</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.92</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2.735</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">7.8</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.006</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 0px; margin-right: 11px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">3.48</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">198.4</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">218.8</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">20.4</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.30</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.542</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.3</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.002</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 0px; margin-right: 11px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.61</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">90-22</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">143.9</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">190.2</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">46.3</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.15</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.415</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">4.2</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.009</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 0px; margin-right: 11px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.98</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">90-29</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">94.2</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">110.6</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">16.4</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.43</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.171</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.3</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.003</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 0px; margin-right: 11px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.55</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">141.7</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">214.6</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">72.9</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.37</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.433</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.6</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.003</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 0px; margin-right: 11px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.62</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Incl.</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">178.3</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">194.8</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">16.5</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.86</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.069</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.5</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.003</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 0px; margin-right: 11px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.46</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td rowspan="2" style="vertical-align: middle; width: 16%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">CuEQ%</font></div>
</td>
<td style="vertical-align: top; width: 44%; border-left: 0.5pt solid rgb(0, 0, 0); border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 164, 122);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 40%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: -9px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&gt;=0.30 &amp;
&lt;0.50</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 40%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&gt;=0.50</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">&#xA0;For
notes refer to Table 1.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">
Greater Empress Area Cu&#xB1;Au&#xB1;Mo-Ag Porphyry and Replacement
Targets:</font> In addition to the Empress deposit, the 35
km<font style="font-size: 70%; vertical-align: top">2</font>
Greater Empress area includes seven identified compelling porphyry
and replacement-style Cu-Au&#xB1;Mo&#xB1;Ag<font style="color: #2D96D2">&#xA0;</font>deposit and exploration targets. The
deposit targets include, Empress East, Empress Gap, Granite (as
discussed above) and Buzzer, and the earlier-stage exploration
targets include Empress West. Each are discussed below with
selected historical drill results provided in Tables 4 and 5. These
targets are either: not fully drill delineated or have been tested
only by shallow, widely-spaced historical reconnaissance percussion
drilling: and can with focused exploration be brought to a drill
ready status.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">
Empress East Cu-Au-Ag Replacement Deposit Target:</font> Located 1
km east of the Empress Deposit, limited historical core holes
drilled at the Empress East deposit target intercepted
mineralization similar to that at the Empress deposit in both style
and grade. This drilling together with moderate to locally strong
IP chargeability responses, magnetic geophysical features, and
results from historical Cu and Au soil geochemistry where (&gt;250
ppm Cu and &#x2265;50 ppb Au values closely reflect the first three
historical drill samples results at the base of overburden),
indicate there is significant potential with further core drilling
to enlarge this body of mineralization. Notably there is a complete
absence of drill holes in the southern part of this target, which
is at a position that is analogous to shallower, high<font style="color: #2D96D2">&#xA0;</font>grade Cu-Au-Ag replacement-style
mineralization at the Empress deposit to the west.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">22</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Table 4: EMPRESS EAST DEPOSIT TARGET</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 22px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Selected
Drill Intervals from Historical Drill</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-family: Times New Roman; font-size: 13px; margin: 0px auto 0px 0px;">
<tr style="background-color: #808080">
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0); border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Drill Hole</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
From (m)</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
To (m)</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 1px; text-indent: 0px">
<font style="color: #FFFFFF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Int. (m)1,2,3</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #FFFFFF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Cu(%)</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 9px; text-indent: 0px">
<font style="font-weight: bold; color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Au (g/t)</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 7px; text-indent: 0px">
<font style="font-weight: bold; color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Ag (g/t)</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Mo (%)</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-color: rgb(0, 0, 0); border-style: solid; border-width: 0.5pt 0.5pt 2px;">
<div style="text-align: center; margin-left: 0px; margin-right: 3px; text-indent: 0px">
<font style="color: #FFFFFF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
CuEQ (%)4,5</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">91-39</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 10px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">9.8</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 10px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">37.8</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">28.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 24px; margin-right: 9px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.34</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 24px; margin-right: 9px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.543</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 16px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.2</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 24px; margin-right: 9px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.002</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 12px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.66</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 10px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">107.6</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 10px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">147.5</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">39.9</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 24px; margin-right: 9px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.40</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 24px; margin-right: 9px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.332</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 16px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.8</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 24px; margin-right: 9px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.004</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 12px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.60</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Incl.</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 10px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">141.4</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 10px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">147.5</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">6.1</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 24px; margin-right: 9px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.23</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 24px; margin-right: 9px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.928</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 16px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2.2</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 24px; margin-right: 9px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.009</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 12px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.78</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">91-54</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 10px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">73.1</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 10px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">85.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">11.9</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 24px; margin-right: 9px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.31</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 24px; margin-right: 9px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.221</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 16px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.7</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 24px; margin-right: 9px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.001</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 164, 122);">
<div style="text-align: right; margin-left: 12px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.44</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 10px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">108.2</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 10px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">158.2</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 9px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">50.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 24px; margin-right: 9px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.46</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 24px; margin-right: 9px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.304</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 16px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 24px; margin-right: 9px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.002</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 12px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.64</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-family: Times New Roman; font-size: 13px; margin: 0px auto 0px 0px;">
<tr>
<td rowspan="2" style="vertical-align: middle; width: 16%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">CuEQ%</font></div>
</td>
<td style="vertical-align: top; width: 44%; border-left: 0.5pt solid rgb(0, 0, 0); border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 164, 122);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 40%; border-color: rgb(0, 0, 0); border-style: solid; border-width: 0.5pt 0.5pt 2px;">
<div style="text-align: left; margin-left: 12px; margin-right: -9px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&gt;=0.30 &amp;
&lt;0.50</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 40%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&gt;=0.50</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">For notes refer to Table 1</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">
Empress Gap Cu-Au-Ag Replacement Deposit Target:</font> Results
from limited historical drilling, comprising 11 shallow percussion
drill holes and three deeper core holes in the &gt;1 km long
Empress Gap zone located between the Empress Deposit and Empress
East, suggest a clear opportunity to discover additional Cu-Au-Ag
mineralization in proximity to the volcanic-CPC contact. Many of
the short percussion holes returned anomalous Cu&#x2010;Mo (Au and
Ag were not analyzed for), potentially indicative of higher-grade
underlying mineralization as at the Empress Deposit. Of the deeper
core holes, Cu&#x2010;Au mineralization associated with alteration
similar to that at Empress is also reported, however only two of
these holes reached the volcanic-CPC contact.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Empress
Gap is a significantly underexplored target and drill testing of
areas close to the CPC-volcanic contact is required.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">
Buzzer Cu-Au-Ag&#xB1;Mo Porphyry Deposit Target:</font> The Buzzer
deposit target is located in the eastern side of the Greater
Empress area inboard of the CPC. Historical drilling at Buzzer has
intercepted high-grade Cu-Au-Ag-Mo porphyry mineralization hosted
in biotite altered intrusions (Table 5). Whether these mineralized
intrusions, are part of a small high-level cupola or a large
mineralized intrusive mineralized body below, as indicated by
magnetic surveys, cannot be determined from the limited
drilling.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Granite and Buzzer porphyry systems demonstrate that significant
porphyry-style mineralization is present in the Greater Empress
area, and that further exploration surveys and drilling have the
potential to make new porphyry discoveries, both inboard and
outboard from the CPC contact.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Table 5: BUZZER DEPOSIT TARGET</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 8px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Selected Drill Intervals from Historical Drilling</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-family: Times New Roman; font-size: 13px; margin: 0px auto 0px 0px;">
<tr style="background-color: #808080">
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0); border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Drill Hole</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 8px; text-indent: 0px">
<font style="font-weight: bold; color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
From (m)</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="color: #FFFFFF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
To (m)</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 5px; text-indent: 0px">
<font style="color: #FFFFFF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Int. (m)1,2,3</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 8px; text-indent: 0px">
<font style="color: #FFFFFF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Cu(%)</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 8px; text-indent: 0px">
<font style="color: #FFFFFF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Au (g/t)</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #FFFFFF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Ag (g/t)</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 12px; text-indent: 0px">
<font style="color: #FFFFFF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Mo (%)</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-color: rgb(0, 0, 0); border-style: solid; border-width: 0.5pt 0.5pt 2px;">
<div style="text-align: center; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<font style="color: #FFFFFF">CuEQ (%)</font><font style="font-size: 70%; vertical-align: top; color: #FFFFFF">4,5</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">DDH-3&#x2020;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">21.3</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">120.4</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">99.1</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.43</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 13px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.042</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 12px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.58</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">DDH-4&#x2020;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">14.6</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">113.4</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">98.8</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.37</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 13px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">-</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.037</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 12px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.50</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">X-1</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">5.9</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 24px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">5.9</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.15</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 13px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.237</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">5.8</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.013</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 164, 122);">
<div style="text-align: right; margin-left: 12px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.36</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">9.5</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">42.5</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">33.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.26</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 13px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.175</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">3.4</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.042</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 12px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.53</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Incl.</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">24.7</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">40.8</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">16.1</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.40</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 13px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.268</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">5.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.064</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 12px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.81</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">X-3</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 36px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">44.2</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">44.2</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.67</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 13px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.496</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">5.3</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.046</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 12px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.14</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Incl.</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">10.7</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">38.1</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">27.4</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.86</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 13px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.724</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">6.6</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.059</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 12px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.51</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">GC11-74</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">11.4</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">52.2</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">40.8</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.28</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 13px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.210</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.8</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.012</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 164, 122);">
<div style="text-align: right; margin-left: 12px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.44</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Incl.</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">15.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">27.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">12.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 12px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.41</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 13px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.281</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2.6</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 12px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.021</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: right; margin-left: 12px; margin-right: 17px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.66</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-family: Times New Roman; font-size: 13px; margin: 0px auto 0px 0px;">
<tr>
<td rowspan="2" style="vertical-align: middle; width: 16%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">CuEQ%</font></div>
</td>
<td style="vertical-align: top; width: 44%; border-left: 0.5pt solid rgb(0, 0, 0); border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 164, 122);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 40%; border-color: rgb(0, 0, 0); border-style: solid; border-width: 0.5pt 0.5pt 2px;">
<div style="text-align: left; margin-left: 12px; margin-right: -9px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&gt;=0.30 &amp;
&lt;0.50</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 40%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&gt;=0.50</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">For
notes refer to Table 1.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x2020;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Assay interval from
historically reported composite. Individual assay results are
unknown.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">23</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">
Empress West Cu-Au-Ag</font><font style="font-weight: bold; color: #2D96D2">&#xA0;</font><font style="font-weight: bold">Exploration Target:</font> This large target,
which extends more than 2 km to the west of the Empress deposit
along the favorable CPC-volcanic contact, has only been tested by
widely-spaced and shallow percussion holes and a few core. It
exhibits the same geological setting<font style="color: #2D96D2">&#xA0;</font><font style="color: #000000">as
the</font> Empress Deposit, and the potential to discover
additional Cu-Au-Ag mineralization is indicated by the results of
the historical drilling when combined with magnetic and IP survey
data, and known Cu-Au-Mo anomalies in soils. Modern IP and drilling
are required to test a series of defined targets.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">
IKE District Porphyry and Epithermal Targets:</font> The IKE
District hosts several known centres of porphyry Cu mineralization
(Rowbottom, Mad Major- OMG) and Au-Ag epithermal mineralization
(Battlement, Mewtwo) that exist outside of, but in proximity to and
between, the IKE Deposit and Greater Empress areas. Limited
exploration by historical operators and/or Amarc indicates that
further survey work followed by drilling is warranted at these
targets. The Company has the permits in-hand for the potential work
program.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">
Rowbottom Cu-Mo-Au Porphyry Deposit Target:</font> At Rowbottom,
porphyry-style mineralization and alteration is intermittently
exposed along 550 m of Rowbottom creek, and spatially associated
with an extensive 1.3 km by 1.0 km IP chargeability anomaly that
remains open for further surveying. Limited historical shallow
percussion drilling returned good Cu and Mo grades (Au and Ag were
not analysed for), and a single core hole completed by Amarc
confirmed the presence of Au and Ag.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Historical
drill intercepts include for example: Hole S-64: 49 m of 0.51%
CuEQ<font style="font-size: 70%; vertical-align: top">4</font> (see
Table 1 for note 4) 0.49% Cu and 0.007% Mo and Hole S-24: 43 m of
0.40% CuEQ at 0.28% Cu and 0.032% Mo.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Amarc core hole intersected significant intervals of porphyry Cu-Mo
mineralization hosting elevated Ag and Au values, which are cut by
a number of post mineral dykes and returned, for example: RB17001:
66 m of 0.38% CuEQ<font style="font-size: 70%; vertical-align: top">4</font> at 0.29% Cu, 0.006%
Mo, 0.08 g/t Au and 4.1 g/t Ag and 21 m of 0.43% CuEQ at 0.38% Cu,
0.007% Mo and 4.3 g/t Ag.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">An
historical soils grid along with both the historical and Amarc IP
chargeability anomalies suggest that a larger system could be
present, warranting further drilling both laterally and to depth in
order to determine the geometry and grade distribution of the
Rowbottom deposit target.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">
Mad Major Cu-Mo Porphyry Target:</font> The Mad Major-OMG target
area extends over approximately 23 km<font style="font-size: 70%; vertical-align: top">2</font> area of highly
anomalous stream sediment geochemistry and gossanous ridges (see
IKE Technical Report). Amarc&#x2019;s exploration, and that of
historical operators, has defined several large IP chargeability
and magnetic geophysical, talus fines and soils geochemical and
geological alteration mapping anomalies that remain to be
adequately drill tested. Amarc has completed only eight very
wide-spaced core holes into the target, and the source of the IP
and geochemical anomalies is yet to be determined. Additional
survey work and drilling are warranted.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">
Battlement and Mewtwo Au-Ag Epithermal Targets:</font> Although not
the focus of Amarc&#x2019;s exploration, epithermal potential exits
on the IKE District. For example, at both Battlement and Mewtwo
reconnaissance stage exploration suggests a geological environment
that is permissive for either, or both, a porphyry or
epithermal-type deposits. Further exploration is warranted at both
targets.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In
summary collectively the IKE Deposit, Empress Deposit, Greater
Empress area and IKE District target areas as described warrant
substantial exploration programs.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: -16px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
IKE District Capped Royalties</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Amarc
has a 100% interest in the IKE, Granite, Juno and Galore
Properties, which make up the IKE District. The mineral claims
comprising the Juno Property were staked and are owned 100% by the
Company.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In July
2014, Amarc acquired a 100% interest in the IKE property from
Oxford Resources Inc. (&#x201C;Oxford&#x201D;, formerly Highpoint
Exploration Inc.). At that time Oxford&#x2019;s ownership interest
was converted to a 1% Net Smelter Returns (&#x201C;NSR&#x201D;)
royalty, which can be purchased at any time for $2 million (payable
in cash or common shares of Amarc at the company&#x2019;s sole
election).</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The IKE
property is also subject to a 2% underlying NSR royalty to two
underlying owners, whereby Amarc has the right to purchase: (1) one
half of the royalty (1%) for $2 million ($1 million of which is
payable in cash, Amarc common shares, or any such combination of
cash and shares, at Amarc's discretion) at any time prior to
commercial production; and (2) the second half of the royalty (1%)
also for $2 million ($1 million of which is payable in cash, and
the balance in Amarc common shares, or any such combination of cash
and shares, at Amarc's discretion) at any time on or before a
commercial mine production decision has been made in respect of the
IKE property. Amarc has agreed that upon completion of a positive
feasibility study it will issue 500,000 common shares to the
underlying owners.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">24</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In
November 2014, Amarc acquired a 100% interest in the adjoining
Granite property from Great Quest Fertilizers Ltd. ("Great Quest",
previously known as Great Quest Metals Ltd., which is also referred
to as &#x201C;Great Quest&#x201D; herein). Great Quest holds a 2% NSR
royalty on that property which can be purchased for $2 million, on
or before commercial production (payable in cash, Amarc common
shares, or any such combination of cash and shares, at
Amarc&#x2019;s discretion). 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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In
January 2017, Amarc acquired a 100% interest in the adjoining
Galore property from Galore Resources Inc. ("Galore Resources"),
clear of any royalties to Galore Resources. In January 2018, Amarc
concluded an agreement with the underlying owners of the Galore
property, whereby Amarc acquired all of the underlying
owners&#x2019; residual interest in and to the Galore property,
including five NSR and five NPI royalties.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">On
September 3, 2015, Amarc entered into an agreement (the
"Agreement") with Thompson Creek (now a wholly owned subsidiary of
Centerra) pursuant to which Thompson Creek could acquire, through a
staged investment process within five years, a 30% ownership
interest in mineral claims and crown grants covering the IKE
District. Under the terms of the Agreement, Thompson Creek also
received an option, after acquiring its 30% interest, to acquire an
additional 20% interest in the IKE District, subject to certain
conditions, including the completion of a Feasibility Study. On
January 11, 2017, Amarc announced that Thompson Creek, having been
acquired by Au-focused Centerra, relinquished its option to earn up
to a 50% interest in the IKE District. Thompson Creek had a 10%
participating interest in the IKE District by investing $6 million
in exploration programs undertaken in 2015 and 2016, and elected to
exchange its participating interest for a 1% Conversion NSR royalty
from mine production, which is capped at a total of $5 million. As
a result, Amarc re-acquired 100% interest in the IKE
District.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: -16px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
The DUKE District</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Amarc&#x2019;s
100% owned DUKE District is located 80 km northeast of Smithers
within the broader Babine District (the &#x201C;District&#x201D;),
one of BC&#x2019;s most prolific porphyry Cu-Au belts. The Babine
District, a 40 by 100 km north- northwesterly striking mineralized
belt is host to Noranda Mines&#x2019; past producing Bell and
Granisle Cu-Au mines that produced a total of 1.1 billion pounds of
Cu, 634,000 ounces of Au and 3.5 million ounces of Ag<font style="font-size: 70%; vertical-align: top">2</font>, and the advanced
stage Morrison Cu-Au deposit. Amarc&#x2019;s DUKE porphyry Cu
discovery is located 30 km north of the Bell Mine. Extensive
infrastructure exists in the District, which primarily relates to
the forestry industry but also dates back to mining
activity.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The 704
km<font style="font-size: 70%; vertical-align: top">2</font> DUKE
District includes both the DUKE porphyry Cu deposit target
discovery (&#x201C;DUKE&#x201D;) and a series of high potential
porphyry Cu-Au deposit targets generated form the Company&#x2019;s
district- scale targeting program.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Porphyry
Cu Expansion Potential at the Duke Deposit Target: The porphyry Cu
system at DUKE has seen only limited drilling. Many of the 30
historical shallow and closely-spaced core holes intersected and
ended in significant Cu-Mo-Ag-Au mineralization. In the main area
of known mineralization, these holes extended to only 124 m
vertical depth from surface. Examples of the intercepts from the
historical drill holes are provided in Table 6.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">25</font></div>
</div>
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<div id="hdr">
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Table 6: DUKE DEPOSIT TARGET</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 8px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Selected Drill Intervals from Historical and Amarc&#x2019;s
Drilling</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-family: Times New Roman; font-size: 13px; margin: 0px auto 0px 0px;">
<tr style="background-color: #7f7f7f">
<td style="vertical-align: bottom; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0); border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Drill Hole</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
From (m)</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
To (m)</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<font style="color: #FFFFFF">Int.(m)</font><font style="font-size: 70%; vertical-align: top; color: #FFFFFF">1,2,3</font></font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Cu%</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Au(g/t)</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #FFFFFF; font-family: Times New Roman; font-size: 13px">
Ag(g/t)</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #FFFFFF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Mo(%)</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-color: rgb(0, 0, 0); border-style: solid; border-width: 0.5pt 0.5pt 2px;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
<font style="color: #FFFFFF">CuEQ(%)</font><font style="font-size: 70%; vertical-align: top; color: #FFFFFF">4,5</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
70-02<font style="font-size: 70%; vertical-align: top">7</font></font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">30.5</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">143.3</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">112.8</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.29</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.060</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.1</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.012</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 164, 122);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.38</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">73.1</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">85.3</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">12.2</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.41</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.091</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.6</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.010</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.50</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
70-10<font style="font-size: 70%; vertical-align: top">7</font></font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">21.3</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">164.6</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">143.3</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.26</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.068</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.7</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.016</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 164, 122);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.37</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Incl.</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">115.8</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">131.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">15.2</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.47</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.110</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2.9</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.027</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.64</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
71-14<font style="font-size: 70%; vertical-align: top">7</font></font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">28.6</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">115.2</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">86.6</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.40</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.053</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2.2</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.021</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.52</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Incl.</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">34.8</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">74.4</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">39.6</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.48</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.067</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2.6</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.023</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.61</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
DK17002</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">17.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">32.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">15.0</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.44</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.126</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2.1</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.019</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.59</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">40.3</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">142.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">101.7</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.22</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.064</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.3</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.014</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 164, 122);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.31</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">238.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">268.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">30.0</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.33</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.069</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.9</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.019</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 164, 122);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.45</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">308.5</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">399.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">90.5</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.21</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.043</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.1</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.025</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 164, 122);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.34</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">450.5</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">523.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">72.5</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.23</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.030</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.2</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.022</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 164, 122);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.33</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Incl.</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">486.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">495.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">9.0</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.41</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.062</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2.0</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.040</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.61</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
DK18005</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">13.5</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">89.9</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">76.4</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.23</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.042</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.1</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.012</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 164, 122);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.30</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">98.9</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">246.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">147.1</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.27</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.046</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.1</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.028</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 164, 122);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.40</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Incl.</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">125.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">137.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">12.0</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.32</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.072</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.1</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.037</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.51</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Incl.</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">212.1</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">231.9</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">19.8</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.45</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.062</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2.0</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.033</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.62</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">302.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">344.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">42.0</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.28</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.059</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.2</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.019</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 164, 122);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.38</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
DK18006</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">98.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">416.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">318.0</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.24</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.052</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.1</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.012</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 164, 122);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.32</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Incl.</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">206.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">296.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">90.0</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.27</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.067</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.2</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.015</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 164, 122);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.37</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Incl.</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">338.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">416.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">78.0</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.30</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.055</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.4</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.016</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); background-color: rgb(255, 164, 122);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.39</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">and</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">347.0</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">405.2</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: right; margin-left: 0px; margin-right: 4px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">58.2</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.34</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.059</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1.5</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.015</font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 164, 122);">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.45</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-family: Times New Roman; font-size: 13px; margin: 0px auto 0px 0px;">
<tr>
<td rowspan="2" style="vertical-align: middle; width: 16%;">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">CuEQ%</font></div>
</td>
<td style="vertical-align: top; width: 44%; border-left: 0.5pt solid rgb(0, 0, 0); border-top: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 164, 122);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 40%; border-color: rgb(0, 0, 0); border-style: solid; border-width: 0.5pt 0.5pt 2px;">
<div style="text-align: left; margin-left: 12px; margin-right: -9px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&gt;=0.30 &amp;
&lt;0.50</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 44%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 93, 71);">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 40%; border-left: 0.5pt solid rgb(0, 0, 0); border-right: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 12px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&gt;=0.50</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 12px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">For
notes refer to Table 1.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 12px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; font-size: 70%; vertical-align: top">7</font>
Results of these historical Ducanex JV drill holes are from the
1991 Corona resampling and analyses by Acme.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
historical drilling was centered within a restricted part of a
robust, 3 km north-south by 1 km east-west historical IP
chargeability anomaly, which is thought to have been offset by
faulting. When reconstructed, this IP chargeability anomaly has a
classic donut shape that was the target of Amarc&#x2019;s eight core
holes completed in 2017 through 2018 (see December 19, 2017 and
June 12, 2018 news releases).</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Seven
of the eight core holes drilled over an area measuring
approximately 400 m north-south by 600 m</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">east-west
successfully intersected porphyry Cu-style mineralization to a
vertical depth of 360 m. This mineralization remains open to
expansion. Select intercept examples are provided in Table
6.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Notably,
a single step-out hole (DK18004) completed by Amarc more than 1 km
to the north of the seven other</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Amarc
holes, and within the displaced portion of the IP chargeability
anomaly, intersected substantial lengths of moderate to low grade
Cu and Mo mineralization, confirming a very extensive lateral
dimension to the DUKE porphyry Cu system.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Subject
to financing Amarc is currently planning how best to undertake the
drilling required to delineate the geometry and grade distribution
of its DUKE discovery in order to inform a mineral resource
estimate and related studies. The Company has the permit in hand to
commence potential works.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">
New Duke District Porphyry Cu-Au Targets:</font> Appreciating the
Cu-Au prospectivity of the Babine District and its relatively
unexplored nature due to widespread glacial cover (4 m to 18 m
thick in the Amarc DUKE discovery drill holes), Amarc has completed
a comprehensive compilation of government and historical data over
the entire 704 km<font style="font-size: 70%; vertical-align: top">2</font> DUKE District. This
integrated study provided a new interpretation of the geological,
geochemical and geophysical characteristics of the Babine District,
identifying 12 previously unrecognized high potential porphyry
Cu-Au deposit targets. These target areas were defined, for
example, by anomalous Cu-Au-Mo-Ag (and other porphyry indicator
elements) till geochemistry, till samples with identified grains of
bornite, chalcopyrite and/or favorable biotite feldspar porphyry,
compelling up- ice magnetic geophysics features, and indications of
structural control along faults emanating from large deep-seated
regional structures that likely controlled the emplacement of the
prospective intrusions, along with numerous other scientific
vectors.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">26</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Regionally,
Amarc is planning for initial, focused ground surveys taking
advantage of extensive logging road networks across the property.
These surveys would be followed by RC drilling that would test
prioritized targets for the presence of potential porphyry Cu
mineralized systems below cover and, where a deposit target is
confirmed core drilling to determine the extent, grade and geometry
of the mineralized system. The Company has an IP permit in hand to
commence these works.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; color: #000000; font-family: Times New Roman; font-size: 13px">
DUKE District Royalties</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Amarc
holds 100% interest in the DUKE District free of any
royalty.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
The Newton Au Property</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Amarc
reported the sale of the Newton Au project located in south-central
BC in December 2020 to a wholly-owned subsidiary of Carlyle
Commodities Corp. (&#x201C;Carlyle&#x201D;). Under the terms of the
agreement, Amarc has received consideration comprising total cash
of $300,000 and 5.5 million equity units (share plus warrant) in
Carlyle valued at $0.25 per unit. In addition, Amarc retains a 2%
NSR Royalty in the Property.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
divestment of the Newton Property allows Amarc to retain exposure
to the upside Au potential at Newton through its equity position in
Carlyle and the retained NSR Royalty, while maintaining strategic
focus on the development of its three high-value and expansive,
100%-owned Cu&#xB1;Au districts &#x2013; JOY, IKE and
DUKE.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">C.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">ORGANIZATIONAL
STRUCTURE</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company has one subsidiary, 1130346 B.C. Ltd. (&#x201C;Amarc
Subco&#x201D;), incorporated under the laws of British Columbia,
Canada. Amarc Subco is a wholly-owned subsidiary of the Company
incorporated for the purpose of entering into an option agreement.
The Amarc Subco did not have any asset, liability, income, or
expense and was dissolved on March 30, 2021.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">D.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">PROPERTY,
PLANT AND EQUIPMENT</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">None of
the Company&#x2019;s properties have any material tangible fixed
assets located thereon.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 96px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><a name="_Toc78195325"><!--anchor--></a><font style="color: #0000FF">ITEM 4A</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0000FF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="UNRE">U</a>NRESOLVED STAFF COMMENTS</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Not
applicable.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 96px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><a name="_Toc78195326"><!--anchor--></a><font style="color: #0000FF">ITEM 5</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0000FF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="OPER">O</a>PERATING AND FINANCIAL REVIEW AND
PROSPECTS</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
OVERVIEW</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Amarc
is a mineral exploration company with a portfolio of active
exploration projects located in British Columbia, Canada. The
Company's business strategy is the acquisition and exploration of
mineral properties. None of the Company's properties have any
mineral reserves or have been proven to host mineralized material
which can be said to be &#x201C;ore&#x201D; or feasibly economic at
current metals prices. The Company incurs significant exploration
expenditures as it carries out its business strategy. As Amarc is
an exploration stage company, it does not have any revenues from
its operations to offset its exploration expenditures. Accordingly,
the Company's ability to continue exploration of its properties
will be contingent upon the availability of additional
financing.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">27</font></div>
</div>
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<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Amarc's
financial statements are prepared on the basis that it will
continue as a going concern. The Company has incurred losses since
inception and the ability of the Company to continue as a going
concern depends upon its ability to continue to raise adequate
financing and to develop profitable operations. Amarc's financial
statements do not reflect adjustments, which could be material, to
the carrying values of assets and liabilities, which may be
required should the Company be unable to continue as a going
concern.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
following discussion should be read in conjunction with the audited
annual financial statements and the related notes accompanying this
Annual Report. The Company prepares its financial statements in
accordance with International Financial Reporting Standards
(&#x201C;IFRS&#x201D;), as issued by the International Accounting
Standards Board. The Company includes selected financial data
prepared in compliance with IFRS without reconciliation to U.S.
GAAP.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Critical Accounting Policies and Estimates</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company's accounting policies are presented in note 2 of the
accompanying audited annual financial statements.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
preparation of financial statements in accordance with IFRS
requires management to select accounting policies and make
estimates, judgments and assumptions. Such estimates, judgments and
assumptions may have a significant impact on the financial
statements. These include but are not limited to:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 13px">&#x25CF;&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">estimate of the
accrual of Mineral Exploration Tax Credits
(&#x201C;METC&#x201D;);</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 13px">&#x25CF;&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the determination
of categories of financial assets and financial liabilities;
and</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 13px">&#x25CF;&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the carrying value
and recoverability of the Company's marketable
securities.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Actual
amounts could differ from the estimates used and, accordingly,
affect the results of operation.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Mineral Exploration Tax Credits (&#x201C;METC&#x201D;)</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">When
the Company is entitled to receive METC and other government
grants, this government assistance is recognized as a cost recovery
within exploration expense when there is reasonable assurance of
recovery.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Judgements
are involved in determining which expenditures qualify for the
METC, and there may be disagreement between the Company and
taxation authorities on the applicability of specific
items.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Financial assets and financial liabilities</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Financial
assets and liabilities are recognized when the Company becomes
party to the contracts that give rise to them. The Company
determines the classification of its financial assets and
liabilities at initial recognition and, where allowed and
appropriate, re-evaluates such classification at each financial
year end. The Company does not have any derivative financial
instruments.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Financial
assets and financial liabilities are initially measured at fair
value. Transaction costs that are directly attributable to the
acquisition or issuance of financial assets and financial
liabilities (other than financial assets and financial liabilities
at fair value through profit or loss) are added to or deducted from
the fair value of the financial assets or financial liabilities, as
appropriate, on initial recognition. Transaction costs directly
attributable to the acquisition of financial assets or financial
liabilities at fair value through profit or loss are recognized
immediately in profit or loss.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Marketable securities</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company's investments in marketable securities are classified as
available-for-sale (&#x201C;AFS&#x201D;) financial assets. Subsequent
to initial recognition, they are measured at fair value and changes
therein, other than impairment losses and foreign currency
differences on AFS monetary items, are recognized in other
comprehensive income or loss. When an investment is derecognized,
the cumulative gain or loss in the investment revaluation reserve
is transferred to profit or loss.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
fair value of AFS monetary assets denominated in a foreign currency
is determined in that foreign currency and translated at the
exchange rate prevailing at the end of the reporting period.
Changes in the fair value of AFS equity investments are recognized
directly in equity.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">28</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><a name="_A.__RESULTS">
<!--anchor--></a>A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">RESULTS
OF OPERATIONS</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Year Ended March 31, 2021 (&#x201C;2021&#x201D;) Versus Year Ended
March 31, 2020 (&#x201C;2020&#x201D;)</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company recorded a net income of $1,361,000 during 2021 compared to
a net loss of $1,254,000 during 2020. This swing from a net loss
position in 2020 into a net income position in 2021 is mainly due
to the non-recurring event related to the gain on disposition of
the Newton property in the third quarter of fiscal 2021, together
with the decrease in general and administration
expenses.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">($
000&#x2019;s)</font></font></font></font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">2021</font></font></font></font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">2020</font></font></font></font></div>
</td>
<td style="vertical-align: bottom; width: 52%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">Discussion</font></font></font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 18%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Exploration
and evaluation, net of recoveries</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">576</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">664</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 52%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Field
exploration activities during the 2021 fiscal period were focused
on both Amarc owned and also various project which Amarc operated
on behalf of third parties, these field activities commenced late
in the second quarter of fiscal 2021.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 18%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Administration</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">631</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">856</font></div>
</td>
<td style="vertical-align: top; width: 52%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Administration
expenses decreased during the 2021 period due to further efforts by
senior management to reduce overhead costs.</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 18%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Interest
expense on loans payable to director</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">111</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">106</font></div>
</td>
<td style="vertical-align: top; width: 52%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Interest
incurred on loans provided by a director.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 18%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Amortization
of finance charges</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">57</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><br></font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">109</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><br></font></div>
</td>
<td style="vertical-align: top; width: 52%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
amount relates to a loan bonus through the issuance of share
purchase warrants to a director. Relates to a loan provided by the
director in November 2014.</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Equity
settled share-based compensation</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">18</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">42</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 52%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
$18,000 equity settled share-based compensation represents the
fiscal 2021 amortization of the share-based compensation related to
the 2,000,000 share-purchased options granted in October 2019 fully
vested on April 3, 2021. The fiscal 2021 amortization amount is
calculated based on graded-vesting method.</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Year Ended March 31, 2020 (&#x201C;2020&#x201D;) Versus Year Ended
March 31, 2019 (&#x201C;2019&#x201D;)</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company recorded a net income of $1,254,000 during 2020 compared to
a net loss of $1,946,000 during 2019. The decrease in net loss was
mainly due to a decrease in both exploration and evaluation
expenses, net of METC, and general and administration
expenses.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">($
000&#x2019;s)</font></font></font></font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">2020</font></font></font></font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">2019</font></font></font></font></div>
</td>
<td style="vertical-align: bottom; width: 52%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">Discussion</font></font></font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 18%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Exploration
and evaluation, net of METC</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">664</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">5,390</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 52%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Exploration
activity during the 2020 and 2019 periods was focused on the IKE,
DUKE and JOY Districts. Exploration activity during the 2020 period
was lower due to decreased exploration activity as discussed in
this Annual Report.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 18%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Administration</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">856</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">914</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 52%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Administration
expenses decreased during the 2020 period due to decreased
administration activities in support of the Company&#x2019;s JOY,
IKE and DUKE Districts.</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 18%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Interest
expense on loans payable to director</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">106</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">90</font></div>
</td>
<td style="vertical-align: top; width: 52%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Interest
incurred on loans provided by a director. Interest expense
increased during the 2020 period due to new addition of loan
advance.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 18%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Amortization
of finance charges</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">109</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">130</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 52%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
amount relates to a loan bonus through the issuance of share
purchase warrants to a director. Relates to loan provided by the
director in November 2014.</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Equity
settled share-based compensation</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">42</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x2013;</font></div>
</td>
<td style="vertical-align: top; width: 52%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">During
fiscal 2020, there were 500,000 share-purchased options granted in
October 2019 vested.</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">29</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Year Ended March 31, 2019 (&#x201C;2019&#x201D;) Versus Year Ended
March 31, 2018 (&#x201C;2018&#x201D;)</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company recorded a net loss of $1,946,000 during 2019 compared to a
net loss of $2,072,000 during 2018. The decrease in net loss was
mainly due to a decrease in both exploration and evaluation
expenses, net of METC, and general and administration
expenses.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">($
000&#x2019;s)</font></font></font></font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">2019</font></font></font></font></div>
</td>
<td style="vertical-align: bottom; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">2018</font></font></font></font></div>
</td>
<td style="vertical-align: bottom; width: 52%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">Discussion</font></font></font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 18%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Exploration
and evaluation, net of METC</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">5,390</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">6,686</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 52%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Exploration
activity during the 2019 and 2018 period was focused on the JOY,
IKE and DUKE Districts&#x2019; drilling and related field programs.
Exploration activity during the 2019 period decreased for reasons
discussed in this Annual Report.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 18%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Administration</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">914</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1,053</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 52%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Administration
expenses decreased during the 2019 period due to decreased
administration activities in support of the Company&#x2019;s JOY,
IKE and DUKE Districts.</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 18%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Interest
expense on loans payable to director</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">90</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">128</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 52%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Interest
incurred on loans provided by a director. Interest expense
decreased during the 2019 period due to partial repayment of the
principal amounts on the loan outstanding.</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 18%; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Amortization
of finance charges</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">130</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">433</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 52%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
amount relates to a loan bonus through the issuance of share
purchase warrants to a director. Relates to loan provided by the
director in November 2014.</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">B.&#xA0;&#xA0;<br>
</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">LIQUIDITY
AND CAPITAL RESOURCES</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Liquidity</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Historically,
the Company's sole source of funding has been provided from the
issuance of equity securities for cash, primarily through private
placements to sophisticated investors and institutions, and from
director loans. The Company's access to financing is always
uncertain. There can be no assurance of continued access to
significant equity funding to finance the Company's
ongoing</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">At
March 31, 2021, the Company had a cash balance of approximately
$308,000 and working capital of approximately $418,000. The Company
plans its cash spending based on availability of
funds.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Further
advancement and development of the Company&#x2019;s mineral property
interests will require additional funding from a combination of the
Company&#x2019;s shareholders, existing or potential new optionees
and joint venture parties, and debt financing. As the Company is
currently in the exploration stage, it does not have any revenues
from operations. Therefore, the Company relies on funding from its
optionees for its continuing financial liquidity and the Company
relies on the equity market and debt financing as sources of
funding. The Company continues to focus on preserving its cash
resources while maintaining its operational
activities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Other
than disclosed in Section F - Tabular Disclosure Of Contractual
Obligations, the Company does not have any material capital lease
obligations, purchase obligations or any other long-term
obligations.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Capital Resources</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company has no lines of credit or other sources of financing which
have been arranged or utilized.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company has no &#x201C;Purchase Obligations&#x201D; defined as any
agreement to purchase goods or services that is enforceable and
legally binding on the Company that specifies all significant
terms, including: fixed or minimum quantities to be purchased;
fixed, minimum or variable price provisions; and the approximate
timing of the transaction.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">30</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Requirement of Financing</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Historically,
Amarc's sole source of funding has been provided from the sale of
equity securities for cash, primarily through private placements to
sophisticated investors and institutions. Like all exploration
stage companies, Amarc will need to raise additional financing to
meet its business objectives.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company presently does not have any material commitments for
capital expenditures and accordingly, can remain fairly flexible in
directing its exploration activities to the availability of
funds.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Financial Instruments</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Amarc
keeps its financial instruments primarily denominated in Canadian
Dollars with a very small amount held in U.S. Dollars. The Company
does not engage in any hedging operations with respect to currency
or in-situ minerals. Funds which are excess to Amarc's current
needs are invested in short-term near-cash
investments.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Amarc
does not have any material, legally enforceable obligations
requiring it to make capital expenditures and accordingly, can
remain relatively flexible in gearing its activities to the
availability of funds.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">C.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">RESEARCH
EXPENDITURES</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Amarc
does not carry out any research or development activities. Please
refer to <a href="#_A.__RESULTS"><font style="text-decoration: underline; color: #0000FF">Item 5.A</font></a>
and <font style="text-decoration: underline; color: #0000FF">Item
5.B</font> above for a discussion of the exploration expenditures
that the Company has incurred in connection with the exploration of
the Company's mineral properties.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">D.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">TREND
INFORMATION</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">As a
natural resource exploration company, Amarc's activities reflect
the traditional cyclical nature of metal prices. Consequently,
Amarc's business is primarily an &#x201C;event-driven&#x201D;
business based on exploration results.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Average
annual prices for copper, molybdenum, gold and silver are shown in
the table below:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 30%; border-bottom: 2px solid #000000">
<div><font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">&#xA0;</font></font></font></font></div>
</td>
<td colspan="4" style="vertical-align: top; width: 70%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">Average metal
price (US$)</font></font></font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 30%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">Calendar
year</font></font></font></font></div>
</td>
<td style="vertical-align: top; width: 15%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">Copper</font></font></font></font></div>
</td>
<td style="vertical-align: top; width: 18%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">Molybdenum</font></font></font></font></div>
</td>
<td style="vertical-align: top; width: 18%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">Gold</font></font></font></font></div>
</td>
<td style="vertical-align: top; width: 18%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">Silver</font></font></font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 30%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2014</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">3.11/lb</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">11.59/lb</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1,264/oz</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">19.09/oz</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 30%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2015</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2.50/lb</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">6.73/lb</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1,160/oz</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">15.69/oz</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 30%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2016</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2.21/lb</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">6.56/lb</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1,251/oz</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">17.14/oz</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 30%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2017</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2.88/lb</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">7.26
/lb</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1,275/oz</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">17.01/oz</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 30%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2018</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2.96/lb</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">11.94/lb</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1,269/oz</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">15.71/oz</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 30%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2019</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2.72/lb</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">11.36/lb</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1,393/oz</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">16.21/oz</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 30%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2020</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2.80/lb</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">8.68/lb</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1,769/oz</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">20.54/oz</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 30%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2021
(to the date of this Annual Report)</font></div>
</td>
<td style="vertical-align: top; width: 15%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">4.14/lb</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">13.41/lb</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1,805/oz</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">26.42/oz</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">E.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">OFF-BALANCE
SHEET ARRANGEMENTS</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Amarc
has no off-balance sheet arrangements.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">31</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><a name="_F._Tabular_Disclosure">
<!--anchor--></a>F.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">TABULAR
DISCLOSURE OF CONTRACTUAL OBLIGATIONS</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
following table lists the contractual obligations of the Company as
at March 31, 2021:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 38%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">&#xA0;</font></font></font></font></div>
</td>
<td colspan="5" style="vertical-align: top; width: 62%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">Payment due by
period</font></font></font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 38%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">Type of
Contractual Obligation</font></font></font></font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">Total</font></font></font></font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">Less than 1
Year</font></font></font></font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">1 - 3
Years</font></font></font></font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">3 - 5
Years</font></font></font></font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">More than 5
Years</font></font></font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 38%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">Debt
Obligations (gross amount)</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">$
1,000,000</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">$
&#x2013;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">$
&#x2013;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">$
1,000,000</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">$
&#x2013;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 38%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">Capital
(Finance) Lease Obligations</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x2013;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x2013;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x2013;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x2013;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x2013;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 38%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">Operating Lease
Obligations (Office Lease)</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">134,275</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">23,416</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">52,291</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">56,221</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2,347</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 38%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">Purchase
Obligations</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x2013;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x2013;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x2013;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x2013;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x2013;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 38%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">Other
Long-term Liabilities Reflected on the Company's Balance Sheet
under IFRS</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x2013;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x2013;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x2013;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x2013;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x2013;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 38%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">Total</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">$
1,134,275</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">$
23,416</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">$
52,291</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">$
1,056,221</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">$
2,347</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company has no capital (finance) lease obligations, no operating
lease obligations, no purchase obligations, or other long-term
liabilities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">G.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">SAFE
HARBOR</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
safe harbor provided in Section 27A of the Securities Act and
Section 21E of the Exchange Act applies to forward-looking
information provided pursuant to <font style="text-decoration: underline; color: #0000FF">Item 5.E</font> and
<a href="#_F._Tabular_Disclosure"><font style="text-decoration: underline; color: #0000FF">Item 5.F</font></a>
above.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 96px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><a name="_ITEM_6_"><!--anchor--></a><a name="_Toc78195327"><!--anchor--></a><font style="color: #0000FF">ITEM
6</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0000FF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="DIRE">D</a>IRECTORS, SENIOR MANAGEMENT AND
EMPLOYEES</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">DIRECTORS
AND SENIOR MANAGEMENT</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 22%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">Name</font></font></font></font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.75pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">Year
born</font></font></font></font></div>
</td>
<td style="vertical-align: bottom; width: 44%; border-left: 0.75pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">Position</font></font></font></font></div>
</td>
<td style="vertical-align: bottom; width: 22%; border-left: 0.75pt solid #000000; border-right: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">Director or
Officer Since</font></font></font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 22%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">T.
Barry Coughlan</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1945</font></div>
</td>
<td style="vertical-align: top; width: 44%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Director</font></div>
</td>
<td style="vertical-align: top; width: 22%; border-left: 0.75pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">February
2009</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 22%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Scott
D. Cousens</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1964</font></div>
</td>
<td style="vertical-align: top; width: 44%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Director&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 22%; border-left: 0.75pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">September
1995</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 22%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Robert
A. Dickinson</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1948</font></div>
</td>
<td style="vertical-align: top; width: 44%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Chairman
of the Board and Director</font></div>
</td>
<td style="vertical-align: top; width: 22%; border-left: 0.75pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">April
1993</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 22%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Diane
Nicolson<font style="font-size: 70%; vertical-align: top">(2)</font></font></div>
</td>
<td style="vertical-align: top; width: 11%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1965</font></div>
</td>
<td style="vertical-align: top; width: 44%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">President,
CEO and Director</font></div>
</td>
<td style="vertical-align: top; width: 22%; border-left: 0.75pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">January
2008</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 22%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Sebastian
Tang<font style="font-size: 70%; vertical-align: top">(3)</font></font></div>
</td>
<td style="vertical-align: top; width: 11%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1976</font></div>
</td>
<td style="vertical-align: top; width: 44%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Chief
Financial Officer</font></div>
</td>
<td style="vertical-align: top; width: 22%; border-left: 0.75pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">July
2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 22%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Trevor
Thomas</font></div>
</td>
<td style="vertical-align: top; width: 11%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1967</font></div>
</td>
<td style="vertical-align: top; width: 44%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Secretary</font></div>
</td>
<td style="vertical-align: top; width: 22%; border-left: 0.75pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">February
2008</font></div>
</td>
</tr></table>
</div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">(1)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">To the best of the
Company's knowledge, none of such persons has any family
relationship with any other and none were elected as a director or
appointed as an officer as a result of an arrangement or
understanding with a major shareholder, customer, supplier, or any
other party.</font></div>
</div>
</div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">(2)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">In February 2019,
Diane Nicolson was appointed as CEO of the Company.</font></div>
</div>
</div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">(3)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">In July 2020,
Sebastian Tang was appointed as CFO of the Company.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
following is biographical information on each of the persons listed
above:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Barry Coughlan &#x2013; Director</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Mr.
Coughlan is a self-employed businessman and financier, and senior
executive with extensive international experience in capital
markets who has been involved in the financing of publicly traded
companies for over 30 years. During this period Mr. Coughlan has
been involved in the financing of over 30 private companies, which
subsequently listed on both international and North American
financial markets. His principal occupation is President and
Director of TBC Ventures Ltd., a private investment
company.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Mr.
Coughlan is, or was within the past five years, an officer and/or a
director of the following public companies:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 35%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 12px"><font style="font-weight: bold; font-family: Times New Roman;">Company</font></font></div>
</td>
<td style="vertical-align: middle; width: 25%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 12px"><font style="font-weight: bold; font-family: Times New Roman;">Positions
Held</font></font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 12px"><font style="font-weight: bold; font-family: Times New Roman;">From</font></font></div>
</td>
<td style="vertical-align: middle; width: 22%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 12px"><font style="font-weight: bold; font-family: Times New Roman;">To</font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 35%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Amarc
Resources Ltd.</font></div>
</td>
<td style="vertical-align: middle; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Director</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">February
2009</font></div>
</td>
<td style="vertical-align: middle; width: 22%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Present</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 35%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Northcliff
Resources Ltd.</font></div>
</td>
<td style="vertical-align: middle; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Director</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">June
2011</font></div>
</td>
<td style="vertical-align: middle; width: 22%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Present</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 35%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Rathdowney
Resources Ltd.</font></div>
</td>
<td style="vertical-align: middle; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Director</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">March
2011</font></div>
</td>
<td style="vertical-align: middle; width: 22%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Present</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 35%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Taseko
Mines Limited</font></div>
</td>
<td style="vertical-align: middle; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Director</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">February
2001</font></div>
</td>
<td style="vertical-align: middle; width: 22%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">June
2015</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 35%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Quadro
Resources Ltd.</font></div>
</td>
<td style="vertical-align: middle; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">President
and Director</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">June
1986</font></div>
</td>
<td style="vertical-align: middle; width: 22%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Present</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 35%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Mineral
Mountain Resources Ltd.</font></div>
</td>
<td style="vertical-align: middle; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Director</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">December
2014</font></div>
</td>
<td style="vertical-align: middle; width: 22%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Present</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 35%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Vatic
Ventures Corporation</font></div>
</td>
<td style="vertical-align: middle; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Director</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">January
2011</font></div>
</td>
<td style="vertical-align: middle; width: 22%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Present</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">32</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Scott Cousens &#x2013; Director</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Scott
Cousens provides management, technical and financial services to a
number of publicly traded companies. Mr. Cousens' focus since 1991
has been the development of relationships within the international
investment community. Substantial financings and subsequent
corporate success has established strong ties with North American,
European and Asian investors.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Mr.
Cousens is, or was within the past five years, an officer and/or
director of the following public companies:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 35%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">Company</font></font></div>
</td>
<td style="vertical-align: middle; width: 25%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">Positions
Held</font></font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">From</font></font></div>
</td>
<td style="vertical-align: middle; width: 22%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">To</font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 35%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Amarc
Resources Ltd.</font></div>
</td>
<td style="vertical-align: middle; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Director</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">September
1995</font></div>
</td>
<td style="vertical-align: middle; width: 22%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Present</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 35%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Heatherdale
Resources Ltd.</font></div>
</td>
<td style="vertical-align: middle; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Chairman
and Director</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">November
2009</font></div>
</td>
<td style="vertical-align: middle; width: 22%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">June
2017</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 35%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Northcliff
Resources Ltd.</font></div>
</td>
<td style="vertical-align: middle; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Director</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">May
2012</font></div>
</td>
<td style="vertical-align: middle; width: 22%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Present</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 35%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Northern
Dynasty Minerals Ltd.</font></div>
</td>
<td style="vertical-align: middle; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Director</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">June
1996</font></div>
</td>
<td style="vertical-align: middle; width: 22%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">February
2016</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 35%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Quartz
Mountain Resources Ltd.</font></div>
</td>
<td style="vertical-align: middle; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Chairman
and Director</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">November
2012</font></div>
</td>
<td style="vertical-align: middle; width: 22%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">June
2017</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 35%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Rathdowney
Resources Ltd.</font></div>
</td>
<td style="vertical-align: middle; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Director</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">June
2011</font></div>
</td>
<td style="vertical-align: middle; width: 22%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">September
2016</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Robert Dickinson, B.Sc., M.Sc. &#x2013; Chairman of the Board and
Director</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Robert
Dickinson is an economic geologist who serves as a member of
management of several mineral exploration companies, primarily
those for whom Hunter Dickinson Services Inc. provides services. He
holds a Bachelor of Science degree (Hons. Geology) and a Master of
Science degree (Business Administration - Finance) from the
University of British Columbia. Mr. Dickinson has been active in
mineral exploration for over 45 years and was inducted into the
Canadian Mining Hall of Fame in 2012. He is a director of Hunter
Dickinson Services Inc. He is also President and Director of United
Mineral Services Ltd., a private resource company. He also serves
as a Director of the BC Mining Museum and a Trustee of the BC
Mineral Resources Education Program.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Mr.
Dickinson is, or was within the past five years, an officer and/or
director of the following public companies:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 33%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">Company</font></font></div>
</td>
<td style="vertical-align: middle; width: 25%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">Positions
Held</font></font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">From</font></font></div>
</td>
<td style="vertical-align: middle; width: 23%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">To</font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td rowspan="2" style="vertical-align: middle; width: 33%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Amarc
Resources Ltd.</font></div>
</td>
<td style="vertical-align: middle; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Director</font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">April
1993</font></div>
</td>
<td style="vertical-align: middle; width: 23%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Present</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Chairman</font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">April
2004</font></div>
</td>
<td style="vertical-align: middle; width: 23%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Present</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 33%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Heatherdale
Resources Ltd.</font></div>
</td>
<td style="vertical-align: middle; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Director</font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">November
2009</font></div>
</td>
<td style="vertical-align: middle; width: 23%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">August
2020</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 33%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Northcliff
Resources Ltd.</font></div>
</td>
<td style="vertical-align: middle; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Director</font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">June
2011</font></div>
</td>
<td style="vertical-align: middle; width: 23%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Present</font></div>
</td>
</tr><tr>
<td rowspan="2" style="vertical-align: middle; width: 33%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Northern
Dynasty Minerals Ltd.</font></div>
</td>
<td style="vertical-align: middle; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Director</font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">June
1994</font></div>
</td>
<td style="vertical-align: middle; width: 23%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Present</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Chairman</font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">April
2004</font></div>
</td>
<td style="vertical-align: middle; width: 23%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Present</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 33%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Quartz
Mountain Resources Ltd.</font></div>
</td>
<td style="vertical-align: middle; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Director</font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">December
2011</font></div>
</td>
<td style="vertical-align: middle; width: 23%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">February
2019</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 33%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Taseko
Mines Limited</font></div>
</td>
<td style="vertical-align: middle; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Director</font></div>
</td>
<td style="vertical-align: middle; width: 19%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">January
1991</font></div>
</td>
<td style="vertical-align: middle; width: 23%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Present</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">33</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Diane Nicolson, PhD &#x2013; President, Chief Executive Officer and
Director</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Diane
Nicolson has a B.Sc. degree in geology from the University of
London, a PhD in economic geology from the University of Wales and
20 years international experience in the exploration and mining
industry. She has worked for both major and junior mining
companies, including Rio Tinto, Minera Antamina, Noranda and
Cambior. Over the past 10 years, she has been involved primarily
with business development and new project assessment and
acquisitions, with a particular focus on Latin America where she
was based for 13 years.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Dr.
Nicolson joined Hunter Dickinson in 2007 as a member of the global
business development team and is responsible for management,
strategic planning and new project development for Amarc Resources
Ltd.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Dr.
Nicolson is, or was within the past five years, an officer of the
following public companies:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 33%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">Company</font></font></div>
</td>
<td style="vertical-align: middle; width: 30%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">Positions
Held</font></font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">From</font></font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">To</font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td rowspan="4" style="vertical-align: middle; width: 33%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Amarc
Resources Ltd.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 30%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Director</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">June
2017</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Present</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 30%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">President</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">November
2014</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Present</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 30%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Chief
Executive Officer</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">February
2019</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Present</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 30%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Executive
Vice President</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">September
2012</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">November
2014</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 33%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Mirasol
Resources Ltd.</font></div>
</td>
<td style="vertical-align: middle; width: 30%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Director</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">March
2019</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Present</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Sebastian Tang &#x2013; Chief Financial Officer</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Sebastian
Tang is Chartered Professional Accountant (CPA CA) with more than
15 years of professional experience in accountancy and financial
reporting. He previously held positions with professional services
firms Ernst &amp; Young providing financial auditing services to
companies in Asia and the Americas.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 33%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">Company</font></font></div>
</td>
<td style="vertical-align: middle; width: 30%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">Positions
Held</font></font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">From</font></font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">To</font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 33%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Lucky
Minerals Inc.</font></div>
</td>
<td style="vertical-align: middle; width: 30%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Chief
Financial Officer</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">May
2019</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">March
2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 33%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Global
Hemp Group</font></div>
</td>
<td style="vertical-align: middle; width: 30%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Chief
Financial Officer</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">May
2020</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Present</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Trevor Thomas, LLB &#x2013; Secretary</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Trevor
Thomas has practiced in the areas of corporate commercial,
corporate finance, securities and mining law since 1995, both in
private practice environment as well as in-house positions and is
currently in-house legal counsel for Hunter Dickinson Services Inc.
Prior to joining Hunter Dickinson Services Inc., he served as
in-house legal counsel with Placer Dome Inc.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Mr.
Thomas is, or was within the past five years, an officer of the
following public companies:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 33%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">Company</font></font></div>
</td>
<td style="vertical-align: middle; width: 30%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">Positions
Held</font></font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">From</font></font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">To</font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 33%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Amarc
Resources Ltd.</font></div>
</td>
<td style="vertical-align: middle; width: 30%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Secretary</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">February
2008</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Present</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 33%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Northern
Dynasty Minerals Ltd.</font></div>
</td>
<td style="vertical-align: middle; width: 30%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Secretary</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">February
2008</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Present</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 33%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Heatherdale
Resources Ltd.</font></div>
</td>
<td style="vertical-align: middle; width: 30%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Secretary</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">June
2013</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">August
2020</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 33%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Mineral
Mountain Resources Ltd.</font></div>
</td>
<td style="vertical-align: middle; width: 30%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Director</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">September
2016</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Present</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 33%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Northcliff
Resources Ltd.</font></div>
</td>
<td style="vertical-align: middle; width: 30%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Secretary</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">June
2011</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Present</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 33%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Quadro
Resources Ltd.</font></div>
</td>
<td style="vertical-align: middle; width: 30%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Director</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">July
2017</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Present</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 33%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Quartz
Mountain Resources Ltd.</font></div>
</td>
<td style="vertical-align: top; width: 30%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Secretary</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">June
2013</font></div>
</td>
<td style="vertical-align: top; width: 18%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Present</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 33%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Rathdowney
Resources Ltd.</font></div>
</td>
<td style="vertical-align: middle; width: 30%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Secretary</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">March
2011</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Present</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 33%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Taseko
Mines Limited</font></div>
</td>
<td style="vertical-align: middle; width: 30%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Secretary</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">July
2008</font></div>
</td>
<td style="vertical-align: middle; width: 18%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Present</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">34</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">B.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">COMPENSATION</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">During
the Company's financial year ended March 31, 2021, the aggregate
cash compensation paid or payable by the Company to its directors
and senior officers was $197,332.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Diane
Nicolson, President and Chief Executive Officer, Ronald W.
Thiessen, Former Chief Executive Officer, Sebastian Tang, Chief
Financial Officer, Michael Lee, Former Chief Financial Officer, and
Luqman Khan, Former Chief Financial Officer are each a Named
Executive Officer (&#x201C;NEO&#x201D;) of the Company for the
purposes of the following disclosure. The compensation paid to the
NEOs during the Company's most recently completed financial year of
March 31, 2021 is as set out below and expressed in Canadian
Dollars:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td rowspan="2" style="vertical-align: bottom; width: 16%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">Name and
principal position</font></font></font></font></div>
</td>
<td rowspan="2" style="vertical-align: bottom; width: 8%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">Year</font></font></font></font></div>
</td>
<td rowspan="2" style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">Salary</font></font></font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">($)</font></font></font></font></div>
</td>
<td rowspan="2" style="vertical-align: bottom; width: 9%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">Share-based
awards</font></font></font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">($)</font></font></font></font></div>
</td>
<td rowspan="2" style="vertical-align: bottom; width: 9%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">Option-based
awards</font></font></font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">($)</font></font></font></font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 17%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">Non-equity
incentive plan compensation($)</font></font></font></font></div>
</td>
<td rowspan="2" style="vertical-align: bottom; width: 9%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">Pension</font></font></font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">value</font></font></font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">($)</font></font></font></font></div>
</td>
<td rowspan="2" style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">All
other</font></font></font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">compensation</font></font></font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">($)</font></font></font></font></div>
</td>
<td rowspan="2" style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">Total</font></font></font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">Compensation</font></font></font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">($)</font></font></font></font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 16%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">Annual incentive
plans</font></font></font></font></div>
</td>
<td style="vertical-align: bottom; width: 8%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">Long-term
incentive plans</font></font></font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td rowspan="3" style="vertical-align: middle; width: 16%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">Diane
Nicolson</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;
&#xA0;&#xA0; President and Chief Executive Officer, Director
(2)</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2021</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">$187,332</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">$187,332</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2020</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">$195,000</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">$195,000</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2019</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">$213,000</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">$213,000</font></div>
</td>
</tr><tr>
<td rowspan="3" style="vertical-align: middle; width: 16%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">Ronald
Thiessen</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Chief
Executive Officer (1) (2)</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2021</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2020</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2019</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td rowspan="2" style="vertical-align: middle; width: 16%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">Sebastian
Tang</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Chief
Financial Officer (1) (4)</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2021</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">$10,000</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">$10,000</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2020</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
</tr><tr>
<td rowspan="3" style="vertical-align: middle; width: 16%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Michael
Lee</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Chief</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Financial</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Officer
(1)(3)</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2021</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2020</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">$22,000</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">$22,000</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2019</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">$3,000</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">$3,000</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td rowspan="3" style="vertical-align: top; width: 16%; border-left: 0.5pt solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">Luqman
Khan</font></div>
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Chief
Financial Officer (1) (3)</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2021</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2020</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2019</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">$16,000</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 8%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">$16,000</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -48px">
<font style="font-family: Times New Roman; font-size: 13px">Notes:</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 13px">(1)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Mr. Thiessen, Mr.
Tang, Mr. Lee, and Mr. Khan did not serve the Company on a
substantially full-time basis.</font></div>
</div>
</div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 13px">(2)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Mr. Thiessen was
replaced as CEO in January 2019 by Dr. Nicolson.</font></div>
</div>
</div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 13px">(3)&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Mr. Khan was
replaced as CFO in January 2019 by Mr. Lee.</font></div>
</div>
</div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 13px">(4)</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 13px">Mr. Lee was replaced as CFO in July 2020 by Mr.
Tang</font>.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Pension Plan Benefits</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company has no pension or deferred compensation plans for its
directors, officers or employees.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Termination and Change of Control Benefits</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">There
are no compensatory plan(s) or arrangement(s), with respect to the
Named Executive Officer resulting from the resignation, retirement
or any other termination of employment of the officer's employment
or from a change of the Named Executive Officer's responsibilities
following a change in control.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Director Compensation</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
compensation provided to the directors, excluding a director who is
already set out in disclosure for a NEO for the Company's most
recently completed financial year of March 31, 2021 is as set out
below:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">35</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 18%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">Name</font></font></font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">Fees
earned</font></font></font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">($)</font></font></font></font></div>
</td>
<td style="vertical-align: bottom; width: 10%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">Share-based
awards</font></font></font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">($)</font></font></font></font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">Option-based
awards</font></font></font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">($)</font></font></font></font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">Non-equity
incentive plan compensation</font></font></font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">($)</font></font></font></font></div>
</td>
<td style="vertical-align: bottom; width: 11%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">Pension
value</font></font></font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">($)</font></font></font></font></div>
</td>
<td style="vertical-align: bottom; width: 14%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">All other
compensation</font></font></font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">($)</font></font></font></font></div>
</td>
<td style="vertical-align: bottom; width: 9%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">Total</font></font></font></font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">($)</font></font></font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 18%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">Barry
Coughlan</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 18%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">Scott
Cousens</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 18%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">Robert
Dickinson (1)</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 10%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 12%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 11%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 9%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -48px">
<font style="font-family: Times New Roman; font-size: 13px">Notes:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 12px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 36px">
<font style="font-family: Times New Roman; font-size: 13px">(1)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Pursuant to the
Corporate Services Agreement with Hunter Dickinson Services Inc.,
compensation for Mr. Dickinson is allocated to the Company on the
basis of estimated time spent in respect of the Company's
business.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">C.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">BOARD
PRACTICES</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">All of
the Company's directors were elected at the annual general meeting
of shareholders held on <font style="color: #000000">November 21,
2019. All directors have a term of office expiring at the next
annual general meeting of the</font> Company's shareholders. All
officers have a term of office lasting until their removal or
replacement by the board of directors (the
&#x201C;Board&#x201D;).</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">There
were no arrangements, standard or otherwise, pursuant to which
directors were compensated by Amarc or its subsidiaries for their
services in their capacity as directors, or for committee
participation, involvement in special assignments or for services
as consultants or experts during the most recently completed
financial year.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
General</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Board believes that good corporate governance improves corporate
performance and benefits all shareholders. The Canadian Securities
Administrators (the &#x201C;CSA&#x201D;) have adopted National Policy
58-201 Corporate Governance Guidelines, which provides
non-prescriptive guidelines on corporate governance practices for
reporting issuers such as the Company. In addition, the CSA have
implemented National Instrument NI 58-101 Disclosure of Corporate
Governance Practices, which prescribes certain disclosure by the
Company of its corporate governance practices. This section sets
out the Company's approach to corporate governance and addresses
the Company's compliance with NI 58-101.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
1. Board of Directors</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Directors
are considered to be independent if they have no direct or indirect
material relationship with the Company. A &#x201C;material
relationship&#x201D; is a relationship which could, in the view of
the Company's board of directors, be reasonably expected to
interfere with the exercise of a director's independent
judgment.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Board facilitates its independent supervision over management in a
number of ways including: by holding regular meetings without the
presence of management; by retaining independent consultants; and
by reviewing corporate developments with larger shareholders,
analysts and potential industry joint venture parties, where it
deems necessary.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Messrs.
Coughlan and Cousens are independent. Mr. Dickinson and Dr.
Nicolson are not independent. The Company is taking steps to ensure
that the duties generally performed by independent directors are
being performed by the current directors. The Board members have
extensive experience as directors of public companies and are
sensitive to the related corporate governance and financial
reporting obligations associated with such positions. Thus, the
Board members are well versed in the obligations of directors and
the expectations of independence from management.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
2. Other Directorships</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
section entitled <a href="#_ITEM_6_"><font style="text-decoration: underline; color: #0000FF">Item 6 &#x2013;
Directors, Senior Management and Employees</font></a> in this
Annual Report gives details of other reporting issuers of which
each director is a director or officer.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
3. Orientation and Continuing Education</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company has traditionally retained experienced mining people as
directors and hence the orientation needed is minimized. When new
directors are appointed, they are acquainted with the Company's
mineral project and the expectations of directors. Board meetings
generally include presentations by the Company's senior management
and project staff in order to give the directors full insight into
the Company's operations.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">36</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
4. Ethical Business Conduct</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Board has adopted an ethics policy which is available on the
Company's website, <font style="text-decoration: underline; color: #0000FF">www.amarcresources.com</font>.
The Board also understands that the fiduciary duties placed on
individual directors by the Company's governing corporate
legislation and the common law and the restrictions placed by
applicable corporate legislation on an individual director's
participation in decisions of the Board in which the director has
an interest have been sufficient to ensure that the Board operates
independently of management and in the best interests of the
Company.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
5. Nomination of Directors</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Board considers its size each year when it considers the number of
directors required, taking into account the number required to
carry out the Board's duties effectively and to maintain a
diversity of views and experience.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Board does not have a nominating committee, and these functions are
currently performed by the Board as a whole. However, if there is a
change in the number of directors required by the Company, this
policy will be reviewed.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
6. Compensation</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Board determines the compensation for independent directors and
executives.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
7. Other Board Committees</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Board has no compensation or other committees, other than the audit
committee.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
8. Assessments</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Board monitors the adequacy of information given to directors,
communication between the Board and management and the strategic
direction and processes of the Board and its audit
committee.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Audit Committee</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
The Audit Committee's Charter</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
audit committee has adopted a charter that sets out its mandate and
responsibilities. A copy of the audit committee charter is
available at the Company's website, <font style="text-decoration: underline; color: #0000FF">www.amarcresources.com</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Composition of the Audit Committee</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">As of
the date of this document, the members of the audit committee were
Scott Cousens, Barry Coughlan and Diane Nicolson. All members are
financially literate. Messrs. Cousens and Coughlan are
independent.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Relevant Education and Experience</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">As a
result of their education and experience, each member of the audit
committee has familiarity with, an understanding of, or experience
in:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 13px">&#x25CF;&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the accounting
principles used by the Company to prepare its financial statements,
and the ability to assess the general application of those
principles in connection with estimates, accruals and
reserves;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 13px">&#x25CF;&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">reviewing or
evaluating financial statements that present a breadth and level of
complexity of accounting issues that are generally comparable to
the breadth and complexity of issues that can reasonably be
expected to be raised by the Company's financial statements,
and</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 13px">&#x25CF;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">an understanding of
internal controls and procedures for financial
reporting.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">37</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Audit Committee Oversight</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
audit committee has not made any recommendations to the Board to
nominate or compensate any external auditor that was not adopted by
the Board.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company's auditor De Visser Gray LLP has not provided any material
non-audit services during the most recently completed fiscal
year.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Pre-Approval Policies and Procedures</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company has procedures for the review and pre-approval of any
services performed by its auditors. The procedures require that all
proposed engagements of its auditors for audit and non-audit
services be submitted to the audit committee for approval prior to
the beginning of any such services. The audit committee considers
such requests, and, if acceptable to a majority of the audit
committee members, pre-approves such audit and non-audit services
by a resolution authorizing management to engage the Company's
auditors for such audit and non-audit services, with set maximum
dollar amounts for each itemized service. During such
deliberations, the audit committee assesses, among other factors,
whether the services requested would be considered
&#x201C;prohibited services&#x201D; as contemplated by the
regulations of the US Securities and Exchange Commission, and
whether the services requested and the fees related to such
services could impair the independence of the
auditors.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Exemptions From Certain Canadian Audit Committee
Requirements</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Pursuant
to section 6.1 of National Instrument 52-110 &#x2013; <font style="font-style: italic">Audit Committees</font> (&#x201C;NI
52-110&#x201D;), as adopted by the Canadian Securities
Administrators (including the British Columbia and Alberta
Securities Commissions which have jurisdiction over the Company,
the &#x201C;CSA&#x201D;), the Company is exempt from the requirements
of Parts 3 and 5 of NI 52-110 for the current year, by virtue of
the Company being a &#x201C;venture issuer&#x201D; (as defined in NI
52-110).</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Part 3
of NI 52-110 prescribes certain requirements for the composition of
audit committees of non-exempt companies that are reporting issuers
under Canadian provincial securities legislation. Part 3 of NI
52-110 requires, among other things that an audit committee be
comprised of at three directors, each of whom, is, subject to
certain exceptions, independent and financially literate in
accordance with the standards set forth in NI 52-110.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Part 5
of NI 52-110 requires an annual information form that is filed by a
non-exempt reporting issuer under National Instrument 51-102
&#x2013; Continuous Disclosure Obligations, as adopted the CSA, to
include certain disclosure about the issuer's audit committee,
including, among other things: the text of the audit committee's
charter; the name of each audit committee member and whether or not
the member is independent and financially literate; whether a
recommendation of the audit committee to nominate or compensate an
external auditor was not adopted by the issuer's board of
directors, and the reasons for the board's decision; a description
of any policies and procedures adopted by the audit committee for
the engagement of non-audit services; and disclosure of the fees
billed by the issuer's external auditor in each of the last two
fiscal years for audit, tax and other services.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">D.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">EMPLOYEES</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">At
March 31, 2021, Amarc had the following employees:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 23%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">March
31,2021</font></font></font></font></div>
</td>
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<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">March
31,2020</font></font></font></font></div>
</td>
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<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">March
31,2019</font></font></font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 32%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Full-time
salaried</font></div>
</td>
<td style="vertical-align: top; width: 23%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x2013;</font></div>
</td>
<td style="vertical-align: top; width: 23%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x2013;</font></div>
</td>
<td style="vertical-align: top; width: 23%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x2013;</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 32%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Hourly</font></div>
</td>
<td style="vertical-align: top; width: 23%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
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<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
<td style="vertical-align: top; width: 23%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Amarc's
administrative and exploration functions are primarily administered
through Hunter Dickinson Services Inc. (See <a href="#_ITEM_7_"><font style="text-decoration: underline; color: #0000FF">Item 7 - Major
Shareholders and Related Party
Transactions</font></a>).</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">38</font></div>
</div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">E.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">SHARE
OWNERSHIP</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Security Holdings of Directors and Senior Management</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">As at
March 31, 2021, the directors and officers of Amarc, and their
respective affiliates, directly and indirectly, own or control as a
group an aggregate of 31,037,495 common shares (17.19%), or
44,037,495 (22.75%) on a diluted basis.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">As at
March 31, 2021, the Company's directors and senior management
beneficially own the following number of the Company's common
shares and share purchase options:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 25%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">Name of
Insider</font></font></div>
</td>
<td style="vertical-align: bottom; width: 51%; border-left: 0.75pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">Securities
Beneficially Owned or Controlled <font style="font-size: 70%; vertical-align: top">(1)</font></font></font></div>
</td>
<td style="vertical-align: bottom; width: 24%; border-left: 0.75pt solid #000000; border-right: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">As a % of the
outstanding common shares</font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Barry
Coughlan <font style="font-size: 70%; vertical-align: top">(3)</font></font></div>
</td>
<td style="vertical-align: middle; width: 51%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">86,000
common shares</font></div>
</td>
<td style="vertical-align: middle; width: 24%; border-left: 0.75pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.05%</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Scott
D. Cousens <font style="font-size: 70%; vertical-align: top">(3)</font></font></div>
</td>
<td style="vertical-align: middle; width: 51%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">148,300
common shares</font></div>
</td>
<td style="vertical-align: middle; width: 24%; border-left: 0.75pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.08%</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Robert
A. Dickinson <font style="font-size: 70%; vertical-align: top">(2)</font></font></div>
</td>
<td style="vertical-align: middle; width: 51%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">29,955,195
common shares</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">11,000,000
share purchase warrants</font></div>
</td>
<td style="vertical-align: middle; width: 24%; border-left: 0.75pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">16.59%</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Diane
Nicolson <font style="font-size: 70%; vertical-align: top">(3)</font></font></div>
</td>
<td style="vertical-align: bottom; width: 51%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">718,000
common shares</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">2,000,000
share purchase options</font></div>
</td>
<td style="vertical-align: middle; width: 24%; border-left: 0.75pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.40%</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Sebastian
Tang</font></div>
</td>
<td style="vertical-align: middle; width: 51%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil
common shares</font></div>
</td>
<td style="vertical-align: middle; width: 24%; border-left: 0.75pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.00%</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Trevor
Thomas</font></div>
</td>
<td style="vertical-align: middle; width: 51%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">130,000
common shares</font></div>
</td>
<td style="vertical-align: middle; width: 24%; border-left: 0.75pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.07%</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 25%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Total</font></div>
</td>
<td style="vertical-align: middle; width: 51%; border-left: 0.75pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
31,037,495 common shares</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
11,000,000 purchase warrants</font></div>
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
2,000,000 share purchase options</font></div>
</td>
<td style="vertical-align: middle; width: 24%; border-left: 0.75pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
17.19%</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -48px">
<font style="font-family: Times New Roman; font-size: 13px">Notes:</font></div>
<div style="text-align: left; margin-left: 48px; margin-right: 0px; text-indent: -48px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 13px">(1)&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">The information as
to the number of Common Shares beneficially owned or controlled is
not within the knowledge of management of the Company and has been
furnished by the respective nominees as filed on SEDI. Each nominee
has held the same or a similar principal occupation with the
organization indicated or a predecessor thereof for the last five
years.</font></div>
</div>
</div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 13px">(2)&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Certain of these
common shares are beneficially owned through private companies
controlled by Mr. Dickinson, and a Registered Retirement Saving
Plan (RRSP) owned by Mr. Dickinson.</font></div>
</div>
</div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 13px">(3)&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Member of the audit
committee.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Share Option Plan</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">As of
the date of this document, there were 2,000,000 options outstanding
pursuant to the Company's share option plan (the
&#x201C;Plan&#x201D;), described below, and an aggregate of
16,060,289 common shares remained available for issuance pursuant
to the Plan, described below.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Share Incentive Plan</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In
order to provide incentive to directors, officers, employees,
management and others who provide services to the Company to act in
the best interests of the Company, the Company has adopted a Share
Incentive Plan (the &#x201C;Plan&#x201D;). The Plan is required to
comply with the policies of the TSX Venture.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In
order to increase the Company's flexibility and to bring the
Company's share option incentive program in line with the current
regulatory regime, the Board approved a new rolling share option
plan (the &#x201C;New Plan&#x201D;) on August 13, 2010 to replace the
plan previously approved and confirmed by the shareholders on
September 21, 2004 and September 29, 2009, respectively. The New
Plan was approved by shareholders at the Company's annual general
meeting (the &#x201C;Meeting&#x201D;) held on September 15, 2010.
Under TSXV rules the Plan must be approved by the Company&#x2019;s
shareholders annually.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Subject
to certain restrictions described below, the Plan is based on the
maximum number of eligible shares equaling a rolling percentage of
up to 10% of the Company's outstanding common shares, calculated
from time to time. Pursuant to the Plan, if outstanding options are
exercised, or expire, or the number of issued and outstanding
common shares of the Company increases, the number of options
available to grant under the Plan increases proportionately. At the
date of approval of the New Plan, all outstanding options were
rolled into and deemed to be granted under the New
Plan.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
exercise price of each option is set by the board of directors at
the time of grant based on the market price on the date preceding
the date of grant. Options can have a maximum term of ten years and
typically terminate ninety days following the termination of the
optionee's employment or engagement, except in the case of
retirement or death. Vesting of options is at the discretion of the
board of directors at the time the options are
granted.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">39</font></div>
</div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Eligible Optionees</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Under
the policies of the TSX Venture, to be eligible for the issuance of
a stock option under the Plan an optionee must either be a
director, officer or employee of the Company or its affiliates, or
a consultant or an employee of a company providing management or
other services to the Company, or its subsidiaries, at the time the
option is granted.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Options
may be granted only to an individual or to a company that is
wholly-owned by individuals eligible for an option grant. If the
option is granted to a non-individual, the company must provide the
TSX Venture with an undertaking that it will not permit any
transfer of its securities, nor issue further securities, to any
other individual or entity as long as the incentive stock option
remains in effect without the consent of the TSX
Venture.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Insider Limitations</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
aggregate number of Common Shares reserved for issuance under
options granted to Insiders must not exceed ten percent (10%) of
the outstanding shares (in the event that the New Plan is amended
to reserve for issuance more than ten percent (10%) of the
outstanding shares) unless the Company has obtained Disinterested
Shareholder Approval (as defined below) to do so;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
number of optioned shares issued to Insiders in any twelve (12)
month period must not exceed ten percent (10%) of the outstanding
shares (in the event that the New Plan is amended to reserve for
issuance more than ten percent (10%) of the outstanding shares)
unless the Company has obtained Disinterested Shareholder Approval
to do so;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
exercise price of an option previously granted to an Insider must
not be reduced, unless the Company has obtained Disinterested
Shareholder Approval to do so.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Other Limitations</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company must not grant an option to a director, employee,
consultant, or consultant company (the &#x201C;Service
Provider&#x201D;) in any twelve (12) month period that exceeds five
percent (5%) of the outstanding shares, unless the Company has
obtained approval by a majority of the votes cast by the
shareholders of the Company eligible to vote at a shareholders'
meeting, excluding votes attaching to shares beneficially owned by
Insiders and their Associates (defined below) (&#x201C;Disinterested
Shareholder Approval&#x201D;);</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
aggregate number of options granted to a Service Provider
conducting Investor Relations Activities in any twelve (12) month
period must not exceed two percent (2%) of the outstanding shares
calculated at the date of the grant, without the prior consent of
the TSX Venture;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company must not grant an option to a Consultant in any twelve (12)
month period that exceeds two percent (2%) of the outstanding
shares calculated at the date of the grant of the option; and the
issuance to any one Optionee within a twelve (12) month period of a
number of Common Shares must not exceed five percent (5%) of
outstanding Common Shares unless the Company has obtained
Disinterested Shareholder Approval to do so.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Disinterested Shareholder Approval</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#x201C;Disinterested
Shareholder Approval&#x201D; means the approval by a majority of the
votes cast by all shareholders of the Company at the Meeting
excluding votes attached to listed shares beneficially owned by
insiders of the Company to whom the options have been granted under
the existing plan and associates of those insiders.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">40</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 96px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><a name="_ITEM_7_"><!--anchor--></a><a name="_Toc78195328"><!--anchor--></a><font style="color: #0000FF">ITEM
7</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0000FF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="MAJO">M</a>AJOR SHAREHOLDERS AND RELATED PARTY
TRANSACTIONS</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">MAJOR
SHAREHOLDERS</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Major Shareholders</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">To the
best of Amarc's knowledge, other than as noted below, no person,
corporation or other entity beneficially owns, directly or
indirectly, or controls more than 5% of the common shares of Amarc,
the only class of securities with voting rights.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: top; width: 33%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">Shareholder</font></font></font></div>
</td>
<td style="vertical-align: top; width: 34%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">Securities
Beneficially Owned or Controlled</font></font></font></div>
</td>
<td style="vertical-align: top; width: 34%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-family: Times New Roman;">As
a % of the outstanding c</font>ommon shares</font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 33%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Sun
Valley Gold Master Fund Ltd</font></div>
</td>
<td style="vertical-align: top; width: 34%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">14,615,384</font></div>
</td>
<td style="vertical-align: top; width: 34%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">8.09%</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 33%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Robert
A. Dickinson</font></div>
</td>
<td style="vertical-align: middle; width: 34%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">29,955,195</font></div>
</td>
<td style="vertical-align: middle; width: 34%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">16.59%</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">For
these purposes, &#x201C;beneficial ownership&#x201D; means the sole
or shared power to vote or direct the voting or to dispose or
direct the disposition of any security.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">As of
the date of this document, Amarc had authorized unlimited common
shares without par value, of which 180,602,894 were issued and
outstanding. Amarc's authorized share structure also includes a
class of preferred shares without par value and without a maximum
number. The preferred shares may be issued in series on such terms
as determined by the Company's directors in accordance with the
class rights and restrictions. No series of preferred shares has
been designated by the board of directors, and no preferred shares
are outstanding.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">All of
the common shares have the same voting rights.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Geographic Breakdown of Shareholders</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">As of
the date of this Annual Report, Amarc's register of shareholders
indicates that Amarc's common shares are held as
follows:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: bottom; width: 23%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">Location</font></font></font></font></div>
</td>
<td style="vertical-align: bottom; width: 26%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">Number of
registered shareholders of record</font></font></font></font></div>
</td>
<td style="vertical-align: bottom; width: 26%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">Number of
shares</font></font></font></font></div>
</td>
<td style="vertical-align: bottom; width: 26%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">Percentage of
total shares</font></font></font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 23%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Canada</font></div>
</td>
<td style="vertical-align: top; width: 26%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">27</font></div>
</td>
<td style="vertical-align: top; width: 26%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">161,109,126</font></div>
</td>
<td style="vertical-align: top; width: 26%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">89.21%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 23%">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">United
States</font></div>
</td>
<td style="vertical-align: top; width: 26%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">8</font></div>
</td>
<td style="vertical-align: top; width: 26%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">17,955,306</font></div>
</td>
<td style="vertical-align: top; width: 26%">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">9.94%</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 23%; border-bottom: 2px solid #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Other</font></div>
</td>
<td style="vertical-align: top; width: 26%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1</font></div>
</td>
<td style="vertical-align: top; width: 26%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">1,538,462</font></div>
</td>
<td style="vertical-align: top; width: 26%; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">0.85%</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 23%; border-bottom: 4px double #000000">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">TOTALS</font></div>
</td>
<td style="vertical-align: top; width: 26%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">36</font></div>
</td>
<td style="vertical-align: top; width: 26%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">180,602,894</font></div>
</td>
<td style="vertical-align: top; width: 26%; border-bottom: 4px double #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">100.00%</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Shares
registered in intermediaries were assumed to be held by residents
of the same country in which the clearing house was
located.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Amarc's
securities are recorded on the books of its transfer agent,
Computershare Investor Services Inc., located at 510&#xA0;Burrard
Street, Vancouver, Canada (604)&#xA0;661-9400 in registered form.
However, the majority of such shares are registered in the name of
intermediaries such as brokerage houses and clearing houses (on
behalf of their respective brokerage clients). Amarc does not have
knowledge or access to the identities of the beneficial owners of
such shares registered through intermediaries.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Control</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Amarc
is not directly or indirectly owned or controlled by any other
corporation, by any foreign government or by any other natural or
legal person, severally or jointly, other than as noted above under
Major Shareholders. There are no arrangements known to Amarc which,
at a subsequent date, may result in a change in control of
Amarc.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">41</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Insider Reports Under the Securities Acts of British Columbia and
Alberta</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Since
the Company is a reporting issuer under the Securities Acts of
British Columbia and Alberta, certain &#x201C;insiders&#x201D; of the
Company (including its directors, certain executive officers, and
persons who directly or indirectly beneficially own, control or
direct more than 10% of its common shares) are generally required
to file insider reports of changes in their ownership of Amarc's
common shares five days following the trade under National
Instrument 55-104 &#x2013; Insider Reporting Requirements and
Exemptions, as adopted by the CSA. Copies of such reports are
available for public inspection at the offices of the British
Columbia Securities Commission, 9th Floor, 701 West Georgia Street,
Vancouver, British Columbia V7Y 1L2, (604) 899-6500 or at the
British Columbia Securities Commission web site, <font style="text-decoration: underline; color: #0000FF">www.bcsc.bc.ca</font>.
In British Columbia, all insider reports must be filed
electronically five days following the date of the trade at
<font style="text-decoration: underline; color: #0000FF">www.sedi.ca</font>.
The public is able to access these reports at <font style="text-decoration: underline; color: #0000FF">www.sedi.ca</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><a name="_B._Related_Party">
<!--anchor--></a>B.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">RELATED
PARTY TRANSACTIONS</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Except
as disclosed below, or otherwise disclosed in this Annual Report on
Form 20-F, Amarc has not, since April 1, 2012, and does not at this
time propose to:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 13px">(1)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">enter into any
transactions which are material to Amarc or a related party or any
transactions unusual in their nature or conditions involving goods,
services or tangible or intangible assets to which Amarc or any of
its former subsidiaries was a party;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 13px">(2)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">make any loans or
guarantees for the benefit of any of the following
persons:</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 13px">(a)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">enterprises
directly or indirectly through one or more intermediaries,
controlling or controlled by or under common control with
Amarc;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 13px">(b)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">associates of Amarc
(unconsolidated enterprises in which Amarc has significant
influence or which has significant influence over Amarc) including
shareholders beneficially owning 10% or more of the outstanding
shares of Amarc;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 13px">(c)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">individuals owning,
directly or indirectly, shares of Amarc that gives them significant
influence over Amarc and close members of such individuals
families;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 13px">(d)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">key management
personnel (persons having authority in responsibility for planning,
directing and controlling the activities of Amarc including
directors and senior management and close members of such directors
and senior management); or</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 13px">(e)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">enterprises in
which a substantial voting interest is owned, directly or
indirectly, by any person described in (c) or (d) or over which
such a person is able to exercise significant
influence.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Hunter Dickinson Services Inc. (&#x201C;HDSI&#x201D;)</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Hunter
Dickinson Inc. (&#x201C;HDI&#x201D;) and its wholly-owned subsidiary
Hunter Dickinson Services Inc. (&#x201C;HDSI&#x201D;) 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 is one of the
publicly-listed companies for which HDSI provides a variety of
contract services.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company has one director in common with HDSI, namely Robert
Dickinson. Also, the Company&#x2019;s President, Chief Executive
Officer and Director, Chief Financial Officer, and Corporate
Secretary are employees of HDSI and work for the Company under an
employee secondment arrangement between the Company and
HDSI.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">HDSI
provides technical, geological, corporate communications,
regulatory compliance, and administrative and management services
to the Company, on an as-needed and as-requested basis from the
Company.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">HDSI
also incurs third party costs on behalf of the Company. Such third
party costs include, for example, directors and officers insurance,
travel, conferences, and technology services.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">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 experts. The Company
benefits from the economies of scale created by HDSI which itself
serves several clients. The Company is also able to eliminate many
of its fixed costs, including rent, technology, and other
infrastructure which would otherwise be incurred for maintaining
its corporate offices.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">42</font></div>
</div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company procures services from HDSI pursuant to an agreement dated
July 2, 2010. Services from HDSI are provided on a non-exclusive
basis as required and as requested by the Company. The Company is
not obligated to acquire any minimum amount of services from HDSI.
The fees for services from HDSI are determined based on a
charge-out rate for each employee performing the service and for
the time spent by the employee. Such charge-out rates are agreed
and set annually in advance. These time charges consist
substantially of salaries, office rent, utilities, office supplies
and administration, warehouse space, and insurance.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Third
party costs are billed at cost, without markup.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
disclosure for the transactions with HDSI has been included in note
11 of the accompanying financial statements of the
Company.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Director&#x2019;s Loan</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In
November 2014, the Company announced that it has entered into a $1
million unsecured Loan Agreement (the &#x201C;Loan&#x201D;), with a
non-arm's length director and officer of the Company (the
&#x201C;Lender&#x201D;) at an interest rate of prime plus 2% per
annum and with a maturity date of November 2015. In connection with
the Loan, Amarc issued to the Lender a loan bonus of 2,500,000
previously unissued common shares in its capital with a fair value
of $187,500. The Company and the Lender have agreed to two
extension terms for the Loan to May 2016 for 7% fixed interest rate
and to November 2016 for 9% fixed interest rate,
respectively.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In
December 2016, the Loan was extended for an additional three years
on customary terms and conditions, and the principal sum was
increased to $1,500,000 by way of an additional advance of
$500,000.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In
September 2017, $500,000 of the Loan was repaid to the Lender,
leaving a balance outstanding of $1,000,000.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In
September 2015, the Company announced that it has entered into an
additional $500,000 unsecured Loan Agreement with the Lender at a
rate of 7% per annum and with a maturity date of September 2017.
Amarc issued a loan bonus in the form of 5,555,555 warrants, each
entitling the holder to acquire one common share of Amarc for 2
years at a price of $0.09 per share. In September 2017, this loan
was fully repaid.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In
December 2019, the Company entered into a loan extension and
amendment agreement (the &#x201C;Loan&#x201D;) with a director and
significant shareholder of the Company (the &#x201C;Lender&#x201D;),
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.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Pursuant
to the Loan, the Company issued to the Lender a loan bonus
comprising of 16,000,000 common share purchase warrants (the
&#x201C;Warrants&#x201D;) with an expiry of five years and an
exercise price of $0.05 per share.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In July
and August 2019, the Company entered into certain loan agreements
(collective the &#x201C;Bridge Loans&#x201D;) with a director of the
Company and a private company wholly-owned by a director of the
Company (collectively the &#x201C;Bridge Lenders&#x201D;), pursuant
to which the Bridge Lenders advanced to the Company an aggregate
principal sum of $375,000 with a 1-year term and bearing interest
at 10% per annum. The Bridge Loans were fully repaid in September
2019.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In
December 2019, the Company entered into a loan agreement (the
&#x201C;Second Bridge Loan&#x201D;) with a director of the Company
(the &#x201C;Second Bridge Lender&#x201D;), pursuant to which the
Second Bridge Lender advanced to the Company a principal sum of
$300,000 with a 6-month term and bearing interest at a rate of 10%
per annum. In August 2020, the principal and interest balances of
the Second Bridge Loan were fully repaid.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Refer
to note 9 of the accompanying financial statements of Amarc for
additional monetary disclosures about the abovementioned
loans.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">43</font></div>
</div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">C.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">INTERESTS
OF EXPERTS AND COUNSEL</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Not
applicable.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 96px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><a name="_Toc78195329"><!--anchor--></a><font style="color: #0000FF">ITEM 8</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0000FF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="FINA">F</a>INANCIAL INFORMATION</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">FINANCIAL
STATEMENTS AND OTHER FINANCIAL INFORMATION</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Item 18
of this Form 20-F contains Amarc's audited annual financial
statements as at and for the years ended March 31, 2021, 2020 and
2019. These financial statements have been prepared in accordance
with IFRS, as issued by the IASB.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Legal Proceedings</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Amarc
is not involved in any legal, arbitration or governmental
proceedings and, to Amarc's knowledge, no material legal,
arbitration or governmental proceedings involving Amarc are pending
or contemplated against Amarc.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Dividend Policy</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company has not paid any dividends on its outstanding common shares
since its incorporation and does not anticipate that it will do so
in the foreseeable future. All funds of Amarc are being retained
for exploration of its projects.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">B.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">SIGNIFICANT
CHANGES</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">There
have been no significant changes to Amarc&#x2019;s affairs as
disclosed in the accompanying financial statements, except as
disclosed in this Annual Report on Form 20-F.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 96px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><a name="_Toc78195330"><!--anchor--></a><font style="color: #0000FF">ITEM 9</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0000FF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
THE <a name="THOFFE">O</a>FFER AND LISTING</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">OFFER
AND LISTING DETAILS</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Trading Markets</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Amarc's
common shares have been listed in Canada on the TSX Venture (and
its predecessors) since August 1995, under the symbol
AHR.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company's common shares were traded in the U.S. on the OTCBB from
June 2004 until August 2014, and have been traded on the OTCQB
since August 2014, in each case under the symbol
AXREF.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
following tables set forth for the periods indicated the price
history of the Company's common shares on the TSX Venture and on
the OTCQB.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">44</font></div>
</div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:52%;border-top:solid 1px #000000;">
<div style="margin-left:0px;"><font style="font-size: 11px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td colspan="2" rowspan="1" style="vertical-align:bottom;width:24%;border-top:solid 1px #000000;">
<div><font style="text-align: left; vertical-align:bottom;width:5%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:90%;display:inline-block;">
<div><font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">TSX Venture
Exchange</font></font></div>
</font><font style="text-align: left; vertical-align:bottom;width:5%;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="2" rowspan="1" style="vertical-align:bottom;width:24%;border-top:solid 1px #000000;">
<div><font style="text-align: left; vertical-align:bottom;width:5%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:90%;display:inline-block;">
<div><font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">OTCBB/OTCQB</font></font></div>
</font><font style="text-align: left; vertical-align:bottom;width:5%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:52%;border-bottom:solid 2px #000000;">
<div style="text-align: center; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">Fiscal Year
Ended March 31,</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">High(Cdn$)</font></font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">Low(Cdn$)</font></font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">High(US$)</font></font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">Low(US$)</font></font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: center; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">2021</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.13</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.03</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.09</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.02</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: center; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">2020</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.08</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.02</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.06</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.02</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: center; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">2019</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.14</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.04</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.11</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.03</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: center; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">2018</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.26</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.12</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.21</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.09</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: center; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">2017</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.16</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.06</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.12</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.04</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: center; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">2016</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.17</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.04</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.14</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.02</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:52%;border-bottom:double 4px #000000;">
<div style="text-align: center; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">2015</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:double 4px #000000;">0.18</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:double 4px #000000;">0.06</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:double 4px #000000;">0.13</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:double 4px #000000;">0.05</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="null"><font>&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; font-size: 11px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block; font-size: 11px;">
<div><font style="font-family: Times New Roman;">&#xA0;</font></div>
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</td>
<td colspan="2" rowspan="1" style="vertical-align:bottom;width:20%;">
<div><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block; font-size: 11px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 90%; display: inline-block; font-size: 11px;">
<div><font style="font-weight: bold; font-family: Times New Roman;">TSX Venture
Exchange</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block; font-size: 11px;">&#xA0;</font></div>
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<td colspan="2" rowspan="1" style="vertical-align:bottom;width:20%;">
<div><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block; font-size: 11px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 90%; display: inline-block; font-size: 11px;">
<div><font style="font-weight: bold; font-family: Times New Roman;">OTCQB</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block; font-size: 11px;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-size: 11px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-size: 11px;">
<div><font style="font-weight: bold; font-family: Times New Roman;">Fiscal
Quarter</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-size: 11px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-size: 11px;">
<div><font style="font-weight: bold; font-family: Times New Roman;">High(Cdn$)</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-size: 11px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-size: 11px;">
<div><font style="font-weight: bold; font-family: Times New Roman;">Low(Cdn$)</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-size: 11px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-size: 11px;">
<div><font style="font-weight: bold; font-family: Times New Roman;">High(US$)</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-size: 11px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-size: 11px;">
<div><font style="font-weight: bold; font-family: Times New Roman;">Low(US$)</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-size: 11px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">Q4 2021</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.13</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.05</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.09</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.04</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">Q3 2021</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.08</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.05</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.06</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.04</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">Q2 2021</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.08</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.04</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.07</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.02</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">Q1 2021</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.04</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.03</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.03</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.02</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">Q4 2020</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.08</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.02</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.06</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.02</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">Q3 2020</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.06</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.03</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.04</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.02</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">Q2 2020</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.06</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.04</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.05</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.03</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">Q1 2020</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.07</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.04</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.05</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.03</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">Q4 2019</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.07</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.07</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.05</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.05</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">Q3 2019</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.10</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.04</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.07</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.04</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">Q2 2019</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.10</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.06</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.07</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.04</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">Q1 2019</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.14</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.08</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.11</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.07</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">Q4 2018</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.17</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.12</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.14</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.09</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">Q3 2018</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.20</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.14</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.15</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.11</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">Q2 2018</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.26</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.17</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.21</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.13</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">Q1 2018</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.21</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.14</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.15</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.11</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">Q4 2017</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.16</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.08</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.12</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.06</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">Q3 2017</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.11</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.07</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.08</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.05</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">Q2 2017</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.13</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.08</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.10</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.06</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:double 4px #000000;">Q1 2017</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:double 4px #000000;">0.08</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:double 4px #000000;">0.06</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:double 4px #000000;">0.06</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:double 4px #000000;">0.04</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
</tr></table>
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<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<div style="margin-left:0px;"><font style="font-size: 11px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td colspan="2" rowspan="1" style="vertical-align:bottom;width:24%;border-top:solid 1px #000000;">
<div><font style="text-align: left; vertical-align:bottom;width:5%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:90%;display:inline-block;">
<div><font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">TSX Venture
Exchange</font></font></div>
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<td colspan="2" rowspan="1" style="vertical-align:bottom;width:24%;border-top:solid 1px #000000;">
<div><font style="text-align: left; vertical-align:bottom;width:5%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:90%;display:inline-block;">
<div><font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">OTCQB</font></font></div>
</font><font style="text-align: left; vertical-align:bottom;width:5%;display:inline-block;">&#xA0;</font></div>
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<td style="vertical-align:bottom;width:52%;border-bottom:solid 2px #000000;">
<div style="text-align: center; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">Month</font></font></div>
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<div><font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">High(Cdn$)</font></font></div>
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<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">Low(Cdn$)</font></font></div>
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<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">High(US$)</font></font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">Low(US$)</font></font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: center; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">July 2021 (to the
date of this Annual Report)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.14</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.12</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.11</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.10</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: center; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">June
2021</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.14</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.12</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.11</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.10</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: center; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">May
2021</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.18</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.12</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.15</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.09</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: center; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">April
2021</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.14</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.11</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.11</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.09</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: center; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">March
2021</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.13</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.06</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.09</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.05</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: center; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">February
2021</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.07</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.06</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.06</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.05</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:52%;border-bottom:double 4px #000000;">
<div style="text-align: center; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">January
2021</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:double 4px #000000;">0.08</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:double 4px #000000;">0.05</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:double 4px #000000;">0.06</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:double 4px #000000;">0.04</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">45</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">B.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">PLAN
OF DISTRIBUTION</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Not
applicable.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">C.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">MARKETS</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
shares of Amarc traded in Canada on the TSX Venture (formerly the
Canadian Venture Exchange and successor to the Vancouver Stock
Exchange) since August 1995 under the trading symbol AHR. Amarc's
shares were traded on the OTCBB from June 2004 until August 2014,
and have been traded on the OTCQB since August 2014, in each case
under the symbol AXREF.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">D.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">SELLING
SHAREHOLDERS</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Not
applicable.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">E.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">DILUTION</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Not
applicable.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">F.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">EXPENSES
OF THE ISSUE</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Not
applicable.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">46</font></div>
</div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 96px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><a name="_Toc78195331"><!--anchor--></a><font style="color: #0000FF">ITEM 10</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0000FF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="ADDI">A</a>DDITIONAL INFORMATION</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">A.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">SHARE
CAPITAL</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Not
applicable.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">B.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">MEMORANDUM
AND ARTICLES OF ASSOCIATION</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Amarc's
original corporate constituting documents comprised of the
Memorandum and Articles of Association were registered with the
British Columbia Registrar of Companies under Corporation
No.&#xA0;436691. A copy of the Company's original Articles of
Association was filed as an exhibit with Amarc's initial
registration statement on Form 20-F.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In
March 2004, the Company Act (British Columbia) (the
&#x201C;BCCA&#x201D;) was replaced by the Business Corporations Act
(British Columbia) (the &#x201C;BCA&#x201D;). All companies
incorporated under the BCCA were required to complete a transition
application to the BCA by March 29, 2006. The directors of the
Company authorized the Company to file a transition application
with the Registrar of Companies and to comply with the
BCA.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company subsequently filed a Notice of Articles with the Registrar
of Companies on October 2, 2004. The Notice of Articles and the
Articles constitute the constating documents of the Company, and
have superseded the Memorandum and Articles of Association. The
Articles of a company, among other things, set out rules for the
conduct of its business and affairs; they are no longer required to
be filed with the Registrar of Companies, but are required to be
kept as part of the company's corporate records.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">On
October 22, 2004, the Company filed a Notice of Alteration with the
Registrar of Companies to remove the former limitation on its
authorized share capital of 100,000,000 common shares without par
value. As a result, the Company's authorized share capital now
consists of an unlimited number of common shares without par value.
The Registrar of Companies issued a Notice of Articles dated
October 22, 2004 to reflect this change.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Under
the BCA, every &#x201C;pre-existing company' remained subject to
certain &#x201C;Pre-existing Company Provisions&#x201D; contained in
the BCCA unless such provisions were removed with the approval of
the shareholders. In order to take full advantage of the
flexibility offered by the BCA, the shareholders adopted a special
resolution on October 12, 2005 authorizing the removal of the
Pre-existing Company Provisions and the adoption by the Company of
a new form of Articles that incorporates provisions permitted under
the BCA. On January 31, 2006, the Company filed a Notice of
Alteration with the Registrar of Companies to remove the
Pre-Existing Company Provisions, and the Registrar of Companies
issued a Notice of Articles to reflect this change.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">As
discussed in more detail below, on August 17, 2007, the Company
filed a Notice of Alteration with the Registrar of Companies to
create a new class of Preferred Shares, and the Registrar of
Companies issued a Notice of Articles to reflect this
change.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Effective
September 19, 2013 the Company&#x2019;s Articles were amended to
include advance notice provisions relating to the nomination and
the election of directors of the Company.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Set out
below is a discussion of the principal changes effected by the
adoption of the new Articles by the Company under the BCA, which
took effect on January 31, 2006.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Borrowing Powers</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Under
the original Articles of Association, the Company could borrow
money, issue bonds, debentures and other debt obligations and
mortgage, charge, or give security on the undertaking, or on the
whole or any part of the property and assets, of the Company (both
present and future). Under the BCA, companies are also permitted,
without restriction (other than general corporate governance
principles), to guarantee repayment of money by any other person or
the performance of any obligation of any other person. This change
reflected the modernization of corporate legislation to effectively
respond to increasingly complex financial transactions that
companies may enter into in the course of their business. As a
result, the Company's Articles now provide that the Company may
guarantee the repayment of money by any other person or the
performance of any obligation of any other person.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">47</font></div>
</div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Share Certificates</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Under
the original Articles of Association, a shareholder was entitled to
a share certificate representing the number of shares of the
Company held. Under the BCA, a shareholder is entitled to a share
certificate representing the number of shares of the Company held
or a written acknowledgement of the shareholder's right to obtain
such a share certificate. As a result, the Articles now provide for
this additional right. The addition of the ability to issue a
written acknowledgement is very useful for public companies such as
the Company, since it permits flexibility in corporate and
securities transmissions.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">On
September 15, 2010, the shareholders of the Company approved an
amendment to the Articles that enabled the Company to use
uncertificated electronic shares and to use an electronic record
keeping system.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Indemnity Provisions</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Under
the BCCA, the Company could only indemnify directors where it
obtained prior court approval, except in certain limited
circumstances. The original Articles of Association provided for
the Company to indemnify directors, subject to the provisions of
the BCCA. Under the BCA, the Company is permitted (and is, in some
circumstances, required) to indemnify a past or present director or
officer of the Company or an associated corporation without
obtaining prior court approval in respect of an &#x201C;eligible
proceeding&#x201D;. An &#x201C;eligible proceeding&#x201D; includes
any legal proceeding relating to the activities of the individual
as a director or officer of the Company. However, under the BCA,
the Company is prohibited from paying an indemnity if:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 13px">(a)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the party did not
act honestly and in good faith with a view to the best interests of
the Company;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<div></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 13px">(b)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the proceeding was
not a civil proceeding and the party did not have reasonable
grounds for believing that his or her conduct was lawful;
and</font></div>
</div>
</div>
&#xA0;&#xA0;<font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 13px">(c)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the proceeding is
brought against the party by the Company or an associated
corporation.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">As a
result, the Articles require the Company to indemnify directors,
officers and other persons, subject to the limits imposed under the
BCA.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Alternate Directors</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
original Articles of Association permitted a director to appoint
another director as his alternate. The Company's Articles now
permit a director to appoint anyone as his alternate, as long as
that person is qualified to act as a director.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Amendment of Articles and Notice of Articles</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Articles provide that the general authority required to amend all
provisions of the Company's Articles and the Notice of Articles,
other than as set out in the BCA as specifically requiring a
special resolution, can be effected as an ordinary or by directors'
resolution. The Company's Articles provide that the Company may
amend provisions of the Articles and Notice of Articles relating to
certain aspects of its Shares and authorized share structure by
ordinary resolution. A share consolidation or a share split and
name change of the Company can only be done by a resolution of the
directors. The default provision under the BCA is a special
resolution where the Articles are silent as to the type of
resolution required.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Articles also provide that the attachment, variation and deletion
of special rights and restrictions to any class of shares may be
authorized by ordinary resolution. If the amendment prejudices or
interferes with the rights or special rights attached to any class
of issued shares, by the provisions of the BCA, the consent of the
holders of that class of shares by a &#x201C;special separate
resolution&#x201D; is required.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">All
special resolutions of the Company must be adopted by a majority of
two-thirds of votes cast; the Company's original Article of
Association required special resolutions to be adopted by a
majority of three-quarters of the votes cast.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Shareholders' Meetings</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In
addition to reflecting the present notice and other provisions of
the BCA relating to shareholders' meetings, the Articles provide
that shareholders' meetings may be held at such place as is
determined by the directors.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">48</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Articles permit the giving of notice to shareholders, directors and
officers by fax or e-mail in addition to regular mail or personal
delivery.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Officers</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Under
the original Articles of Association, the Company was required to
have at least a President and Secretary as officers, and separate
individuals were required to hold those positions. In addition, the
Chairman and President were required to be directors. However,
under the BCA, those requirements no longer exist, and as a result,
the Articles do not provide for such restrictions.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Disclosure of Interest of Directors</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Articles refer to the provisions of the BCA relating to the
disclosure of interest by directors, which superseded more the
cumbersome and outdated provisions contained under the
BCCA.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Creation of Preferred Shares</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Under
the original Articles of Association, the creation of a new class
of shares required the approval of the shareholders of the Company
by a special resolution adopted by a majority of three-quarters of
votes cast. In contrast, the Articles now provide that the creation
of a new class of shares requires the approval of the shareholders
of the Company by an ordinary resolution.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">On
September 26, 2006, the shareholders adopted an ordinary resolution
authorizing the creation of a new class of Preferred Shares without
par value and without a maximum authorized number, issuable in
series, on such terms as may be determined by the Company's
directors for each such series. On August 17, 2007, the Company
filed a Notice of Alteration with the Registrar of Companies to
create the new class of Preferred Shares, and the Registrar of
Companies issued a Notice of Articles to reflect this
change.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">As a
result, the authorized share structure of the Company now includes,
in addition to a class of common shares without par value and
without a maximum number, a class of Preferred Shares without par
value and without a maximum number. The Preferred Shares may be
issued in series on such terms as determined by the Company's
directors in accordance with the class rights and
restrictions.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
special rights and restrictions attaching to the Preferred Shares
are set forth in Article 26 of the Articles, and effectively
provide the directors with wide latitude to create a series of
Preferred Shares which may be convertible into Common Shares, and
have attached to them rights that rank ahead of Common Shares in
respect of entitlement to assets and dividends.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">C.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">MATERIAL
CONTRACTS</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Amarc's
only material contract as of the date of this Annual Report
is:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Corporate
Services Agreement between Amarc and Hunter Dickinson Services Inc.
dated July 2, 2010. <a href="#_B._Related_Party"><font style="text-decoration: underline; color: #0000FF">See Item
7.B</font></a> and Exhibit 4.1.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Other
agreements are in the normal course of business.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">D.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">EXCHANGE
CONTROLS</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Amarc
is incorporated pursuant to the laws of the Province of British
Columbia, Canada. There is no law or governmental decree or
regulation in Canada that restricts the export or import of
capital, or affects the remittance of dividends, interest or other
payments to a non-resident holder of Common Shares, other than
withholding tax requirements. Any such remittances to United States
residents are generally subject to withholding tax, however no such
remittances are likely in the foreseeable future. See
&#x201C;Taxation&#x201D;, below.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">There
is no limitation imposed by Canadian law or by the charter or other
constituent documents of the Company on the right of a non-resident
to hold or vote Common Shares of the Company. However, the
Investment Canada Act (Canada) (the &#x201C;Investment Act&#x201D;)
has rules regarding certain acquisitions of shares by
non-Canadians, along with other requirements under that
legislation.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
following discussion summarizes the principal features of the
Investment Act for a non-Canadian who proposes to acquire Common
Shares of the Company. The discussion is general only; it is not a
substitute for independent legal advice from an investor's own
adviser; and, except where expressly noted, it does not anticipate
statutory or regulatory amendments.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">49</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Investment Act is a federal statute of broad application regulating
the establishment and acquisition of Canadian businesses by
non-Canadians, including individuals, governments or agencies
thereof, corporations, partnerships, trusts and joint ventures.
Investments by non-Canadians to acquire control over existing
Canadian businesses or to establish new ones are either reviewable
or notifiable under the Investment Act. If an investment by a
non-Canadian to acquire control over an existing Canadian business
is reviewable under the Investment Act, the Investment Act
generally prohibits implementation of the investment unless, after
review, the Minister of Innovation, Science and Economic
Development (the &#x201C;Minister&#x201D;) (or the Minister of
Canadian Heritage for investments in a Canadian business engaged in
any of the activities of a &#x201C;cultural business&#x201D;), is
satisfied that the investment is likely to be of net benefit to
Canada.</font></div>
<div><font>&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">A
non-Canadian would acquire control of the Company for the purposes
of the Investment Act through the acquisition of Common Shares if
the non-Canadian acquired a majority of the Common Shares of the
Company.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Further,
the acquisition of less than a majority but one-third or more of
the Common Shares of the Company would be presumed to be an
acquisition of control of the Company unless it could be
established that, on the acquisition, the Company was not
controlled in fact by the acquirer through the ownership of Common
Shares.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">To
determine whether an investment is reviewable under the Investment
Act it is necessary to consider certain matters, including whether
the investor is a state-owned enterprise; whether the investor is a
&#x201C;WTO investor&#x201D; (i.e., controlled by persons who are
citizens of countries that are members of the World Trade
Organization (&#x201C;WTO&#x201D;)), and, if so, whether the WTO
investor is party to certain free trade agreements; the enterprise
value of the assets of the Canadian business being acquired; and
whether the Canadian business being acquired is a cultural
business.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">An
acquisition of control of a Canadian business by a non-Canadian
that falls below the thresholds for review under the Investment Act
does not require the filing of an application for review. However,
even where an investment falls below the thresholds, it must still
be notified by way of a short form to the Investment Review
Division of the Department of Innovation, Science and Economic
Development Canada (or the Department of Canadian Heritage for
cultural cases). Notifications may be submitted by the investor any
time before or up to 30 days after implementation of the
investment.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In
2009, amendments were enacted to the Investment Act concerning
investments that may be considered injurious to national security.
If the Minister has reasonable grounds to believe that an
investment by a non-Canadian &#x201C;could be injurious to national
security,&#x201D; the Minister may send the non-Canadian a notice
indicating that an order for review of the investment may be made.
The review of an investment on the grounds of national security may
occur whether or not an investment is otherwise subject to review
on the basis of net benefit to Canada or otherwise subject to
notification under the Investment Canada Act.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Certain
transactions, except those to which the national security
provisions of the Investment Act may apply, relating to Common
Shares of the Company are exempt from the Investment Act,
including</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 13px">(a)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">acquisition of
Common Shares of the Company by a person in the ordinary course of
that person's business as a trader or dealer in
securities,</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 13px">(b)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">acquisition of
control of the Company in connection with the realization of
security granted for a loan or other financial assistance and not
for a purpose related to the provisions of the Investment Act, if
the investment is subject to approval under certain other
legislation, and</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 13px">(c)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">acquisition of
control of the Company by reason of an amalgamation, merger,
consolidation or corporate reorganization following which the
ultimate direct or indirect control in fact of the Company, through
the ownership of Common Shares, remained unchanged.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">E.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">TAXATION</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Certain Canadian Federal Income Tax Information for United States
Residents</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
following summarizes the principal Canadian federal income tax
considerations generally applicable to the holding and disposition
of common shares of the Company by a holder (a) who, for the
purposes of the Income Tax Act (Canada) the (&#x201C;Tax Act&#x201D;)
and at all relevant times, is not resident in Canada or deemed to
be resident in Canada, deals at arm's length and is not affiliated
with the Company, holds the common shares as capital property and
does not use or hold the common shares in the course of carrying
on, or otherwise in connection with, a business in Canada, and (b)
who, for the purposes of the Canada-United States Income Tax
Convention (the &#x201C;Treaty&#x201D;) and at all relevant times, is
a resident of the United States, has never been a resident of
Canada, has not held or used (and does not hold or use) common
shares in connection with a permanent establishment or fixed base
in Canada, and who qualifies for the full benefits of the Treaty.
The Canada Revenue Agency has introduced special forms to be used
in order to substantiate eligibility for Treaty benefits, and
affected holders should consult with their own advisers with
respect to these forms and all relevant compliance
matters.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">50</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Holders
who meet all such criteria in clauses (a) and (b) above are
referred to herein as a &#x201C;U.S. Holder&#x201D; or &#x201C;U.S.
Holders&#x201D;, and this summary only addresses such U.S. Holders.
The summary does not deal with special situations, such as
particular circumstances of traders or dealers, limited liability
companies, tax-exempt entities, insurers, financial institutions
(including those to which the mark-to-market provisions of the Tax
Act apply), entities considered fiscally transparent under
applicable law, or otherwise.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">This
summary is based on the current provisions of the Tax Act and the
regulations thereunder, all proposed amendments to the Tax Act and
regulations publicly announced by the Minister of Finance (Canada)
to the date hereof, the current provisions of the Treaty and our
understanding of the current administrative practices of the Canada
Revenue Agency. It has been assumed that all currently proposed
amendments to the Tax Act and regulations will be enacted as
proposed and that there will be no other relevant change in any
governing law, the Treaty or administrative policy, although no
assurance can be given in these respects. This summary does not
take into account provincial, U.S. or other foreign income tax
considerations, which may differ significantly from those discussed
herein.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">This
summary is not exhaustive of all possible Canadian income tax
consequences. It is not intended as legal or tax advice to any
particular U.S. Holder and should not be so construed. The tax
consequences to a U.S. Holder will depend on that U.S. Holder's
particular circumstances. Accordingly, all U.S. Holders or
prospective U.S. Holders should consult their own tax advisers with
respect to the tax consequences applicable to them having regard to
their own particular circumstances. The discussion below is
qualified accordingly.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Dividend</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Dividends
paid or deemed to be paid or credited by the Company to a U.S.
Holder are subject to Canadian withholding tax. Under the Treaty,
the rate of withholding tax on dividends paid to a U.S. Holder is
generally limited to 15% of the gross dividend (or 5% in the case
of a U.S. Holder that is a corporate shareholder owning at least
10% of the Company's voting shares), provided the U.S. Holder can
establish entitlement to the benefits of the Treaty.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Disposition</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">A U.S.
Holder is generally not subject to tax under the Tax Act in respect
of a capital gain realized on the disposition of a common share in
the open market, unless the share is &#x201C;taxable Canadian
property&#x201D; to the holder thereof and the U.S. Holder is not
entitled to relief under the Treaty.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Provided
that the Company's common shares are listed on a &#x201C;designated
stock exchange&#x201D; for purposes of the Tax Act (which currently
includes the TSX Venture) at the time of disposition, a common
share will generally not constitute taxable Canadian property to a
U.S. Holder unless, at any time during the 60 month period ending
at the time of disposition, (i) the U.S. Holder, persons with whom
the U.S. Holder did not deal at arm's length for purposes of the
Tax Act, partnerships in which the U.S. Holder or such persons
holds a membership interest directly or indirectly, (or the U.S.
Holder together with any such foregoing persons) or partnerships,
owned 25% or more of the issued shares of any class or series of
the Company AND (ii) more than 50% of the fair market value of the
share was derived directly or indirectly from certain types of
assets, including real or immoveable property situated in Canada,
Canadian resource properties or timber resource properties, and
options, interests or rights in respect of any of the foregoing.
Common shares may also be deemed to be taxable Canadian property
under the Tax Act in certain specific circumstances. A U.S. Holder
holding Common shares as taxable Canadian property should consult
with the U.S. Holder's own tax advisers in advance of any
disposition of Common shares or deemed disposition under the Tax
Act in order to determine whether any relief from tax under the Tax
Act may be available by virtue of the Treaty, and any related
compliance procedures.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">51</font></div>
</div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Certain United States Federal Income Tax
Considerations</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The following is a general summary of certain material U.S. federal
income tax considerations applicable to a U.S. Holder (as defined
below) arising from the acquisition, ownership and disposition of
our common shares.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
This summary is for general information purposes only and does not
purport to be a complete analysis or listing of all potential U.S.
federal income tax considerations that may apply to a U.S. Holder
as a result of the acquisition, ownership and disposition of our
common stock. In addition, this summary does not take into account
the individual facts and circumstances of any particular U.S.
Holder that may affect the U.S. federal income tax consequences to
such U.S. Holder, including specific tax consequences to a U.S.
Holder under an applicable tax treaty. Accordingly, this summary is
not intended to be, and should not be construed as, legal or U.S.
federal income tax advice with respect to any particular U.S.
Holder. In addition, this summary does not address the U.S. federal
alternative minimum, U.S. federal estate and gift, U.S. Medicare
contribution, U.S. state and local, or non-U.S. tax consequences of
the acquisition, ownership or disposition of our common stock.
Except as specifically set forth below, this summary does not
discuss applicable tax reporting
requirements.&#xA0;</font><font style="font-weight: bold; color: #000000">Each U.S. Holder should consult
its own tax advisor regarding all U.S. federal, U.S. state and
local and non-U.S. tax consequences of the acquisition, ownership
and disposition of our common stock.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
No opinion from U.S. legal counsel or ruling from the Internal
Revenue Service (the &#x201C;IRS&#x201D;) has been requested, or will
be obtained, regarding the U.S. federal income tax consequences of
the acquisition, ownership or disposition of our common shares.
This summary is not binding on the IRS, and the IRS is not
precluded from taking a position that is different from, or
contrary to, any position taken in this summary. In addition,
because the authorities upon whom this summary is based are subject
to various interpretations, the IRS and the U.S. courts could
disagree with one or more of the positions taken in this
summary.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Scope of this Summary</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-family: Times New Roman; font-size: 13px">
Authorities</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
This summary is based on the Internal Revenue Code of 1986, as
amended (the &#x201C;Code&#x201D;), Treasury Regulations (whether
final, temporary, or proposed), published rulings of the IRS,
published administrative positions of the IRS, the Convention
Between Canada and the United States of America with Respect to
Taxes on Income and on Capital, signed September 26, 1980, as
amended (the &#x201C;Canada-U.S. Tax Convention&#x201D;), and U.S.
court decisions that are applicable and, in each case, as in effect
and available, as of the date hereof. Any of the authorities on
which this summary is based could be changed in a material and
adverse manner at any time, and any such change could be applied on
a retroactive or prospective basis, which could affect the U.S.
federal income tax considerations described in this summary. This
summary does not discuss the potential effects, whether adverse or
beneficial, of any proposed legislation that, if enacted, could be
applied on a retroactive or prospective basis.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-family: Times New Roman; font-size: 13px">
U.S. Holders</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">For
purposes of this summary, the term &#x201C;U.S. Holder&#x201D; means
a beneficial owner of common shares that is for U.S. federal income
tax purposes:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">an individual who
is a citizen or resident of the U.S.;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">a corporation (or
other entity taxable as a corporation for U.S. federal income tax
purposes) organized under the laws of the U.S., any state thereof
or the District of Columbia;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">an estate whose
income is subject to U.S. federal income taxation regardless of its
source; or</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">a trust that (1) is
subject to the primary supervision of a court within the U.S. and
the control of one or more U.S. persons for all substantial
decisions or (2) has a valid election in effect under applicable
Treasury Regulations to be treated as a U.S. person.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-family: Times New Roman; font-size: 13px">
Non-U.S. Holders</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">For
purposes of this summary, a &#x201C;non-U.S. Holder&#x201D; is a
beneficial owner of common shares that is not a U.S. Holder. This
summary does not address the U.S. federal income tax consequences
to non-U.S. Holders arising from and relating to the acquisition,
ownership, and disposition of common shares. Accordingly, a
non-U.S. Holder should consult its own tax adviser regarding the
U.S. federal, U.S. federal alternative minimum, U.S. federal estate
and gift, U.S. state and local, and foreign tax consequences
(including the potential application of and operation of any income
tax treaties) relating to the acquisition, ownership, and
disposition of common shares.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-family: Times New Roman; font-size: 13px">
U.S. Holders Subject to Special U.S. Federal Income Tax Rules Not
Addressed</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
This summary does not address the U.S. federal income tax
considerations of the acquisition, ownership or disposition of our
common shares by U.S. Holders that are subject to special
provisions under the Code, including, but not limited to, the
following: (a) tax-exempt organizations, qualified retirement
plans, individual retirement accounts, or other tax-deferred
accounts; (b) financial institutions, underwriters, insurance
companies, real estate investment trusts, or regulated investment
companies; (c) broker-dealers, dealers, or traders in securities or
currencies that elect to apply a &#x201C;mark-to-market&#x201D;
accounting method; (d) U.S. Holders that have a &#x201C;functional
currency&#x201D; other than the U.S. dollar; (e) U.S. Holders that
own our common shares as part of a straddle, hedging transaction,
conversion transaction, constructive sale, or other arrangement
involving more than one position; (f) U.S. Holders that acquire our
common shares in connection with the exercise of employee stock
options or otherwise as compensation for services; (g) U.S. Holders
that hold our common shares other than as a capital asset within
the meaning of Section 1221 of the Code (generally, property held
for investment purposes); (h) are required to accelerate the
recognition of any item of gross income with respect to Common
Shares as a result of such income being recognized on an applicable
financial statement; and (i) U.S. Holders that own directly,
indirectly, or by attribution, 10% or more, by voting power, of the
outstanding stock of the Company. This summary also does not
address the U.S. federal income tax considerations applicable to
U.S. Holders who are: (a) U.S. expatriates or former long-term
residents of the U.S.; (b) persons that have been, are, or will be
a resident or deemed to be a resident in Canada for purposes of the
Income Tax Act (Canada); (c) persons that use or hold, will use or
hold, or that are or will be deemed to use or hold our common
shares in connection with carrying on a business in Canada; (d)
persons whose common shares in our Company constitutes
&#x201C;taxable Canadian property&#x201D; under the Income Tax Act
(Canada); or (e) persons that have a permanent establishment in
Canada for purposes of the Canada-U.S. Tax Convention. U.S. Holders
that are subject to special provisions under the Code, including
U.S. Holders described immediately above, should consult their own
tax advisors regarding all U.S. federal, U.S. state and local, and
non-U.S. tax consequences (including the potential application and
operation of any income tax treaties) relating to the acquisition,
ownership or disposition of our common shares.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
If an entity or arrangement that is classified as a partnership (or
other &#x201C;pass-through&#x201D; entity) for U.S. federal income
tax purposes holds our common shares, the U.S. federal income tax
consequences to such partnership and the partners (or other owners)
of such partnership of the acquisition, ownership or disposition of
our common shares generally will depend on the activities of the
partnership and the status of such partners (or other owners). This
summary does not address the U.S. federal income tax considerations
for any such partner or partnership (or other
&#x201C;pass-through&#x201D; entity or its owners). Owners of
entities and arrangements that are classified as partnerships (or
other &#x201C;pass-through&#x201D; entities) for U.S. federal income
tax purposes should consult their own tax advisors regarding the
U.S. federal income tax consequences of the acquisition, ownership
or disposition of our common shares.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-family: Times New Roman; font-size: 13px">
Passive Foreign Investment Company Rules</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">If the
Company were to constitute a &#x201C;passive foreign investment
company&#x201D; under the meaning of Section 1297 of the Code (a
&#x201C;PFIC&#x201D;, as defined below) for any year during a U.S.
Holder's holding period, then certain potentially adverse rules
will affect the U.S. federal income tax consequences to a U.S.
Holder resulting from the acquisition, ownership and disposition of
common shares. The Company believes that it was classified as a
PFIC during the tax year ended March 31, 2018, and may be a PFIC in
future tax years. The determination of whether any corporation was,
or will be, a PFIC for a tax year depends, in part, on the
application of complex U.S. federal income tax rules, which are
subject to differing interpretations. In addition, whether any
corporation will be a PFIC for any tax year depends on the assets
and income of such corporation over the course of each such tax
year and, as a result, cannot be predicted with certainty as of the
date of this document. Accordingly, there can be no assurance that
the IRS will not challenge any determination made by the Company
(or any subsidiary of the Company) concerning its PFIC status. Each
U.S. Holder should consult its own tax advisor regarding the PFIC
status of the Company and any subsidiary of the
Company.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In
addition, in any year in which the Company is classified as a PFIC,
such holder would be required to file an annual report with the IRS
containing such information as Treasury Regulations and/or other
IRS guidance may require. In addition to penalties, a failure to
satisfy such reporting requirements may result in an extension of
the time period during which the IRS can assess a tax. U.S. Holders
should consult their own tax advisors regarding the requirements of
filing such information returns under these rules, including the
requirement to file an IRS Form 8621.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-family: Times New Roman; font-size: 13px">
PFIC Status of the Company</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company generally will be a PFIC if, for a tax year, (a) 75% or
more of the gross income of the Company is passive income (the
&#x201C;income test&#x201D;) or (b) 50% or more of the value of the
Company's assets either produce passive income or are held for the
production of passive income, based on the quarterly average of the
fair market value of such assets (the &#x201C;asset test&#x201D;).
&#x201C;Gross income&#x201D; generally includes all sales revenues
less the cost of goods sold, plus income from investments and from
incidental or outside operations or sources, and &#x201C;passive
income&#x201D; generally includes, for example, dividends, interest,
certain rents and royalties, certain gains from the sale of stock
and securities, and certain gains from commodities
transactions.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Active
business gains arising from the sale of commodities generally are
excluded from passive income if substantially all of a foreign
corporation's commodities are stock in trade or inventory,
depreciable property used in a trade or business, or supplies
regularly used or consumed in a trade or business and certain other
requirements are satisfied.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">For
purposes of the PFIC income test and asset test described above, if
the Company owns, directly or indirectly, 25% or more of the total
value of the outstanding shares of another corporation, the Company
will be treated as if it (a) held a proportionate share of the
assets of such other corporation and (b) received directly a
proportionate share of the income of such other corporation. In
addition, for purposes of the PFIC income test and asset test
described above, and assuming certain other requirements are met,
&#x201C;passive income&#x201D; does not include certain interest,
dividends, rents, or royalties that are received or accrued by the
Company from certain &#x201C;related persons&#x201D; (as defined in
Section 954(d)(3) of the Code), to the extent such items are
properly allocable to the income of such related person that is not
passive income.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Under
certain attribution rules, if the Company is a PFIC, U.S. Holders
will generally be deemed to own their proportionate share of the
Company's direct or indirect equity interest in any company that is
also a PFIC (a ''Subsidiary PFIC''), and will be subject to U.S.
federal income tax on their proportionate share of (a) any
&#x201C;excess distributions,&#x201D; as described below, on the
stock of a Subsidiary PFIC and (b) a disposition or deemed
disposition of the stock of a Subsidiary PFIC by the Company or
another Subsidiary PFIC, both as if such U.S. Holders directly held
the shares of such Subsidiary PFIC. In addition, U.S. Holders may
be subject to U.S. federal income tax on any indirect gain realized
on the stock of a Subsidiary PFIC on the sale or disposition of
common shares. Accordingly, U.S. Holders should be aware that they
could be subject to tax even if no distributions are received and
no redemptions or other dispositions of common shares are
made.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; font-family: Times New Roman; font-size: 13px">
Tax Consequences if the Company is a PFIC</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
If the Company is a PFIC for any tax year during which a U.S.
Holder owns our common shares, special rules may increase such U.S.
Holder&#x2019;s U.S. federal income tax liability with respect to
the ownership and disposition of such common shares. If the Company
meets the income test or the asset test for any tax year during
which a U.S. Holder owns our common shares, the Company will be
treated as a PFIC with respect to such U.S. Holder for that tax
year and for all subsequent tax years, regardless of whether the
Company meets the income test or the asset test for such subsequent
tax years, unless the U.S. Holder elects to recognize any
unrealized gain in such common shares or makes a timely and
effective QEF Election or, if applicable, Mark-to-Market
Election.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Under the default PFIC rules:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">any gain realized
on the sale or other disposition (including dispositions and
certain other events that would not otherwise be treated as taxable
events) of our common shares (including an indirect disposition of
the stock of any Subsidiary PFIC) and any &#x201C;excess
distribution&#x201D; (defined as a distribution to the extent it,
together with all other distributions received in the relevant tax
year, exceeds 125% of the average annual distribution received
during the preceding three years) received on our common shares or
with respect to the stock of a Subsidiary PFIC will be allocated
rateably to each day of such U.S. Holder&#x2019;s holding period for
our common shares;&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the amount
allocated to the current tax year and any year prior to the first
year in which the Company was a PFIC will be taxed as ordinary
income in the current year;&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the amount
allocated to each of the other tax years (the &#x201C;Prior PFIC
Years&#x201D;) will be subject to tax at the highest ordinary income
tax rate in effect for the applicable class of taxpayer for that
year;&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">an interest charge
will be imposed with respect to the resulting tax attributable to
each Prior PFIC Year, which interest charge is not deductible by
non-corporate U.S. Holders; and&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">any loss realized
on the disposition of our common shares generally will not be
recognized.</font></div>
</div>
</div>
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">54</font></div>
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</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
A U.S. Holder that makes a timely and effective
&#x201C;mark-to-market&#x201D; election under Section 1296 of the
Code (a &#x201C;Mark-to-Market Election&#x201D;) or a timely and
effective election to treat the Company and each Subsidiary PFIC as
a &#x201C;qualified electing fund&#x201D; (a &#x201C;QEF&#x201D;) under
Section 1295 of the Code (a &#x201C;QEF Election&#x201D;) may
generally mitigate or avoid the PFIC consequences described above
with respect to our common shares.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
If a U.S. Holder makes a timely and effective QEF Election, the
U.S. Holder must include currently in gross income each year its
pro rata share of the Company&#x2019;s ordinary income and net
capital gains, regardless of whether such income and gains are
actually distributed. Thus, a U.S. Holder could have a tax
liability with respect to such ordinary income or gains without a
corresponding receipt of cash from the Company. If the Company is a
QEF with respect to a U.S. Holder, the U.S. Holder&#x2019;s basis in
our common shares will be increased to reflect the amount of the
taxed but undistributed income. Distributions of income that had
previously been taxed will result in a corresponding reduction of
basis in our common shares and will not be taxed again as a
distribution to a U.S. Holder. Taxable gains on the disposition of
our common shares by a U.S. Holder that has made a timely and
effective QEF Election are generally capital gains. A U.S. Holder
must make a QEF Election for the Company and each Subsidiary PFIC
if it wishes to have this treatment. To make a QEF Election, a U.S.
Holder will need to have an annual information statement from the
Company setting forth the ordinary income and net capital gains for
the year.</font><font style="font-weight: bold; color: #000000">&#xA0;</font><font style="color: #000000">U.S. Holders should be aware that there can be no
assurance that the Company will satisfy the recordkeeping
requirements that apply to a QEF or that the Company will supply
U.S. Holders with information such U.S. Holders require to report
under the QEF rules in the event that the Company is a PFIC for any
tax year.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
In general, a U.S. Holder must make a QEF Election on or before the
due date for filing its income tax return for the first year to
which the QEF Election applies. Under applicable Treasury
Regulations, a U.S. Holder will be permitted to make retroactive
elections in particular circumstances, including if it had a
reasonable belief that the Company was not a PFIC and filed a
protective election. If a U.S. Holder owns PFIC stock indirectly
through another PFIC, separate QEF Elections must be made for the
PFIC in which the U.S. Holder is a direct shareholder and the
Subsidiary PFIC for the QEF rules to apply to both PFICs. Each U.S.
Holder should consult its own tax advisor regarding the
availability and desirability of, and procedure for, making a
timely and effective QEF Election for the Company and any
Subsidiary PFIC.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
A Mark-to-Market Election may be made with respect to stock in a
PFIC if such stock is &#x201C;regularly traded&#x201D; on a
&#x201C;qualified exchange or other market&#x201D; (within the
meaning of the Code and the applicable Treasury Regulations). A
class of stock that is traded on one or more qualified exchanges or
other markets is considered to be &#x201C;regularly traded&#x201D;
for any calendar year during which such class of stock is traded in
other than de minimus quantities on at least 15 days during each
calendar quarter. If our common shares are considered to be
&#x201C;regularly traded&#x201D; within this meaning, then a U.S.
Holder generally will be eligible to make a Mark-to-Market Election
with respect to our common shares but not with respect to a
Subsidiary PFIC.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
A U.S. Holder that makes a timely and effective Mark-to-Market
Election with respect to our common stock generally will be
required to recognize as ordinary income in each tax year in which
the Company is a PFIC an amount equal to the excess, if any, of the
fair market value of such stock as of the close of such taxable
year over the U.S. Holder&#x2019;s adjusted tax basis in such stock
as of the close of such taxable year. A U.S. Holder&#x2019;s
adjusted tax basis in our common shares generally will be increased
by the amount of ordinary income recognized with respect to such
stock. If the U.S. Holder&#x2019;s adjusted tax basis in our common
shares as of the close of a tax year exceeds the fair market value
of such stock as of the close of such taxable year, the U.S. Holder
generally will recognize an ordinary loss, but only to the extent
of net mark-to-market income recognized with respect to such stock
for all prior taxable years. A U.S. Holder&#x2019;s adjusted tax
basis in our common shares generally will be decreased by the
amount of ordinary loss recognized with respect to such stock. Any
gain recognized upon a disposition of our common shares generally
will be treated as ordinary income, and any loss recognized upon a
disposition generally will be treated as ordinary loss to the
extent of the net mark-to-market income recognized for all prior
taxable years. Any loss recognized in excess thereof will be taxed
as a capital loss. Capital losses are subject to significant
limitations under the Code. Each U.S. Holder should consult its own
tax advisor regarding the availability and desirability of, and
procedure for, making a timely and effective Mark-to-Market
Election with respect to our common shares.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; color: #000000; font-family: Times New Roman; font-size: 13px">
Foreign Tax Credit</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
A U.S. Holder that pays (whether directly or through withholding)
Canadian income tax in connection with the ownership or disposition
of our common shares may be entitled, at the election of such U.S.
Holder, to receive either a deduction or a credit for such Canadian
income tax paid. Generally, a credit will reduce a U.S.
Holder&#x2019;s U.S. federal income tax liability on a
dollar-for-dollar basis, whereas a deduction will reduce a U.S.
Holder&#x2019;s income subject to U.S. federal income tax. This
election is made on a year-by-year basis and applies to all
creditable foreign taxes paid (whether directly or through
withholding) by a U.S. Holder during a year.</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><br></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Complex limitations apply to the foreign tax credit, including the
general limitation that the credit cannot exceed the proportionate
share of a U.S. Holder&#x2019;s U.S. federal income tax liability
that such U.S. Holder&#x2019;s &#x201C;foreign source&#x201D; taxable
income bears to such U.S. Holder&#x2019;s worldwide taxable income.
In applying this limitation, a U.S. Holder&#x2019;s various items of
income and deduction must be classified, under complex rules, as
either &#x201C;foreign source&#x201D; or &#x201C;U.S. source.&#x201D;
Generally, dividends paid by a non-U.S. corporation should be
treated as foreign source for this purpose, and gains recognized on
the sale of securities of a non-U.S. corporation by a U.S. Holder
should be treated as U.S. source for this purpose, except as
otherwise provided in an applicable income tax treaty, and if an
election is properly made under the Code. However, the amount of a
distribution with respect to our common shares that is treated as a
&#x201C;dividend&#x201D; may be lower for U.S. federal income tax
purposes than it is for Canadian federal income tax purposes,
resulting in a reduced foreign tax credit allowance to a U.S.
Holder. In addition, this limitation is calculated separately with
respect to specific categories of income. The foreign tax credit
rules are complex, and each U.S. Holder should consult its own U.S.
tax advisor regarding the foreign tax credit rules.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">
Special rules apply to the amount of foreign tax credit that a U.S.
Holder may claim on a distribution, including a constructive
distribution, from a PFIC. Subject to such special rules, non-U.S.
taxes paid with respect to any distribution in respect of stock in
a PFIC are generally eligible for the foreign tax
credit</font><font style="font-weight: bold; color: #000000">.&#xA0;</font><font style="color: #000000">The rules relating to distributions by a PFIC and
their eligibility for the foreign tax credit are complicated, and a
U.S. Holder should consult its own tax advisor regarding their
application to the U.S. Holder.</font></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; color: #000000; font-family: Times New Roman; font-size: 13px">
Receipt of Foreign Currency</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The amount of any distribution or proceeds paid in Canadian dollars
to a U.S. Holder in connection with the ownership, sale or other
taxable disposition of our common shares, will be included in the
gross income of a U.S. Holder as translated into U.S. dollars
calculated by reference to the exchange rate prevailing on the date
of actual or constructive receipt of the payment, regardless of
whether the Canadian dollars are converted into U.S. dollars at
that time. If the Canadian dollars received are not converted into
U.S. dollars on the date of receipt, a U.S. Holder will have a
basis in the Canadian dollars equal to their U.S. dollar value on
the date of receipt. Any U.S. Holder who receives payment in
Canadian dollars and engages in a subsequent conversion or other
disposition of the Canadian dollars may have a foreign currency
exchange gain or loss that would be treated as ordinary income or
loss, and generally will be U.S. source income or loss for foreign
tax credit purposes. Different rules apply to U.S. Holders who use
the accrual method of tax accounting. Each U.S. Holder should
consult its own U.S. tax advisor regarding the U.S. federal income
tax consequences of receiving, owning, and disposing of Canadian
dollars.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="text-decoration: underline; color: #000000; font-family: Times New Roman; font-size: 13px">
Information Reporting; Backup Withholding</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Under U.S. federal income tax law, certain categories of U.S.
Holders must file information returns with respect to their
investment in, or involvement in, a non-U.S. corporation. For
example, U.S. return disclosure obligations (and related penalties)
are imposed on individuals who are U.S. Holders that hold certain
specified foreign financial assets in excess of certain threshold
amounts. The definition of &#x201C;specified foreign financial
assets&#x201D; includes not only financial accounts maintained in
non-U.S. financial institutions, but also, if held for investment
and not in an account maintained by certain financial institutions,
any stock or security issued by a non-U.S. person, any financial
instrument or contract that has an issuer or counterparty other
than a U.S. person and any interest in a non-U.S. entity. A U.S.
Holder may be subject to these reporting requirements unless such
U.S. Holder&#x2019;s shares of our common shares are held in an
account at certain financial institutions. Penalties for failure to
file certain of these information returns are substantial. U.S.
Holders should consult with their own tax advisors regarding the
requirements of filing information returns on IRS Form 8938 for
specified foreign financial assets, filing obligations relating to
the PFIC rules including possible reporting on IRS Form 8621, and
any other applicable reporting requirements.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
Payments made within the U.S. or by a U.S. payor or U.S. middleman
of (a) distributions on our common shares, and (b) proceeds arising
from the sale or other taxable disposition of our common shares
generally will be subject to information reporting. In addition,
backup withholding, currently at a rate of 24%, may apply to such
payments if a U.S. Holder (a) fails to furnish such U.S.
Holder&#x2019;s correct U.S. taxpayer identification number
(&#x201C;TIN&#x201D;) (generally on Form W-9), (b) furnishes an
incorrect U.S. TIN, (c) is notified by the IRS that such U.S.
Holder has previously failed to properly report items subject to
backup withholding, or (d) fails to certify, under penalty of
perjury, that such U.S. Holder has furnished its correct U.S. TIN
and that the IRS has not notified such U.S. Holder that it is
subject to backup withholding. Certain exempt persons generally are
excluded from these information reporting and backup withholding
rules. Backup withholding is not an additional tax. Any amounts
withheld under the U.S. backup withholding rules are allowed as a
credit against a U.S. Holder&#x2019;s U.S. federal income tax
liability, if any, or will be refunded, if such U.S. Holder
furnishes required information to the IRS in a timely manner. The
information reporting and backup withholding rules may apply even
if, under the Canada-U.S. Tax Convention, payments are exempt from
dividend withholding tax or otherwise eligible for a reduced
withholding rate.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">
The discussion of reporting requirements set forth above is not
intended to constitute an exhaustive description of all reporting
requirements that may apply to a U.S. Holder. A failure to satisfy
certain reporting requirements may result in an extension of the
time period during which the IRS can assess a tax, and, under
certain circumstances, such an extension may apply to assessments
of amounts unrelated to any unsatisfied reporting requirement. Each
U.S. Holder should consult its own tax advisor regarding the
information reporting and backup withholding rules.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #000000; font-weight: bold; font-family: Times New Roman; font-size: 13px">
THE ABOVE SUMMARY IS NOT INTENDED TO CONSTITUTE A COMPLETE ANALYSIS
OF ALL U.S. TAX CONSIDERATIONS APPLICABLE TO U.S. HOLDERS WITH
RESPECT TO THE ACQUISITION, OWNERSHIP OR DISPOSITION OF OUR COMMON
SHARES. U.S. HOLDERS SHOULD CONSULT THEIR OWN TAX ADVISORS AS TO
THE TAX CONSIDERATIONS APPLICABLE TO THEM IN THEIR PARTICULAR
CIRCUMSTANCES.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">F.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">DIVIDENDS
AND PAYING AGENTS</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Not
applicable.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">G.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">STATEMENT
BY EXPERTS</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Not
applicable.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">H.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">DOCUMENTS
ON DISPLAY</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Exhibits
attached to this Form 20-F are also available for viewing on EDGAR,
or at the offices of Amarc, Suite 1400 &#x2013; 1040 West Georgia
Street, Vancouver, British Columbia V6E 4H1 or on request of Amarc
at 604-684-6365, attention: Corporate Secretary. Copies of Amarc's
financial statements and other continuous disclosure documents
required under the British Columbia Securities Act are available
for viewing on the internet at <font style="text-decoration: underline; color: #0000FF">www.sedar.com</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">I.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">SUBSIDIARY
INFORMATION</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Not
applicable.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 84px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><a name="_Toc78195332"><!--anchor--></a><font style="color: #0000FF">ITEM 11</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0000FF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="QUAN">Q</a>UANTITATIVE AND QUALITATIVE
DISCLOSURES ABOUT MARKET RISK</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">A.</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">RISK
RELATED TO COVID-19</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
current outbreak of COVID-19, and any future emergence and spread
of similar pathogens, could have a material adverse effect on
global and local economic and business conditions, which may
adversely impact the Company&#x2019;s business and results of
operations and the operations of contractors and service providers.
The extent to which the COVID-19 impacts our operations will depend
on future developments, which are highly uncertain and cannot be
predicted with confidence, including the duration of the outbreak,
new information that may emerge concerning its severity and the
actions taken to contain the virus or treat its impact, among
others. The adverse effects on the economy, the stock market and
the Company&#x2019;s share price could adversely impact its ability
to raise capital, with the result that our ability to pursue
development of the JOY, IKE and DUKE Districts could be adversely
impacted, both through delays and through increased costs. Any of
these developments, and others, could have a material adverse
effect on the Company&#x2019;s business and results of operations
and could delay its plans for development of its
districts.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">B.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">TRANSACTION
RISK AND CURRENCY RISK MANAGEMENT</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Amarc's
operations do not employ financial instruments or derivatives which
are market sensitive and Amarc does not have financial market risks
that it deems to be material.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">C.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">EXCHANGE
RATE SENSITIVITY</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Amarc's
administrative operations are in Canada. The Company typically
holds most of its funds in Canadian Dollars and typically acquires
foreign currency on an as-needed basis and, hence, it is not
significantly affected by exchange rate risk. The Company does,
however, from time to time, invest in U.S. Dollars denominated
short-term investments. The Company is exposed to foreign currency
exchange risk on such investments. However, such U.S. Dollars
denominated investments have been minor and the foreign exchange
risk has been immaterial.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">57</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company currently does not engage in foreign currency
hedging.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">D.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">INTEREST
RATE RISK AND EQUITY PRICE RISK</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Amarc's
liabilities consist of routine accounts payable, balance due to a
related party, and a loan payable to a director of the Company. The
loans bear fixed interest rates. Based on these factors, interest
rate change risk for the Company is nominal. For more details on
the loan, refer to Note 8 of the accompanying audited annual
financial statements for the year ended March 31,
2021.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Some of
the Company's marketable securities are subject to equity price
risk as they relate to shares held in publicly-traded companies.
Given the small value of the Company's marketable securities,
equity price risk for the Company is nominal.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">E.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">COMMODITY
PRICE RISK</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">While
the value of Amarc's resource properties can always be said to
relate to the price of copper and gold metals and the outlook for
same, Amarc does not have any operating mines and hence does not
have any hedging or other commodity-based operational risks
respecting its business activities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 96px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><a name="_Toc78195333"><!--anchor--></a><font style="color: #0000FF">ITEM 12</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0000FF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="DESC">D</a>ESCRIPTION OF SECURITIES OTHER THAN
EQUITY SECURITIES</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Not
applicable.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 96px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><a name="_Toc78195334"><!--anchor--></a><font style="color: #0000FF">ITEM 13</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0000FF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="DEFA">D</a>EFAULTS, DIVIDEND ARREARAGES AND
DELINQUENCIES</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Not
applicable.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 96px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><a name="_Toc78195335"><!--anchor--></a><font style="color: #0000FF">ITEM 14</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0000FF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="MATE">M</a>ATERIAL MODIFICATIONS TO THE RIGHTS
OF SECURITY HOLDERS AND USE OF PROCEEDS</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Not
applicable.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 96px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><a name="_Toc78195336"><!--anchor--></a><font style="color: #0000FF">ITEM 15</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0000FF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="CONT">C</a>ONTROLS AND PROCEDURES</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
DISCLOSURE CONTROLS AND PROCEDURES</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">At the
end of the period covered by this annual report on Form 20-F, an
evaluation was carried out with the participation of the Company's
management, including the President and Chief Executive Officer
(&#x201C;CEO&#x201D;) and the Chief Financial Officer
(&#x201C;CFO&#x201D;), of the effectiveness of the Company's
disclosure controls and procedures (as defined in Rules 13a &#x2013;
15(e) and 15d &#x2013;15(e) under the Securities Exchange Act of
1934, as amended (the &#x201C;Exchange Act&#x201D;)). Based on that
evaluation, the President and CEO and the CFO have concluded that
as of the end of the period covered by this annual report on Form
20-F, the Company's disclosure controls and procedures were
effective in providing reasonable assurance that: (i) information
required to be disclosed by the Company in reports that it files or
submits to the SEC under the Exchange Act was recorded, processed,
summarized and reported within the time periods specified in
applicable rules and forms, and (ii) material information required
to be disclosed in the Company's reports filed under the Exchange
Act was accumulated and communicated to the Company's management,
including the President and CEO and the CFO, as appropriate, to
allow for accurate and timely decisions regarding required
disclosure.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
MANAGEMENT'S ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL
REPORTING</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company's management, including the President and CEO and CFO, is
responsible for establishing and maintaining adequate internal
control over financial reporting as defined in Rules 13a-15(f) and
15d-15(f) under the Exchange Act. The Company's internal control
over financial reporting is a process designed to provide
reasonable assurance regarding the reliability of financial
reporting and the preparation and fair presentation of financial
statements for external purposes in accordance with IFRS. The
Company's internal control over financial reporting includes those
policies and procedures that:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">58</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 13px">&#x25CF;&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">pertain to the
maintenance of records that, in reasonable detail, accurately and
fairly reflect the transactions and dispositions of the assets of
the Company;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 13px">&#x25CF;&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">provide reasonable
assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with IFRS, and
that receipts and expenditures of the Company are being made only
in accordance with authorizations of management and directors of
the Company; and</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 13px">&#x25CF;&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">provide reasonable
assurance regarding prevention or timely detection of unauthorized
acquisition, use or disposition of the Company's assets that could
have a material effect on the financial statements.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">With
the participation of the President and CEO and CFO, management
conducted an evaluation of the design and operation of the
Company's internal control over financial reporting as of March 31,
2021, based on the criteria set forth in Internal Control &#x2013;
Integrated Framework (2013) issued by the Committee of Sponsoring
Organizations of the Treadway Commission. This evaluation included
review of the documentation of controls, evaluation of the design
effectiveness of controls, testing of the operating effectiveness
of controls and a conclusion on this evaluation. Based on this
evaluation, management concluded in its report that the Company's
internal control over financial reporting was effective as of March
31, 2021.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">This
Annual Report does not include an attestation report of the
Company's registered public accounting firm regarding internal
control over financial reporting. Management's report was not
subject to attestation by the Company's registered public
accounting firm pursuant to rules that permit the Company to
provide only management's report in this Annual
Report.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">During
the period covered by this Annual Report on Form 20-F, no changes
occurred in the Company's internal control over financial reporting
that have materially affected, or are reasonably likely to
materially affect, the Company's internal control over financial
reporting.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
LIMITATIONS OF CONTROLS AND PROCEDURES</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company's management, including its President and CEO and CFO, does
not expect that its disclosure controls and procedures or internal
controls and procedures will prevent all errors and all fraud. A
control system, no matter how well conceived and operated, can
provide only reasonable, not absolute, assurance that the
objectives of the control system are met. Further, the design of a
control system must reflect the fact that there are resource
constraints, and the benefits of controls must be considered
relative to their costs.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Because
of the inherent limitations in all control systems, no evaluation
of controls can provide absolute assurance that all control issues
and instances of fraud, if any, within the Company have been
detected. These inherent limitations include the realities that
judgments in decision-making can be faulty, and that breakdowns can
occur because of simple error or mistake. Additionally, controls
can be circumvented by the individual acts of some persons, by
collusion of two or more people, or by management override of the
controls. The design of any system of controls is also based in
part upon certain assumptions about the likelihood of future
events, and there can be no assurance that any design will succeed
in achieving its stated goals under all potential future
conditions; over time, controls may become inadequate because of
changes in conditions, or the degree of compliance with the
policies or procedures may deteriorate. Because of the inherent
limitations in a cost-effective control system, misstatements due
to error or fraud may occur and not be detected.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 96px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><a name="_Toc78195337"><!--anchor--></a><font style="color: #0000FF">ITEM 16</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0000FF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
[<a name="RESE">R</a>ESERVED]</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 96px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><a name="_Toc78195338"><!--anchor--></a><font style="color: #0000FF">ITEM 16A</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0000FF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="AUDI">A</a>UDIT COMMITTEE FINANCIAL
EXPERT</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
members of the audit committee are Scott Cousens, Barry Coughlan
and Diane Nicolson. The board of directors has determined that Mr.
Coughlan qualifies as a &#x201C;financial expert&#x201D; under the
rules of the Securities and Exchange Commission, based on his
education and experience. Mr. Coughlan is independent, as the term
is defined in section 803 of the NYSE American Company
Guide.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Each
audit committee member is able to read and understand fundamental
financial statements.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 96px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><a name="_Toc78195339"><!--anchor--></a><font style="color: #0000FF">ITEM 16B</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0000FF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="CODE">C</a>ODE OF ETHICS</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company's board of directors has adopted a Code of Ethics governing
directors, officers, employees and contractors. The Code of Ethics
sets forth written standards that are designed to deter wrongdoing
and to promote:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">59</font></div>
</div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 13px">(a)&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">honest and ethical
conduct, including the ethical handling of actual or apparent
conflicts of interest between personal and professional
relationships;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 13px">(b)&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">full, fair,
accurate, timely, and understandable disclosure in reports and
documents that the Company files with, or submits to, securities
regulators and in other public communications made by the
Company;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 13px">(c)&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">compliance with
applicable laws, rules and regulations;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 13px">(d)&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the prompt internal
reporting of violations of the Code of Ethics to an appropriate
person or persons identified in the Code; and</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 48px"><font style="font-family: Times New Roman; font-size: 13px">(e)&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">accountability for
adherence to the Code of Ethics.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
board of directors monitors compliance with the Code of Ethics by
ensuring that all Company personnel have read and understood the
Code of Ethics, and by charging management with bringing to the
attention of the board of directors any issues that arise with
respect to the Code of Ethics.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
Company's Code of Ethics was filed as Exhibit 11.1 of the Company's
Form 20-F filed on October 7, 2008. The Company's Code of Ethics
can be viewed at the Company's website (www.amarcresources.com).
The Company will also provide a copy of the Code of Ethics to any
person without charge, upon request. Requests can be sent by mail
to: 15th floor, 1040 West Georgia Street, Vancouver, British
Columbia V6E 4H1 or on request of the Company at 604-684-6365,
attention: Investor Relations Department.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">During
the most recently completed fiscal year, the Company has neither:
(a) amended its Code of Ethics; nor (b) granted any waiver
(including any implicit waiver) form any provision of its Code of
Ethics.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 96px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><a name="_Toc78195340"><!--anchor--></a><font style="color: #0000FF">ITEM 16C</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0000FF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="PRIN">P</a>RINCIPAL ACCOUNTANT FEES AND
SERVICES</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
following table discloses the aggregate fees billed for each of the
last two fiscal years for professional services rendered by the
Company's audit firm, De Visser Gray LLP for various
services.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="width: 100%; font-family: Times New Roman; font-size: 13px">
<tr>
<td style="vertical-align: middle; width: 17%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">Services:</font></font></div>
</td>
<td style="vertical-align: middle; width: 54%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-size: 11px"><font style="font-family: Times New Roman;">&#xA0;</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">Year ended March
31, 2021</font></font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-top: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">Year ended March
31, 2020</font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 17%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">Audit
Fees</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 54%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">Includes fees
necessary to perform the annual audit and quarterly reviews of the
Company's financial statements. Audit Fees include fees for review
of tax provisions and for accounting consultations on matters
reflected in the financial statements. Audit Fees also include
audit or other attest services required by legislation or
regulation, such as comfort letters, consents, reviews of
securities filings and statutory audits.</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">$20,000</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">$20,000</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 17%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">Audit-related
Fees</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 54%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">Includes services
that are traditionally performed by the auditor. These
audit-related services include employee benefit audits, due
diligence assistance, accounting consultations on proposed
transactions, internal control reviews and audit or attest services
not required by legislation or regulation.</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 17%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">Tax
Fees</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 54%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">Includes fees for
all tax services other than those included in &#x201C;Audit
Fees&#x201D; and &#x201C;Audit-related Fees&#x201D;. This category
includes fees for tax compliance, tax planning and tax advice. Tax
planning and tax advice includes assistance with tax audits and
appeals, tax advice related to mergers and acquisitions, and
requests for rulings or technical advice from tax
authorities.</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
</tr><tr>
<td style="vertical-align: middle; width: 17%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">All
Other Fees</font></div>
</td>
<td style="vertical-align: middle; width: 54%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">Includes all other
non-audit services.</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Nil</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: middle; width: 17%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: left; margin-left: 24px; margin-right: 0px; text-indent: -24px">
<font style="font-family: Times New Roman; font-size: 13px">Total</font></div>
</td>
<td style="vertical-align: middle; width: 54%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">$20,000</font></div>
</td>
<td style="vertical-align: middle; width: 14%; border-left: 0.5pt solid #000000; border-right: 0.5pt solid #000000; border-bottom: 2px solid #000000">
<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">$20,000</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">From
time to time, management of the Company recommends to and requests
approval from the audit committee for non-audit services to be
provided by the Company's auditors. The audit committee routinely
considers such requests at committee meetings, and if acceptable to
a majority of the audit committee members, pre-approves such
non-audit services by a resolution authorizing management to engage
the Company's auditors for such non-audit services, with set
maximum dollar amounts for each itemized service. During such
deliberations, the audit committee assesses, among other factors,
whether the services requested would be considered
&#x201C;prohibited services&#x201D; as contemplated by the SEC, and
whether the services requested and the fees related to such
services could impair the independence of the auditors. No material
non-audit services were provided by the Company's auditors during
the years presented in the above table.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">60</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 96px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><a name="_Toc78195341"><!--anchor--></a><font style="color: #0000FF">ITEM 16D</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0000FF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="EXEM">E</a>XEMPTIONS FROM LISTING STANDARDS FOR
AUDIT COMMITTEES</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Not
applicable.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 96px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><a name="_Toc78195342"><!--anchor--></a><font style="color: #0000FF">ITEM 16E</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0000FF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="PURC">P</a>URCHASES OF EQUITY SECURITIES BY THE
ISSUER AND AFFILIATED PURCHASERS</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In the
year ended March 31, 2021, the Company did not purchase any of its
issued and outstanding Common Shares pursuant to any repurchase
program or otherwise.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 96px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><a name="_Toc78195343"><!--anchor--></a><font style="color: #0000FF">ITEM 16F</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0000FF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="CHAN">C</a>HANGE IN REGISTRANT'S CERTIFYING
ACCOUNTANT</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">None.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 96px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><a name="_Toc78195344"><!--anchor--></a><font style="color: #0000FF">ITEM 16G</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0000FF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="CORP">C</a>ORPORATE GOVERNANCE</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Not
applicable.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 96px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><a name="_Toc78195345"><!--anchor--></a><font style="color: #0000FF">ITEM 16H</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0000FF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="MINE">M</a>INE SAFETY DISCLOSURE</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Not
applicable.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 96px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><a name="_Toc78195346"><!--anchor--></a><font style="color: #0000FF">ITEM 17</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0000FF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="FINs">F</a>INANCIAL STATEMENTS</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Not
applicable. See <a href="#_ITEM_18_"><font style="text-decoration: underline; color: #0000FF">Item 18 &#x2013;
Financial Statements</font></a></font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 96px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><a name="_ITEM_18_"><!--anchor--></a><a name="_Toc78195347"><!--anchor--></a><font style="color: #0000FF">ITEM
18</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0000FF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
FINANCIAL <a name="STATE">S</a>TATEMENTS</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
following are incorporated herein:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Report of the
Company's independent registered public accountants, De Visser Gray
LLP, dated July 27, 2021;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Statements of
financial position as at March 31, 2021 and March 31,
2020;</font></div>
</div>
</div>
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<div style="display: table-row">
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<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Statements of loss
for the years ended March 31, 2021, March 31, 2020, and March 31,
2019;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Statements of other
comprehensive loss (income) for the years ended March 31, 2021,
March 31, 2020, and March 31, 2019;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Statements of cash
flows for the years ended March 31, 2021, March 31, 2020, and March
31, 2019;</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Statements of
changes in equity for the years ended March 31, 2021, March 31,
2020, and March 31, 2019; and</font></div>
</div>
</div>
<div style="margin-left: 24px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 24px">
<font style="font-family: Times New Roman; font-size: 13px">&#x25CF;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Notes to annual
financial statements.</font></div>
</div>
</div>
<br>
<br>
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">61</font></div>
</div>
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</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px"><img src="ahrfinslogo.jpg"></div>
<div style="text-align: center; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="color: #016BB6; font-weight: bold; font-family: Times New Roman; font-size: 16px">
AMARC RESOURCES LTD.</font></div>
<div style="text-align: center; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">CONSOLIDATED
FINANCIAL STATEMENTS</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">&#xA0;
<font style="font-family: Times New Roman; font-size: 13px"><br>
</font></div>
<font style="font-family: Times New Roman; font-size: 13px"><br></font>
<div><font>&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">FOR THE
YEARS ENDED</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">MARCH
31, 2021, 2020 and 2019</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
(Expressed in Canadian Dollars)</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 114px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 114px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center"><img src="opinion000.jpg"></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">To
the Shareholders and the Board of Directors of Amarc Resources
Ltd.,</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Opinion
on the Consolidated Financial Statements</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">We have
audited the accompanying consolidated financial statements of Amarc
Resources Ltd. (&#x201C;the Company&#x201D;), which comprise the
consolidated statements of financial position as at March 31, 2021
and 2020 and the consolidated statements of income (loss),
comprehensive income (loss), changes in (deficiency) equity and
cash flows for each of the years in the three year period ended
March 31, 2021, and a summary of significant accounting policies
and other explanatory information (collectively referred to as the
&#x201C;consolidated financial statements&#x201D;). In our opinion,
the consolidated financial statements present fairly, in all
material respects, the financial position of the Company as at
March 31, 2021 and 2020 and its financial performance and its cash
flows for each of the years in the three year period ended March
31, 2021, in accordance with International Financial Reporting
Standards as issued by the International Accounting Standards
Board.</font></div>
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Going
Concern</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">The
accompanying consolidated 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
consolidated 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 significant doubt as to the Company's ability to
continue as a going concern. Management&#x2019;s plans in regard to
these matters are also described in Note 1. The consolidated
financial statements do not include any adjustments that might
result from the outcome of this uncertainty.</font></div>
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Basis
for Opinion</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">These
consolidated financial statements are the responsibility of the
Company&#x2019;s management. Our responsibility is to express an
opinion on the Company&#x2019;s consolidated financial statements
based on our audits. We are a public accounting firm registered
with the Public Company Accounting Oversight Board (United States)
(&#x201C;PCAOB&#x201D;) 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 andthe PCAOB.</font></div>
<div style="text-align: justify; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">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 consolidated 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&#x2019;s internal control over financial reporting.
Accordingly, we express no such opinion.</font></div>
<div style="text-align: justify; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Our
audits included performing procedures to assess the risks of
material misstatement of the consolidated 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
consolidated 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 consolidated financial statements. We believe that our
audits provide a reasonable basis for our opinion.</font></div>
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Critical
Audit Matter</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">The
critical audit matter communicated below is a matter arising from
the current period audit of the consolidated financial statements
that was communicated or required to be communicated to the audit
committee and that: (1) relates to accounts or disclosures that are
material to the consolidated financial statements and (2) involved
our especially challenging, subjective, or complex judgements. The
communication of a critical audit matter does not alter in any way
our opinion on the consolidated financial statements, taken as a
whole, and we are not, by communicating the critical audit matter
below, providing a separate opinion on the critical audit matter or
on the accounts or disclosures to which it relates.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">F-2</font></div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10"><br></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-style: italic; font-family: Times New Roman; font-size: 13px">
Fair value determination of proceeds received from the sale of an
exploration property</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">As
described in Notes 4 and 7 to the consolidated financial
statements, the proceeds received onthe Company&#x2019;s divestment
of its Newton Property during the current year included non-cash
consideration of the purchaser, which required management to use
significant judgement in the measurement of the fair values of
these instruments. The fair value of the common shares received was
determined based on the closing share price of the
purchaser&#x2019;s common shares on the date of purchase. The fair
value of the warrants received was determined based on a valuation
model which requires significant judgement as to the determination
of the inputs used. Subsequent to the initial measurement of the
transaction these financial assets were re-valued asat March 31,
2021, with the change in fair value recognized in other
comprehensive income.</font></div>
<div style="text-align: justify; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">The
principal considerations for our determination that the fair value
determination of these non-cash proceeds is a critical audit matter
are: (i) materiality of the amounts involved in respect to quantum;
(ii) there was significant judgement by management when determining
the inputs to the valuation model used to value the warrants; and
(iii) a high degree of auditor judgement, subjectivity, and effort
in performing procedures to evaluate management&#x2019;s valuation
model and the significant assumptions including volatility in share
price and discount rate.</font></div>
<div style="text-align: justify; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Addressing the
matter involved performing procedures and evaluating audit evidence
in connection with forming our overall opinion on the consolidated
financial statements. These procedures also included, among others,
(i) testing management&#x2019;s process for determining the fair
value of proceeds received, including evaluating the
appropriateness of the valuation model; (ii) testing the
completeness and accuracy of underlying data used in the model and
evaluating the reasonableness of the significant estimates and
assumptions used by management; and (iii) considering whether the
financial statements fairly disclosed the inherent uncertainties
applicable to these fair value measurements.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><img src="fins-sig.jpg"></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">CHARTERED
PROFESSIONAL ACCOUNTANTS</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Vancouver,
Canada</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">July
27, 2021</font></div>
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">We have
served as the Company&#x2019;s auditor since 1995.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">F-3</font></div>
</div>
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<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="color: #016BB6; font-weight: bold; font-family: Times New Roman; font-size: 16px">
<font style="font-size: 13px">Amarc Resources
Ltd.</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 16px"><font style="font-size: 13px">
Consolidated Statements of Financial
Position</font></font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(Expressed
in Canadian Dollars)</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
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<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 11px;">&#xA0;</font></div>
</td>
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<div><font style="font-size: 11px"><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-weight: bold; font-family: Times New Roman;">Note</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font></font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 12%; border-top: 2px solid rgb(0, 0, 0);">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: right"><font style="font-weight: bold; font-family: Times New Roman;">March
31,</font></div>
<div style="text-align: right"><font style="font-weight: bold; font-family: Times New Roman;">2021</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font></font></div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 12%; border-top: 2px solid rgb(0, 0, 0);">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: right"><font style="font-weight: bold; font-family: Times New Roman;">March
31,</font></div>
<div style="text-align: right"><font style="font-weight: bold; font-family: Times New Roman;">2020</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">ASSETS</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Current assets</font> &#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Cash</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">3, 10(b)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">308,085</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">249,183</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Amounts receivable
and other assets</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">6</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">47,380</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">83,378</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:64%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Marketable
securities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: center; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">4, 7(e)</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">1,026,418</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">18,356</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:64%;">
<div><br></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,381,883</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">350,917</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Non-current assets</font> &#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:64%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Restricted
cash</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: center; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">5</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">178,487</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">178,143</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:64%;border-bottom:double 4px #000000;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Total
assets</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,560,370</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">529,060</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">LIABILITIES
AND SHAREHOLDERS' EQUITY</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Current liabilities</font> &#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Accounts payable
and accrued liabilities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">8</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">168,195</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">100,075</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Balance due to
related parties</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">11</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">795,239</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">591,979</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:64%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Director's
loan</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: center; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">9</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">&#x2013;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">300,000</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:64%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">963,434</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">992,054</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:64%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Non-current
liabilities</font>&#xA0;<br></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:64%;">
<div style="margin-left:0px;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 24px"><font style="font-family: Times New Roman; font-size: 13px">Director's
loan</font></div>
</div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">9</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">570,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">512,119</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:64%;border-bottom:solid 2px #000;">
<div style="margin-left:0px;">
<div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 24px"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:64%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Total
liabilities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">1,533,434</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">1,504,173</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:64%;">
<div style="margin-left:0px;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
&#xA0;</font> &#xA0;</font></div>
</div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:64%;">
<div style="margin-left:0px;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Shareholders' equity</font> &#xA0;</font></div>
</div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Share
capital</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">10</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">64,744,721</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">64,341,556</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Reserves</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">10</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">4,834,306</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">5,631,897</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:64%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Accumulated
deficit</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(69,587,867</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(70,948,566</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">)</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 64%;">
<div>
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 10%;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%;">(8,840</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 10%;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%;">(975,113</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 10%;">)</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:64%;border-bottom:solid 2px #000000;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:64%;border-bottom:double 4px #000000;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Total
liabilities and shareholders' equity</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,524,594</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">529,060</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Nature
of operations and going concern (note 1)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Events
after the reporting period (note 15)</font></div>
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
The accompanying notes are an integral part of these consolidated
financial statements.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family: inherit; font-size: inherit;width: 100%;">
<tr>
<td style="vertical-align: bottom; width: 58%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
/s/ Robert A. Dickinson</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 26%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-style: italic; font-size: 13px; font-family: Times New Roman">
/s/ Scott D. Cousens</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 58%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" style="vertical-align: bottom;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 58%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Robert A.
Dickinson</font></div>
</td>
<td colspan="2" style="vertical-align: bottom; width: 26%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Scott D.
Cousens</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: bottom; width: 58%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Director</font></div>
</td>
<td colspan="2" style="vertical-align: bottom;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">Director</font>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 1%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 15%">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">F-4</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="color: #016BB6; font-weight: bold; font-family: Times New Roman; font-size: 16px">
<font style="font-size: 13px">Amarc Resources
Ltd.</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Consolidated
Statements of Income (Loss)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(Expressed
in Canadian Dollars, except for weighted average number of common
shares)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;<br>
</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:52%;border-bottom:solid 2px #000000;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font></div>
</td>
<td colspan="3" rowspan="1" style="vertical-align:bottom;width:36%;border-top:solid 1px #000000;">
<div><font style="text-align: left; vertical-align:bottom;width:3%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:94%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">&#xA0;Year
ended March 31,</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:3%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:52%;border-bottom:solid 2px #000000;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">Note</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">2021</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">2020</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-weight:bold;font-size:13px;font-family:Times New Roman;">2019</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:52%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Expenses</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div style="text-align: center; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">11,13</font><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Exploration and
evaluation</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font>
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font>
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font> <font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(1,395,645</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(1,637,479</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(5,390,102</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">)</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:24px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Assays and
analysis</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div style="text-align: center; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font> <font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">152,093</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">130,666</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">354,492</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:24px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Drilling</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div style="text-align: center; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font> <font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">146,886</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2013;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">800,682</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:24px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Equipment
rental</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div style="text-align: center; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font> <font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,769</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">4,350</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">103,425</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:24px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Geological,
including geophysical</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div style="text-align: center; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font> <font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">475,380</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">693,016</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,295,699</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:24px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Helicopter and
fuel</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div style="text-align: center; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font> <font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">208,347</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">25,064</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">934,727</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:24px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Property
acquisition and assessments costs</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div style="text-align: center; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font> <font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">55,436</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">428,959</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">652,926</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:24px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Site
activities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div style="text-align: center; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font> <font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">182,238</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">178,443</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">963,826</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:24px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Socioeconomic</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div style="text-align: center; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font> <font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">99,527</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">156,713</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">192,517</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:24px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Technical
data</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div style="text-align: center; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font> <font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">63,206</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2013;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2013;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent:24px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Travel and
accommodation</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font>
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font>
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font> <font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">10,763</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">20,268</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">91,808</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div style="text-align: center; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font> <font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Administration</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font>
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font>
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font> <font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(629,974</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(855,869</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(913,897</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">)</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:24px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Legal, accounting
and audit</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div style="text-align: center; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font> <font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">45,828</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">161,450</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">33,106</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:24px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Office and
administration</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div style="text-align: center; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">13</font><font style="font-size: 13px; font-family: Times New Roman;">(b)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">416,924</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">550,534</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">656,569</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:24px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Shareholder
communication</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div style="text-align: center; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font> <font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">123,925</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">84,608</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">155,126</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:24px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Travel and
accommodation</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div style="text-align: center; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font> <font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">10,763</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">14,179</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">32,891</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent:24px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Trust and
regulatory</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font>
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font>
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font> <font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">32,534</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">45,098</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">36,205</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div style="text-align: center; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font> <font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Equity-settled
share-based compensation</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font>
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font>
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font> <font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(17,888</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(42,124</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">&#x2013;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div style="text-align: center; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font> <font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Cost
recoveries</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div style="text-align: center; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">7</font><font style="font-size: 13px; font-family: Times New Roman;">(d)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,350,891</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,491,626</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">4,538,604</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div style="text-align: center; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font> <font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Non-refundable
contribution of an option agreement</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div style="text-align: center; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">7</font><font style="font-size: 13px; font-family: Times New Roman;">(d)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">260,115</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2013;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2013;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Proceeds
from disposal of mineral property</font></div>
</td>
<td style="vertical-align: bottom; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: center; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font>
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font>
<font style="font-family: Times New Roman; font-size: 13px;">7</font><font style="font-family: Times New Roman; font-size: 13px;">(e)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">1,934,500</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">&#x2013;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">&#x2013;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div style="text-align: center; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font> <font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,501,999</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(1,043,846</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(1,765,395</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Other
items</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div style="text-align: center; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font> <font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:24px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Finance
income</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div style="text-align: center; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font> <font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">26,904</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">5,558</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">38,016</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:24px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Interest expense
&#x2013; director's loans</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div style="text-align: center; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">10</font><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(111,354</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(105,630</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(90,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:24px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Transaction cost
&#x2013; director's loans</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div style="text-align: center; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font>
<font style="font-size: 13px; font-family: Times New Roman;">10</font><font style="font-size: 13px; font-family: Times New Roman;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(57,881</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(108,768</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(130,256</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent:24px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Foreign exchange
loss</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">1,031</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(848</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(933</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">)</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;border-bottom:double 4px #000000;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Net
income (loss)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,360,699</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(1,253,534</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(1,948,568</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;border-bottom:double 4px #000000;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Basic
and diluted earnings (loss) per common share</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">0.01</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(0.01</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(0.01</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Weighted
average number of common</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;shares
outstanding</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">178,666,081</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">171,767,287</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">169,504,538</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:52%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="5" style="vertical-align:bottom;width:100%;">
<div style="margin-left:0px;"><font style="text-align: left; vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;display:inline-block;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
The accompanying notes are an integral part of these consolidated
financial statements.</font></div>
</font><font style="text-align: left; vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
&#xA0;&#xA0;<font style="font-family: Times New Roman; font-size: 13px;"><br>
</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">F-5</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="color: #016BB6; font-weight: bold; font-family: Times New Roman; font-size: 16px">
<font style="font-size: 13px">Amarc Resources
Ltd.</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Consolidated
Statements of Comprehensive Income (Loss)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(Expressed
in Canadian Dollars)</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; font-family:inherit;margin-right:0px;margin-left:0px;width:100%;font-size:inherit;">
<tr>
<td rowspan="1" style="vertical-align: bottom; width: 64%; border-top: 2px solid rgb(0, 0, 0);">
<div style="padding-bottom: 2px;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 11px;">&#xA0;</font></div>
</div>
</td>
<td colspan="3" rowspan="1" style="vertical-align: bottom; width: 36%; border-top: 2px solid rgb(0, 0, 0);">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align:bottom;width:3%;border-bottom:solid 2px #000;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:94%;border-bottom:solid 2px #000;display:inline-block;">
<div><font style="font-weight: bold; font-family: Times New Roman;">Year ended March
31,</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:3%;border-bottom:solid 2px #000;display:inline-block;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:64%;border-bottom:solid 2px #000000;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: right"><font style="font-weight: bold; font-family: Times New Roman;">2021</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: right"><font style="font-weight: bold; font-family: Times New Roman;">2020</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div style="text-align: right"><font style="font-weight: bold; font-family: Times New Roman;">2019</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:64%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Net
income (loss)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,360,699</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(1,253,534</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(1,948,568</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">)</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Other comprehensive income (loss):</font> &#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:64%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Items that will not
be reclassified subsequently to profit and loss:</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px">Revaluation of
marketable securities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(626,438</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(11,234</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">2,737</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Total
other comprehensive income (loss)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%;">(626,438</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 10%;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%;">(11,234</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 10%;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 10%;">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 5%;">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 75%;">2,737</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; font-size: 13px; display: inline-block; width: 10%;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:64%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:64%;border-bottom:double 4px #000000;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Comprehensive
income (loss)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">734,261</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(1,264,768</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">(1,945,831</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">)</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
The accompanying notes are an integral part of these consolidated
financial statements.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">F-6</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="color: #016BB6; font-weight: bold; font-family: Times New Roman; font-size: 13px">
Amarc Resources Ltd.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Consolidated
Statements of Changes in (Deficiency) Equity</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(Expressed in
Canadian Dollars, except for share information)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">&#xA0;
<font style="font-family: Times New Roman; font-size: 13px;"><br>
</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:30%;border-bottom:solid 2px #000000;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 11px;">&#xA0;</font></div>
</td>
<td colspan="2" rowspan="1" style="vertical-align: bottom; width: 20%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align:bottom;width:5%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:90%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-weight: bold; font-family: Times New Roman;">&#xA0;Share
capital</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:5%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font></font></div>
</td>
<td colspan="3" rowspan="1" style="vertical-align:bottom;width:30%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align:bottom;width:3%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:94%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-weight: bold; font-family: Times New Roman;">&#xA0;Reserves</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:3%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font></font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-family: Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font></font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-family: Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:30%;border-bottom:solid 2px #000000;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-weight: bold; font-family: Times New Roman;">&#xA0;Numberof
shares</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-weight: bold; font-family: Times New Roman;">&#xA0;Amount</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-weight: bold; font-family: Times New Roman;">&#xA0;Share-based
payments reserve</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-weight: bold; font-family: Times New Roman;">&#xA0;Investment
revaluation reserve</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-weight: bold; font-family: Times New Roman;">&#xA0;Share
warrants reserve</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-weight: bold; font-family: Times New Roman;">&#xA0;Deficit</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-weight: bold; font-family: Times New Roman;">&#xA0;Total</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:30%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-family: Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-family: Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-family: Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-family: Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-family: Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-family: Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-family: Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:30%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 11px"><font style="font-family: Times New Roman;">Balance at April 1,
2018</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">168,786,227</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">63,884,056</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">2,202,640</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">57,459</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">2,882,923</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">(67,781,665</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">)</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">1,245,413</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:30%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 11px"><font style="font-family: Times New Roman;">Net loss for the
year</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#x2013;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#x2013;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#x2013;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#x2013;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#x2013;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">(1,948,568</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">)</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">(1,948,568</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">)</font></font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:30%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 11px"><font style="font-family: Times New Roman;">Other comprehensive (loss) for the
year</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">&#x2013;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">&#x2013;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">&#x2013;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">2,737</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">&#x2013;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">&#x2013;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">2,737</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:30%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 11px"><font style="font-family: Times New Roman;">Total comprehensive
loss</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#x2013;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#x2013;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#x2013;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">2,737</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#x2013;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">(1,948,568</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">)</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">(1,945,831</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">)</font></font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:30%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:30%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 11px"><font style="font-family: Times New Roman;">Issuance of common shares pursuant
to property agreements</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">1,816,667</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">157,500</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#x2013;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#x2013;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#x2013;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#x2013;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">157,500</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:30%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 11px"><font style="font-family: Times New Roman;">Gain on disposition of equity
investments at FVTOCI</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">&#x2013;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">&#x2013;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">&#x2013;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">(40,677</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">)</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">&#x2013;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">40,677</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">&#x2013;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:30%;border-bottom:double 4px #000000;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">Balance at March
31, 2019</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 4px double rgb(0, 0, 0);">170,602,894</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; font-family: Times New Roman; border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%;">64,041,556</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; font-family: Times New Roman; border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%;">2,202,640</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; font-family: Times New Roman; border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%;">19,519</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; font-family: Times New Roman; border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%;">2,882,923</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; font-family: Times New Roman; border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%;">(69,689,556</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 4px double rgb(0, 0, 0);">)</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; font-family: Times New Roman; border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%;">(542,918</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 4px double rgb(0, 0, 0);">)</font></font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:30%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:30%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 11px"><font style="font-family: Times New Roman;">Balance at April 1,
2019</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">170,602,894</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">64,041,556</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">2,202,640</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">19,519</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">2,882,923</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">(69,689,556</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">)</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">(542,918</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">)</font></font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:30%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 11px"><font style="font-family: Times New Roman;">Net income for the
year</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#x2013;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#x2013;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#x2013;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#x2013;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#x2013;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">(1,253,534</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">)</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">(1,253,534</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">)</font></font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:30%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 11px"><font style="font-family: Times New Roman;">Other comprehensive (loss) for the
year</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">&#x2013;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">&#x2013;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">&#x2013;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">(11,234</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">)</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">&#x2013;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">&#x2013;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">(11,234</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">)</font></font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:30%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 11px"><font style="font-family: Times New Roman;">Total comprehensive
loss</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#x2013;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#x2013;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#x2013;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">(11,234</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">)</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#x2013;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">(1,253,534</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">)</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">(1,264,768</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">)</font></font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:30%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:30%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 11px"><font style="font-family: Times New Roman;">Issuance of share purchase
warrants</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#x2013;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#x2013;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#x2013;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#x2013;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">490,449</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#x2013;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">490,449</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:30%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 11px"><font style="font-family: Times New Roman;">Issuance of common shares pursuant
to property agreements</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">5,000,000</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">300,000</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#x2013;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#x2013;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#x2013;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#x2013;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">300,000</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:30%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 11px"><font style="font-family: Times New Roman;">Equity-settled share-based
compensation</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#x2013;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#x2013;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">42,124</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#x2013;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#x2013;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#x2013;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">42,124</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:30%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 11px"><font style="font-family: Times New Roman;">Gain on disposition of equity
investments at FVTOCI</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">&#x2013;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">&#x2013;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">&#x2013;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">5,476</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">&#x2013;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">(5,476</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">)</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">&#x2013;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:30%;border-bottom:double 4px #000000;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">Balance at March
31, 2020</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 4px double rgb(0, 0, 0);">175,602,894</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; font-family: Times New Roman; border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%;">64,341,556</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; font-family: Times New Roman; border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%;">2,244,764</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; font-family: Times New Roman; border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%;">13,761</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; font-family: Times New Roman; border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%;">3,373,372</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; font-family: Times New Roman; border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%;">(70,948,566</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 4px double rgb(0, 0, 0);">)</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; font-family: Times New Roman; border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%;">(975,113</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 4px double rgb(0, 0, 0);">)</font></font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:30%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:30%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 11px"><font style="font-family: Times New Roman;">Balance at April 1,
2020</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">175,602,894</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">64,341,556</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">2,244,764</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">13,761</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">3,373,372</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">(70,948,566</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">)</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">(975,113</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">)</font></font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:30%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 11px"><font style="font-family: Times New Roman;">Net income for the
period</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#x2013;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#x2013;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#x2013;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#x2013;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#x2013;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">1,360,699</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">1,360,699</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:30%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 11px"><font style="font-family: Times New Roman;">Other comprehensive (loss) for the
year</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">&#x2013;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">&#x2013;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">&#x2013;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">(626,438</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">)</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">&#x2013;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">&#x2013;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">(626,438</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">)</font></font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:30%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 11px"><font style="font-family: Times New Roman;">Total comprehensive
loss</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#x2013;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#x2013;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#x2013;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">(626,438</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">)</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#x2013;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">1,360,699</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">734,261</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:30%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:30%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 11px"><font style="font-family: Times New Roman;">Equity-settled share-based
compensation</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#x2013;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#x2013;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">(17,888</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">)</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#x2013;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#x2013;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">&#x2013;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-family: Times New Roman; display: inline-block;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-family: Times New Roman; display: inline-block;">(17,888</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-family: Times New Roman; display: inline-block;">)</font></font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:30%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 11px"><font style="font-family: Times New Roman;">Shares issued through exercise of
warrants</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">5,000,000</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">403,165</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">&#x2013;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">&#x2013;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">(153,265</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">)</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">&#x2013;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 2px solid rgb(0, 0, 0);">249,900</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:30%;border-bottom:double 4px #000000;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">Balance at March
31, 2021</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 5%; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 75%; border-bottom: 4px double rgb(0, 0, 0);">180,602,894</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; font-family: Times New Roman; border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%;">64,744,721</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; font-family: Times New Roman; border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%;">2,226,876</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; font-family: Times New Roman; border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%;">(612,677</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 4px double rgb(0, 0, 0);">)</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; font-family: Times New Roman; border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%;">3,220,107</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; font-family: Times New Roman; border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%;">(69,587,867</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 4px double rgb(0, 0, 0);">)</font></font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="font-size: 11px"><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; font-family: Times New Roman; border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 5%;">$</font><font style="text-align: right; font-family: Times New Roman; border-bottom: 4px double rgb(0, 0, 0); vertical-align: bottom; display: inline-block; width: 75%;">(8,840</font><font style="text-align: left; font-family: Times New Roman; vertical-align: bottom; display: inline-block; width: 10%; border-bottom: 4px double rgb(0, 0, 0);">)</font></font></div>
</td>
</tr><tr>
<td colspan="1" style="vertical-align:bottom;width:30%;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="3" style="vertical-align:bottom;width:50%;">
<div style="margin-left:0px;"><font style="text-align: center; vertical-align:bottom;display:inline-block;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
The accompanying notes are an integral part of these consolidated
financial statements.</font></div>
</font><font style="text-align: left; vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:10%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
&#xA0;&#xA0;
<font style="font-family: Times New Roman; font-size: 13px;"><br>
</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">F-7</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="color: #016BB6; font-weight: bold; font-family: Times New Roman; font-size: 16px">
Amarc Resources Ltd.</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Consolidated
Statements of Cash Flows</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">(Expressed
in Canadian Dollars)</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr>
<td rowspan="1" style="vertical-align: bottom; width: 52%; border-top: 2px solid rgb(0, 0, 0);">
<div style="padding-bottom: 2px;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 11px;">&#xA0;</font></div>
</div>
</td>
<td rowspan="1" style="vertical-align: bottom; width: 12%; border-top: 2px solid rgb(0, 0, 0);">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; padding-bottom: 2px;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; display: inline-block; padding-bottom: 2px;">
<div><font style="font-family: Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; padding-bottom: 2px;">&#xA0;</font></font></div>
</td>
<td colspan="3" rowspan="1" style="vertical-align: bottom; width: 36%; border-top: 2px solid rgb(0, 0, 0);">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align:bottom;width:3%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:94%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-weight: bold; font-family: Times New Roman;">Year ended March
31,</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:3%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:52%;border-bottom:solid 2px #000000;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-weight: bold; font-family: Times New Roman;">Note</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-weight: bold; font-family: Times New Roman;">2021</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-weight: bold; font-family: Times New Roman;">2020</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:80%;border-bottom:solid 2px #000000;display:inline-block;">
<div><font style="font-weight: bold; font-family: Times New Roman;">2019</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;border-bottom:solid 2px #000000;display:inline-block;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:52%;">
<div style="margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Operating
activities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:80%;display:inline-block;">
<div><font style="font-size:13px;font-family:Times New Roman;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;width:10%;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px">Income (loss) for
the year</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div style="margin-left:0px;"><font style="text-align: left; vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;display:inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,360,699</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(1,253,534</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(1,948,568</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px">Adjustments for
non-cash items:</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div style="margin-left:0px;"><font style="text-align: left; vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;display:inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px">Equity-settled
share-based compensation</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div style="margin-left:0px;"><font style="text-align: left; vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;display:inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">17,888</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">42,124</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">157,500</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px">Finance
income</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div style="margin-left:0px;"><font style="text-align: left; vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;display:inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2013;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(5,558</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2013;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px">Proceeds from
disposal of mineral property</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div style="margin-left:0px;"><font style="text-align: left; vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;display:inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(1,934,500</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2013;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2013;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px">Non-cash property
payments</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div style="margin-left:0px;"><font style="text-align: left; vertical-align:bottom;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;display:inline-block;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align:bottom;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2013;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">300,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">130,256</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px">Interest expense
&#x2013; director's loans</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">9</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">111,354</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">105,630</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(38,016</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px">Transaction cost
&#x2013; director's loans</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">9</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">57,881</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">108,768</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">90,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px">Changes in working
capital items:</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent: 0px; margin-right: 91px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px">Amounts receivable
and other assets</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">35,998</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">224,217</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(222,021</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px">Restricted
cash</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(344</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(5,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2013;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px">Accounts payable
and accrued liabilities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">68,120</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">64,111</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(328,134</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px">Advanced
contributions received</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2013;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(189,021</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">74,056</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:52%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px">Balance due to
related parties</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">91,906</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">289,320</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(913,693</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">)</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:52%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px">Net cash used in
operating activities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(190,998</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(318,943</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(2,998,620</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">)</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Investing
activities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px">Proceeds from
disposition of marketable securities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2013;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">5,476</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">38,016</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px">Proceeds from
disposition of mineral properties</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">300,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2013;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2013;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:52%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px">Interest
received</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">&#x2013;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">5,558</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">25,131</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:52%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px">Net cash provided
by investing activities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">300,000</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">11,034</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">63,147</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Financing
activities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px">Net proceeds from
issuance of common shares pursuant to</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px">exercise of share
purchase warrants</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">10(b)</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">249,900</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2013;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2013;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px">Proceeds from
director's loan</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">9</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2013;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">675,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2013;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px">Repayment of
director's loans</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: center; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">9</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(300,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(375,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2013;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:52%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px">Interest paid on
director's loans</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: center; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">9</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">&#x2013;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(25,904</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(90,000</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">)</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:52%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px">Net cash (used in)
provided by financing activities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(50,100</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">274,096</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(90,000</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">)</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Net
increase (decrease) in cash</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">58,902</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(33,813</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(3,025,473</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:52%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Cash,
beginning balance</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">249,183</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">282,996</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">3,308,469</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:52%;border-bottom:double 4px #000000;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Cash,
ending balance</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: center; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:double 4px #000000;">4</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">308,085</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">249,183</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">282,996</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Supplemental
Cash Flow Information:</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Non-cash
investing activities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px">Fair value of
common shares received as part of proceeds from</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px">disposition of
mineral properties</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">907,500</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2013;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2013;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px">Fair value of
warrants received as part of proceeds from disposition</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:52%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px">of mineral
properties</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">727,000</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">&#x2013;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">&#x2013;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
The accompanying notes are an integral part of these consolidated
financial statements.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">F-8</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px"><font style="color: #0070BF">
A</font><font style="color: #0070BF; font-size: 16px">MARC</font>
<font style="color: #0070BF">R</font><font style="color: #0070BF; font-size: 16px">ESOURCES</font> <font style="color: #0070BF">L</font><font style="color: #0070BF; font-size: 16px">TD</font><font style="color: #0070BF; font-family: Times New Roman">.</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Notes
to the Consolidated Financial Statements</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">For the
years ended March 31, 2021, 2020 and 2019</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
(Expressed in Canadian Dollars, unless otherwise
stated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: auto; margin-right: auto; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--line--><br></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table; margin-left: -5px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><font style="color: #0070BF">
1.</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0070BF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
NATURE OF OPERATIONS AND GOING CONCERN</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Amarc
Resources Ltd. (&#x201C;Amarc&#x201D; or the &#x201C;Company&#x201D;)
is a company incorporated under the laws of the Province of British
Columbia (&#x201C;BC&#x201D;). Its principal business activity is the
acquisition and exploration of mineral properties. The
Company&#x2019;s mineral property interests are located in BC. The
address of the Company&#x2019;s corporate office is 14th Floor, 1040
West Georgia Street, Vancouver, BC, Canada V6E 4H1.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">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&#x2019;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.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">These
consolidated financial statements as at and for the year ended
March 31, 2021 (the &#x201C;Financial Statements&#x201D;) 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, 2021, the Company had cash of $308,085, working capital of
$418,449, and accumulated deficit of</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">$69,587,867.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">These
material uncertainties cast significant doubt on the ability of the
Company to continue as a going concern.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Management believes
that it is able to maintain its core mineral rights in good
standing for the next 12 month period. The Company is continually
seeking opportunities for additional funding and has reasonable
expectation that it will succeed in raising additional funds when
necessary. However, there can be no assurance that the Company will
obtain the required additional financial resources or achieve
positive cash flows. If the Company is unable to obtain adequate
additional financing, it will need to curtail its expenditures
further untiladditional funds can be raised through financing
activities.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">The
current outbreak of COVID-19, and any future emergence and spread
of similar pathogens, could have a material adverse effect on
global and local economic and business conditions, which may
adversely impact Amarc&#x2019;s business and results of operations
and the operations of contractors and service providers. The extent
to which the COVID-19 impacts our operations will depend on future
developments, which are highly uncertain and cannot be predicted
with confidence, including the duration of the outbreak, new
information thatmay emerge concerning its severity and the actions
taken to contain the virus or treat its impact, among others. The
adverse effects on the economy, the stock market and Amarc&#x2019;s
share price could adversely impact its ability to raise capital,
with the result that our ability to pursue development of the JOY,
IKE and DUKE Districts could be adversely impacted, both through
delays and through increased costs. Any of these developments, and
others, could have a material adverse effect on the Company&#x2019;s
business and results of operations and could delay its plans for
development of its districts.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">F-9</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px"><font style="color: #0070BF">
A</font><font style="color: #0070BF; font-size: 16px">MARC</font>
<font style="color: #0070BF">R</font><font style="color: #0070BF; font-size: 16px">ESOURCES</font> <font style="color: #0070BF">L</font><font style="color: #0070BF; font-size: 16px">TD</font><font style="color: #0070BF; font-family: Times New Roman">.</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Notes
to the Consolidated Financial Statements</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">For the
years ended March 31, 2021, 2020 and 2019</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
(Expressed in Canadian Dollars, unless otherwise
stated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: auto; margin-right: auto; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--line--><br></div>
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">These
Financial Statements do not include any adjustments to the amounts
and classification of assets and liabilities that may be necessary
should the Company be unable to continue as a going
concern.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table; margin-left: -5px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><font style="color: #0070BF">
2.</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0070BF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
SIGNIFICANT ACCOUNTING POLICIES</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table; margin-left: -5px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
<font style="color: #0070BF">(a)</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0070BF; font-style: italic; font-family: Times New Roman; font-size: 13px">
Statement of compliance</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">These
Financial Statements have been prepared in accordance with
International Financial Reporting Standards (&#x201C;IFRS&#x201D;),
as issued by the International Accounting Standards Board
(&#x201C;IASB&#x201D;) and the International Financial Reporting
Interpretations Committee (&#x201C;IFRIC&#x201D;), effective for the
Company&#x2019;s reporting year ended March 31, 2021.</font></div>
<div style="text-align: left; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Board of Directors of the Company authorized these Financial
Statements for issuance on July 27, 2021.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table; margin-left: -5px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
<font style="color: #0070BF">(b)</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0070BF; font-style: italic; font-family: Times New Roman; font-size: 13px">
Basis of presentation and consolidation</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">These
Financial Statements include the financial statementsof the Company
and its wholly-owned subsidiary, 1130346 B.C. Ltd. (the
&#x201C;Subco&#x201D;), incorporated under the laws of BC. The Subco
was incorporated for the purposes of entering into an option
agreement (note 7(b)). As at March 31, 2021 and 2020, the Subco did
not have any assets, liabilities, income or expenses. Intercompany
balances and transactions are eliminated in full on consolidation.
On March 30, 2021, the Subco was dissolved.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table; margin-left: -5px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
<font style="color: #0070BF">(c)</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0070BF; font-style: italic; font-family: Times New Roman; font-size: 13px">
Significant accounting estimates and judgements</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">The
preparation of the Financial Statements in conformity with IFRS
requires management to make judgments, estimates, and assumptions
that affect the application of policies and reported amounts
ofassets and liabilities, income and expenses. Actual results may
differfrom these estimates.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">F-10</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px"><font style="color: #0070BF">
A</font><font style="color: #0070BF; font-size: 16px">MARC</font>
<font style="color: #0070BF">R</font><font style="color: #0070BF; font-size: 16px">ESOURCES</font> <font style="color: #0070BF">L</font><font style="color: #0070BF; font-size: 16px">TD</font><font style="color: #0070BF; font-family: Times New Roman">.</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Notes
to the Consolidated Financial Statements</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">For the
years ended March 31, 2021, 2020 and 2019</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
(Expressed in Canadian Dollars, unless otherwise
stated)</font></div>
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: auto; margin-right: auto; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--line--><br></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">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:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table; margin-left: 61px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-family: Times New Roman; font-size: 13px">&#x25CF;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">assessment of the
Company&#x2019;s ability to continue as a going
concern;</font></div>
</div>
</div>
<div style="display: table; margin-left: 61px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-family: Times New Roman; font-size: 13px">&#x25CF;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the determination
of categories of financial assets and financial liabilities;
and,</font></div>
</div>
</div>
<div style="display: table; margin-left: 61px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-family: Times New Roman; font-size: 13px">&#x25CF;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the carrying value
and recoverability of the Company&#x2019;s marketable
securities.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table; margin-left: -5px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
<font style="color: #0070BF">(d)</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0070BF; font-style: italic; font-family: Times New Roman; font-size: 13px">
Foreign currency</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">The
functional and presentational currency of the Company is the
Canadian Dollar (&#x201C;CAD&#x201D;).</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table; margin-left: -5px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
<font style="color: #0070BF">(e)</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0070BF; font-style: italic; font-family: Times New Roman; font-size: 13px">
Financial instruments</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">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
(&#x201C;FVTPL&#x201D;), 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.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="text-decoration: underline; font-family: Times New Roman; font-size: 13px">
Financial assets measured at amortized cost</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">A
financial asset is measured at amortized cost if it meets both the
following conditions and is not designated as at
FVTPL:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table; margin-left: 61px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-family: Times New Roman; font-size: 13px">&#x25CF;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">it is held within a
business model whose objective is to hold assets to collect
contractual cash flows; and,</font></div>
</div>
</div>
<div style="display: table; margin-left: 61px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-family: Times New Roman; font-size: 13px">&#x25CF;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">its contractual
terms give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount
outstanding.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">F-11</font></div>
</div>
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<div id="hdr">
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</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px"><font style="color: #0070BF">
A</font><font style="color: #0070BF; font-size: 16px">MARC</font>
<font style="color: #0070BF">R</font><font style="color: #0070BF; font-size: 16px">ESOURCES</font> <font style="color: #0070BF">L</font><font style="color: #0070BF; font-size: 16px">TD</font><font style="color: #0070BF; font-family: Times New Roman">.</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Notes
to the Consolidated Financial Statements</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">For the
years ended March 31, 2021, 2020 and 2019</font></div>
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<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
(Expressed in Canadian Dollars, unless otherwise
stated)</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="text-decoration: underline; font-family: Times New Roman; font-size: 13px">
Financial assets measured at fair value through other comprehensive
income</font></div>
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<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">A debt
investment is measured at fair value through other comprehensive
income (&#x201C;FVTOCI&#x201D;) if it meets both the following
conditions and is not designated as at FVTPL:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table; margin-left: 61px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-family: Times New Roman; font-size: 13px">&#x25CF;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">it is held within a
business model whose objective is achieved by both collecting
contractual cash flows and selling financial assets;
and,</font></div>
</div>
</div>
<div style="display: table; margin-left: 61px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-family: Times New Roman; font-size: 13px">&#x25CF;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">its contractual
terms give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount
outstanding.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">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&#x2019;s fair value in other comprehensive
income (&#x201C;OCI&#x201D;). This election is made on an
investment-by-investment basis.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Equity
investments measured at FVTOCI are subsequently measured at fair
value. Dividends are recognized as income in profit or loss unless
the dividend clearly represents a recovery of part of the cost of
the investment. Other net gains and losses are recognized in OCI
and are never reclassified to profit or loss.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="text-decoration: underline; font-family: Times New Roman; font-size: 13px">
Financial assets measured at fair value through profit or
loss</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">These
financial assets are subsequently measured at fair value. Net gains
and losses, including any interest or dividend income, are
recognized in profit or loss.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-family: Times New Roman; font-size: 13px; margin: 0px auto 0px 0px;">
<tr>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">Financial
liabilities</font></font></div>
</td>
<td style="vertical-align: top; width: 40%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">Classification</font></font></div>
</td>
</tr><tr>
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<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 60%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Accounts
payable and accrued liabilities</font></div>
</td>
<td style="vertical-align: top; width: 40%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Amortized
cost</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 60%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Balance
due to related parties</font></div>
</td>
<td style="vertical-align: top; width: 40%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Amortized
cost</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px;">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-family: Times New Roman; font-size: 13px; margin: 0px auto 0px 0px;">
<tr>
<td style="vertical-align: top; width: 60%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">Financial
assets</font></font></div>
</td>
<td style="vertical-align: top; width: 40%; border-bottom: 2px solid rgb(0, 0, 0);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">Classification</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 60%;">
<div><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 40%;">
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 60%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Cash</font></div>
</td>
<td style="vertical-align: top; width: 40%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Amortized
cost</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 60%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Marketable
securities</font></div>
</td>
<td style="vertical-align: top; width: 40%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">FVTOCI</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 60%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Restricted
cash</font></div>
</td>
<td style="vertical-align: top; width: 40%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Amortized
cost</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 60%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Amounts
receivable and other assets</font></div>
</td>
<td style="vertical-align: top; width: 40%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Amortized
cost</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">F-12</font></div>
</div>
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<!--page break--></div>
<div id="hdr">
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px"><font style="color: #0070BF">
A</font><font style="color: #0070BF; font-size: 16px">MARC</font>
<font style="color: #0070BF">R</font><font style="color: #0070BF; font-size: 16px">ESOURCES</font> <font style="color: #0070BF">L</font><font style="color: #0070BF; font-size: 16px">TD</font><font style="color: #0070BF; font-family: Times New Roman">.</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Notes
to the Consolidated Financial Statements</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">For the
years ended March 31, 2021, 2020 and 2019</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
(Expressed in Canadian Dollars, unless otherwise
stated)</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: auto; margin-right: auto; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table; margin-left: -5px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
<font style="color: #0070BF">(f)</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0070BF; font-style: italic; font-family: Times New Roman; font-size: 13px">
Exploration and evaluation expenditures</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Exploration and
evaluation expenditures include:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table; margin-left: 61px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-family: Times New Roman; font-size: 13px">&#x25CF;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">costs associated
with the acquisition of licences;</font></div>
</div>
</div>
<div style="display: table; margin-left: 61px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-family: Times New Roman; font-size: 13px">&#x25CF;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">costs associated
with the acquisition of exploration and evaluation assets,
including mineral properties; and,</font></div>
</div>
</div>
<div style="display: table; margin-left: 61px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-family: Times New Roman; font-size: 13px">&#x25CF;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">costs associated
with exploration and evaluation activities.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table; margin-left: -5px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
<font style="color: #0070BF">(g)</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0070BF; font-style: italic; font-family: Times New Roman; font-size: 13px">
Equipment</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Equipment is
carried at cost, less accumulated depreciation and accumulated
impairment losses.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">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 account for separately, including major
inspection and overhaul expenditures, are capitalized.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">F-13</font></div>
</div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px"><font style="color: #0070BF">
A</font><font style="color: #0070BF; font-size: 16px">MARC</font>
<font style="color: #0070BF">R</font><font style="color: #0070BF; font-size: 16px">ESOURCES</font> <font style="color: #0070BF">L</font><font style="color: #0070BF; font-size: 16px">TD</font><font style="color: #0070BF; font-family: Times New Roman">.</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Notes
to the Consolidated Financial Statements</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">For the
years ended March 31, 2021, 2020 and 2019</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
(Expressed in Canadian Dollars, unless otherwise
stated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: auto; margin-right: auto; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">As at
March 31, 2021, all equipment had been fully depreciated. The
Company did not purchase any equipment during the year ended March
31, 2021.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table; margin-left: -5px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
<font style="color: #0070BF">(h)</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0070BF; font-style: italic; font-family: Times New Roman; font-size: 13px">
Share capital</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">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&#x2019;s common shares on the date of
issuance.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table; margin-left: -5px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
<font style="color: #0070BF">(i)</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0070BF; font-style: italic; font-family: Times New Roman; font-size: 13px">
Loss per share</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table; margin-left: -5px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
<font style="color: #0070BF">(j)</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0070BF; font-style: italic; font-family: Times New Roman; font-size: 13px">
Equity-settled share-based payments</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">The
share purchase option plan allows employees and consultants of the
Company to acquire shares of the Company. The fair value of share
purchase options granted is recognized as an employee orconsultant
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.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">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</font> <font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">F-14</font></div>
</div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px"><font style="color: #0070BF">
A</font><font style="color: #0070BF; font-size: 16px">MARC</font>
<font style="color: #0070BF">R</font><font style="color: #0070BF; font-size: 16px">ESOURCES</font> <font style="color: #0070BF">L</font><font style="color: #0070BF; font-size: 16px">TD</font><font style="color: #0070BF; font-family: Times New Roman">.</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Notes
to the Consolidated Financial Statements</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">For the
years ended March 31, 2021, 2020 and 2019</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
(Expressed in Canadian Dollars, unless otherwise
stated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: auto; margin-right: auto; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--line--><br></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table; margin-left: -5px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
<font style="color: #0070BF">(k)</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0070BF; font-style: italic; font-family: Times New Roman; font-size: 13px">
Income taxes</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">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 toprevious
years.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">The
following temporary differences are not provided for:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table; margin-left: 61px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-family: Times New Roman; font-size: 13px">&#x25CF;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">goodwill not
deductible for tax purposes;</font></div>
</div>
</div>
<div style="display: table; margin-left: 61px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-family: Times New Roman; font-size: 13px">&#x25CF;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">the initial
recognition of assets or liabilities that affect neither accounting
nor taxable profit; and,</font></div>
</div>
</div>
<div style="display: table; margin-left: 61px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-family: Times New Roman; font-size: 13px">&#x25CF;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">differences
relating to investments in subsidiaries, associates, and joint
ventures to the extent that they will probably not reverse in the
foreseeable future.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Additional income
taxes that arise from the distribution of dividends are recognized
at the same time as the liability to pay the related
dividend.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="text-decoration: underline; font-family: Times New Roman; font-size: 13px">
Flow-through Shares</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">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
toinvestors. 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 a other income, offsetting any expense
associated with the Company&#x2019;s expenditure of the flow-through
proceeds.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">F-15</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px"><font style="color: #0070BF">
A</font><font style="color: #0070BF; font-size: 16px">MARC</font>
<font style="color: #0070BF">R</font><font style="color: #0070BF; font-size: 16px">ESOURCES</font> <font style="color: #0070BF">L</font><font style="color: #0070BF; font-size: 16px">TD</font><font style="color: #0070BF; font-family: Times New Roman">.</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Notes
to the Consolidated Financial Statements</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">For the
years ended March 31, 2021, 2020 and 2019</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
(Expressed in Canadian Dollars, unless otherwise
stated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: auto; margin-right: auto; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--line--><br></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table; margin-left: -5px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
<font style="color: #0070BF">(l)</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0070BF; font-style: italic; font-family: Times New Roman; font-size: 13px">
Restoration, rehabilitation and environmental
obligations</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">An
obligation to incur restoration, rehabilitation and environmental
costs arises when environmental disturbance is caused by the
exploration ordevelopment 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.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Discount rates
using a pre-tax rate that reflects the time value of money are used
to calculate the net present value, where applicable. These costs
are charged against profit or loss over the economic life of the
related asset, through amortization using either the
unit-of-production method or the straight-line method. The
corresponding liability is progressively increased as the effect of
discounting unwinds, creating an expense recognized in profit or
loss.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">The
operations of the Company have been, and may in the future be,
affected from time to time in varying degrees by changes in
environmental regulations, including those for site restoration
costs. Both the likelihood of new regulations and their overall
effect upon the Company are not predictable.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Company has no material restoration, rehabilitation and
environmental obligations as at March 31, 2021.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table; margin-left: -5px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
<font style="color: #0070BF">(m)</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0070BF; font-style: italic; font-family: Times New Roman; font-size: 13px">
Operating segments</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10"><br></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Company operates as a single reportable segment<font style="font-family: Times New Roman">&#x2014;</font>the acquisition,
exploration and development of mineral properties. All assets are
held in Canada.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table; margin-left: -5px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
<font style="color: #0070BF">(n)</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0070BF; font-style: italic; font-family: Times New Roman; font-size: 13px">
Government assistance</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">When
the Company is entitled to receive the BC Mineral Exploration Tax
Credit (&#x201C;BCMETC&#x201D;) and other government grants, this
government assistance is recognized as a cost recovery when there
is reasonable assurance of recovery. Any amounts accrued or
received, typically remain subject to review and revision by
government authorities. It is not possible to predict the
occurrence or outcome of such actions in advance.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">F-16</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px"><font style="color: #0070BF">
A</font><font style="color: #0070BF; font-size: 16px">MARC</font>
<font style="color: #0070BF">R</font><font style="color: #0070BF; font-size: 16px">ESOURCES</font> <font style="color: #0070BF">L</font><font style="color: #0070BF; font-size: 16px">TD</font><font style="color: #0070BF; font-family: Times New Roman">.</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Notes
to the Consolidated Financial Statements</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">For the
years ended March 31, 2021, 2020 and 2019</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
(Expressed in Canadian Dollars, unless otherwise
stated)</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: auto; margin-right: auto; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--line--><br></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table; margin-left: -5px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
<font style="color: #0070BF">(o)</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0070BF; font-style: italic; font-family: Times New Roman; font-size: 13px">
Recent accounting pronouncements</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #0A0A0A; font-style: italic; font-family: Times New Roman; font-size: 13px">
Amendments to IFRS 3, Business Combinations ("IFRS 3")</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #0A0A0A; font-family: Times New Roman; font-size: 13px">The
Company adopted the amendments to IFRS 3 in the current year,
although there was no impact on Company. The amendments relate to
the definition of a business and clarify that whilea business
usually has outputs, outputs are not required for an integrated set
of activities and assets to qualify as a business. To be considered
a business, an acquired set of activities and assets must include,
at a minimum, an input and a substantive process that together
significantly contribute to the ability to create outputs. The
amendments remove the assessment of whether market participants are
capable of replacing any missing inputs or processes and continuing
to produce outputs. The amendments also introduce additional
guidance that helps to determine whether a substantive process has
been acquired.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #0A0A0A; font-family: Times New Roman; font-size: 13px">The
amendments introduce an optional concentration test that permits a
simplified assessment of whether an acquired set of activities and
assets is not a business. Under the optional concentration test,
the acquired set of activities and assets is not a business if
substantially all of the fair value of the gross assets acquired is
concentrated in a single identifiable asset or group of similar
assets. The amendments are applied prospectively to all business
combinations and asset acquisitions for which the acquisition date
is on or after April 1, 2020.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #0A0A0A; font-style: italic; font-family: Times New Roman; font-size: 13px">
Adoption of Other Narrow Scope Amendments to IFRSs and IFRS
Interpretations</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #0A0A0A; font-family: Times New Roman; font-size: 13px">The
Company also adopted other amendments to IFRSs, which were
effective for accounting periods beginning on or after April 1,
2020. The adoption had no impact on the Financial
Statements.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #0A0A0A; font-style: italic; font-family: Times New Roman; font-size: 13px">
New and Revised IFRS, Narrow Scope Amendments to IFRS and IFRS
Interpretations not yet Effective</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #0A0A0A; font-family: Times New Roman; font-size: 13px">Certain
pronouncements have been issued by the IASB that are mandatory for
accounting periods after March 31, 2021. There are currently no
such pronouncements that are expected to have a significant impact
on the Company's consolidated financial statements upon adoption;
however, the pronouncement below may have an impact in future
periods.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #0A0A0A; font-style: italic; font-family: Times New Roman; font-size: 13px">
Amendments to IAS 16, Property, Plant and Equipment</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="color: #0A0A0A; font-family: Times New Roman; font-size: 13px">The
amendments clarify the accounting for the net proceeds from selling
any items produced while bringing an item of property, plant and
equipment ("PPE") to the location and condition necessary for it to
be capable of operating in the manner intended by management. The
amendments prohibit entities from deducting amounts received from
selling items produced from the cost of PPE while the Company is
preparing the asset for its intended use. Instead, salesproceeds
and the cost of producing these items will be recognized in profit
or loss. The amendments are effective for annual reporting periods
beginning on or after January 1, 2022, with earlier application
permitted. The amendments apply retrospectively, but only to assets
brought to the location and condition necessary for them to be
capable of operating in the manner intended by management on or
after the beginning of the earliest period presented in the
financial statements in which the Company first applies the
amendments.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">F-17</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px"><font style="color: #0070BF">
A</font><font style="color: #0070BF; font-size: 16px">MARC</font>
<font style="color: #0070BF">R</font><font style="color: #0070BF; font-size: 16px">ESOURCES</font> <font style="color: #0070BF">L</font><font style="color: #0070BF; font-size: 16px">TD</font><font style="color: #0070BF; font-family: Times New Roman">.</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Notes
to the Consolidated Financial Statements</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">For the
years ended March 31, 2021, 2020 and 2019</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
(Expressed in Canadian Dollars, unless otherwise
stated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: auto; margin-right: auto; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--line--><br></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table; margin-left: -5px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><font style="color: #0070BF">
3.</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0070BF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
CASH</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Company&#x2019;s cash is invested in business and savings accounts,
which are available on demand by the Company.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table; margin-left: -5px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><font style="color: #0070BF">
4.</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0070BF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
MARKETABLE SECURITIES</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">As at
March 31, 2021, the fair value of its current holdings was
$1,026,418 (March 31, 2020<font style="font-family: Times New Roman">-</font></font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">$18,356) and the
negative change of fair value adjustment of $626,438 for the year
ended March 31, 2021 (March 31, 2020 &#x2013; negative change of
fair value adjustment of $11,234). The marketable securities
include</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">5.5
million units (shares and warrants) of Carlyle Commodities Corp., a
Canadian public company listed on TSX-V exchange (note
7(e)).</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Continuity
table:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px;">
<table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:76%;">
<br></td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 80%; display: inline-block; font-weight: bold; font-size: 11px;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Year
ended</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 80%; display: inline-block; font-weight: bold; font-size: 11px;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Year
ended</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font></div>
</td>
</tr><tr>
<td rowspan="1" style="vertical-align:bottom;width:76%;border-bottom:solid 2px #000000;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">
<div><font style="font-family: Times New Roman; font-weight: bold;">March 31,
2021</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">
<div><font style="font-family: Times New Roman; font-weight: bold;">March 31,
2020</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Balance
&#x2013; beginning of year</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">18,356</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">35,067</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Disposition of
marketable securities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(5,477</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Received as option
payments (note 7(e))</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,634,500</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Revaluation of
marketable securities</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(626,438</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(11,234</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">)</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Balance
&#x2013; end of year</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,026,418</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">18,356</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px;">
<table cellpadding="0" cellspacing="0" style="font-family:inherit;margin-right:0px;margin-left:0px;width:100%;font-size:inherit;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px; border-bottom: 2px solid rgb(0, 0, 0);"><font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">Company</font></font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 80%; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-weight: bold; font-family: Times New Roman;">Shares/Warrants
Held</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 80%; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-weight: bold; font-family: Times New Roman;">Cost</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 80%; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-weight: bold; font-family: Times New Roman;">Fair
Value</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 80%; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-weight: bold; font-family: Times New Roman;">Fair Value
Increase (Decrease)</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Carlyle Commodities
Corp <font style="font-family: Times New Roman">-</font>
Shares</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">5,500,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">907,500</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">577,500</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(330,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Carlyle Commodities
Corp <font style="font-family: Times New Roman">-</font>
Warrants</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">5,500,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">727,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">421,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(306,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px; border-bottom: 2px solid rgb(0, 0, 0);"><font style="font-family: Times New Roman; font-size: 13px">Other</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">2,275,002</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">18,356</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">27,918</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">9,562</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;">
<div style="border-bottom: 4px double rgb(0, 0, 0);">
<div>
<div>
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
</div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 4px double rgb(0, 0, 0);">1,652,856</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 4px double rgb(0, 0, 0);">1,026,418</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 4px double rgb(0, 0, 0);">(626,438</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 4px double rgb(0, 0, 0);">)</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table; margin-left: -5px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><font style="color: #0070BF">
5.</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0070BF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
RESTRICTED CASH</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Restricted cash
represents amounts held in support of exploration permits. The
amounts are refundable subject to the consent of regulatory
authorities upon completion of any required reclamation work on the
related projects.</font></div>

<div style="text-align: justify; margin-left: 72px; margin-right: 42px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">F-18</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px"><font style="color: #0070BF">
A</font><font style="color: #0070BF; font-size: 16px">MARC</font>
<font style="color: #0070BF">R</font><font style="color: #0070BF; font-size: 16px">ESOURCES</font> <font style="color: #0070BF">L</font><font style="color: #0070BF; font-size: 16px">TD</font><font style="color: #0070BF; font-family: Times New Roman">.</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Notes
to the Consolidated Financial Statements</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">For the
years ended March 31, 2021, 2020 and 2019</font></div>
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<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
(Expressed in Canadian Dollars, unless otherwise
stated)</font></div>
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6.</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0070BF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
AMOUNTS RECEIVABLE AND OTHER ASSETS</font></div>
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<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
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<div><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">
<div><font style="font-family: Times New Roman; font-weight: bold;">March
31,</font></div>
<div><font style="font-family: Times New Roman; font-weight: bold;">2021</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">
<div><font style="font-family: Times New Roman; font-weight: bold;">March
31,</font></div>
<div><font style="font-family: Times New Roman; font-weight: bold;">2020</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:48px;"><font style="font-family: Times New Roman; font-size: 13px">Sales tax
refundable</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">17,011</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">16,858</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:48px;"><font style="font-family: Times New Roman; font-size: 13px">Contribution
receivable</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">9,851</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
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<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:48px;"><font style="font-family: Times New Roman; font-size: 13px">Prepaid
insurance</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">20,518</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">66,520</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;border-bottom:double 4px #000000;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:48px;"><font style="font-family: Times New Roman; font-size: 13px">Total</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">47,380</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">83,378</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
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7.</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0070BF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
EXPLORATION AND EVALUATION EXPENSES AND COST
RECOVERIES</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Below
is a summary of the Company&#x2019;s major exploration projects on
the basis of where the Company is currently incurring the majority
of its exploration work.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div style="display: table-cell; width: 36px"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
<font style="color: #0070BF">(a)</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0070BF; font-style: italic; font-family: Times New Roman; font-size: 13px">
IKE District</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">The IKE
District is located in south-central BC and is comprised of the
IKE, Granite, Galore and Juno Properties. In July 2017, the Company
announced that it had entered into a Mineral Property Farm-In
Agreement (the &#x201C;IKE Agreement&#x201D;) with Hudbay Minerals
Inc. (&#x201C;Hudbay&#x201D;) pursuant to which Hudbay would acquire,
through a staged investment process, up to a 60% ownership interest
in the IKE District.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Company initially recorded the amounts of contributions received or
receivable from Hudbay pursuant to the IKE Agreement as a liability
(advanced contributions received) in the Consolidated Statements of
Financial Position, and subsequently recognized amounts as cost
recoveries in the Consolidated Statements of Loss as the Company
incurred the related expenditures.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">In
January 2019, the Company announced that Hudbay had relinquished
its option to earn an interest in the IKE District. As a result of
the termination, the Company currently maintains a 100% interest in
the IKE District.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">The IKE
Property claims carry a Net Smelter Return (&#x201C;NSR&#x201D;)
royalty obligation of 1%, subject to a $2 million cap and with the
Company able to purchase the royalty 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.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Granite Property claims 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.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">F-19</font></div>
</div>
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</div>
</div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px"><font style="color: #0070BF">
A</font><font style="color: #0070BF; font-size: 16px">MARC</font>
<font style="color: #0070BF">R</font><font style="color: #0070BF; font-size: 16px">ESOURCES</font> <font style="color: #0070BF">L</font><font style="color: #0070BF; font-size: 16px">TD</font><font style="color: #0070BF; font-family: Times New Roman">.</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Notes
to the Consolidated Financial Statements</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">For the
years ended March 31, 2021, 2020 and 2019</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
(Expressed in Canadian Dollars, unless otherwise
stated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: auto; margin-right: auto; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--line--><br></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">The
entire project is subject to a 1% NSR royalty from mine production
capped at a total of $5 million.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table; margin-left: -5px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
<font style="color: #0070BF">(b)</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0070BF; font-style: italic; font-family: Times New Roman; font-size: 13px">
JOY District</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">The JOY
District, located in north-central BC, comprises the JOY and PINE
Properties, and also the &#x201C;Staked Claims&#x201D; acquired
directly by the Company. In November 2016, the Company entered into
a purchase agreement with a private company wholly-owned by one of
its directors to purchase 100% of the JOY Property for the
reimbursement of the vendor&#x2019;s direct acquisition costs of
$335,299. The property is subject to an underlying NSR royalty held
by a former owner which is capped at $3.5 million.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">In
August 2017, the Company announced that it had entered into a
Mineral Property Farm-In Agreement (the &#x201C;JOY
Agreement&#x201D;) with Hudbay pursuant to which Hudbay may acquire,
through a staged investment process, up to 60% ownership in the JOY
Property. This was later amended to include the PINE Property and
Staked Claims, collectively the JOY District.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Company initially recorded the amounts of contributions received or
receivable from Hudbay pursuant to the JOY Agreement as a liability
(advanced contributions received) in the Consolidated Statements of
Financial Position, and subsequently reallocated amounts to cost
recoveries in the Consolidated Statements of Loss as the Company
incurs related expenditures.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">In
January 2019, the Company announced that Hudbay had relinquished
its option to earn an interest in the JOY District. As a result of
the termination, the Company currently maintains a 100% interest in
the JOY District.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">In
addition, the Company concluded agreements with each of Gold Fields
Toodoggone Exploration Corporation (&#x201C;GFTEC&#x201D;) and
Cascadero Copper Corporation (&#x201C;Cascadero&#x201D;) in mid-2017
pursuant to which the Company can purchase 100% of the PINE
Property.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">In
October 2018, Amarc acquired a 100% interest in Cascadero&#x2019;s
49% interest in the PINE Property by completing total cash payments
of $1,000,000 and issuing 5,277,778 common shares.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">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 tenure.
The claim is subject to a 1% NSR royalty payable from commercial
production that is capped at $0.5 million.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">In
December 2019, the Company amended the GFTEC Agreement to purchase
GFTEC&#x2019;s 51% interest in the PINE property. Under the terms of
the amendment Amarc will purchase outright GFTEC&#x2019;s 51%
interest in the 323 km<font style="font-size: 13px">2</font>
Property by issuing to GFTEC 5,000,000 common shares of the Company
(issued). As such Amarc now holds a 100% interest in the PINE
mineral claims.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">The
PINE Property is subject to a 3% underlying NSR royalty payable to
a former owner. The Company has 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).</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">GFTEC
will retain a 2.5% net profits interest (&#x201C;NPI&#x201D;) royalty
on mineral claims comprising approximately 96% of the PINE
Property, which are subject to a NSR royalty payable to a former
owner (&#x201C;Underlying NSR&#x201D;) and a 1% NSR royalty on the
balance of the claims that are not subject to the Underlying NSR
royalty. 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.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Refer
to Note 15 for the JOY District Agreement with Freeport entered
into subsequent to March 31, 2021.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">F-20</font></div>
</div>
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<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px"><font style="color: #0070BF">
A</font><font style="color: #0070BF; font-size: 16px">MARC</font>
<font style="color: #0070BF">R</font><font style="color: #0070BF; font-size: 16px">ESOURCES</font> <font style="color: #0070BF">L</font><font style="color: #0070BF; font-size: 16px">TD</font><font style="color: #0070BF; font-family: Times New Roman">.</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Notes
to the Consolidated Financial Statements</font><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">For the
years ended March 31, 2021, 2020 and 2019</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
(Expressed in Canadian Dollars, unless otherwise
stated)</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table; margin-left: -5px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
<font style="color: #0070BF">(c)</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0070BF; font-style: italic; font-family: Times New Roman; font-size: 13px">
DUKE District</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">The
DUKE District is located in central BC. In November 2016, the
Company entered into a purchase agreement with a private company
wholly-owned by one of its directors to purchase a 100% interest in
the DUKE District for the reimbursement of the vendor&#x2019;s
direct acquisition costs of $168,996.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table; margin-left: -5px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
<font style="color: #006EBC">(d)</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #006EBC; font-style: italic; font-family: Times New Roman; font-size: 13px">
Operated Properties</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">During
the current year, Amarc operated programs on two exploration
properties owned by a related party, Jake and Mack (the
&#x201C;Operated Properties&#x201D;), for the claim optionee on a
cost recovery basis (note 11(c)).</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">During
the current year, Amarc received a non-refundable payment of
US$200,000 (CDN$260,115) pursuant to an option agreement whereby an
arms-length third party optionee has the right to earn a 51%
interest in the Windfall Project, being 25 mineral claims in the
IKE district (note 7(a)), by spending US$4.2 million on exploration
by October 21, 2022. Thereafter, the optionee can joint venture the
project with Amarc or increase its interest to 80% by making
additional expenditures after which the joint venture would be
formed or the residual 20% sold to the optionee for a price to be
negotiated. On May 25, 2021, this option agreement was terminated
by mutual consent of both Amarc and the optionee.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Included in cost
recoveries are BCMETC refunds totaling $820,075 received in the
year ended March 31, 2021 ($Nil &#x2013; March 31, 2020; $Nil
&#x2013; March 31, 2019).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table; margin-left: -5px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
<font style="color: #006EBC">(e)</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #006EBC; font-style: italic; font-family: Times New Roman; font-size: 13px">
Divestment of the Newton Property</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">On
December 16, 2020 (the &#x201C;Closing Date&#x201D;), the Company
closed the sale of its Newton property (&#x201C;Newton&#x201D;)
located in south-central British Columbia (&#x201C;BC&#x201D;) to
Isaac Mining Corp.(&#x201C;IMC&#x201D;), an arms- length private
company and a wholly-owned subsidiary of Carlyle Commodities Corp.
(&#x201C;Carlyle&#x201D;) (CSE:CCC, FSE:1OZ, OTC:DLRYF). Amarc has
received consideration comprising total cash of$300,000 from IMC
and</font> <font style="font-family: Cambria; font-size: 1px"><font style="font-size: 13px">5.5 million equity units
(common share plus warrant) in Carlyle. The 5.5 million warrants
are exercisable at $0.50 per warrant with an expiry date on
December 8, 2025. The fair value of the 5.5 million shares of
Carlyle on the Closing Date was recorded at $907,500 measured at
$0.165, the closing quote of Carlyle&#x2019;s common shares on
December 16, 2020. The fair value of the 5.5 million warrants of
Carlyle on the Closing Date is recorded was $727,000 using the
Black-Scholes option pricing model. The fair value was
calculated</font> <font style="font-size: 13px">based on the
following weighted average assumptions: Risk free-interest rate
&#x2013; 0.38%; Dividend yield &#x2013; 0.00%; Expected volatility
&#x2013; 139.0%; Expected life &#x2013; 4.98 years. The fair value of
the aggregate consideration totalled $1,934,500 and is recorded as
proceeds from sale of mineral property in the Statement of Income
for the year ended March 31, 2021.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">F-21</font></div>
</div>
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<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px"><font style="color: #0070BF">
A</font><font style="color: #0070BF; font-size: 16px">MARC</font>
<font style="color: #0070BF">R</font><font style="color: #0070BF; font-size: 16px">ESOURCES</font> <font style="color: #0070BF">L</font><font style="color: #0070BF; font-size: 16px">TD</font><font style="color: #0070BF; font-family: Times New Roman">.</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Notes
to the Consolidated Financial Statements</font><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">For the
years ended March 31, 2021, 2020 and 2019</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
(Expressed in Canadian Dollars, unless otherwise
stated)</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: auto; margin-right: auto; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--line--><br></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table; margin-left: -9px;">
<div style="display: table-row">
<div style="display: table-cell; width: 38px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><font style="color: #0070BF">
&#xA0; 8.</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<br></font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0070BF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px;">
<table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr>
<td rowspan="1" style="vertical-align: bottom; width: 76%;">
<div style="padding-bottom: 2px;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">
<div><font style="font-family: Times New Roman; font-weight: bold;">March
31,</font></div>
<div><font style="font-family: Times New Roman; font-weight: bold;">2021</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">
<div><font style="font-family: Times New Roman; font-weight: bold;">March
31,</font></div>
<div><font style="font-family: Times New Roman; font-weight: bold;">2020</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td colspan="1" style="vertical-align:bottom;width:76%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Accounts
payable</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">168,195</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">100,075</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td colspan="1" style="vertical-align:bottom;width:76%;border-bottom:double 4px #000000;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:24px;"><font style="font-family: Times New Roman; font-size: 13px">Total</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">168,195</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">100,075</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table; margin-left: -5px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><font style="color: #0070BF">
&#xA0; 9.</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0070BF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
DIRECTOR&#x2019;S LOANS</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px;">
<table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr>
<td rowspan="1" style="vertical-align: bottom; width: 76%;">
<div style="padding-bottom: 2px;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Year
ended</font></div>
<div><font style="font-family: Times New Roman; font-weight: bold;">March 31,
2021</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Year
ended</font></div>
<div><font style="font-family: Times New Roman; font-weight: bold;">March 31,
2020</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Opening
balance</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">812,119</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">893,800</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Principal
advances</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">675,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Principal
repayments</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(300,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(375,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Transaction
costs</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(490,449</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Amortization of
transaction costs</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">57,881</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">108,768</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;border-bottom:double 4px #000000;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Closing
balance</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">570,000</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">812,119</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px;">
<table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:76%;border-bottom:solid 2px #000000;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">
<div><font style="font-family: Times New Roman; font-weight: bold;">March
31,</font></div>
<div><font style="font-family: Times New Roman; font-weight: bold;">2021</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">
<div><font style="font-family: Times New Roman; font-weight: bold;">March
31,</font></div>
<div><font style="font-family: Times New Roman; font-weight: bold;">2020</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold; font-size: 11px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Current
portion</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">300,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Non-current
portion</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">570,000</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">512,119</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;border-bottom:double 4px #000000;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Total</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">570,000</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">812,119</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px;">
<table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr>
<td rowspan="1" style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px; padding-bottom: 2px;"><font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">Finance
expenses</font></font></div>
</td>
<td colspan="3" rowspan="1" style="vertical-align: bottom; width: 36%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 3%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 94%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">
<div><font style="font-family: Times New Roman; font-weight: bold;">For the year
ended March 31,</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 3%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:64%;border-bottom:solid 2px #000000;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 11px;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2021</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2020</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2019</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Interest on
director&#x2019;s loan</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">111,354</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">105,630</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">90,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Amortization of
transaction costs</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">57,881</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">108,768</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">130,256</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:64%;border-bottom:double 4px #000000;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Total</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">169,235</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">214,398</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">220,256</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">F-22</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px"><font style="color: #0070BF">
A</font><font style="color: #0070BF; font-size: 16px">MARC</font>
<font style="color: #0070BF">R</font><font style="color: #0070BF; font-size: 16px">ESOURCES</font> <font style="color: #0070BF">L</font><font style="color: #0070BF; font-size: 16px">TD</font><font style="color: #0070BF; font-family: Times New Roman">.</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Notes
to the Consolidated Financial Statements</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">For the
years ended March 31, 2021, 2020 and 2019</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
(Expressed in Canadian Dollars, unless otherwise
stated)</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: auto; margin-right: auto; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--line--><br></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table; margin-left: -5px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
<font style="color: #0070BF">(a)</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0070BF; font-style: italic; font-family: Times New Roman; font-size: 13px">
2019 loan</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">In
December 2019, the Company entered into a loan extension and
amendment agreement (the &#x201C;Loan&#x201D;) with a director and
significant shareholder of the Company (the &#x201C;Lender&#x201D;),
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.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Pursuant to the
Loan, the Company issued to the Lendera loan bonus comprising of
16,000,000 common share purchase warrants (the
&#x201C;Warrants&#x201D;) with an expiry of five years and an
exercise price of $0.05 per share (note 10(c)(i)). The warrants are
exercisable into common shares or flow-through common shares at the
election of the Lender upon exercise.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table; margin-left: -5px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
<font style="color: #0070BF">(b)</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0070BF; font-style: italic; font-family: Times New Roman; font-size: 13px">
2019 bridge loans</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">In July
and August 2019, the Company entered into certain loan agreements
(collectively the &#x201C;Bridge Loans&#x201D;) with a director of
the Company and a private company wholly-owned by a director of the
Company (collectively the &#x201C;Bridge Lenders&#x201D;), pursuant
to which the Bridge Lenders advanced to the Company an aggregate
principal sum of $375,000 with a 1-year term and bearing interest
at 10% per annum. The Bridge Loans were fully repaid in September
2019.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">In
December 2019, the Company entered into a loan agreement (the
&#x201C;Second Bridge Loan&#x201D;) with a director of the Company
(the &#x201C;Second Bridge Lender&#x201D;), pursuant to which the
Second Bridge Lender advanced to the Company a principal sum of
$300,000 with a 9-month term and bearing interest at a rate of 10%
per annum.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Advances have been
measured as financial liabilities at their (cash) transaction
values, with the unamortized balance of directly applicable
transaction costs, comprised of the fair values of the loan bonus
warrants granted, representing a partially offsetting asset
balance. Such transaction costs are being expensed pro-rata over
the term of the debt, with the effect on the balance sheet
presentation being that the aggregate debt is accreted towards its
face value.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">In
August 2020, the principal and interest balances of the Second
Bridge Loan were fully repaid.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table; margin-left: -5px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><font style="color: #0070BF">
10.</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0070BF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
SHARE CAPITAL AND RESERVES</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 456px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table; margin-left: -5px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
<font style="color: #0070BF">(a)</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0070BF; font-style: italic; font-family: Times New Roman; font-size: 13px">
Authorized and outstanding share capital</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Company&#x2019;s authorized share capital consists of an unlimited
number of common shares without par value (&#x201C;Common
Shares&#x201D;) and an unlimited number of preferred shares. All
issued Common Shares are fully paid. No preferred shares have been
issued.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">F-23</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px"><font style="color: #0070BF">
A</font><font style="color: #0070BF; font-size: 16px">MARC</font>
<font style="color: #0070BF">R</font><font style="color: #0070BF; font-size: 16px">ESOURCES</font> <font style="color: #0070BF">L</font><font style="color: #0070BF; font-size: 16px">TD</font><font style="color: #0070BF; font-family: Times New Roman">.</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Notes
to the Consolidated Financial Statements</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">For the
years ended March 31, 2021, 2020 and 2019</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
(Expressed in Canadian Dollars, unless otherwise
stated)</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: auto; margin-right: auto; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--line--><br></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">As at
March 31, 2021, there were 180,602,894 Common Shares issued and
outstanding (March 31, 2020</font> <font style="font-family: Times New Roman; font-size: 13px">&#x2013;
175,602,894).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table; margin-left: -5px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
<font style="color: #0070BF">(b)</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0070BF; font-style: italic; font-family: Times New Roman; font-size: 13px">
Issued share capital</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">In
December 2019, the Company amended its option agreement with GFTEC
to purchase GFTEC&#x2019;s 51% interest in the PINE Property (the
&#x201C;Transaction&#x201D;). Upon completion of the Transaction, the
Company would hold a 100% interest in the PINE mineral claims
having completed the purchase of Cascadero&#x2019;s 49% interest in
the PINE Property in the prior year (note 6(b)). On January 6,
2020, the Company concluded the Transaction by issuing 5,000,000
Common Shares to GFTEC.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">On
August 20, 2020, 3,000,000 flow-through shares were issued pursuant
to the exercise of warrants for gross proceeds of $150,000 (note
9(a)).</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">On
October 2, 2020, 2,000,000 flow-through shares were issued pursuant
to the exercise of warrants for gross proceeds of $100,000 (note
9(a)). $100 related to flow-through tax filing has been deducted
from the gross proceeds as issuance costs.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Approximately
$167,000 of the flow-through proceeds received were renounced to
the shareholder as at December 31, 2020. The Company recognized no
flow-through premium in excess of the fair value of these common
shares at their dates of issuance.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">As at
March 31, 2021, the amount of flow-through proceeds remaining to be
expended is approximately</font> <font style="font-family: Times New Roman; font-size: 13px">$83,000, which must
be incurred on or before December 31, 2023.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table; margin-left: -5px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
<font style="color: #0070BF">(c)</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0070BF; font-style: italic; font-family: Times New Roman; font-size: 13px">
Share purchase options</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">The
following summarizes changes in the Company&#x2019;s share purchase
options (the &#x201C;Options&#x201D;):</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 36px;">
<table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:52%;border-bottom:solid 2px #000000;"><br></td>
<td rowspan="1" style="vertical-align: bottom; width: 12%;">
<div><font style="font-weight: bold; font-size: 11px;"><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">
<div><font style="font-family: Times New Roman; font-weight: bold;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font></font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="font-weight: bold; font-size: 11px;"><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">
<div><font style="font-family: Times New Roman; font-weight: bold;">March
31,</font></div>
<div><font style="font-family: Times New Roman; font-weight: bold;">2021</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font></font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="font-weight: bold; font-size: 11px;"><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font><font style="text-align: center; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">
<div><font style="font-family: Times New Roman; font-weight: bold;">&#xA0;</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font></font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="font-weight: bold; font-size: 11px;"><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">
<div><font style="font-family: Times New Roman; font-weight: bold;">March
31,</font></div>
<div><font style="font-family: Times New Roman; font-weight: bold;">2020</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:52%;border-bottom:solid 2px #000000;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 11px; font-weight: bold;">
&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-weight: bold; font-size: 11px;"><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Weighted
Average</font></div>
<div><font style="font-family: Times New Roman; font-weight: bold;">Exercise
Price</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-weight: bold; font-size: 11px;"><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Number
of</font></div>
<div><font style="font-family: Times New Roman; font-weight: bold;">Options</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-weight: bold; font-size: 11px;"><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Weighted
Average</font></div>
<div><font style="font-family: Times New Roman; font-weight: bold;">Exercise
Price</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-weight: bold; font-size: 11px;"><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Number
of</font></div>
<div><font style="font-family: Times New Roman; font-weight: bold;">Options</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Outstanding
<font style="font-family: Times New Roman">-</font> beginning
balance</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">0.05</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">2,000,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Granted</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">&#x2013;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">&#x2013;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">0.05</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">2,000,000</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;border-bottom:double 4px #000000;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Outstanding
<font style="font-family: Times New Roman">-</font> beginning
balance</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">0.05</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:double 4px #000000;">2,000,000</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">0.05</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:double 4px #000000;">2,000,000</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Award
vesting in several tranches ranging from 6 monthsto 18 months from
the date of grant.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">During
the year ended March 31, 2021, the Company recognized share-based
compensation expense of</font> <font style="font-family: Times New Roman; font-size: 13px">$17,888 (2020
&#x2013; $42,124).</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">F-24</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px"><font style="color: #0070BF">
A</font><font style="color: #0070BF; font-size: 16px">MARC</font>
<font style="color: #0070BF">R</font><font style="color: #0070BF; font-size: 16px">ESOURCES</font> <font style="color: #0070BF">L</font><font style="color: #0070BF; font-size: 16px">TD</font><font style="color: #0070BF; font-family: Times New Roman">.</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Notes
to the Consolidated Financial Statements</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">For the
years ended March 31, 2021, 2020 and 2019</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
(Expressed in Canadian Dollars, unless otherwise
stated)</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: auto; margin-right: auto; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--line--><br></div>
<div><font style="font-family: Times New Roman; font-size: 10"><br></font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">The
following summarizes information on the options outstanding and
exercisable as at March 31, 2021:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px;">
<table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:52%;">
<div style="padding-bottom: 2px;"><font style="font-size: 11px">
<div>
<div style="margin-left:0px;"><font style="font-family: Times New Roman;">&#xA0;</font></div>
</div>
</font></div>
</td>
<td colspan="2" rowspan="1" style="vertical-align:bottom;width:24%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 90%; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-weight: bold; font-family: Times New Roman;">Options
outstanding</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
<td colspan="2" rowspan="1" style="vertical-align:bottom;width:24%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 90%; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-weight: bold; font-family: Times New Roman;">Options
exercisable</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 5%; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px; border-bottom: 2px solid rgb(0, 0, 0);"><font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">Exercise
price</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 80%; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-weight: bold; font-family: Times New Roman;">Number
of</font></div>
<div><font style="font-weight: bold; font-family: Times New Roman;">Options</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 80%; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-weight: bold; font-family: Times New Roman;">Weighted</font></div>
<div><font style="font-weight: bold; font-family: Times New Roman;">average</font></div>
<div><font style="font-weight: bold; font-family: Times New Roman;">remaining</font></div>
<div><font style="font-weight: bold; font-family: Times New Roman;">contractual
life</font></div>
<div><font style="font-weight: bold; font-family: Times New Roman;">(years)</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 80%; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-weight: bold; font-family: Times New Roman;">Number
of</font></div>
<div><font style="font-weight: bold; font-family: Times New Roman;">Options</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 80%; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">
<div><font style="font-weight: bold; font-family: Times New Roman;">Weighted</font></div>
<div><font style="font-weight: bold; font-family: Times New Roman;">average</font></div>
<div><font style="font-weight: bold; font-family: Times New Roman;">remaining</font></div>
<div><font style="font-weight: bold; font-family: Times New Roman;">contractual
life</font></div>
<div><font style="font-weight: bold; font-family: Times New Roman;">(years)</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="border-bottom: 2px solid rgb(0, 0, 0);">
<div>
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">$
0.05<br></font></div>
</div>
</div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">2,000,000</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">3.51</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">500,000</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">3.51</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px; border-bottom: 2px solid rgb(0, 0, 0);"><font style="font-family: Times New Roman; font-size: 13px">Total</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">2,000,000</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">3.51</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">500,000</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">3.51</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table; margin-left: -5px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
<font style="color: #0070BF">(d)</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0070BF; font-style: italic; font-family: Times New Roman; font-size: 13px">
Share purchase warrants</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">The
following common share purchase warrants were outstanding at March
31, 2021 and 2020:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px;">
<table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:64%;border-bottom:solid 2px #000000;">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 11px; font-weight: bold;">
&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="font-weight: bold; font-size: 11px;"><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Exercise
price</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font></font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="font-weight: bold; font-size: 11px;"><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">
<div><font style="font-family: Times New Roman; font-weight: bold;">March 31,
2021</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font></font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="font-weight: bold; font-size: 11px;"><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">
<div><font style="font-family: Times New Roman; font-weight: bold;">March 31,
2020</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:64%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px">Issued pursuant to
a loan agreement (note 9(a))</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">0.05</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">16,000,000</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">16,000,000</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px">Exercised</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">0.05</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">(5,000,000</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">&#x2013;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:64%;border-bottom:double 4px #000000;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px">Total</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:double 4px #000000;">11,000,000</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:double 4px #000000;">16,000,000</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table; margin-left: 40px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
(i)&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
2019 loan bonus warrants</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">In
December 2019, 16,000,000 share purchase warrants were issued
pursuant to the Loan (note 9(a)). The fair value of these warrants
at issue was determined to be $490,449 at $0.03 per warrant using
the Black-Scholes pricing model and based on the following
assumptions: risk-free rate of 1.57%; expected volatility of 144%;
underlying market price of $0.035; strike price of $0.05; expiry
term of 5 years; and, dividend yield of nil.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table; margin-left: -5px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><font style="color: #0070BF">
11.</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0070BF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
RELATED PARTY TRANSACTIONS</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px;">
<table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:76%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">Balances due to
related parties</font></font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">
<div><font style="font-family: Times New Roman; font-weight: bold;">March
31,</font></div>
<div><font style="font-family: Times New Roman; font-weight: bold;">2021</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font></font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">
<div><font style="font-family: Times New Roman; font-weight: bold;">March
31,</font></div>
<div><font style="font-family: Times New Roman; font-weight: bold;">2020</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px">Bookskipper
Accounting &amp; Tax Services</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,050</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px">Hunter Dickinson
Services Inc.</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">614,352</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">507,232</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px">Robert Dickinson
(interest payable)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">174,816</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">79,726</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:76%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px">United Mineral
Services Ltd.</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">5,021</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">5,021</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:76%;border-bottom:double 4px #000000;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px">Total</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">795,239</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">591,979</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">F-25</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px"><font style="color: #0070BF">
A</font><font style="color: #0070BF; font-size: 16px">MARC</font>
<font style="color: #0070BF">R</font><font style="color: #0070BF; font-size: 16px">ESOURCES</font> <font style="color: #0070BF">L</font><font style="color: #0070BF; font-size: 16px">TD</font><font style="color: #0070BF; font-family: Times New Roman">.</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Notes
to the Consolidated Financial Statements</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">For the
years ended March 31, 2021, 2020 and 2019</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
(Expressed in Canadian Dollars, unless otherwise
stated)</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: auto; margin-right: auto; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--line--><br></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table; margin-left: -5px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
<font style="color: #0070BF">(a)</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0070BF; font-style: italic; font-family: Times New Roman; font-size: 13px">
Transactions with key management personnel</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Key
management personnel (&#x201C;KMP&#x201D;) 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.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Note 9
includes the details of loans with a director of the Company and a
private company wholly-owned by a director of the Company. Note
7(b) and 7(c) includes the details of the acquisition of mineral
property interests from a private company wholly-owned by a
director of the Company.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">During
the year ended March 31, 2021 and 2020, the Company&#x2019;s
President, Chief Executive Officer and Director; and Corporate
Secretary provided services to the Company under a service
agreement with Hunter Dickinson Services Inc. (&#x201C;HDSI&#x201D;)
(note 11(b)).</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">During
the year ended March 31, 2021, the Company incurred a $10,000
(March 31, 2020 - $nil) fee for the services provided by the Chief
Financial Officer.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">There
were no other transactions with KMP during the year ended March 31,
2021 and 2020.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table; margin-left: -5px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
<font style="color: #0070BF">(b)</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0070BF; font-style: italic; font-family: Times New Roman; font-size: 13px">
Hunter Dickinson Services Inc.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Hunter
Dickinson Inc. (&#x201C;HDI&#x201D;) and its wholly-owned subsidiary
HDSI are private companies established by a group of mining
professionals. HDSI provides services under contracts 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 itis at Amarc&#x2019;s discretion that
HDSI providescertain contract services.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Company has one director in common with HDSI, namely Robert
Dickinson. Also, the Company&#x2019;s Chief Executive Officer,
President and Director, and Corporate Secretary are employees of
HDSI and work for the Company under an employee secondment
arrangement between the Company and HDSI.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Pursuant to an
agreement dated July 2, 2010, HDSI provides certain technical,
geological, corporate communications, regulatory compliance, and
administrative and management services to the Company, on a
non-exclusive basis as needed and as requested by the Company. As a
result of this relationship, the Company has ready access to a
range of diverse and specialized expertise on a regular basis,
without having to engage or hire full-time employees or experts.
The Company benefits from the economies of scale created by HDSI
which itself serves several clients both within and external to the
exploration and mining sector.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">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 isa function of annually set and agreed
charge-out rates for and the time spent by each HDSI employee
engaged by the Company.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">HDSI
also incurs third-party costs on behalf of the Company. Such third
party costs include, for example, directors and officers insurance,
travel, conferences, and communication services. Third-party costs
are billed at cost, without markup.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">F-26</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px"><font style="color: #0070BF">
A</font><font style="color: #0070BF; font-size: 16px">MARC</font>
<font style="color: #0070BF">R</font><font style="color: #0070BF; font-size: 16px">ESOURCES</font> <font style="color: #0070BF">L</font><font style="color: #0070BF; font-size: 16px">TD</font><font style="color: #0070BF; font-family: Times New Roman">.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Notes
to the Consolidated Financial Statements</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">For the
years ended March 31, 2021, 2020 and 2019</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
(Expressed in Canadian Dollars, unless otherwise
stated)</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: auto; margin-right: auto; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--line--><br></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">There
are no ongoing contractual or other commitments resulting from the
Company's transactions with HDSI, other than thepayment for
services already rendered and billed. The agreement may be
terminated upon 60 days' notice by either the Company or
HDSI.</font></div>
<div style="text-align: justify; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">The
following is a summary of transactions with HDSI that occurred
during the reporting period:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px;">
<table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr>
<td rowspan="1" style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; padding-bottom: 2px; margin-left: 0px; text-indent: 0px; margin-right: 0px;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">Transactions
with HDSI</font></font></div>
</div>
</td>
<td colspan="3" rowspan="1" style="vertical-align: bottom; width: 36%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 3%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 94%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">
<div><font style="font-family: Times New Roman; font-weight: bold;">For the years
ended March 31,</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 3%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:64%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-size: 11px"><font style="font-style: italic; font-family: Times New Roman;">(rounded to the
nearest thousand CAD)</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2021</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2020</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2019</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px">Services received
from HDSI and as requested by the Company</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">914,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,272,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,620,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px">Information
technology &#x2013; infrastructure and support services</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">60,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">60,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">60,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:64%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px">Reimbursement, at
cost, of third-party expenses incurred by HDSI on behalf of the
Company</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">79,000</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">104,000</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">63,000</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;border-bottom:double 4px #000000;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px">Total</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,053,000</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,436,000</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,745,000</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table;">
<div style="display: table-row;">
<div style="text-align: left; display: table-cell; width: 36px;">
<font style="color: #0070BF; font-style: italic; font-family: Times New Roman; font-size: 13px">
(c)</font></div>
<div style="text-align: justify; display: table-cell; margin-left: 0px; text-indent: 0px; margin-right: 0px;">
<font style="color: #0070BF; font-style: italic; font-family: Times New Roman; font-size: 13px">
United Mineral Services Ltd.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 480px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">United
Mineral Services Ltd. (&#x201C;UMS&#x201D;) 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.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">During
the year ended March 31, 2021, UMS reimbursed the Company an
aggregate of $139,160 for additional cost related to exploration
programs on its operated properties described at note 7(d). The
following is a summary of transactions with UMS that occurred
during the reporting period:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px;">
<table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr>
<td rowspan="1" style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px; padding-bottom: 2px;"><font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">Transactions
with UMS</font></font></div>
</td>
<td colspan="3" rowspan="1" style="vertical-align: bottom; width: 36%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 3%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 94%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">
<div><font style="font-family: Times New Roman; font-weight: bold;">For the years
ended March 31,</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 3%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:64%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-size: 11px"><font style="font-style: italic; font-family: Times New Roman;">(rounded to the
nearest thousand CAD)</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2021</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2020</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2019</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px">Services received
from UMS and as requested by the Company</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">813</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">36,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px">Interest andfinance
charges</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">-</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">616</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2013;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:64%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent: -12px; margin-right: 0px; margin-left: 12px;"><font style="font-family: Times New Roman; font-size: 13px">Reimbursement of
third-party expenses incurred by UMS on behalf of the
Company</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">138,009</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">8,442</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">19,000</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;border-bottom:double 4px #000000;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px">Total</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">138,009</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">9,871</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">55,000</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">F-27</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px"><font style="color: #0070BF">
A</font><font style="color: #0070BF; font-size: 16px">MARC</font>
<font style="color: #0070BF">R</font><font style="color: #0070BF; font-size: 16px">ESOURCES</font> <font style="color: #0070BF">L</font><font style="color: #0070BF; font-size: 16px">TD</font><font style="color: #0070BF; font-family: Times New Roman">.</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Notes
to the Consolidated Financial Statements</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">For the
years ended March 31, 2021, 2020 and 2019</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
(Expressed in Canadian Dollars, unless otherwise
stated)</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: auto; margin-right: auto; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--line--><br></div>
<div style="text-align: justify; margin-left: 456px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table; margin-left: -5px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><font style="color: #0070BF">
12.</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0070BF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
INCOME TAXES</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 456px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table; margin-left: -5px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
<font style="color: #0070BF">(a)</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0070BF; font-style: italic; font-family: Times New Roman; font-size: 13px">
Provision for current tax</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">No
provision has been made for current income taxes as the Company has
no taxable income.</font></div>
<div style="text-align: justify; margin-left: 456px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table; margin-left: -5px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
<font style="color: #0070BF">(b)</font>&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #0070BF; font-style: italic; font-family: Times New Roman; font-size: 13px">
Provision fordeferred tax</font></div>
</div>
</div>
<div style="text-align: justify"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">As
future taxable profits of the Company are uncertain, no deferred
tax asset has been recognized.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;">
<font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">At
March 31, 2021, the Company had unused non-capital loss carry
forwards of approximately</font> <font style="font-family: Times New Roman; font-size: 13px">$10,700,000 (March
31, 2020 &#x2013; $9.8 million; March 31, 2019 &#x2013; $8.8
million).</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;">
<font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">At
March 31, 2021, the Company had resource tax pools of approximately
$31,000,000 (March 31, 2020 &#x2013; $31.3 million; March 31, 2019
&#x2013; $30.6 million) available in Canada, which may be carried
forward and utilized to offset future taxes related to certain
resource income.</font></div>
<div style="text-align: justify; margin-left: 456px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table; margin-left: -5px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
<font style="color: #0070BF">(c)</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0070BF; font-style: italic; font-family: Times New Roman; font-size: 13px">
Reconciliation of effective tax rate</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px;">
<table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:76%;">
<div style="border-bottom: 2px solid rgb(0, 0, 0);">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0); font-size: 11px;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 80%; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0); font-size: 11px;">
<div><font style="font-weight: bold; font-family: Times New Roman;">March
31,</font></div>
<div><font style="font-weight: bold; font-family: Times New Roman;">2021</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0); font-size: 11px;">&#xA0;</font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0); font-size: 11px;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 80%; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0); font-size: 11px;">
<div><font style="font-weight: bold; font-family: Times New Roman;">March
31,</font></div>
<div><font style="font-weight: bold; font-family: Times New Roman;">2020</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0); font-size: 11px;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Income (loss) for
the year</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,360,699</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(1,253,534</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px; border-bottom: 2px solid rgb(0, 0, 0);"><font style="font-family: Times New Roman; font-size: 13px">Total income tax
expense</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#x2013;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#x2013;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px; border-bottom: 2px solid rgb(0, 0, 0);"><font style="font-family: Times New Roman; font-size: 13px">Loss excluding
income tax</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">1,360,699</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">(1,253,534</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">)</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Income tax expense
(recovery) using the Company&#x2019;s tax rate</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">367,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(388,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Non-deductible
expenses and other</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(577,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(114,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">Temporary
difference booked to reserve</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(16,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">(2,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">)</font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:76%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px; border-bottom: 2px solid rgb(0, 0, 0);"><font style="font-family: Times New Roman; font-size: 13px">Deferred income tax
assets not recognized</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">194,000</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">454,000</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 2px solid rgb(0, 0, 0);">&#xA0;</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align:bottom;width:76%;">
<div style="border-bottom: 4px double rgb(0, 0, 0);">
<div style="margin-left:0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 4px double rgb(0, 0, 0);">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 4px double rgb(0, 0, 0);">&#x2013;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font><font style="text-align: left; vertical-align: bottom; width: 5%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 4px double rgb(0, 0, 0);">$</font><font style="text-align: right; vertical-align: bottom; width: 75%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 4px double rgb(0, 0, 0);">&#x2013;</font><font style="text-align: left; vertical-align: bottom; width: 10%; font-size: 13px; font-family: Times New Roman; display: inline-block; border-bottom: 4px double rgb(0, 0, 0);">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 32px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Company&#x2019;s statutory tax rate was 27% (2020 &#x2013; 27%; 2019
&#x2013; 27%) and its effective tax rate is nil (2020 &#x2013; nil;
2019 &#x2013; nil).</font></div>
<div style="text-align: justify; margin-left: 456px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table; margin-left: -5px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
<font style="color: #0070BF">(d)</font>&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="color: #0070BF; font-style: italic; font-family: Times New Roman; font-size: 13px">
Deductible temporary differences</font></div>
</div>
</div>
<div style="text-align: justify"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 32px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">At
March 31, 2021, the Company had the following deductible temporary
differences for which no deferred tax asset was
recognized:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">F-28</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px"><font style="color: #0070BF">
A</font><font style="color: #0070BF; font-size: 16px">MARC</font>
<font style="color: #0070BF">R</font><font style="color: #0070BF; font-size: 16px">ESOURCES</font> <font style="color: #0070BF">L</font><font style="color: #0070BF; font-size: 16px">TD</font><font style="color: #0070BF; font-family: Times New Roman">.</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Notes
to the Consolidated Financial Statements</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">For the
years ended March 31, 2021, 2020 and 2019</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
(Expressed in Canadian Dollars, unless otherwise
stated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: auto; margin-right: auto; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--line--><br></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;"><br></font></div>
<div style="margin-left: 36px;">
<table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:52%;border-bottom:solid 2px #000000;border-top:solid 1px #808080;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-weight: bold; font-size: 11px;"><font style="font-family: Times New Roman; font-weight: bold;">Expiry</font></font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;border-top:solid 1px #808080;">
<div><font style="font-weight: bold; font-size: 11px;"><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Tax
losses</font></div>
<div><font style="font-family: Times New Roman; font-weight: bold;">(capital)</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font></font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;border-top:solid 1px #808080;">
<div><font style="font-weight: bold; font-size: 11px;"><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Tax
losses</font></div>
<div><font style="font-family: Times New Roman; font-weight: bold;">(non-capital)</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font></font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;border-top:solid 1px #808080;">
<div><font style="font-weight: bold; font-size: 11px;"><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Resources</font></div>
<div><font style="font-family: Times New Roman; font-weight: bold;">pools</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font></font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;border-top:solid 1px #808080;">
<div><font style="font-weight: bold; font-size: 11px;"><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Other</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px">Within one
year</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2013;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2013;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2013;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2013;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px">One to five
years</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2013;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2013;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2013;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">21,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px">After five
years</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2013;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">10,730,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#x2013;</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,011,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:52%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px">No expiry
date</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">1,294,000</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">&#x2013;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">31,201,000</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">77,000</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:52%;border-bottom:double 4px #000000;">
<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,294,000</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">10,730,000</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">31,201,000</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,109,000</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table; margin-left: -5px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><font style="color: #0070BF">
13.</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0070BF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
SUPPLEMENTARY INFORMATION TO THE CONSOLIDATED STATEMENTS OF
LOSS</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 456px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table; margin-left: -5px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
<font style="color: #0070BF">(a)</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0070BF; font-style: italic; font-family: Times New Roman; font-size: 13px">
Employees&#x2019; salaries and benefits</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 32px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">The
employees&#x2019; salaries and benefits included in exploration and
evaluation expenses and administration expenses are as
follows:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px;">
<table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr>
<td rowspan="1" style="vertical-align: bottom; width: 64%;">
<div style="padding-bottom: 2px;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">Employees&#x2019;
salaries and benefits</font></font></div>
</div>
</td>
<td colspan="3" rowspan="1" style="vertical-align: bottom; width: 36%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 3%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 94%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">
<div><font style="font-family: Times New Roman; font-weight: bold;">For the years
ended March 31,</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 3%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:64%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-size: 11px"><font style="font-style: italic; font-family: Times New Roman;">(rounded to the
nearest thousand CAD)</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2021</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2020</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2019</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Salaries and
benefits included in the following:</font></div>
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Exploration
andevaluation expenses</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">576,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">856,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">1,268,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 13px">Administration expense</font> 1</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">363,000</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">454,000</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">571,000</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:64%;border-bottom:double 4px #000000;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Total</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">939,000</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,310,000</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">1,839,000</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="display: table; margin-left: 40px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-family: Times New Roman; font-size: 13px">1&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">This amount
includes salaries and benefits included in office and
administration expenses (note 13(b)) as well as other salaries and
benefits expenses classified as administration
expenses.</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table; margin-left: -5px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
<font style="color: #0070BF">(b)</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0070BF; font-style: italic; font-family: Times New Roman; font-size: 13px">
Office and administration expenses</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 456px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Office
and administration expenses include the following:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px;">
<table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr>
<td rowspan="1" style="vertical-align: bottom; width: 64%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px; padding-bottom: 2px;"><font style="font-size: 11px"><font style="font-weight: bold; font-family: Times New Roman;">Office and
administration expenses</font></font></div>
</td>
<td colspan="3" rowspan="1" style="vertical-align: bottom; width: 36%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 3%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 94%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">
<div><font style="font-family: Times New Roman; font-weight: bold;">For the years
ended March 31,</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 3%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font></font></div>
</td>
</tr><tr>
<td style="vertical-align:bottom;width:64%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:0px;"><font style="font-size: 11px"><font style="font-style: italic; font-family: Times New Roman;">(rounded to the
nearest thousand CAD)</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2021</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2020</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font></font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="font-size: 11px"><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">
<div><font style="font-family: Times New Roman; font-weight: bold;">2019</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Salaries and
benefits</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">300,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">414,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">501,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Insurance</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">79,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">55,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">74,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:64%;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Data processing and
retention</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">23,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">60,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">60,000</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:64%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Other office
expenses</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">15,000</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">21,000</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">22,000</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:64%;border-bottom:double 4px #000000;">
<div style="text-align: left; text-indent:0px;margin-right:0px;margin-left:12px;"><font style="font-family: Times New Roman; font-size: 13px">Total</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">417,000</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">550,000</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:double 4px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">657,000</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:double 4px #000000;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">F-29</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font>&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px"><font style="color: #0070BF">
A</font><font style="color: #0070BF; font-size: 16px">MARC</font>
<font style="color: #0070BF">R</font><font style="color: #0070BF; font-size: 16px">ESOURCES</font> <font style="color: #0070BF">L</font><font style="color: #0070BF; font-size: 16px">TD</font><font style="color: #0070BF; font-family: Times New Roman">.</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Notes
to the Consolidated Financial Statements</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">For the
years ended March 31, 2021, 2020 and 2019</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
(Expressed in Canadian Dollars, unless otherwise
stated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: auto; margin-right: auto; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--line--><br></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="display: table; margin-left: -5px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><font style="color: #0070BF">
14.</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0070BF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
FINANCIAL RISK MANAGEMENT</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 456px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table; margin-left: -5px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
(a)&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Capital management objectives</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Company&#x2019;s primary objectives when managing capital are to
safeguard the Company&#x2019;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.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;">
<font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Company considers the components of shareholders&#x2019; equity as
well as its cash as capital. The Company manages its capital
structure and makes adjustments to it in light of changes in
economic conditions and the risk characteristics of the underlying
assets. In order to maintain or adjust the capital structure, the
Company may issue equity, sell assets, or return capital to
shareholders as well as issue or repay debt.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;">
<font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Company&#x2019;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.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;">
<font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Company is not subject to any imposed equity
requirements.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;">
<font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">There
were no changes to the Company&#x2019;s approach to capital
management during the year ended March 31, 2021.</font></div>
<div style="text-align: justify"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table; margin-left: -5px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
(b)&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Carrying amounts and fair values of financial
instruments</font></div>
</div>
</div>
<div style="text-align: justify"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Company&#x2019;s marketable securities are carried at fair value
based on quoted prices in active markets.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;">
<font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">As at
March 31, 2021 and 2020, the carrying values of the Company&#x2019;s
financial assets and financial liabilities approximate their fair
values.</font></div>
<div style="text-align: justify"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="display: table; margin-left: -5px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
(c)&#xA0;</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Financial instrument risk exposure and risk management</font></div>
</div>
</div>
<div style="text-align: justify"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">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:</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;">
<font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="text-decoration: underline; font-family: Times New Roman; font-size: 13px">
Credit risk</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;">
<font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Credit
risk is the risk of potential loss to the Company if a counterparty
to a financial instrument fairs to meet its contractual
obligations. The Company&#x2019;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&#x2019;s maximum exposure to
credit risk.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;">
<font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">F-30</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px"><font style="color: #0070BF">
A</font><font style="color: #0070BF; font-size: 16px">MARC</font>
<font style="color: #0070BF">R</font><font style="color: #0070BF; font-size: 16px">ESOURCES</font> <font style="color: #0070BF">L</font><font style="color: #0070BF; font-size: 16px">TD</font><font style="color: #0070BF; font-family: Times New Roman">.</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Notes
to the Consolidated Financial Statements</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">For the
years ended March 31, 2021, 2020 and 2019</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
(Expressed in Canadian Dollars, unless otherwise
stated)</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: auto; margin-right: auto; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--line--><br></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="text-decoration: underline; font-family: Times New Roman; font-size: 13px">
Liquidity risk</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">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&#x2019;s holdings of cash.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Company has sufficient cash to meet its commitments associated with
its financial liabilities in the near term, other than the amounts
payable to related parties.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="text-decoration: underline; font-family: Times New Roman; font-size: 13px">
Interest rate risk</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">The
Company is subject to interest rate risk with respect to its
investments in cash. The Company&#x2019;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 impactinterest income earned.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">As at
March 31, 2021 and 2020, the Company&#x2019;s exposure to interest
rate risk was nominal.</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Price risk</font></font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Equity
price risk is defined as the potential adverse impact on the
Company&#x2019;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.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">As at
March 31, 2021 and 2020, the Company&#x2019;s exposure to price risk
was not significant in relation to these Financial
Statements.</font></div>
<div style="text-align: justify; margin-left: 456px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table; margin-left: -5px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><font style="color: #0070BF">
15.</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0070BF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
EVENTS AFTER THE REPORTING PERIOD</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 456px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="display: table; margin-left: -5px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
(a)&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Sublease Agreement</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">On
April 22, 2021, the Company and HDSI entered into a sublease
agreement for renting an office space in Vancouver British Columbia
(the &#x201C;2021 Office Sublease Agreement&#x201D;). Pursuant to the
Sublease Agreement, the sublease term commences on May 1, 2021 and
expires on April 29, 2026. The Company as the sublease tenant will
pay HDSI the sublandlord the basic rent according to the following
schedule:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 36px;">
<table cellpadding="0" cellspacing="0" style="margin-right:0px;width:100%;font-size:inherit;font-family:inherit;margin-left:0px;">
<tr>
<td rowspan="1" style="vertical-align:bottom;width:88%;border-bottom:solid 2px #000000;border-top:solid 1px #000000;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-weight: bold; font-size: 11px;"><font style="font-family: Times New Roman; font-weight: bold;">Rent
Periods</font></font></div>
</td>
<td rowspan="1" style="vertical-align:bottom;width:12%;border-top:solid 1px #000000;">
<div><font style="font-weight: bold; font-size: 11px;"><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font><font style="text-align: right; vertical-align: bottom; width: 80%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">
<div><font style="font-family: Times New Roman; font-weight: bold;">Basic
Rents</font></div>
</font><font style="text-align: left; vertical-align: bottom; width: 10%; border-bottom: 2px solid rgb(0, 0, 0); display: inline-block; font-weight: bold;">&#xA0;</font></font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:88%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px">May 1, 2021 to
April 30, 2022</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">$</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">25,545</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:88%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px">May 1, 2022 to
April 30, 2023</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">25,545</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:88%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px">May 1, 2023 to
April 30, 2024</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">26,855</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:88%;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px">May 1, 2024 to
April 30, 2025</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: left; vertical-align:bottom;width:5%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font><font style="text-align: right; vertical-align:bottom;width:75%;font-size:13px;font-family:Times New Roman;display:inline-block;">28,165</font><font style="text-align: left; vertical-align:bottom;width:10%;font-size:13px;font-family:Times New Roman;display:inline-block;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#cceeff;">
<td style="vertical-align:bottom;width:88%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px">May 1, 2025 to
April 29, 2026</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:5%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: right; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:75%;border-bottom:solid 2px #000000;">28,165</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
</tr><tr style="background-color:#ffffff;">
<td style="vertical-align:bottom;width:88%;border-bottom:solid 2px #000000;">
<div style="text-align: left; text-indent: 0px; margin-right: 0px; margin-left: 0px;"><font style="font-family: Times New Roman; font-size: 13px">Total</font></div>
</td>
<td style="vertical-align:bottom;width:12%;">
<div><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font><font style="text-align: left; font-family:Times New Roman;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:5%;font-size:13px;">$</font><font style="text-align: right; font-family:Times New Roman;border-bottom:solid 2px #000000;vertical-align:bottom;display:inline-block;width:75%;font-size:13px;">134,275</font><font style="text-align: left; font-family:Times New Roman;vertical-align:bottom;font-size:13px;display:inline-block;width:10%;border-bottom:solid 2px #000000;">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font>&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">F-31</font></div>
</div>
<div id="pb" style="text-align: center; page-break-after: always; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--page break--></div>
<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 16px"><font style="color: #0070BF">
A</font><font style="color: #0070BF; font-size: 16px">MARC</font>
<font style="color: #0070BF">R</font><font style="color: #0070BF; font-size: 16px">ESOURCES</font> <font style="color: #0070BF">L</font><font style="color: #0070BF; font-size: 16px">TD</font><font style="color: #0070BF; font-family: Times New Roman">.</font></font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Notes
to the Consolidated Financial Statements</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">For the
years ended March 31, 2021, 2020 and 2019</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
(Expressed in Canadian Dollars, unless otherwise
stated)</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: auto; margin-right: auto; margin-bottom: 6px; width: 100%; height: 1px; background-color: #000000">
<!--line--><br></div>
<div style="text-align: left; margin-left: 60px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="display: table; margin-left: -5px;">
<div style="display: table-row">
<div style="display: table-cell; width: 36px"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
(b)&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
JOY District Agreement with Freeport</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">On May
11, 2021, the Company and Freeport-McMoRan Mineral Properties
Canada Inc. (&#x201C;Freeport&#x201D;), a wholly owned subsidiary of
Freeport-McMoRan Inc. (NYSE:FCX) entered into a Mineral Property
Earn-in Agreement (the &#x201C;EIA&#x201D;) whereby Freeport may
acquire up to a 70% ownership interest of the Company&#x2019;s Joy
porphyry Cu-Au District Property (See Note 7(b)).</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Under
the terms of the EIA, Freeport has a two-stage option to earn up to
a 70% ownership interest in themineral claims comprising the JOY
District, plus other rights and interests, over a 10 year
period.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">To earn
an initial 60% interest, Freeport is required to fund $35 million
of work expenditures over a 5- year term. During the first year of
the earn-in, a $4 million work program is planned in the JOY
District.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">These
optional earn-in expenditures can be accelerated by Freeport at its
discretion. Amarc will be operator during the initial earn-in
period. Once Freeport has acquired such 60% interest, Amarc and
Freeport will proceed to operate the JOY District through a jointly
owned corporation with Freeport assuming project
operatorship.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">Upon
Freeport earning such 60% interest, it can elect, in its sole
discretion, to earn an additional 10% interest, for a total 70%
interest by sole funding a further $75 million within the following
five years.</font></div>
<div style="text-align: justify; margin-left: 36px; text-indent: 0px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 36px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">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.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">F-32</font></div>
</div>
<div id="pb" style="text-align: center; margin-left: 0px; margin-right: 0px; margin-bottom: 6px; page-break-after: always; width: 100%; height: 1px; background-color: #000000">
<!--page break line--></div>
<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="display: table">
<div style="display: table-row">
<div style="display: table-cell; width: 96px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px"><a name="_Toc78195348"><!--anchor--></a><font style="color: #0000FF">ITEM 19</font>&#xA0;</font></div>
<div style="text-align: left; display: table-cell"><font style="color: #0000FF; font-weight: bold; font-family: Times New Roman; font-size: 13px">
<a name="EXHI">E</a>XHIBITS</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
following Exhibits have been filed with the Company's Annual Report
on Form 20-F in previous years:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-family: Times New Roman; font-size: 13px; margin: 0px auto 0px 0px;">
<tr>
<td style="vertical-align: bottom; width: 10%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">Exhibit
Number</font></font></font></font></div>
</td>
<td style="vertical-align: bottom; width: 90%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">Description of
Exhibit</font></font></font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 10%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="http://www.sec.gov/Archives/edgar/data/1175596/000106299310003209/exhibit1-2.htm">
<font style="font-family: Times New Roman; font-size: 13px">1.1</font></a></div>
</td>
<td style="vertical-align: top; width: 90%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Articles
of Amarc Resources Ltd., as amended <font style="font-size: 70%; vertical-align: top">(1)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="http://www.sec.gov/Archives/edgar/data/1175596/000106299308004428/exhibit4-2.htm">
<font style="font-family: Times New Roman; font-size: 13px">4.1</font></a></div>
</td>
<td style="vertical-align: top; width: 90%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Amended
Share Option Plan of Amarc Resources Ltd. dated for reference
September 21, 2004, as amended. <font style="font-size: 70%; vertical-align: top">(2)</font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 10%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="http://www.sec.gov/Archives/edgar/data/0001175596/000106299308004428/form20f.htm">
<font style="font-family: Times New Roman; font-size: 13px">4.1</font></a></div>
</td>
<td style="vertical-align: top; width: 90%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Corporate
Services Agreement between Amarc Resources Ltd. and Hunter
Dickinson Services Inc. dated June 1, 2008 as superseded by the
Services Agreement dated July 2, 2010. <font style="font-size: 70%; vertical-align: top">(2)</font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="http://www.sec.gov/Archives/edgar/data/1175596/000106299313003675/exhibit4-3.htm">
<font style="font-family: Times New Roman; font-size: 13px">4.3</font></a></div>
</td>
<td style="vertical-align: top; width: 90%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Certificate
of Expert <font style="font-size: 70%; vertical-align: top">(3)</font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 10%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="http://www.sec.gov/Archives/edgar/data/0001175596/000106299308004428/exhibit11-1.htm">
<font style="font-family: Times New Roman; font-size: 13px">11.1</font></a></div>
</td>
<td style="vertical-align: top; width: 90%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Code of
Ethics <font style="font-size: 70%; vertical-align: top">(2)</font></font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">(1)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Incorporated by
reference to the Company's Annual Report on Form 20-F for the year
ended March 31, 2010, filed with the Securities and Exchange
Commission on September 30, 2010.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">(2)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Incorporated by
reference to the Company's Annual Report on Form 20-F for the year
ended March 31, 2008, filed with the Securities and Exchange
Commission on October 7, 2008.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; display: table">
<div style="display: table-row">
<div style="text-align: left; display: table-cell; width: 48px">
<font style="font-family: Times New Roman; font-size: 13px">(3)</font></div>
<div style="text-align: justify; display: table-cell"><font style="font-family: Times New Roman; font-size: 13px">Incorporated by
reference to the Company's Annual Report on Form 20-F for the year
ended March 31, 2013, filed with the Securities and Exchange
Commission on July 30, 2013.</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
following exhibits are included with this Annual Report on Form
20-F:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left">
<table cellpadding="0" cellspacing="0" style="text-align: left; width: 100%; font-family: Times New Roman; font-size: 13px; margin: 0px auto 0px 0px;">
<tr>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">Exhibit
Number</font></font></font></font></div>
</td>
<td style="vertical-align: top; width: 90%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 11px"><font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-weight: bold;">Description of
Exhibit</font></font></font></font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 10%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="ahr_ex121.htm"><font style="font-family: Times New Roman; font-size: 13px">12.1</font></a></div>
</td>
<td style="vertical-align: top; width: 90%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Certification
of Chief Executive Officer pursuant to Rule&#xA0;13a-14(a) of the
Exchange Act, as adopted pursuant to Section&#xA0;302 of the
Sarbanes-Oxley Act of 2002</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="ahr_ex122.htm"><font style="font-family: Times New Roman; font-size: 13px">12.2</font></a></div>
</td>
<td style="vertical-align: top; width: 90%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Certification
of Chief Financial Officer pursuant to Rule&#xA0;13a-14(a) of the
Exchange Act, as adopted pursuant to Section&#xA0;302 of the
Sarbanes-Oxley Act of 2002</font></div>
</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 10%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="ahr_ex131.htm"><font style="font-family: Times New Roman; font-size: 13px">13.1</font></a></div>
</td>
<td style="vertical-align: middle; width: 90%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Certification
of Chief Executive Officer pursuant to Rule&#xA0;13a-14(b) of the
Exchange Act and 18 U.S.C. Section&#xA0;1350, as adopted pursuant
to Section&#xA0;906 of the Sarbanes-Oxley Act of 2002</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 10%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="ahr_ex132.htm"><font style="font-family: Times New Roman; font-size: 13px">13.2</font></a></div>
</td>
<td style="vertical-align: top; width: 90%;">
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Certification
of Chief Financial Officer pursuant to Rule&#xA0;13a-14(b) of the
Exchange Act and 18 U.S.C. Section&#xA0;1350, as adopted pursuant
to Section&#xA0;906 of the Sarbanes-Oxley Act of 2002</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">62</font></div>
</div>
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<div id="hdr">
<div style="text-align: right; width: 100%"><font style="font-family: Times New Roman; font-size: 11px">&#xA0;</font></div>
</div>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
SIGNATURES</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">The
registrant hereby certifies that it meets all of the requirements
for filing on Form 20-F and that it has duly caused and authorized
the undersigned to sign this Annual Report on its
behalf.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div>
<table cellpadding="0" cellspacing="0" style="font-family: inherit; font-size: inherit; margin-right:0px;width:100%;margin-left:0px;">
<tr>
<td rowspan="1" style="width: 50%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td colspan="2" rowspan="1" style="vertical-align: bottom; width: 38%;">
<div>
<div></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
AMARC RESOURCES LTD.</font></div>
</div>
</td>
<td rowspan="1" style="width: 12%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 50%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 3%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 35%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 50%; border-bottom: medium solid rgb(255, 255, 255);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-family: Times New Roman; font-size: 13px">DATED: July 27,
2021</font></font></div>
</td>
<td style="vertical-align: top; width: 3%; border-bottom: medium solid rgb(255, 255, 255);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">By:&#xA0;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 35%; border-bottom: 2px solid black; white-space: nowrap;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">/s/&#xA0;
<font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Sebastian Tang</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: medium solid rgb(255, 255, 255);">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 50%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 3%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 35%; white-space: nowrap;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-style: italic"><font style="font-style: italic"><font style="font-style: italic; font-family: Times New Roman; font-size: 13px">
Sebastian Tang</font></font></font></font></div>
</td>
<td style="width: 12%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 50%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 3%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 35%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman"><font style="font-family: Times New Roman; font-size: 13px">Chief Financial
Officer</font></font></div>
</td>
<td style="width: 12%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<br>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">63</font></div>
</div>
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ahr_20f
UNITED
STATES
SECURITIES AND
EXCHANGE COMMISSION
WASHINGTON, D.C.
20549
FORM
20-F
☐
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) or 12(g) OF THE
SECURITIES EXCHANGE ACT OF 1934
OR
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the fiscal year ended March 31, 2021
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
OR
☐
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition
period from___________ to_____________
Commission
file number
0-49869
AMARC RESOURCES LTD.
(Exact
name of Registrant as specified in its charter)
BRITISH COLUMBIA, CANADA
(Jurisdiction
of incorporation or organization)
14th Floor, 1040 West Georgia Street
Vancouver, British Columbia, Canada, V6E 4H1
(Address
of principal executive offices)
Sebastian Tang, Chief Financial Officer
Facsimile
No.: 604-684-8092
14th
Floor, 1040 West Georgia Street
Vancouver, British Columbia, Canada, V6E 4H1
(Name,
Telephone, E-mail and/or Facsimile number and Address of Company
Contact Person)
Securities
registered or to be registered pursuant to Section 12(b) of the
Act:
Title of Each
Class:
Not
applicable
Name of each
exchange on which registered:
Not
applicable
Securities
registered or to be registered pursuant to Section 12(g) of the
Act:
Common shares with no par value
Securities
for which there is a reporting obligation pursuant to Section 15(d)
of the Act:
None
Indicate
the number of outstanding shares of each of the issuer's classes of
capital or common stock as of the close of the period covered by
the annual report:
180,602,894 common shares as of March 31, 2021
Indicate
by check mark if the registrant is a well-known seasoned issuer, as
defined in Rule 405 of the Securities Act.
☐  Yes
☒  No
If this
report is an annual or transition report, indicate by check mark if
the registrant is not required to file reports pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934.
☐  Yes
☒  No
Indicate
by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such
shorter period that registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past
90 days.
☒  Yes
☐  No
Indicate by check
mark whether the registrant has submitted electronically and posted
on its corporate Web site, if any, every Interactive Data File
required to be submitted and posted pursuant to Rule 405 of
Regulation S-T (§232.405 of this chapter) during the preceding
12 months (or for such shorter period that the registrant was
required to submit and post such files).
☒  Yes
☐  No
Indicate by check
mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or an emerging growth
company. See the definitions of "large accelerated
filer," "accelerated filer," and "emerging
growth company" in Rule 12b-2 of the Exchange Act. (check
one):
Large
accelerated filer ☐
Non-accelerated
filer ☒
Accelerated filer
☐
Emerging growth
company ☒
If an
emerging growth company that prepares its financial statements in
accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying
with any new or revised financial accounting standards†
provided pursuant to Section 13(a) of the Exchange
Act.
Indicate
by check mark which basis of accounting the registrant has used to
prepare the financial statements included in this
filing:
U.S.GAAP
☐
International
Financial Reporting Standards as issued by the International
Accounting Standards Board ☒
Other
☐
If
"Other" has been checked in response to the previous
question, indicate by check mark which financial statement item the
registrant has elected to follow:
Item 17
☐
Item 18
☐
If this
is an annual report, indicate by check mark whether the registrant
is a shell company (as defined in Rule 12b-2 of the Exchange
Act).
☐  Yes
☒  No
T A B L E  O F  C O N T E N T S
ITEM
1
IDENTITY OF
DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
6
ITEM
2
OFFER STATISTICS
AND EXPECTED TIMETABLE
7
ITEM
3
KEY
INFORMATION
7
ITEM
4
INFORMATION ON THE
COMPANY
14
ITEM
4A
UNRESOLVED STAFF
COMMENTS
27
ITEM
5
OPERATING AND
FINANCIAL REVIEW AND PROSPECTS
27
ITEM
6
DIRECTORS, SENIOR
MANAGEMENT AND EMPLOYEES
32
ITEM
7
MAJOR SHAREHOLDERS
AND RELATED PARTY TRANSACTIONS
41
ITEM
8
FINANCIAL
INFORMATION
44
ITEM
9
THE OFFER AND
LISTING
44
ITEM
10
ADDITIONAL
INFORMATION
47
ITEM
11
QUANTITATIVE AND
QUALITATIVE DISCLOSURES ABOUT MARKET RISK
57
ITEM
12
DESCRIPTION OF
SECURITIES OTHER THAN EQUITY SECURITIES
58
ITEM
13
DEFAULTS, DIVIDEND
ARREARAGES AND DELINQUENCIES
58
ITEM
14
MATERIAL
MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF
PROCEEDS
58
ITEM
15
CONTROLS AND
PROCEDURES
58
ITEM
16
[RESERVED]
59
ITEM
16A
AUDIT COMMITTEE
FINANCIAL EXPERT
59
ITEM
16B
CODE OF
ETHICS
59
ITEM
16C
PRINCIPAL
ACCOUNTANT FEES AND SERVICES
60
ITEM
16D
EXEMPTIONS FROM
LISTING STANDARDS FOR AUDIT COMMITTEES
61
ITEM
16E
PURCHASES OF
EQUITY SECURITIES BY THE ISSUER AND AFFILIATED
PURCHASERS
61
ITEM
16F
CHANGE IN
REGISTRANT'S CERTIFYING ACCOUNTANT
61
ITEM
16G
CORPORATE
GOVERNANCE
61
ITEM
16H
MINE SAFETY
DISCLOSURE
61
ITEM
17
FINANCIAL
STATEMENTS
61
ITEM
18
FINANCIAL
STATEMENTS
61
ITEM
19
EXHIBITS
62
GENERAL
In this
Annual Report on Form 20-F, all references to "we",
"Amarc" or the "Company" refer to Amarc
Resources Ltd.
The
Company uses the Canadian Dollar as its reporting currency. All
references in this document to "Dollars" or
"$" are expressed in Canadian Dollars
("CAD", "C$"), unless otherwise indicated.
See also
Item 3 – Key
Information
for more detailed currency and conversion
information.
Except
as noted, the information set forth in this Annual Report is as of
July 27, 2021 and all information included in this document should
only be considered correct as of such date.
Cautionary Note to Investors Concerning Forward-looking
Statements
This discussion and analysis includes certain statements that may
be deemed "forward-looking statements". All such
statements, other than statements of historical fact that address
exploration drilling, exploitation activities and other related
events or developments are forward-looking statements. Although
Amarc Resources Ltd. ("Amarc") believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those in the forward-looking statements.
Assumptions used by Amarc to develop forward-looking statements
include the following: Amarc's projects will obtain all
required environmental and other permits and all land use and other
licenses, studies and exploration of Amarc's projects will
continue to be positive and no geological or technical problems
will occur. Factors that could cause actual results to differ
materially from those in forward-looking statements include market
prices, potential environmental issues or liabilities associated
with exploration, development and mining activities, exploitation
and exploration successes, continuity of mineralization,
uncertainties related to the ability to obtain necessary permits,
licenses and tenure and delays due to third party opposition,
changes in and the effect of government policies regarding mining
and natural resource exploration and exploitation, and exploration
and development of properties located within Aboriginal groups
asserted territories may affect or be perceived to affect asserted
aboriginal rights and title, which may cause permitting delays or
opposition by Aboriginal groups, continued availability of capital
and financing and general economic, market or business
conditions
as
well as risks relating to the uncertainties with respect to the
effects of COVID-19. Investors are cautioned that any such
statements are not guarantees of future performance and actual
results or developments may differ materially from those projected
in the forward-looking statements. For more information on Amarc
investors should review the Company's annual Form 20-F filing
with the United States Securities and Exchange Commission (the
"SEC") at
www.sec.gov
and its home
jurisdiction filings that are available at
www.sedar.com
.
4
GLOSSARY OF TERMS
Certain
terms used herein are defined as follows:
Coastal
Plutonic Complex ("CPC")
A
complex of granitic rocks formed between approximately 170 and 45
million years ago.
Induced
Polarization ("IP") Survey
A
geophysical survey used to identify a feature that appears to be
different from the typical or background survey results when tested
for levels of electro-conductivity; IP detects both chargeable,
pyrite-bearing rock and non-conductive rock that has a high content
of quartz.
mV/V
Millivolts/volt;
a unit measure of chargeability in an IP survey.
Magmatic/hydrothermal-structural
deposit
Any
concentration of metallic minerals formed by the precipitation of
solids from hot waters (hydrothermal solution). The solutions may
be sourced from a magma or from deeply circulating water heated by
magma.
Mesothermal-epithermal
deposit
Deposit
formed at moderate temperature and pressure and depth (175-300
degrees C at 1,220-3,660 m - mesothermal) or lower temperature and
pressure at shallow depth (<150- ~300 degrees C at surface to
1-2 km - epithermal).
Mineral
Symbols
As
– arsenic; Au – gold; Ag – silver; Cu –
copper; Fe – iron; Hg – mercury; Mo – molybdenum;
Na – sodium; Ni – nickel; O – oxygen; Pd –
palladium; Pt – platinum; Pb – lead; S – sulphur;
Sb – antimony; Zn – zinc.
National
Instrument 43-101
National
Instrument 43-101 -
Standards of
Disclosure for Mineral Projects
, is a rule developed by the
Canadian Securities Administrators that establishes standards for
all public disclosure a reporting issuer makes of scientific and
technical information concerning mineral projects.
Net
Smelter Return (NSR) Royalty
Monies
received for concentrate delivered to a smelter net of
metallurgical recovery losses, transportation costs, smelter
treatment-refining charges and penalty charges.
Polymetallic
Comprised
of several metals.
Porphyry
Deposit
Mineral
deposit characterized by widespread disseminated or veinlet-hosted
sulphide mineralization, characterized by large tonnage and
moderate to low grade.
Vein
A
tabular or sheet-like mineral deposit with identifiable walls,
often filling a fracture or fissure.
5
CURRENCY AND MEASUREMENT
All
currency amounts in this Annual Report are stated in Canadian
Dollars unless otherwise indicated.
Approximate
conversion of metric units into imperial equivalents is as
follows:
Metric Units
Multiply by
Imperial Units
hectares
2.471
=
acres
meters
3.281
=
feet
kilometers
3281
=
feet
kilometers
0.621
=
miles
grams
0.032
=
ounces (troy)
tonnes
1.102
= tons
(short) (2,000 lbs)
grams/tonne
0.029
=
ounces (troy)/ton
STATUS AS AN EMERGING GROWTH COMPANY
The
Company is an "emerging growth company" as defined in
section 3(a) of the Exchange Act, and the Company will continue to
qualify as an "emerging growth company" until the
earliest to occur of: (a) the last day of the fiscal year during
which the Company has total annual gross revenues of US$1.07
billion (as such amount is indexed for inflation every 5 years by
the SEC) or more; (b) the last day of the Company's fiscal year
following the fifth anniversary of the date of the first sale of
common equity securities pursuant to an effective registration
statement under the Securities Act; (c) the date on which the
Company has, during the previous 3-year period, issued more than
US$1 billion in non-convertible debt; or (d) the date on which the
Company is deemed to be a "large accelerated filer", as
defined in Exchange Act Rule
12b–2.
Therefore, the Company expects to continue to be an emerging growth
company for the foreseeable future.
Generally,
a registrant that registers any class of its securities under
section 12 of the Exchange Act is required to include in the second
and all subsequent annual reports filed by it under the Exchange
Act, a management report on internal control over financial
reporting and, subject to an exemption available to registrants
that are neither an "accelerated filer" or a
"larger accelerated filer" (as those terms are defined
in Exchange Act Rule 12b-2), an auditor attestation report on
management's assessment of internal control over financial
reporting. However, for so long as the Company continues to qualify
as an emerging growth company, the Company will be exempt from the
requirement to include an auditor attestation report in its annual
reports filed under the Exchange Act, even if it were to qualify as
an "accelerated filer" or a "larger accelerated
filer". In addition, auditors of an emerging growth company
are exempt from the rules of the Public Company Accounting
Oversight Board requiring mandatory audit firm rotation or a
supplement to the auditor's report in which the auditor would be
required to provide additional information about the audit and the
financial statements of the registrant (auditor discussion and
analysis).
The
Company has irrevocably elected to comply with new or revised
accounting standards even though it is an emerging growth
company.
ITEM 1
I
DENTITY OF DIRECTORS, SENIOR
MANAGEMENT AND ADVISERS
A.
DIRECTORS
AND SENIOR MANAGEMENT
Not
applicable.
B.
ADVISERS
Not
applicable.
C.
AUDITORS
Not
applicable.
6
ITEM 2
O
FFER STATISTICS AND EXPECTED
TIMETABLE
Not
applicable.
ITEM
3
K
EY INFORMATION
A.
SELECTED
FINANCIAL DATA
The
following tables summarize selected financial data for Amarc
extracted from the Company's audited financial statements for
related fiscal years. The data should be read in conjunction with
the Company's audited financial statements included as an exhibit
in this Annual Report.
The
following table is derived from the financial statements of the
Company which have been prepared in accordance with and using
accounting policies in full compliance with International Financial
Reporting Standards ("IFRS") issued by the
International Accounting Standards Board ("IASB")
effective for each of the Company's fiscal year
presented.
The
following selected financial data is presented in thousands of
Canadian Dollars.
Statements of Financial Position Data
($
000's)
2021
2020
2019
2018
2017
Equipment,
net
$
–
$
–
$
–
$
–
$
–
Total
assets
1,560
529
799
3,625
1,112
Total
liabilities
1,533
1,504
1,342
2,379
1,521
Working capital
surplus (deficit)
418
(641
)
(716
)
1,836
419
Share
capital
64,745
64,342
64,042
63,884
59,560
Reserves
4,870
5,632
5,105
5,143
5,741
Accumulated
deficit
(69,588
)
(70,949
)
(69,690
)
(67,782
)
(65,709
)
Net assets
(liabilities)
27
(975
)
(543
)
1,246
(409
)
Shareholders'
equity (deficiency)
27
(975
)
(543
)
1,246
(409
)
Statements of Comprehensive Loss Data
($ 000's,
except per share amounts and number of shares)
2021
2020
2019
2018
2017
Interest and other
income
$
(27
)
$
(6
)
$
(38
)
$
(27
)
$
(8
)
General and
administrative expenses
631
856
913
1,054
733
Exploration
expenditures, net of METC*
576
664
5,390
6,686
2,926
Contributions
pursuant to Option Agreements
(791
)
(413
)
(4,538
)
(6,197
)
(2,933
)
Share-based
payments
18
–
–
–
–
Other
167
153
221
556
325
Gain on sale of
mineral property
(1,935
)
–
–
–
–
Flow-through shares
premium
–
–
–
–
–
Net income (loss)
for the year
1,361
(1,254
)
(1,948
)
(2,072
)
(1,043
)
Other comprehensive
income (loss)
(626
)
(11
)
2
28
8
Total comprehensive
income (loss)
$
735
$
(1,265
)
$
1,946
$
2,044
$
1,035
Basic and diluted
net earnings (loss) per share
$
0.01
$
(0.01
)
$
(0.01
)
$
(0.01
)
$
(0.01
)
Weighted average
number of common shares outstanding
178,666,081
171,767,287
156,826,422
141,435,020
141,406,301
*
"METC"
refers to Mineral Exploration Tax Credits, which are discussed in
Item 5
, under the
heading "Critical Accounting Policies and
Estimates".
Currency and Exchange Rates
As of
the date of this Annual Report, the average rate of exchange of the
Canadian Dollar was US$1.00 = Canadian $1.32. Exchange rates
published by the Bank of Canada are available on its website,
www.bankofcanada.ca
,
are nominal quotations — not buying or selling rates —
and are intended for statistical or analytical
purposes.
7
The
following tables set out the exchange rates for the conversion of
Canadian Dollars into U.S. Dollars.
For year ended
March 31(Canadian Dollar per U.S. Dollar)
2021
2020
2019
2018
2017
End of
period
$
1.2575
$
1.4187
$
1.3363
$
1.2894
$
1.3322
Average for the
period
$
1.3219
$
1.3308
$
1.3118
$
1.2837
$
1.3126
High for the
period
$
1.4217
$
1.4496
$
1.3642
$
1.3743
$
1.3582
Low for the
period
$
1.2455
$
1.2970
$
1.2552
$
1.2128
$
1.2544
Monthly High and
Low Exchange Rate (Canadian Dollar per U.S. Dollar)
High
Low
July 2021 (to the
date of this Annual Report)
$
1.2759
$
1.2343
June
2021
$
1.2419
$
1.2040
May
2021
$
1.2315
$
1.2051
April
2021
$
1.2617
$
1.2285
March
2021
$
1.2668
$
1.2455
February
2021
$
1.2828
$
1.2530
B.
CAPITALIZATION
AND INDEBTEDNESS
Not
applicable.
C.
REASONS
FOR THE OFFER AND USE OF PROCEEDS
Not
applicable.
D.
RISK
FACTORS
An
investment in the Company's common shares is highly speculative and
subject to a number of risks. Only those persons who can bear the
risk of the entire loss of their investment should participate. An
investor should carefully consider the risks described below and
the other information that the Company furnishes to, or files with,
the Securities and Exchange Commission and with Canadian securities
regulators before investing in the Company's common shares. The
risks described below are not the only ones faced by the Company.
Additional risks that management is aware of or that the Company
currently believes are immaterial may indeed become important
factors that affect the Company's business. If any of the following
risks occur, or if others occur, the Company's business, operating
results and financial condition could be seriously harmed and the
investor may lose all of his investment.
The Company has limited working capital and will require additional
capital to advance its projects.
The
Company has limited working capital as at the current reporting
date. Further exploration on, and development of, the Company's
projects will require additional resources and funding. The Company
currently does not have sufficient funds to fully develop these
projects.
There
is no assurance that the Company will be successful in obtaining
the required financing for these or other purposes, including for
general working capital.
The Company has no earnings, has incurred net losses and negative
cash flows since inception, and expects to incur losses for the
foreseeable future.
The
Company does not have any operational history of earnings and has
incurred net losses and negative cash flow from its operations
since incorporation. Although the Company hopes to eventually
generate revenues, significant operating losses are to be
anticipated for at least the next several years and possibly
longer. To the extent that such expenses do not result in the
creation of appropriate revenues, the Company's business may be
materially adversely affected. It is not possible to forecast how
the business of the Company will develop, and there can be no
assurance that the underlying assumed levels of expenses will prove
to be accurate.
The
advancement of mineral properties to production will require the
commitment of substantial resources to conduct time-consuming
exploration and development activities. The Company's operating
expenses and capital expenditures may increase in subsequent years
as needed consultants, personnel and equipment associated with
advancing exploration, development and commercial production of the
Company's projects and any other properties the Company may acquire
are added. The amounts and timing of expenditures will depend
on:
8
●
the progress of
ongoing exploration and development;
●
the results of
consultants' analyses and recommendations;
●
the rate at which
operating losses are incurred;
●
the execution of
any joint venture agreements with strategic allies;
and
●
the acquisition of
additional properties and other factors, many of which are beyond
the Company's control.
The Company has no history of mining operations, and does not
expect to receive revenues from operations in the foreseeable
future.
The
Company has no history of mining operations, and there can be no
assurance that the Company will generate any revenues or achieve
profitability. The Company expects to incur losses unless and until
such time as one or more of the Company's existing projects,
or any other properties the Company may acquire, enter into
commercial production and generate sufficient revenues to fund its
continuing operations, which cannot be assured. The Company does
not expect to receive revenues from operations in the foreseeable
future, if at all.
The Company has not demonstrated that any mineralized material on
its properties constitutes reserves as defined in SEC Industry
Guide 7.
The
Company has no mineral producing properties, and the Company has
not demonstrated that any mineralized material on its properties
constitutes reserves under SEC Industry Guide 7. Although the
mineralized material and mineralized deposit figures included in
this annual report have been carefully prepared by the Company, or,
in some instances have been prepared, reviewed or verified by
independent mining experts, these amounts are estimates only and no
assurance can be given that any particular level of recovery of
minerals from mineralized material will in fact be realized or that
an identified mineralized deposit will ever qualify as a
commercially mineable (or viable) reserve.
No
assurance can be given that minerals will be discovered in
sufficient quantities to justify commercial operations or that
funds required for development can be obtained on a timely basis.
Whether a mineral deposit will be commercially viable depends on a
number of factors, some of which are:
●
the particular
attributes of the deposit, such as size, grade and proximity to
infrastructure;
●
metal prices, which
may be volatile, and are highly cyclical; and
●
government
regulations, including regulations relating to prices, taxes,
royalties, land tenure, land use, importing and exporting of
minerals, and environmental protection.
The
exact effect of these factors cannot accurately be predicted, but
the combination of these factors may result in the Company not
receiving an adequate return on invested capital.
The Company is subject to certain risks that are inherent in
exploration and mining activities beyond its control.
Resource
exploration, development, and operations are highly speculative,
characterized by a number of significant risks, which even a
combination of careful evaluation, experience and knowledge may not
eliminate, including, among other things, unprofitable efforts
resulting not only from the failure to discover mineral deposits
but from finding mineral deposits which, though present, are
insufficient in quantity and quality to return a profit from
production. Few properties that are explored are ultimately
developed into producing mines. No deposit that has been shown to
be economic has yet been found on the Company's existing projects,
and there can be no assurance that the Company will be able to
acquire any additional properties or that any additional properties
that are acquired will contain sufficient mineralization to warrant
further development.
Unusual
or unexpected formations, formation pressures, fires, power
outages, labour disruptions, flooding, explosions, cave-ins,
landslides, environmental hazards, the discharge of toxic chemicals
and other hazards, and the inability to obtain suitable or adequate
machinery, equipment or labour, are other risks involved in the
conduct of exploration programs, and in the development and
operation of mines. Such occurrences may delay development of the
Company's properties, delay production, increase production
costs or result in liability.
9
Substantial expenditures are and will be required to establish
mineral resources and mineral reserves.
Substantial
expenditures are and will be required to establish mineral
resources and mineral reserves through drilling, to develop
metallurgical processes to extract the metal from mineral
resources. No assurance can be given that the Company will be able
to obtain sufficient financing to cover such expenditures when
required, or that such financing can be obtained on terms that are
acceptable to the Company.
The Company's ability to obtain financing to fund its
exploration activities and, if warranted, development of any of its
properties, will be significantly affected by metal
prices.
The
ability of the Company to obtain financing to fund its exploration
activities and, if warranted, development of any of its properties,
will be significantly affected by changes in the market price of
the metals for which it explores. Mineral prices are subject to
fluctuation. The effect of these factors cannot accurately be
predicted. The mining industry in general is intensely competitive
and there is no assurance that, even if commercial quantities of
mineral resource are discovered, a profitable market will exist for
the sale of the same.
Factors
beyond the control of the Company may affect the marketability of
any copper, gold, silver or any other materials discovered. The
prices of copper, gold, silver and other minerals are affected by
numerous factors beyond the control of the Company, including
international economic and political trends, expectations of
inflation, currency exchange fluctuations (specifically, Canadian
dollars relative to other currencies), interest rates and global or
regional consumption patterns, speculative activities and increased
production due to improved mining and production methods. In
addition, the world supplies of and demands for copper, gold,
silver and other minerals can cause fluctuations in the price of
such minerals.
Development of any of the Company's properties, if warranted,
will be subject to financing risks and potential
delays.
Inability
to obtain financing, technical considerations, delays in obtaining
governmental approvals, and other factors could cause delays in
developing any of the Company's properties that may in the
future be determined to contain a commercially mineable
ore-body.
If it
is determined that a commercially mineable ore-body exists and it
can be economically exploited, the Company will require significant
additional financing in order to fund the costs of developing the
Company's properties into commercial production, if
warranted. The Company may have to seek additional funds through
public and private share offerings, arrangements with collaborative
parties, or debt financing. There can be no assurance that the
Company will be successful in its efforts to raise these required
funds, or that it will be able to raise the funds on terms that do
not result in high levels of dilution to shareholders.
Before
development and production can commence on any of its properties,
the Company must obtain regulatory and environmental approvals.
There is no assurance that such approvals will be obtained on a
timely basis or at all. The cost of compliance with changes in
governmental regulations has the potential to reduce the
profitability of operations or preclude entirely the economic
development of a property.
Mining
is one of the most intensely regulated businesses in Canada. The
period of time required to obtain environment assessments, consult
with aboriginal peoples and other stakeholders as well as
governments at the Canadian provincial and federal level can take
10 years or more. No assurance can be given that permitting of any
mine on the Company's properties will occur.
The Company will rely on third-party consultants and contractors
– whose availability cannot be assured - to undertake its
mineral exploration activities, as well as any future mine
development and mining activities.
The
Company will rely on consultants and others for exploration,
development, construction and operating expertise. No assurance can
be given that such consultants and other contractors will be
available when required, or that they can be retained on terms that
are acceptable to the Company.
10
The Company may enter into agreements with First Nations in
relation to its current and future exploration activities, and any
potential future production, which could impact any expected
earnings.
Our
properties are located within First Nations asserted traditional
territories, and the exploration and development of these
properties may affect, or be perceived to affect, asserted
aboriginal rights and title, which has the potential to manifest
permitting delays or opposition by First Nations
communities.
The
Company is working to establish positive relationships with First
Nations. As part of this process the Company may enter into
agreements, commensurate with the stage of activity, with First
Nations in relation to current and future exploration and any
potential future production. This could impact any expected
earnings.
The Company is subject to intense competition.
The
mining industry is competitive in all of its phases, including
financing, technical resources, personnel and property acquisition.
It requires significant capital, technical resources, personnel and
operational experience to effectively compete in the mining
industry. Because of the high costs associated with exploration,
the expertise required to analyze a project's potential and the
capital required to develop a mine, larger companies with
significant resources may have a competitive advantage over Amarc.
Amarc faces strong competition from other mining companies, some
with greater financial resources, operational experience and
technical capabilities than those that Amarc possesses. As a result
of this competition, Amarc may be unable to maintain or acquire
financing, personnel, technical resources or attractive mining
properties on terms Amarc considers acceptable or at
all.
The Company is subject to certain risks that are not
insurable.
Hazards
such as unusual or unexpected geological formations and other
conditions are involved in mineral exploration and development.
Amarc may become subject to liability for pollution, cave-ins or
hazards against which it cannot insure. The payment of such
liabilities could result in increases in Amarc's operating expenses
which could, in turn, have a material adverse effect on Amarc's
financial position and its results of operations. Although Amarc
maintains liability insurance in an amount which it considers
adequate, the nature of these risks is such that the liabilities
might exceed policy limits, the liabilities and hazards might not
be insurable against, or Amarc might elect not to insure itself
against such liabilities due to high premium costs or other
reasons. In these events, Amarc could incur significant liabilities
and costs that could materially increase Amarc's operating
expenses.
The Company's operations are and will be subject to
environmental regulations which can significantly increase
compliance costs and subject the Company to potential
liability.
All of
the Company's operations are and will be subject to environmental
regulations, which can make operations more expensive or
potentially prohibit them altogether. Many of the regulations
require the Company to obtain permits for its activities. The
Company must update and review its permits from time to time, and
is subject to environmental impact analyses and public review
processes prior to approval of the additional
activities.
The
Company may be subject to the risks and liabilities associated with
potential pollution of the environment and the disposal of waste
products that could occur as a result of its
activities.
To the
extent the Company is subject to environmental liabilities, the
payment of such liabilities or the costs that it may incur to
remedy environmental pollution would reduce funds otherwise
available to it and could have a material adverse effect on the
Company. If the Company is unable to fully remedy an environmental
problem, it might be required to suspend operations or enter into
interim compliance measures pending completion of the required
remedy. The potential exposure may be significant and could have a
material adverse effect on the Company.
Changes in government regulations and the presence of unknown
environmental hazards on the Company's mineral properties may
result in significant unanticipated delays, as well as significant
compliance costs.
Changes
to existing environmental legislation, regulations and actions
could give rise to additional expense, capital expenditures,
restrictions and delays in the activities of the Company, the
extent of which cannot be predicted. Regulatory requirements and
environmental standards are subject to constant evaluation and may
be significantly increased. It is possible that future changes in
applicable laws, regulations and permits or changes in their
enforcement or regulatory interpretation could have a significant
impact on some portion of the Company's business, causing those
activities to become economically unattractive at that
time.
11
Trading in the Company's common shares is subject to
volatility.
There
can be no assurance that an active trading market in the Company's
securities will be established or sustained. The market price for
the Company's securities is subject to wide fluctuations. Factors
such as announcements of exploration results, as well as market
conditions in the industry, may have a significant adverse impact
on the market price of the securities of the Company. Shares of the
Company are suitable only for those who can afford to lose their
entire investment. The stock market has from time to time
experienced extreme price and volume fluctuations, which have often
been unrelated to the operating performance of particular
companies.
Certain of the Company's directors and officers may be subject to
conflicts of interest.
Certain
of the Company's directors and officers may serve as directors or
officers of other companies or companies providing services to the
Company or they may have significant shareholdings in other
companies. Situations may arise where these directors and/or
officers of the Company may be in competition with the Company. Any
conflicts of interest will be subject to and governed by the law
applicable to directors' and officers' conflicts of interest. In
the event that such a conflict of interest arises at a meeting of
the Company's directors, a director who has such a conflict will
abstain from voting for or against the approval of such
participation or such terms. In accordance with applicable laws,
the directors of the Company are required to act honestly, in good
faith and in the best interests of the Company.
The Company is unlikely to be in a position to pay dividends for
the foreseeable future.
There
is no assurance that the Company will pay dividends on its shares
in the foreseeable future. The Company will likely require all its
funds to further the development of its business.
The Company is vulnerable to changes in the financial
markets.
Market
conditions and unexpected volatility or illiquidity in financial
markets may adversely affect the prospects of the Company and the
value of its shares.
The Company will be dependent on the continued services of its
senior management team, and its ability to retain other key
personnel.
The
Company will be dependent on the continued services of its senior
management team, and its ability to retain other key personnel. The
loss of such key personnel could have a material adverse effect on
the Company. There can be no assurance that any of the Company's
employees will remain with the Company or that, in the future, the
employees will not organize competitive businesses or accept
employment with companies competitive with the
Company.
Furthermore,
as part of the Company's growth strategy, it must continue to hire
highly qualified individuals. There can be no assurance that the
Company will be able to attract, assimilate or retain qualified
personnel in the future, which would adversely affect its
business.
Changes in government rules, regulations or agreements, or their
application, may negatively affect the Company's ownership
rights, its access to or its ability to advance the exploration and
development of its mineral properties.
The
government currently has in place or may in the future implement
laws, regulations, policies or agreements that may negatively
affect the Company's ownership rights with respect to its
mineral properties or its access to the properties. These may
restrain or block the Company's ability to advance the
exploration and development of its mineral properties or
significantly increase the costs and timeframe to advance the
properties.
If the Company raises additional funding through equity financings,
then the Company's current shareholders will suffer
dilution.
The
Company will require additional financing in order to complete full
exploration of the Company's mineral properties. Management
anticipates that the Company will have to sell additional equity
securities including, but not limited to, its common stock, share
purchase warrants or some form of convertible security. The effect
of additional issuances of equity securities will result in the
dilution of existing shareholders' percentage ownership
interests.
12
The Company believes it is likely a "passive foreign
investment company" which may have adverse U.S. federal
income tax consequences for U.S. shareholders.
U.S.
shareholders should be aware that the Company believes it was
classified as a passive foreign investment company
("PFIC"), as defined in Section 1297 of the Internal
Revenue Code of 1986, as amended, during one or more previous tax
years, and may be a PFIC in the current tax year and possibly in
subsequent tax years. If the Company is a PFIC for any tax year
during a U.S. shareholder's holding period, then such U.S.
shareholder generally will be required to treat any gain realized
upon a disposition of common shares, or any so-called "excess
distribution" received on its common shares, as ordinary
income, and to pay an interest charge on a portion of such gain or
distributions, unless the shareholder makes a timely and effective
"qualified electing fund" election or a
"mark-to-market" election with respect to the common
shares. A U.S. shareholder who makes a qualified electing fund
election generally must report on a current basis its share of the
Company's net capital gain and ordinary earnings for any tax year
in which the Company is a PFIC, whether or not the Company
distributes any amounts to its shareholders. A U.S. shareholder who
makes the mark-to-market election generally must include as
ordinary income each year the excess of the fair market value of
the common shares over the taxpayer's basis therein. This paragraph
is qualified in its entirety by the discussion below under the
heading "Certain United States Federal Income Tax
Considerations." Each U.S. shareholder should consult its own
tax advisor regarding the PFIC rules and the U.S. federal income
tax consequences of the acquisition, ownership, and disposition of
common shares.
The Company's shareholders could face significant potential equity
dilution as a result of grants under the Company's stock
option plan.
Amarc
has a stock option plan which allows the management to issue
options to its employees and non-employees based on the policies of
the Company. If further shares, options, or warrants are issued,
they will likely act as an upside damper on the trading range of
the Company's shares. As a consequence of the passage of time since
the date of their original sale and issuance, none of the Company's
shares remain subject to any hold period restrictions in Canada or
the United States. The unrestricted resale of outstanding shares
from the exercise of dilutive securities may have a depressing
effect on the market for the Company's shares.
Penny stock classification could affect the marketability of the
Company's common stock and shareholders could find it difficult to
sell their stock.
The
penny stock rules in the United States require a broker-dealer,
prior to a transaction in a penny stock not otherwise exempt from
the rules, to deliver a standardized risk disclosure document that
provides information about penny stocks and the nature and level of
risks in the penny stock market. The broker-dealer also must
provide the customer with current bid and offer quotations for the
penny stock, the compensation of the broker-dealer and its
salesperson in the transaction, and monthly account statements
showing the market value of each penny stock held in the customer's
account. The bid and offer quotations, and the broker-dealer and
salesperson compensation information, must be given to the customer
orally or in writing prior to effecting the transaction and must be
given to the customer in writing before or with the customer's
confirmation.
Further,
the penny stock rules require that prior to a transaction in a
penny stock not otherwise exempt from such rules; the broker-dealer
must make a special written determination that the penny stock is a
suitable investment for the purchaser and receive the purchaser's
written agreement to the transaction. These additional
broker-dealer practices and disclosure requirements may have the
effect of reducing the level of trading activity in the secondary
market for the Company's common shares in the United States, and
shareholders may find it more difficult to sell their
shares.
The Company's financial statements have been prepared assuming the
Company will continue on a going concern basis, but there can be no
assurance that the Company will continue as a going
concern.
The
Company's financial statements have been prepared on the
basis that it will continue as a going concern. The Company has
prioritized the allocation of available financial resources in
order to meet key corporate and mineral development expenditure
requirements in the near term. The costs required to complete
exploration and development of the Company's projects may be well
in excess of this amount. Accordingly, unless additional funding is
obtained, the going concern assumption may have to change. If Amarc
is unable to obtain adequate additional financing, the Company will
be required to curtail operations and exploration activities.
Furthermore, failure to continue as a going concern would require
that Amarc's assets and liabilities be restated on a liquidation
basis which could differ significantly from the going concern
basis.
13
The Company may from time to time be subject to
litigation.
The
Company may in future be subject to legal proceedings. If the
Company is unable to resolve these matters favorably it may have a
material adverse effect of the Company.
ITEM 4
I
NFORMATION ON THE
COMPANY
A.
HISTORY
AND DEVELOPMENT OF THE COMPANY
Incorporation
Amarc
Resources Ltd. was incorporated on February 2, 1993, pursuant to
the
Company Act
(British
Columbia, Canada) (the "BCCA"), as "Patriot
Resources Ltd." and changed its name on January 26, 1994 to
"Amarc Resources Ltd." The BCCA was replaced by the
Business Corporations Act
(British Columbia) (the "BCA") in March 2004 and the
Company is now governed by the BCA.
Amarc
became a public company or "reporting issuer" in the
Province of British Columbia on May 30, 1995. The common shares of
Amarc were initially listed on the Vancouver Stock Exchange
("VSE") on August 4, 1995, and continue to trade on the
TSX Venture Exchange ("TSX Venture") under the symbol
AHR. The TSX Venture was formerly known as the Canadian Venture
Exchange, the successor stock exchange to the VSE.
Amarc
commenced trading on the OTC Bulletin Board ("OTCBB")
in the United States in June 2004 and on the OTCQB in August 2014
(at which time quotation of Amarc's common shares on the
OTCBB was discontinued), in each case under the symbol
AXREF.
Offices
The
head office of Amarc is located at 14
th
Floor, 1040 West
Georgia Street, Vancouver, British Columbia, Canada V6E 4H1,
telephone (604) 684-6365, facsimile (604) 684-8092. The Company's
registered office is in care of its attorneys, McMillan LLP, 1500
Royal Centre P.O. Box 11117, 1055 West Georgia Street, Vancouver,
British Columbia, Canada V6E 4N7, telephone (604) 689-9111, fax
(604) 685-7084.
Company Development
Amarc
has been engaged in the acquisition and exploration of mineral
properties since its incorporation. The Company is currently
actively exploring a number of properties located in British
Columbia, Canada. All of the Company's mineral properties are at
the exploration stage.
B.
BUSINESS
OVERVIEW
Amarc
is a mineral exploration company with an experienced and successful
management team focused on advancing toward a new generation of
long life, high value British Columbia ("BC") porphyry
copper-gold ("Cu-Au") mines. By combining high demand
projects with successful management, Amarc has created a solid
platform to create value from its exploration stage
assets.
Amarc
is advancing the 100%-owned JOY, IKE and DUKE porphyry Cu±Au
deposit districts located in northern and central BC, respectively.
Importantly, each of the three districts is located in proximity to
industrial infrastructure – including power, highways and
rail. The JOY, IKE and DUKE Districts represent significant
potential for the development of multiple and important-scale,
porphyry Cu±Au deposits.
14
LOCATION OF THE COMPANY'S JOY, IKE and DUKE PROJECTS
Amarc's
100%-owned 482 km
2
JOY District covers
the northern extension of the prolific Kemess porphyry Cu-Au
district (the "Kemess District") in the Toodoggone
region of north-central BC.
A
geological region with high potential for important porphyry and
epithermal deposits, the Toodoggone is part of BC's Golden
Horseshoe, which includes the Golden Triangle to the west and
northwest.
The JOY
claims are located approximately 20 km north of the former Kemess
South Mine and the government-approved Kemess underground project.
In mid-2017, Centerra Gold Inc. ("Centerra") purchased
the Kemess District from AuRico Metals Inc. for $310
million
1
. JOY is host to
the open-ended PINE porphyry Cu-Au deposit (the "PINE
Deposit") and the promising MEX porphyry Cu-Au deposit
target. Work by Amarc has identified significant expansion
potential that requires drill testing at both the PINE Deposit and
at MEX. In addition, Amarc's extensive exploration surveys
have identified
a pipeline of other
large
(approximately 1 to 8 km
2
)
and high potential, porphyry Cu-Au targets, which
cluster on the property
. Each of these target areas in
themselves host multiple targets that are either drill-ready, or
can rapidly be brought up to a drill ready status by the completion
of focused surface surveys.
Amarc
has entered into an alliance with Freeport-McMoran Minerals
Properties Canada Inc. ("Freeport"),
a wholly owned subsidiary of Freeport-McMoRan
Inc., to efficiently advance the JOY District. Under the terms of
the agreement Freeport may acquire up to a 70% ownership interest
by making staged investments totalling $110 million dollars. As
project operator, Amarc has mobilized work crews to JOY to
undertake a comprehensive 2021 exploration program, inclusive of
drilling, which is designed to advance deposit delineation and
assess several important-scale mineral systems.
Drill and IP
permits are in hand for the work programs being
undertaken.
The 462
km
2
IKE District is located 33 km
northwest of the historical mining community of Gold Bridge near
the heartland of BC's producing porphyry Cu mines. The
greater IKE District includes porphyry Cu-Mo-Ag deposit discovery
(the "IKE Deposit"), the high potential Greater Empress
Cu-Au Project (the "Greater Empress" area) that hosts
the Empress Cu-Au-Ag deposit (the "Empress Deposit")
and other significant porphyry Cu-Au-Mo-Ag and Cu-Au-Ag replacement
deposit targets, and also the number of promising porphyry Cu and
epithermal Au-Ag targets. The District shares many characteristics
with porphyry districts around the globe that host major, and
commonly multiple, Cu±Au±Mo±Ag deposits and has the
potential to possess the grades and resources necessary to develop
into an important mining camp.
Subject
to funding Amarc is planning:
●
An expanded drill
program at the IKE Deposit with the goal of establishing a mineral
resource;
1
Centerra Gold Inc. news release
January 8, 2018.
15
●
A well-planned core
drilling program at the Empress Deposit to expand the
mineralization which remains open; and
●
An integrated
program in the Greater Empress area to drill test high potential
drill-ready targets and survey work on other promising targets to
bring them also to a drill ready status.
The
Company has the required drill and IP permits in hand for the
proposed work programs.
Amarc's
DUKE District is located 80 km northeast of Smithers within the
broader Babine District (the "District"), one of
BC's most prolific porphyry Cu-Au belts. The Babine District,
a 40 by 100 km north- northwesterly striking mineralized belt is
host to Noranda Mines' past producing Bell and Granisle Cu-Au
mines that produced a total of 1.1 billion pounds of Cu, 634,000
ounces of Au and 3.5 million ounces of Ag
2
,
and the
advanced stage Morrison Cu-Au deposit. The DUKE District includes
both the DUKE porphyry Cu deposit target discovery and a series of
high potential porphyry Cu-Au deposit targets generated form the
Company's comprehensive district-scale targeting
programs.
The
Company is currently planning:
●
To undertake the
drilling required to delineate the geometry and grade distribution
of its DUKE discovery in order to inform a mineral resource
estimate and related studies; and
●
Initial ground
surveys on its regional targets taking advantage of extensive
logging road networks across the property. These focused surveys
would be followed by RC drilling to test prioritized targets for
the presence of potential porphyry Cu- Au mineralized systems below
cover and, where a deposit target is confirmed, core drilling to
determine the extent, grade and geometry of the mineralized
system.
The
Company has permits in hand to commence these works.
Amarc
works closely with local governments, indigenous groups and other
stakeholders in order to advance its mineral projects responsibly,
and to do so in a manner that contributes to sustainable community
and economic development. We pursue early and meaningful engagement
to ensure our mineral exploration and development activities are
well coordinated and broadly supported, address local priorities
and concerns, and optimize opportunities for collaboration. In
particular, we seek to establish mutually beneficial partnerships
with indigenous groups within whose traditional territories its
projects are located, through the provision of jobs, training
programs, contract opportunities, capacity funding agreements and
sponsorship of community events. All Amarc's work programs
are carefully planned to achieve high levels of environmental and
social performance.
The JOY Cu-Au District
Amarc's
100%-owned 482 km
2
JOY District covers
the northern extension of the prolific Kemess District in the
Toodoggone region of north-central BC (see Amarc's May 15,
2020 news release and other information on the Company's
website at www.amarcresources.com/projects/joy-project). A
geological region with high potential for important porphyry and
epithermal deposits, the Toodoggone is part of BC's Golden
Horseshoe, which includes the Golden Triangle to the west and
northwest. Through its association with Hunter Dickinson Inc.
("HDI"), Amarc's technical team was first to recognize
the Kemess District's true porphyry potential, historically,
acquiring both Kemess North and Kemess South as early-stage
prospects and advancing both to significant porphyry Cu-Au
deposits. Kemess South was sold on beneficial terms to a
predecessor of Northgate Minerals, which brought the deposit into
production. Northgate Minerals produced 3 million ounces of Au, and
750 million pounds of Cu over a 13-year period to 2011
3
from Kemess
South (BC's third largest Au producer). The southern area of
the Kemess District, now owned by Centerra, includes the
government-approved Kemess Underground Project (the deeper
higher-grade extension of the Kemess North deposit), the advanced
stage Kemess East deposit as well as the mined-out Kemess South
deposit. The resource road that services Centerra's deposits
and the historical Lawyers and Shasta Au-Ag mines, also provides
access to Amarc's JOY District.
2
MINFILE Number 093L 146 and 093M 001 MINFILE
Production Detail Report, BC Geological Survey, Ministry of Energy
and Mines, BC.
3
SRK
Consulting (Canada) Inc. 2013 NI-43-101 Technical Report on the
Kemess Underground Project, British Columbia, Canada, AuRico Metals
Ltd.Sedar
16
JOY District Highlights
The
PINE Deposit within the JOY District has seen several phases of
historical drilling. Work by Amarc has identified significant
expansion potential at both the PINE Deposit and the MEX deposit
target that requires drill testing. In addition, Amarc has defined
seven large (approximately 1 to 8 km
2
), high potential
porphyry Cu-Au exploration target areas, each of which hosts
multiple targets that are either drill-ready, or can rapidly be
brought up to a drill ready status by the completion of focused
surface surveys. A highly effective targeting strategy was achieved
by combining and interpreting information from the Company's
exploration surveys and extensive historical datasets. These
datasets include results from soil geochemical sample grids,
airborne magnetics and Induced Polarization ("IP")
geophysical surveys, geological and alteration mapping and
historical drilling. The large historical soils geochemical
database (6,390 samples) was of particular use.
The JOY
technical information in this section is summarized from the
Company's National Instrument
43-101
Technical Report ("JOY Technical Report") filed under
Amarc's profile at www.sedar.com and on the Company's
website at
www.amarcresources.com/projects/joy-project/technical-report.
Amarc has mobilized work crews to JOY to undertake a comprehensive
2021 exploration program, inclusive of drilling, which is designed
to advance deposit delineation and assess several important-scale
mineral systems. Required
drill and IP permits are in hand
for the work programs being undertaken.
New Porphyry Cu-Au Potential at the PINE Deposit and MEX Deposit
Target
The
PINE Deposit is a northeast-trending, 2.5 km-long porphyry Cu-Au
mineralized system located within an underexplored 6 km
2
area of strong
hydrothermal alteration, as defined by IP chargeability, alteration
mapping and limited historical drilling. At the PINE Deposit,
shallow historical drilling (most holes record less than 175 m
vertical penetration) indicates that mineralization is open both
laterally and to depth, with many of the holes ending in
mineralization and some showing a downhole increase in Cu and Au
grades. Examples of the historical results are provided in Table
1.
Table 1: PINE DEPOSIT
Selected Drill Intervals from Historical Drilling
Drill Hole
From (m)
To (m)
Int.(m)
1,2,3
Cu(%)
Au(g/t)
Ag(g/t)
Mo(%)
CuEQ(%)
4,5
79-2
1.8
51.0
49.2
0.28
0.669
-
-
0.64
99.0
127.5
28.5
0.32
0.647
-
-
0.67
80-07
10.8
48.2
37.4
0.22
1.353*
1.4
0.001
0.97*
Incl.
13.0
15.9
2.9
0.30
3.12
1.3
0.001
1.94*
57.0
90.5
33.5
0.11
0.531
1.4
0.003
0.41
92-38
14.0
44.1
30.1
0.21
1.116
0.7
0.001
0.82
53.5
192.2
138.7
0.09
0.381
0.6
0.003
0.31
92-40
14.0
49.2
35.2
0.21
1.506*
1.3
0.001
1.04*
Incl.
20.0
22.0
2.0
0.28
3.34
1.2
0.001
1.93*
54.5
140.0
85.5
0.14
0.725
0.6
0.002
0.55
164.5
182.7
18.2
0.08
0.367
0.6
0.001
0.29
93-41
69.5
113.0
43.5
0.13
0.741*
0.8
0.002
0.55*
Incl.
75.0
77.0
2.0
0.28
3.10
3.6
0.001
1.94*
129.0
137.0
8.0
0.36
0.210
0.1
0.002
0.48
189.0
197.0
8.0
0.10
0.375
0.6
0.003
0.32
265.0
273.0
8.0
0.08
0.438
0.1
0.004
0.33
P97-04
55.1
75.3
20.2
0.15
0.510*
4.5
0.002
0.46*
Incl.
74.0
75.3
1.3
0.32
205.20
43.4
0.004
2.25*
90.7
127.4
36.7
0.15
0.522
2.8
0.002
0.46*
127.4
192.4
65.0
0.16
0.658*
2.3
0.002
0.54*
Incl.
150.0
153.0
3.0
0.28
39.80
16.1
0.003
2.02*
Incl.
166.8
168.4
1.6
0.17
4.36
4.4
0.001
1.84*
P97-08
127.7
268.6
140.9
0.17
0.492
2.0
0.002
0.46
CuEQ%
>=0.30 &
<0.50
>=0.50
17
Notes to Table 1:
1
Widths reported are
drill widths, such that the thicknesses are unknown.
2
All assay intervals
represent length-weighted averages.
3
Some figures may
not sum exactly due to rounding.
4
Copper equivalent
(CuEQ) calculations use metal prices of: Cu US$3.00/lb, Mo
US$12.00/lb, Ag US$18.00/oz and Au US$1,400.00/oz and conceptual
recoveries of: Cu 90%, Au 72%, 67% Ag and 82% Mo. Conversion of
metals to an equivalent Cu grade based on these metal prices is
relative to the Cu price per unit mass factored by predicted
recoveries for those metals normalized to the copper recovery. The
metal equivalencies for each metal are added to the Cu grade. The
general formula for this is: CuEQ % = Cu% + (Au g/t * (Au recovery
/ Cu recovery) * (Au $ per oz/ 31.1034768) / (Cu $ per lb*
22.04623)) + (Ag g/t * (Ag recovery / Cu recovery) * (Ag $ per oz/
31.1034768) / (Cu $ per lb* 22.04623)) + (Mo % * (Mo recovery / Cu
recovery) * (Mo $ per lb / Cu $ per lb)).
5
The estimated
metallurgical recoveries are conceptual in nature. There is no
guarantee that the metallurgical testing required to determine
metal recoveries will be done or, if done, the metallurgical
recoveries could be at the level of the conceptual recoveries used
to determine the CuEQ.
6
Details of
analysis, QA/QC and data verification for the PINE Deposit drilling
is provided in the 2020 IKE National Instrument 43-101 Technical
Report, which is posted on the Amarc website and the
Company's profile on SEDAR.
In
addition:
●
(-)
means not assayed for.
●
Au and CuEQ values
marked with an asterisk signify capping of very high Au assay
results at 3.0 g/t for the composite calculation (3.0 g/t is the
98th percentile for Au in the JOY drill data). The included (Incl.)
interval that follows presents the sample interval with the
uncapped Au result.
In
addition to the delineated drill-ready targets at the PINE Deposit,
untested areas of high IP chargeability and/or soil geochemistry
lie between the widely-spaced historical holes and extend outward
laterally, with the majority of the surrounding 6 km
2
area of strong
hydrothermal alteration remaining to be fully
explored.
Similarly,
at the MEX deposit target widely-spaced historical drilling
indicates that the system remains open both laterally and to
depth.
Newly Identified Porphyry Cu-Au Targets
The MEX
Cluster, located between the PINE Deposit and MEX mineralized
systems, includes a series of new targets that are characterized by
coincident anomalies defined by geochemical, geophysical and
mapping surveys. These new, well-defined targets are a priority for
early drill testing.
Additional
surface surveys are planned to prepare emerging drill targets at
the Canyon South, Twins, SW Takla, Central Takla and the North
Finley target areas for drilling. For example at Canyon South, a 1
km wide high-contrast >28 mV/V core of a 2 km-wide >18 mV/V
IP chargeability anomaly closely coincides with a 500 m diameter
magnetic high that is possibly related to an unidentified, and
potentially mineralized, porphyry stock. Notably, two historical
drill holes: PIN09-15, which encountered 11.43 g/t Au over 3 m, and
MEX12-013, which recorded 0.05% Cu and 0.18 g/t Au over 62.3 m are
located on the periphery of the Canyon South target and on the
opposite sides of the open 2 km-wide IP chargeability anomaly. Such
an occurrence of Au ± Cu could be related to the outer regions
of a porphyry system. A new IP survey is proposed to expand the
coverage of the historical IP to define the full extent of the
chargeability anomaly in preparation for drill
testing.
JOY District Agreement with Freeport
On May
12, 2021 Amarc announced it entered into an agreement (the
"Agreement") with Freeport pursuant to which Freeport may acquire,
through a staged
two-stage option up
to a 70% ownership interest in the mineral claims comprising the
JOY District, plus other rights and interests, over up to 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. During the first
year of the earn-in, a $4 million work program is required in the
JOY District. Annual optional earn-in expenditures can be
accelerated by Freeport at its discretion. Amarc will be operator
during the initial earn-in period. Once Freeport has acquired such
60% interest, Amarc and Freeport will proceed to explore and
develop the JOY District through a jointly owned corporation with
Freeport assuming project operatorship.
Upon Freeport earning such 60% interest, it can elect, in its sole
discretion, to earn an additional 10% in the mineral claims
comprising the JOY District, plus other rights and interests (for a
total 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.
18
JOY District Royalties
The
100% Amarc owned JOY District comprises the JOY, PINE and Paula
properties, and also the STAKED Claims. The mineral claims
comprising the STAKED Claims were staked and are owned 100% by the
Company.
On
November 21, 2017, Amarc acquired 100% interest in the 7,200 Ha JOY
property from United Minerals Services Ltd., a private vendor. The
JOY property is subject to an underlying 3% NSR royalty from
production to a former owner, which is capped at $3.5
million.
On
August 29, 2017, Amarc announced that it had concluded option
agreements with each of Gold Fields Toodoggone Exploration
Corporation ("Gold Fields") and Cascadero Copper
Corporation ("Cascadero"), which at that time held the PINE
property in a 51%:49% joint venture, that enabled Amarc to purchase
100% of the property. On December 31, 2018, Amarc completed the
purchase of Cascadero's 49% interest in the PINE property
(Amarc MD&A December 31, 2018). Further on December 9, 2019,
Amarc announced that it had reached an agreement with Gold Fields
to amend the option agreement between the parties and purchased
outright the remaining 51% of the PINE property from Gold Fields
(Amarc news release, December 9, 2019).
Gold
Fields retains a 2.5% NPI royalty on mineral claims comprising
about 96% of the PINE property and a 1% NSR royalty on the balance
of the claims. The NPI royalty can be reduced to 1.25% at any time
through the payment to Gold Fields of $2.5 million in cash or
shares. The NSR royalty can be reduced to 0.50% through the payment
to Gold Fields of $2.5 million in cash or shares.
The
PINE property is subject to a 3% underlying NSR royalty payable
from production to a former owner and capped at $5 million payable
from production (Amarc November 21, 2017 news
release).
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 tenure
(Amarc MD&A December 31, 2019). The claim is subject to a 1%
NSR royalty payable from commercial production that is capped at
$0.5 million.
The IKE Cu-Au District
Amarc's
100% owned IKE District is located 35 km northwest of the town of
Gold Bridge in southwestern BC near the heartland of the
province's producing porphyry Cu mines. It is proximal to
industrial infrastructure including power, and also highways and
rail that connect the District to Vancouver and its port
facilities.
Hydrothermal
alteration and mineralization, which is prospective for the
discovery of porphyry Cu±Au±Mo±Ag and related
deposit types occurs throughout the 462 km
2
IKE District. The
District occupies a highly fertile block of crust where
magmatic‐hydrothermal‐structural characteristics are
favorable for the formation of intrusion-related
Cu±Au±Mo±Ag deposits with good grade (see below).
These characteristics are common to most porphyry districts around
the globe that host major, and commonly multiple,
Cu±Au±Mo±Ag deposits.
The
greater IKE District includes the IKE porphyry Cu-Mo-Ag deposit
discovery, the high potential Greater Empress area that hosts the
Empress Cu-Au-Ag deposit and significant porphyry Cu-Au-Mo-Ag and
Cu-Au-Ag replacement deposit targets, and also a number of
promising porphyry Cu and Au-Ag epithermal targets. The District
has the potential to possess the grades and resources necessary to
develop into an important mining camp.
IKE Porphyry Cu-Mo-Ag Deposit
The
potential of the IKE porphyry deposit was recognized by Amarc
during a review of porphyry occurrences located in underexplored
mineral belts in BC. Limited historical drilling indicated the
presence of a mineral system with characteristics favorable for an
economically viable porphyry Cu-Mo-Ag deposit, underlying a
significant area of gossanous material. Three historical drill
holes, located over approximately 220 m, had intersected long
continuous intercepts of chalcopyrite and molybdenite
mineralization with encouraging grades, for example: Hole 11-1
returned 186 m of 0.41% CuEQ
4
(see Table 1 above
for note 4) at 0.31% Cu, 0.022% Mo, 1.9 g/t Ag and 0.01 g/t Au,
including 58 m of 0.52% CuEQ at 0.39% Cu, 0.031% Mo, 1.9 g/t Ag and
0.02 g/t Au; and, Hole 11-2: 120 m of 0.41% CuEQ at 0.31% Cu,
0.020% Mo, 3.3 g/t Ag and 0.01 g/t Au, including 32 m of 0.58% CuEQ
at 0.42 % Cu, 0.028% Mo, 6.3 g/t Ag and 0.02g/t Au.
19
There
was no follow up exploration until Amarc initiated
exploration.
Largely
co-incident magnetic, IP chargeability geophysics and geochemical
talus fines anomalies, together with geological alteration mapping
have defined an extensive 9 km
2
hydrothermal system,
into which Amarc has completed approximately 15,455 m of core
drilling in 26 widely-spaced holes.
This
drilling has confirmed the presence of a substantial body of
porphyry Cu-Mo-Ag mineralization with encouraging grades, over an
area 1,200 m east-west by 1,000 m north- south, and over a vertical
extent of 875 m depth, that remains open to expansion. Table 1
provides selected drill intercepts for the IKE
Deposit.
Table 2: IKE DEPOSIT
Selected
Drill Intervals from Amarc's Drilling
Drill Hole
From (m)
To (m)
Int. (m)
1,2,3
Cu (%)
Au (g/t)
Ag (g/t)
Mo (%)
CuEQ(%)
4,5
IK14005
269.4
325.4
56.0
0.31
-
1.6
0.064
0.55
339.1
426.2
87.1
0.36
-
0.7
0.054
0.56
Incl.
347.7
378.6
30.9
0.47
-
1.2
0.052
0.67
437.6
554.6
117.0
0.27
-
0.3
0.021
0.35
602.9
616.1
13.2
0.29
-
0.6
0.009
0.32
IK15010
204.0
268.0
64.0
0.30
-
2.9
0.015
0.38
293.0
421.0
128.0
0.33
-
3.1
0.022
0.43
Incl.
298.5
330.0
31.5
0.43
-
4.3
0.032
0.58
444.0
506.0
62.0
0.24
-
2.3
0.020
0.32
IK15013
48.0
60.0
12.0
0.23
-
1.7
0.017
0.31
75.0
99.0
24.0
0.24
-
1.9
0.044
0.41
129.0
307.7
178.7
0.32
-
2.2
0.025
0.42
339.5
366.5
27.0
0.18
-
1.2
0.030
0.30
372.5
693.3
320.8
0.32
-
2.3
0.038
0.47
Incl.
527.4
651.5
124.1
0.43
-
3.3
0.063
0.68
IK16020
111.0
156.0
45.0
0.25
-
1.7
0.015
0.31
314.5
381.9
67.4
0.35
-
2.8
0.023
0.45
Incl.
366.0
381.9
15.9
0.45
-
3.5
0.044
0.64
395.8
456.0
60.2
0.53
-
3.7
0.045
0.72
528.0
543.0
15.0
0.16
-
1.3
0.035
0.30
549.0
582.0
33.0
0.23
-
1.6
0.110
0.64
IK18025
257.0
351.7
94.7
0.37
0.020
2.5
0.020
0.47
Incl.
308.0
345.4
37.4
0.48
0.025
3.4
0.030
0.62
359.0
437.0
78.0
0.44
0.019
3.0
0.037
0.61
461.0
482.0
21.0
0.14
0.005
1.0
0.054
0.35
CuEQ%
>=0.30 &
<0.50
>=0.50
For
notes refer to Table 1.
●
Details of
analysis, QA/QC and data verification for the IKE Deposit drilling
is provided in the 2020 IKE National Instrument 43-101 Technical
Report, which is posted on the Amarc website and the
Company's profile on SEDAR.
Like
many major porphyry deposits, the IKE deposit formed in a very
active, multi-stage hydrothermal system that was extensive and
robust. Geological mapping and logging of diamond drill core at IKE
indicate the deposit is hosted entirely by multi-phase intrusive
rocks. Its overall geological setting is similar to that of many
important porphyry belts along the Cordillera in North and South
America.
Core
observations and initial petrographic studies at IKE indicate that
the chalcopyrite and molybdenite mineralization occurs as fine to
relatively coarse, mostly discrete grains, mainly as disseminations
and less commonly in fractures and veins. Multi-element analyses
have returned consistently and unusually low concentrations of
metallurgically or environmentally deleterious elements. These
characteristics, and the generally low concentrations of pyrite at
IKE, suggest excellent potential to produce clean, good-grade Cu
and Mo concentrates by standard flotation processing.
Subject
to funding, the Company is planning an expanded phased drill
program at the IKE deposit with the goal of establishing a mineral
resource, which will provide the basis for initial future economic
studies. The Company has the required permit in-hand for the
proposed drill programs.
20
Empress Deposit and Greater Empress Area Au-Rich Porphyry Cu and
Replacement-Style Deposit Potential
Having
recognized the potential of the IKE Deposit, Amarc consolidated the
IKE District tenure. This included an important 35 km
2
sub-area of the
District located 6 km north of the IKE Deposit, that straddles the
Coastal Plutonic Complex ("CPC") contact for
approximately 15 km. This area known as the Greater Empress area is
centred on the
high grade Empress
Cu-Au-Ag
Deposit.
The Greater Empress area has seen exploration completed by several
operators since the 1920's. Recent compilation and
integration of useful historical information from geochemical and
geophysical surveys and also drilling, permitted a rapid
advancement in the understanding of the potential both to expand
the Empress Deposit, and throughout the area with the recognition
of significant porphyry Cu±Au±Mo-Ag and Cu-Au-Ag
replacement deposit targets. Potential also exits for auriferous,
polymetallic/mesothermal-epithermal deposits. The Company has the
required permits in-hand for the proposed drill programs and IP
geophysical surveys.
Empress Cu-Au-Ag Replacement Deposit
Historical
drilling at Empress has indicated a significant body of good grade
Cu-Au mineralization, which remains open to expansion with a modern
core drilling program. Table 3 provides selected drill historical
intercepts for the Empress Deposit. Mineralization at Empress is
considered to have formed by the replacement of previously altered
volcanics by a quartz-magnetite-sulphide assemblage, with higher
Cu-Au-Ag grades commonly occurring within 100 m in vertical
distance above the CPC's contact, within the overlying
volcanics. An initial examination of historical drill core by the
Amarc team recognized the nearby, Granite porphyry Cu-Au-Ag-Mo
deposit target, which is shallowly concealed by overburden. The
Granite porphyry deposit target is considered a probable source of
the Empress Deposit replacement fluids. Historical core drill
intercepts at Granite include Hole 91-49 which returned 92 m of
0.38% CuEQ
4
(see Table 1 for
note 4) @ 0.22% Cu, 0.23 g/t Au, 0.008% Mo and 0.4 g/t Ag. This
target has not been delineated and mineralization remains open to
expansion. Step-out drilling from the known mineralization is
required.
21
Table 3: EMPRESS DEPOSIT
Selected
Drill Intervals from Historical Drilling
Drill Hole
From (m)
To (m)
Int. (m)
1,2,3
Cu (%)
Au (g/t)
Ag (g/t)
Mo (%)
CuEQ (%)
4,5
76-2
51.2
114.9
63.7
0.37
0.492
0.1
-
0.64
Incl.
60.4
72.4
12.0
0.51
0.442
-
-
0.76
Incl.
103.0
114.9
11.9
0.75
0.721
0.4
-
1.15
139.6
185.3
45.7
0.42
0.350
0.6
-
0.61
Incl.
139.6
157.9
18.3
0.39
0.941
1.1
-
0.91
Incl.
173.1
185.3
12.2
0.73
0.010
-
-
0.74
209.4
215.8
6.4
0.74
0.758
-
-
1.15
76-3
5.2
17.7
12.5
0.23
0.162
1.6
-
0.33
26.8
102.9
76.1
0.92
1.418
4.7
-
1.72
Incl.
26.8
37.6
10.8
0.49
4.244
2.3
-
2.81
Incl.
42.7
74.4
31.7
1.11
1.388
4.5
-
1.89
88-2
7.3
50.3
43.0
0.36
0.326
1.3
0.005
0.57
Incl.
13.4
29.9
16.5
0.62
0.579
2.3
0.002
0.95
88-7
17.7
69.5
51.8
0.47
0.457
2.4
0.002
0.74
Incl.
48.4
64.6
16.2
0.98
0.741
5.7
0.001
1.43
89-2
21.6
123.7
102.1
0.36
0.361
2.7
0.001
0.58
Incl.
26.5
37.0
10.5
0.31
0.754
3.2
0.003
0.75
Incl.
60.6
78.9
18.3
0.72
0.573
3.8
0.001
1.06
Incl.
99.1
118.0
18.9
0.49
0.470
4.2
0.001
0.78
89-8
9.1
115.5
106.4
0.35
0.359
1.5
0.003
0.56
Incl.
78.0
99.6
21.6
0.69
0.913
2.8
0.003
1.21
90-17
107.6
113.4
5.8
0.55
0.446
1.6
0.010
0.84
143.9
200.3
56.4
1.38
1.666
4.1
0.009
2.35
90-18
22.6
29.3
6.7
0.15
0.300
0.7
0.008
0.35
35.0
40.5
5.5
0.15
0.523
0.3
0.006
0.46
47.9
74.4
26.5
0.47
0.683
3.2
0.010
0.90
79.9
92.7
12.8
0.15
0.254
0.4
0.003
0.31
107.0
161.9
54.9
0.78
0.746
1.0
0.004
1.20
90-21
10.4
19.5
9.1
0.31
0.336
0.5
0.011
0.53
140.5
192.9
52.4
1.10
1.209
2.5
0.004
1.79
Incl.
153.3
175.3
22.0
1.58
1.671
2.6
0.006
2.52
Incl.
182.6
191.1
8.5
1.92
2.735
7.8
0.006
3.48
198.4
218.8
20.4
0.30
0.542
1.3
0.002
0.61
90-22
143.9
190.2
46.3
1.15
1.415
4.2
0.009
1.98
90-29
94.2
110.6
16.4
0.43
0.171
1.3
0.003
0.55
141.7
214.6
72.9
0.37
0.433
0.6
0.003
0.62
Incl.
178.3
194.8
16.5
0.86
1.069
1.5
0.003
1.46
CuEQ%
>=0.30 &
<0.50
>=0.50
For
notes refer to Table 1.
Greater Empress Area Cu±Au±Mo-Ag Porphyry and Replacement
Targets:
In addition to the Empress deposit, the 35
km
2
Greater Empress area includes seven identified compelling porphyry
and replacement-style Cu-Au±Mo±Ag
deposit and exploration targets. The
deposit targets include, Empress East, Empress Gap, Granite (as
discussed above) and Buzzer, and the earlier-stage exploration
targets include Empress West. Each are discussed below with
selected historical drill results provided in Tables 4 and 5. These
targets are either: not fully drill delineated or have been tested
only by shallow, widely-spaced historical reconnaissance percussion
drilling: and can with focused exploration be brought to a drill
ready status.
Empress East Cu-Au-Ag Replacement Deposit Target:
Located 1
km east of the Empress Deposit, limited historical core holes
drilled at the Empress East deposit target intercepted
mineralization similar to that at the Empress deposit in both style
and grade. This drilling together with moderate to locally strong
IP chargeability responses, magnetic geophysical features, and
results from historical Cu and Au soil geochemistry where (>250
ppm Cu and ≥50 ppb Au values closely reflect the first three
historical drill samples results at the base of overburden),
indicate there is significant potential with further core drilling
to enlarge this body of mineralization. Notably there is a complete
absence of drill holes in the southern part of this target, which
is at a position that is analogous to shallower, high
grade Cu-Au-Ag replacement-style
mineralization at the Empress deposit to the west.
22
Table 4: EMPRESS EAST DEPOSIT TARGET
Selected
Drill Intervals from Historical Drill
Drill Hole
From (m)
To (m)
Int. (m)1,2,3
Cu(%)
Au (g/t)
Ag (g/t)
Mo (%)
CuEQ (%)4,5
91-39
9.8
37.8
28.0
0.34
0.543
1.2
0.002
0.66
107.6
147.5
39.9
0.40
0.332
0.8
0.004
0.60
Incl.
141.4
147.5
6.1
1.23
0.928
2.2
0.009
1.78
91-54
73.1
85.0
11.9
0.31
0.221
0.7
0.001
0.44
108.2
158.2
50.0
0.46
0.304
1.0
0.002
0.64
CuEQ%
>=0.30 &
<0.50
>=0.50
For notes refer to Table 1
.
Empress Gap Cu-Au-Ag Replacement Deposit Target:
Results
from limited historical drilling, comprising 11 shallow percussion
drill holes and three deeper core holes in the >1 km long
Empress Gap zone located between the Empress Deposit and Empress
East, suggest a clear opportunity to discover additional Cu-Au-Ag
mineralization in proximity to the volcanic-CPC contact. Many of
the short percussion holes returned anomalous Cu‐Mo (Au and
Ag were not analyzed for), potentially indicative of higher-grade
underlying mineralization as at the Empress Deposit. Of the deeper
core holes, Cu‐Au mineralization associated with alteration
similar to that at Empress is also reported, however only two of
these holes reached the volcanic-CPC contact.
Empress
Gap is a significantly underexplored target and drill testing of
areas close to the CPC-volcanic contact is required.
Buzzer Cu-Au-Ag±Mo Porphyry Deposit Target:
The Buzzer
deposit target is located in the eastern side of the Greater
Empress area inboard of the CPC. Historical drilling at Buzzer has
intercepted high-grade Cu-Au-Ag-Mo porphyry mineralization hosted
in biotite altered intrusions (Table 5). Whether these mineralized
intrusions, are part of a small high-level cupola or a large
mineralized intrusive mineralized body below, as indicated by
magnetic surveys, cannot be determined from the limited
drilling.
The
Granite and Buzzer porphyry systems demonstrate that significant
porphyry-style mineralization is present in the Greater Empress
area, and that further exploration surveys and drilling have the
potential to make new porphyry discoveries, both inboard and
outboard from the CPC contact.
Table 5: BUZZER DEPOSIT TARGET
Selected Drill Intervals from Historical Drilling
Drill Hole
From (m)
To (m)
Int. (m)1,2,3
Cu(%)
Au (g/t)
Ag (g/t)
Mo (%)
CuEQ (%)
4,5
DDH-3†
21.3
120.4
99.1
0.43
-
-
0.042
0.58
DDH-4†
14.6
113.4
98.8
0.37
-
-
0.037
0.50
X-1
0.0
5.9
5.9
0.15
0.237
5.8
0.013
0.36
9.5
42.5
33.0
0.26
0.175
3.4
0.042
0.53
Incl.
24.7
40.8
16.1
0.40
0.268
5.0
0.064
0.81
X-3
0.0
44.2
44.2
0.67
0.496
5.3
0.046
1.14
Incl.
10.7
38.1
27.4
0.86
0.724
6.6
0.059
1.51
GC11-74
11.4
52.2
40.8
0.28
0.210
1.8
0.012
0.44
Incl.
15.0
27.0
12.0
0.41
0.281
2.6
0.021
0.66
CuEQ%
>=0.30 &
<0.50
>=0.50
For
notes refer to Table 1.
†
Assay interval from
historically reported composite. Individual assay results are
unknown.
23
Empress West Cu-Au-Ag
Exploration Target:
This large target,
which extends more than 2 km to the west of the Empress deposit
along the favorable CPC-volcanic contact, has only been tested by
widely-spaced and shallow percussion holes and a few core. It
exhibits the same geological setting
as
the
Empress Deposit, and the potential to discover
additional Cu-Au-Ag mineralization is indicated by the results of
the historical drilling when combined with magnetic and IP survey
data, and known Cu-Au-Mo anomalies in soils. Modern IP and drilling
are required to test a series of defined targets.
IKE District Porphyry and Epithermal Targets:
The IKE
District hosts several known centres of porphyry Cu mineralization
(Rowbottom, Mad Major- OMG) and Au-Ag epithermal mineralization
(Battlement, Mewtwo) that exist outside of, but in proximity to and
between, the IKE Deposit and Greater Empress areas. Limited
exploration by historical operators and/or Amarc indicates that
further survey work followed by drilling is warranted at these
targets. The Company has the permits in-hand for the potential work
program.
Rowbottom Cu-Mo-Au Porphyry Deposit Target:
At Rowbottom,
porphyry-style mineralization and alteration is intermittently
exposed along 550 m of Rowbottom creek, and spatially associated
with an extensive 1.3 km by 1.0 km IP chargeability anomaly that
remains open for further surveying. Limited historical shallow
percussion drilling returned good Cu and Mo grades (Au and Ag were
not analysed for), and a single core hole completed by Amarc
confirmed the presence of Au and Ag.
Historical
drill intercepts include for example: Hole S-64: 49 m of 0.51%
CuEQ
4
(see
Table 1 for note 4) 0.49% Cu and 0.007% Mo and Hole S-24: 43 m of
0.40% CuEQ at 0.28% Cu and 0.032% Mo.
The
Amarc core hole intersected significant intervals of porphyry Cu-Mo
mineralization hosting elevated Ag and Au values, which are cut by
a number of post mineral dykes and returned, for example: RB17001:
66 m of 0.38% CuEQ
4
at 0.29% Cu, 0.006%
Mo, 0.08 g/t Au and 4.1 g/t Ag and 21 m of 0.43% CuEQ at 0.38% Cu,
0.007% Mo and 4.3 g/t Ag.
An
historical soils grid along with both the historical and Amarc IP
chargeability anomalies suggest that a larger system could be
present, warranting further drilling both laterally and to depth in
order to determine the geometry and grade distribution of the
Rowbottom deposit target.
Mad Major Cu-Mo Porphyry Target:
The Mad Major-OMG target
area extends over approximately 23 km
2
area of highly
anomalous stream sediment geochemistry and gossanous ridges (see
IKE Technical Report). Amarc's exploration, and that of
historical operators, has defined several large IP chargeability
and magnetic geophysical, talus fines and soils geochemical and
geological alteration mapping anomalies that remain to be
adequately drill tested. Amarc has completed only eight very
wide-spaced core holes into the target, and the source of the IP
and geochemical anomalies is yet to be determined. Additional
survey work and drilling are warranted.
Battlement and Mewtwo Au-Ag Epithermal Targets:
Although not
the focus of Amarc's exploration, epithermal potential exits
on the IKE District. For example, at both Battlement and Mewtwo
reconnaissance stage exploration suggests a geological environment
that is permissive for either, or both, a porphyry or
epithermal-type deposits. Further exploration is warranted at both
targets.
In
summary collectively the IKE Deposit, Empress Deposit, Greater
Empress area and IKE District target areas as described warrant
substantial exploration programs.
IKE District Capped Royalties
Amarc
has a 100% interest in the IKE, Granite, Juno and Galore
Properties, which make up the IKE District. The mineral claims
comprising the Juno Property were staked and are owned 100% by the
Company.
In July
2014, Amarc acquired a 100% interest in the IKE property from
Oxford Resources Inc. ("Oxford", formerly Highpoint
Exploration Inc.). At that time Oxford's ownership interest
was converted to a 1% Net Smelter Returns ("NSR")
royalty, which can be purchased at any time for $2 million (payable
in cash or common shares of Amarc at the company's sole
election).
The IKE
property is also subject to a 2% underlying NSR royalty to two
underlying owners, whereby Amarc has the right to purchase: (1) one
half of the royalty (1%) for $2 million ($1 million of which is
payable in cash, Amarc common shares, or any such combination of
cash and shares, at Amarc's discretion) at any time prior to
commercial production; and (2) the second half of the royalty (1%)
also for $2 million ($1 million of which is payable in cash, and
the balance in Amarc common shares, or any such combination of cash
and shares, at Amarc's discretion) at any time on or before a
commercial mine production decision has been made in respect of the
IKE property. Amarc has agreed that upon completion of a positive
feasibility study it will issue 500,000 common shares to the
underlying owners.
24
In
November 2014, Amarc acquired a 100% interest in the adjoining
Granite property from Great Quest Fertilizers Ltd. ("Great Quest",
previously known as Great Quest Metals Ltd., which is also referred
to as "Great Quest" herein). Great Quest holds a 2% NSR
royalty on that property which can be purchased for $2 million, on
or before commercial production (payable in cash, Amarc common
shares, or any such combination of cash and shares, at
Amarc's discretion). 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.
In
January 2017, Amarc acquired a 100% interest in the adjoining
Galore property from Galore Resources Inc. ("Galore Resources"),
clear of any royalties to Galore Resources. In January 2018, Amarc
concluded an agreement with the underlying owners of the Galore
property, whereby Amarc acquired all of the underlying
owners' residual interest in and to the Galore property,
including five NSR and five NPI royalties.
On
September 3, 2015, Amarc entered into an agreement (the
"Agreement") with Thompson Creek (now a wholly owned subsidiary of
Centerra) pursuant to which Thompson Creek could acquire, through a
staged investment process within five years, a 30% ownership
interest in mineral claims and crown grants covering the IKE
District. Under the terms of the Agreement, Thompson Creek also
received an option, after acquiring its 30% interest, to acquire an
additional 20% interest in the IKE District, subject to certain
conditions, including the completion of a Feasibility Study. On
January 11, 2017, Amarc announced that Thompson Creek, having been
acquired by Au-focused Centerra, relinquished its option to earn up
to a 50% interest in the IKE District. Thompson Creek had a 10%
participating interest in the IKE District by investing $6 million
in exploration programs undertaken in 2015 and 2016, and elected to
exchange its participating interest for a 1% Conversion NSR royalty
from mine production, which is capped at a total of $5 million. As
a result, Amarc re-acquired 100% interest in the IKE
District.
The DUKE District
Amarc's
100% owned DUKE District is located 80 km northeast of Smithers
within the broader Babine District (the "District"),
one of BC's most prolific porphyry Cu-Au belts. The Babine
District, a 40 by 100 km north- northwesterly striking mineralized
belt is host to Noranda Mines' past producing Bell and
Granisle Cu-Au mines that produced a total of 1.1 billion pounds of
Cu, 634,000 ounces of Au and 3.5 million ounces of Ag
2
, and the advanced
stage Morrison Cu-Au deposit. Amarc's DUKE porphyry Cu
discovery is located 30 km north of the Bell Mine. Extensive
infrastructure exists in the District, which primarily relates to
the forestry industry but also dates back to mining
activity.
The 704
km
2
DUKE
District includes both the DUKE porphyry Cu deposit target
discovery ("DUKE") and a series of high potential
porphyry Cu-Au deposit targets generated form the Company's
district- scale targeting program.
Porphyry
Cu Expansion Potential at the Duke Deposit Target: The porphyry Cu
system at DUKE has seen only limited drilling. Many of the 30
historical shallow and closely-spaced core holes intersected and
ended in significant Cu-Mo-Ag-Au mineralization. In the main area
of known mineralization, these holes extended to only 124 m
vertical depth from surface. Examples of the intercepts from the
historical drill holes are provided in Table 6.
25
Table 6: DUKE DEPOSIT TARGET
Selected Drill Intervals from Historical and Amarc's
Drilling
Drill Hole
From (m)
To (m)
Int.(m)
1,2,3
Cu%
Au(g/t)
Ag(g/t)
Mo(%)
CuEQ(%)
4,5
70-02
7
30.5
143.3
112.8
0.29
0.060
1.1
0.012
0.38
73.1
85.3
12.2
0.41
0.091
1.6
0.010
0.50
70-10
7
21.3
164.6
143.3
0.26
0.068
1.7
0.016
0.37
Incl.
115.8
131.0
15.2
0.47
0.110
2.9
0.027
0.64
71-14
7
28.6
115.2
86.6
0.40
0.053
2.2
0.021
0.52
Incl.
34.8
74.4
39.6
0.48
0.067
2.6
0.023
0.61
DK17002
17.0
32.0
15.0
0.44
0.126
2.1
0.019
0.59
40.3
142.0
101.7
0.22
0.064
1.3
0.014
0.31
238.0
268.0
30.0
0.33
0.069
1.9
0.019
0.45
308.5
399.0
90.5
0.21
0.043
1.1
0.025
0.34
450.5
523.0
72.5
0.23
0.030
1.2
0.022
0.33
Incl.
486.0
495.0
9.0
0.41
0.062
2.0
0.040
0.61
DK18005
13.5
89.9
76.4
0.23
0.042
1.1
0.012
0.30
98.9
246.0
147.1
0.27
0.046
1.1
0.028
0.40
Incl.
125.0
137.0
12.0
0.32
0.072
1.1
0.037
0.51
Incl.
212.1
231.9
19.8
0.45
0.062
2.0
0.033
0.62
302.0
344.0
42.0
0.28
0.059
1.2
0.019
0.38
DK18006
98.0
416.0
318.0
0.24
0.052
1.1
0.012
0.32
Incl.
206.0
296.0
90.0
0.27
0.067
1.2
0.015
0.37
Incl.
338.0
416.0
78.0
0.30
0.055
1.4
0.016
0.39
and
347.0
405.2
58.2
0.34
0.059
1.5
0.015
0.45
CuEQ%
>=0.30 &
<0.50
>=0.50
For
notes refer to Table 1.
7
Results of these historical Ducanex JV drill holes are from the
1991 Corona resampling and analyses by Acme.
The
historical drilling was centered within a restricted part of a
robust, 3 km north-south by 1 km east-west historical IP
chargeability anomaly, which is thought to have been offset by
faulting. When reconstructed, this IP chargeability anomaly has a
classic donut shape that was the target of Amarc's eight core
holes completed in 2017 through 2018 (see December 19, 2017 and
June 12, 2018 news releases).
Seven
of the eight core holes drilled over an area measuring
approximately 400 m north-south by 600 m
east-west
successfully intersected porphyry Cu-style mineralization to a
vertical depth of 360 m. This mineralization remains open to
expansion. Select intercept examples are provided in Table
6.
Notably,
a single step-out hole (DK18004) completed by Amarc more than 1 km
to the north of the seven other
Amarc
holes, and within the displaced portion of the IP chargeability
anomaly, intersected substantial lengths of moderate to low grade
Cu and Mo mineralization, confirming a very extensive lateral
dimension to the DUKE porphyry Cu system.
Subject
to financing Amarc is currently planning how best to undertake the
drilling required to delineate the geometry and grade distribution
of its DUKE discovery in order to inform a mineral resource
estimate and related studies. The Company has the permit in hand to
commence potential works.
New Duke District Porphyry Cu-Au Targets:
Appreciating the
Cu-Au prospectivity of the Babine District and its relatively
unexplored nature due to widespread glacial cover (4 m to 18 m
thick in the Amarc DUKE discovery drill holes), Amarc has completed
a comprehensive compilation of government and historical data over
the entire 704 km
2
DUKE District. This
integrated study provided a new interpretation of the geological,
geochemical and geophysical characteristics of the Babine District,
identifying 12 previously unrecognized high potential porphyry
Cu-Au deposit targets. These target areas were defined, for
example, by anomalous Cu-Au-Mo-Ag (and other porphyry indicator
elements) till geochemistry, till samples with identified grains of
bornite, chalcopyrite and/or favorable biotite feldspar porphyry,
compelling up- ice magnetic geophysics features, and indications of
structural control along faults emanating from large deep-seated
regional structures that likely controlled the emplacement of the
prospective intrusions, along with numerous other scientific
vectors.
26
Regionally,
Amarc is planning for initial, focused ground surveys taking
advantage of extensive logging road networks across the property.
These surveys would be followed by RC drilling that would test
prioritized targets for the presence of potential porphyry Cu
mineralized systems below cover and, where a deposit target is
confirmed core drilling to determine the extent, grade and geometry
of the mineralized system. The Company has an IP permit in hand to
commence these works.
DUKE District Royalties
Amarc
holds 100% interest in the DUKE District free of any
royalty.
The Newton Au Property
Amarc
reported the sale of the Newton Au project located in south-central
BC in December 2020 to a wholly-owned subsidiary of Carlyle
Commodities Corp. ("Carlyle"). Under the terms of the
agreement, Amarc has received consideration comprising total cash
of $300,000 and 5.5 million equity units (share plus warrant) in
Carlyle valued at $0.25 per unit. In addition, Amarc retains a 2%
NSR Royalty in the Property.
The
divestment of the Newton Property allows Amarc to retain exposure
to the upside Au potential at Newton through its equity position in
Carlyle and the retained NSR Royalty, while maintaining strategic
focus on the development of its three high-value and expansive,
100%-owned Cu±Au districts – JOY, IKE and
DUKE.
C.
ORGANIZATIONAL
STRUCTURE
The
Company has one subsidiary, 1130346 B.C. Ltd. ("Amarc
Subco"), incorporated under the laws of British Columbia,
Canada. Amarc Subco is a wholly-owned subsidiary of the Company
incorporated for the purpose of entering into an option agreement.
The Amarc Subco did not have any asset, liability, income, or
expense and was dissolved on March 30, 2021.
D.
PROPERTY,
PLANT AND EQUIPMENT
None of
the Company's properties have any material tangible fixed
assets located thereon.
ITEM 4A
U
NRESOLVED STAFF COMMENTS
Not
applicable.
ITEM 5
O
PERATING AND FINANCIAL REVIEW AND
PROSPECTS
OVERVIEW
Amarc
is a mineral exploration company with a portfolio of active
exploration projects located in British Columbia, Canada. The
Company's business strategy is the acquisition and exploration of
mineral properties. None of the Company's properties have any
mineral reserves or have been proven to host mineralized material
which can be said to be "ore" or feasibly economic at
current metals prices. The Company incurs significant exploration
expenditures as it carries out its business strategy. As Amarc is
an exploration stage company, it does not have any revenues from
its operations to offset its exploration expenditures. Accordingly,
the Company's ability to continue exploration of its properties
will be contingent upon the availability of additional
financing.
27
Amarc's
financial statements are prepared on the basis that it will
continue as a going concern. The Company has incurred losses since
inception and the ability of the Company to continue as a going
concern depends upon its ability to continue to raise adequate
financing and to develop profitable operations. Amarc's financial
statements do not reflect adjustments, which could be material, to
the carrying values of assets and liabilities, which may be
required should the Company be unable to continue as a going
concern.
The
following discussion should be read in conjunction with the audited
annual financial statements and the related notes accompanying this
Annual Report. The Company prepares its financial statements in
accordance with International Financial Reporting Standards
("IFRS"), as issued by the International Accounting
Standards Board. The Company includes selected financial data
prepared in compliance with IFRS without reconciliation to U.S.
GAAP.
Critical Accounting Policies and Estimates
The
Company's accounting policies are presented in note 2 of the
accompanying audited annual financial statements.
The
preparation of financial statements in accordance with IFRS
requires management to select accounting policies and make
estimates, judgments and assumptions. Such estimates, judgments and
assumptions may have a significant impact on the financial
statements. These include but are not limited to:
●
estimate of the
accrual of Mineral Exploration Tax Credits
("METC");
●
the determination
of categories of financial assets and financial liabilities;
and
●
the carrying value
and recoverability of the Company's marketable
securities.
Actual
amounts could differ from the estimates used and, accordingly,
affect the results of operation.
Mineral Exploration Tax Credits ("METC")
When
the Company is entitled to receive METC and other government
grants, this government assistance is recognized as a cost recovery
within exploration expense when there is reasonable assurance of
recovery.
Judgements
are involved in determining which expenditures qualify for the
METC, and there may be disagreement between the Company and
taxation authorities on the applicability of specific
items.
Financial assets and financial liabilities
Financial
assets and liabilities are recognized when the Company becomes
party to the contracts that give rise to them. The Company
determines the classification of its financial assets and
liabilities at initial recognition and, where allowed and
appropriate, re-evaluates such classification at each financial
year end. The Company does not have any derivative financial
instruments.
Financial
assets and financial liabilities are initially measured at fair
value. Transaction costs that are directly attributable to the
acquisition or issuance of financial assets and financial
liabilities (other than financial assets and financial liabilities
at fair value through profit or loss) are added to or deducted from
the fair value of the financial assets or financial liabilities, as
appropriate, on initial recognition. Transaction costs directly
attributable to the acquisition of financial assets or financial
liabilities at fair value through profit or loss are recognized
immediately in profit or loss.
Marketable securities
The
Company's investments in marketable securities are classified as
available-for-sale ("AFS") financial assets. Subsequent
to initial recognition, they are measured at fair value and changes
therein, other than impairment losses and foreign currency
differences on AFS monetary items, are recognized in other
comprehensive income or loss. When an investment is derecognized,
the cumulative gain or loss in the investment revaluation reserve
is transferred to profit or loss.
The
fair value of AFS monetary assets denominated in a foreign currency
is determined in that foreign currency and translated at the
exchange rate prevailing at the end of the reporting period.
Changes in the fair value of AFS equity investments are recognized
directly in equity.
28
A.
RESULTS
OF OPERATIONS
Year Ended March 31, 2021 ("2021") Versus Year Ended
March 31, 2020 ("2020")
The
Company recorded a net income of $1,361,000 during 2021 compared to
a net loss of $1,254,000 during 2020. This swing from a net loss
position in 2020 into a net income position in 2021 is mainly due
to the non-recurring event related to the gain on disposition of
the Newton property in the third quarter of fiscal 2021, together
with the decrease in general and administration
expenses.
($
000's)
2021
2020
Discussion
Exploration
and evaluation, net of recoveries
576
664
Field
exploration activities during the 2021 fiscal period were focused
on both Amarc owned and also various project which Amarc operated
on behalf of third parties, these field activities commenced late
in the second quarter of fiscal 2021.
Administration
631
856
Administration
expenses decreased during the 2021 period due to further efforts by
senior management to reduce overhead costs.
Interest
expense on loans payable to director
111
106
Interest
incurred on loans provided by a director.
Amortization
of finance charges
57
109
The
amount relates to a loan bonus through the issuance of share
purchase warrants to a director. Relates to a loan provided by the
director in November 2014.
Equity
settled share-based compensation
18
42
The
$18,000 equity settled share-based compensation represents the
fiscal 2021 amortization of the share-based compensation related to
the 2,000,000 share-purchased options granted in October 2019 fully
vested on April 3, 2021. The fiscal 2021 amortization amount is
calculated based on graded-vesting method.
Year Ended March 31, 2020 ("2020") Versus Year Ended
March 31, 2019 ("2019")
The
Company recorded a net income of $1,254,000 during 2020 compared to
a net loss of $1,946,000 during 2019. The decrease in net loss was
mainly due to a decrease in both exploration and evaluation
expenses, net of METC, and general and administration
expenses.
($
000's)
2020
2019
Discussion
Exploration
and evaluation, net of METC
664
5,390
Exploration
activity during the 2020 and 2019 periods was focused on the IKE,
DUKE and JOY Districts. Exploration activity during the 2020 period
was lower due to decreased exploration activity as discussed in
this Annual Report.
Administration
856
914
Administration
expenses decreased during the 2020 period due to decreased
administration activities in support of the Company's JOY,
IKE and DUKE Districts.
Interest
expense on loans payable to director
106
90
Interest
incurred on loans provided by a director. Interest expense
increased during the 2020 period due to new addition of loan
advance.
Amortization
of finance charges
109
130
The
amount relates to a loan bonus through the issuance of share
purchase warrants to a director. Relates to loan provided by the
director in November 2014.
Equity
settled share-based compensation
42
–
During
fiscal 2020, there were 500,000 share-purchased options granted in
October 2019 vested.
29
Year Ended March 31, 2019 ("2019") Versus Year Ended
March 31, 2018 ("2018")
The
Company recorded a net loss of $1,946,000 during 2019 compared to a
net loss of $2,072,000 during 2018. The decrease in net loss was
mainly due to a decrease in both exploration and evaluation
expenses, net of METC, and general and administration
expenses.
($
000's)
2019
2018
Discussion
Exploration
and evaluation, net of METC
5,390
6,686
Exploration
activity during the 2019 and 2018 period was focused on the JOY,
IKE and DUKE Districts' drilling and related field programs.
Exploration activity during the 2019 period decreased for reasons
discussed in this Annual Report.
Administration
914
1,053
Administration
expenses decreased during the 2019 period due to decreased
administration activities in support of the Company's JOY,
IKE and DUKE Districts.
Interest
expense on loans payable to director
90
128
Interest
incurred on loans provided by a director. Interest expense
decreased during the 2019 period due to partial repayment of the
principal amounts on the loan outstanding.
Amortization
of finance charges
130
433
The
amount relates to a loan bonus through the issuance of share
purchase warrants to a director. Relates to loan provided by the
director in November 2014.
B.
LIQUIDITY
AND CAPITAL RESOURCES
Liquidity
Historically,
the Company's sole source of funding has been provided from the
issuance of equity securities for cash, primarily through private
placements to sophisticated investors and institutions, and from
director loans. The Company's access to financing is always
uncertain. There can be no assurance of continued access to
significant equity funding to finance the Company's
ongoing
At
March 31, 2021, the Company had a cash balance of approximately
$308,000 and working capital of approximately $418,000. The Company
plans its cash spending based on availability of
funds.
Further
advancement and development of the Company's mineral property
interests will require additional funding from a combination of the
Company's shareholders, existing or potential new optionees
and joint venture parties, and debt financing. As the Company is
currently in the exploration stage, it does not have any revenues
from operations. Therefore, the Company relies on funding from its
optionees for its continuing financial liquidity and the Company
relies on the equity market and debt financing as sources of
funding. The Company continues to focus on preserving its cash
resources while maintaining its operational
activities.
Other
than disclosed in Section F - Tabular Disclosure Of Contractual
Obligations, the Company does not have any material capital lease
obligations, purchase obligations or any other long-term
obligations.
Capital Resources
The
Company has no lines of credit or other sources of financing which
have been arranged or utilized.
The
Company has no "Purchase Obligations" defined as any
agreement to purchase goods or services that is enforceable and
legally binding on the Company that specifies all significant
terms, including: fixed or minimum quantities to be purchased;
fixed, minimum or variable price provisions; and the approximate
timing of the transaction.
30
Requirement of Financing
Historically,
Amarc's sole source of funding has been provided from the sale of
equity securities for cash, primarily through private placements to
sophisticated investors and institutions. Like all exploration
stage companies, Amarc will need to raise additional financing to
meet its business objectives.
The
Company presently does not have any material commitments for
capital expenditures and accordingly, can remain fairly flexible in
directing its exploration activities to the availability of
funds.
Financial Instruments
Amarc
keeps its financial instruments primarily denominated in Canadian
Dollars with a very small amount held in U.S. Dollars. The Company
does not engage in any hedging operations with respect to currency
or in-situ minerals. Funds which are excess to Amarc's current
needs are invested in short-term near-cash
investments.
Amarc
does not have any material, legally enforceable obligations
requiring it to make capital expenditures and accordingly, can
remain relatively flexible in gearing its activities to the
availability of funds.
C.
RESEARCH
EXPENDITURES
Amarc
does not carry out any research or development activities. Please
refer to
Item 5.A
and
Item
5.B
above for a discussion of the exploration expenditures
that the Company has incurred in connection with the exploration of
the Company's mineral properties.
D.
TREND
INFORMATION
As a
natural resource exploration company, Amarc's activities reflect
the traditional cyclical nature of metal prices. Consequently,
Amarc's business is primarily an "event-driven"
business based on exploration results.
Average
annual prices for copper, molybdenum, gold and silver are shown in
the table below:
Average metal
price (US$)
Calendar
year
Copper
Molybdenum
Gold
Silver
2014
3.11/lb
11.59/lb
1,264/oz
19.09/oz
2015
2.50/lb
6.73/lb
1,160/oz
15.69/oz
2016
2.21/lb
6.56/lb
1,251/oz
17.14/oz
2017
2.88/lb
7.26
/lb
1,275/oz
17.01/oz
2018
2.96/lb
11.94/lb
1,269/oz
15.71/oz
2019
2.72/lb
11.36/lb
1,393/oz
16.21/oz
2020
2.80/lb
8.68/lb
1,769/oz
20.54/oz
2021
(to the date of this Annual Report)
4.14/lb
13.41/lb
1,805/oz
26.42/oz
E.
OFF-BALANCE
SHEET ARRANGEMENTS
Amarc
has no off-balance sheet arrangements.
31
F.
TABULAR
DISCLOSURE OF CONTRACTUAL OBLIGATIONS
The
following table lists the contractual obligations of the Company as
at March 31, 2021:
Payment due by
period
Type of
Contractual Obligation
Total
Less than 1
Year
1 - 3
Years
3 - 5
Years
More than 5
Years
Debt
Obligations (gross amount)
$
1,000,000
$
–
$
–
$
1,000,000
$
–
Capital
(Finance) Lease Obligations
–
–
–
–
–
Operating Lease
Obligations (Office Lease)
134,275
23,416
52,291
56,221
2,347
Purchase
Obligations
–
–
–
–
–
Other
Long-term Liabilities Reflected on the Company's Balance Sheet
under IFRS
–
–
–
–
–
Total
$
1,134,275
$
23,416
$
52,291
$
1,056,221
$
2,347
The
Company has no capital (finance) lease obligations, no operating
lease obligations, no purchase obligations, or other long-term
liabilities.
G.
SAFE
HARBOR
The
safe harbor provided in Section 27A of the Securities Act and
Section 21E of the Exchange Act applies to forward-looking
information provided pursuant to
Item 5.E
and
Item 5.F
above.
ITEM
6
D
IRECTORS, SENIOR MANAGEMENT AND
EMPLOYEES
A.
DIRECTORS
AND SENIOR MANAGEMENT
Name
Year
born
Position
Director or
Officer Since
T.
Barry Coughlan
1945
Director
February
2009
Scott
D. Cousens
1964
Director
September
1995
Robert
A. Dickinson
1948
Chairman
of the Board and Director
April
1993
Diane
Nicolson
(2)
1965
President,
CEO and Director
January
2008
Sebastian
Tang
(3)
1976
Chief
Financial Officer
July
2020
Trevor
Thomas
1967
Secretary
February
2008
(1)
To the best of the
Company's knowledge, none of such persons has any family
relationship with any other and none were elected as a director or
appointed as an officer as a result of an arrangement or
understanding with a major shareholder, customer, supplier, or any
other party.
(2)
In February 2019,
Diane Nicolson was appointed as CEO of the Company.
(3)
In July 2020,
Sebastian Tang was appointed as CFO of the Company.
The
following is biographical information on each of the persons listed
above:
Barry Coughlan – Director
Mr.
Coughlan is a self-employed businessman and financier, and senior
executive with extensive international experience in capital
markets who has been involved in the financing of publicly traded
companies for over 30 years. During this period Mr. Coughlan has
been involved in the financing of over 30 private companies, which
subsequently listed on both international and North American
financial markets. His principal occupation is President and
Director of TBC Ventures Ltd., a private investment
company.
Mr.
Coughlan is, or was within the past five years, an officer and/or a
director of the following public companies:
Company
Positions
Held
From
To
Amarc
Resources Ltd.
Director
February
2009
Present
Northcliff
Resources Ltd.
Director
June
2011
Present
Rathdowney
Resources Ltd.
Director
March
2011
Present
Taseko
Mines Limited
Director
February
2001
June
2015
Quadro
Resources Ltd.
President
and Director
June
1986
Present
Mineral
Mountain Resources Ltd.
Director
December
2014
Present
Vatic
Ventures Corporation
Director
January
2011
Present
32
Scott Cousens – Director
Scott
Cousens provides management, technical and financial services to a
number of publicly traded companies. Mr. Cousens' focus since 1991
has been the development of relationships within the international
investment community. Substantial financings and subsequent
corporate success has established strong ties with North American,
European and Asian investors.
Mr.
Cousens is, or was within the past five years, an officer and/or
director of the following public companies:
Company
Positions
Held
From
To
Amarc
Resources Ltd.
Director
September
1995
Present
Heatherdale
Resources Ltd.
Chairman
and Director
November
2009
June
2017
Northcliff
Resources Ltd.
Director
May
2012
Present
Northern
Dynasty Minerals Ltd.
Director
June
1996
February
2016
Quartz
Mountain Resources Ltd.
Chairman
and Director
November
2012
June
2017
Rathdowney
Resources Ltd.
Director
June
2011
September
2016
Robert Dickinson, B.Sc., M.Sc. – Chairman of the Board and
Director
Robert
Dickinson is an economic geologist who serves as a member of
management of several mineral exploration companies, primarily
those for whom Hunter Dickinson Services Inc. provides services. He
holds a Bachelor of Science degree (Hons. Geology) and a Master of
Science degree (Business Administration - Finance) from the
University of British Columbia. Mr. Dickinson has been active in
mineral exploration for over 45 years and was inducted into the
Canadian Mining Hall of Fame in 2012. He is a director of Hunter
Dickinson Services Inc. He is also President and Director of United
Mineral Services Ltd., a private resource company. He also serves
as a Director of the BC Mining Museum and a Trustee of the BC
Mineral Resources Education Program.
Mr.
Dickinson is, or was within the past five years, an officer and/or
director of the following public companies:
Company
Positions
Held
From
To
Amarc
Resources Ltd.
Director
April
1993
Present
Chairman
April
2004
Present
Heatherdale
Resources Ltd.
Director
November
2009
August
2020
Northcliff
Resources Ltd.
Director
June
2011
Present
Northern
Dynasty Minerals Ltd.
Director
June
1994
Present
Chairman
April
2004
Present
Quartz
Mountain Resources Ltd.
Director
December
2011
February
2019
Taseko
Mines Limited
Director
January
1991
Present
33
Diane Nicolson, PhD – President, Chief Executive Officer and
Director
Diane
Nicolson has a B.Sc. degree in geology from the University of
London, a PhD in economic geology from the University of Wales and
20 years international experience in the exploration and mining
industry. She has worked for both major and junior mining
companies, including Rio Tinto, Minera Antamina, Noranda and
Cambior. Over the past 10 years, she has been involved primarily
with business development and new project assessment and
acquisitions, with a particular focus on Latin America where she
was based for 13 years.
Dr.
Nicolson joined Hunter Dickinson in 2007 as a member of the global
business development team and is responsible for management,
strategic planning and new project development for Amarc Resources
Ltd.
Dr.
Nicolson is, or was within the past five years, an officer of the
following public companies:
Company
Positions
Held
From
To
Amarc
Resources Ltd.
Director
June
2017
Present
President
November
2014
Present
Chief
Executive Officer
February
2019
Present
Executive
Vice President
September
2012
November
2014
Mirasol
Resources Ltd.
Director
March
2019
Present
Sebastian Tang – Chief Financial Officer
Sebastian
Tang is Chartered Professional Accountant (CPA CA) with more than
15 years of professional experience in accountancy and financial
reporting. He previously held positions with professional services
firms Ernst & Young providing financial auditing services to
companies in Asia and the Americas.
Company
Positions
Held
From
To
Lucky
Minerals Inc.
Chief
Financial Officer
May
2019
March
2020
Global
Hemp Group
Chief
Financial Officer
May
2020
Present
Trevor Thomas, LLB – Secretary
Trevor
Thomas has practiced in the areas of corporate commercial,
corporate finance, securities and mining law since 1995, both in
private practice environment as well as in-house positions and is
currently in-house legal counsel for Hunter Dickinson Services Inc.
Prior to joining Hunter Dickinson Services Inc., he served as
in-house legal counsel with Placer Dome Inc.
Mr.
Thomas is, or was within the past five years, an officer of the
following public companies:
Company
Positions
Held
From
To
Amarc
Resources Ltd.
Secretary
February
2008
Present
Northern
Dynasty Minerals Ltd.
Secretary
February
2008
Present
Heatherdale
Resources Ltd.
Secretary
June
2013
August
2020
Mineral
Mountain Resources Ltd.
Director
September
2016
Present
Northcliff
Resources Ltd.
Secretary
June
2011
Present
Quadro
Resources Ltd.
Director
July
2017
Present
Quartz
Mountain Resources Ltd.
Secretary
June
2013
Present
Rathdowney
Resources Ltd.
Secretary
March
2011
Present
Taseko
Mines Limited
Secretary
July
2008
Present
34
B.
COMPENSATION
During
the Company's financial year ended March 31, 2021, the aggregate
cash compensation paid or payable by the Company to its directors
and senior officers was $197,332.
Diane
Nicolson, President and Chief Executive Officer, Ronald W.
Thiessen, Former Chief Executive Officer, Sebastian Tang, Chief
Financial Officer, Michael Lee, Former Chief Financial Officer, and
Luqman Khan, Former Chief Financial Officer are each a Named
Executive Officer ("NEO") of the Company for the
purposes of the following disclosure. The compensation paid to the
NEOs during the Company's most recently completed financial year of
March 31, 2021 is as set out below and expressed in Canadian
Dollars:
Name and
principal position
Year
Salary
($)
Share-based
awards
($)
Option-based
awards
($)
Non-equity
incentive plan compensation($)
Pension
value
($)
All
other
compensation
($)
Total
Compensation
($)
Annual incentive
plans
Long-term
incentive plans
Diane
Nicolson
President and Chief Executive Officer, Director
(2)
2021
$187,332
Nil
Nil
Nil
Nil
Nil
Nil
$187,332
2020
$195,000
Nil
Nil
Nil
Nil
Nil
Nil
$195,000
2019
$213,000
Nil
Nil
Nil
Nil
Nil
Nil
$213,000
Ronald
Thiessen
Chief
Executive Officer (1) (2)
2021
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
2020
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
2019
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Sebastian
Tang
Chief
Financial Officer (1) (4)
2021
$10,000
Nil
Nil
Nil
Nil
Nil
Nil
$10,000
2020
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Michael
Lee
Chief
Financial
Officer
(1)(3)
2021
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
2020
$22,000
Nil
Nil
Nil
Nil
Nil
Nil
$22,000
2019
$3,000
Nil
Nil
Nil
Nil
Nil
Nil
$3,000
Luqman
Khan
Chief
Financial Officer (1) (3)
2021
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
2020
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
2019
$16,000
Nil
Nil
Nil
Nil
Nil
Nil
$16,000
Notes:
(1)
Mr. Thiessen, Mr.
Tang, Mr. Lee, and Mr. Khan did not serve the Company on a
substantially full-time basis.
(2)
Mr. Thiessen was
replaced as CEO in January 2019 by Dr. Nicolson.
(3)
Mr. Khan was
replaced as CFO in January 2019 by Mr. Lee.
(4)
Mr. Lee was replaced as CFO in July 2020 by Mr.
Tang
.
Pension Plan Benefits
The
Company has no pension or deferred compensation plans for its
directors, officers or employees.
Termination and Change of Control Benefits
There
are no compensatory plan(s) or arrangement(s), with respect to the
Named Executive Officer resulting from the resignation, retirement
or any other termination of employment of the officer's employment
or from a change of the Named Executive Officer's responsibilities
following a change in control.
Director Compensation
The
compensation provided to the directors, excluding a director who is
already set out in disclosure for a NEO for the Company's most
recently completed financial year of March 31, 2021 is as set out
below:
35
Name
Fees
earned
($)
Share-based
awards
($)
Option-based
awards
($)
Non-equity
incentive plan compensation
($)
Pension
value
($)
All other
compensation
($)
Total
($)
Barry
Coughlan
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Scott
Cousens
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Robert
Dickinson (1)
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Notes:
(1)
Pursuant to the
Corporate Services Agreement with Hunter Dickinson Services Inc.,
compensation for Mr. Dickinson is allocated to the Company on the
basis of estimated time spent in respect of the Company's
business.
C.
BOARD
PRACTICES
All of
the Company's directors were elected at the annual general meeting
of shareholders held on
November 21,
2019. All directors have a term of office expiring at the next
annual general meeting of the
Company's shareholders. All
officers have a term of office lasting until their removal or
replacement by the board of directors (the
"Board").
There
were no arrangements, standard or otherwise, pursuant to which
directors were compensated by Amarc or its subsidiaries for their
services in their capacity as directors, or for committee
participation, involvement in special assignments or for services
as consultants or experts during the most recently completed
financial year.
General
The
Board believes that good corporate governance improves corporate
performance and benefits all shareholders. The Canadian Securities
Administrators (the "CSA") have adopted National Policy
58-201 Corporate Governance Guidelines, which provides
non-prescriptive guidelines on corporate governance practices for
reporting issuers such as the Company. In addition, the CSA have
implemented National Instrument NI 58-101 Disclosure of Corporate
Governance Practices, which prescribes certain disclosure by the
Company of its corporate governance practices. This section sets
out the Company's approach to corporate governance and addresses
the Company's compliance with NI 58-101.
1. Board of Directors
Directors
are considered to be independent if they have no direct or indirect
material relationship with the Company. A "material
relationship" is a relationship which could, in the view of
the Company's board of directors, be reasonably expected to
interfere with the exercise of a director's independent
judgment.
The
Board facilitates its independent supervision over management in a
number of ways including: by holding regular meetings without the
presence of management; by retaining independent consultants; and
by reviewing corporate developments with larger shareholders,
analysts and potential industry joint venture parties, where it
deems necessary.
Messrs.
Coughlan and Cousens are independent. Mr. Dickinson and Dr.
Nicolson are not independent. The Company is taking steps to ensure
that the duties generally performed by independent directors are
being performed by the current directors. The Board members have
extensive experience as directors of public companies and are
sensitive to the related corporate governance and financial
reporting obligations associated with such positions. Thus, the
Board members are well versed in the obligations of directors and
the expectations of independence from management.
2. Other Directorships
The
section entitled
Item 6 –
Directors, Senior Management and Employees
in this
Annual Report gives details of other reporting issuers of which
each director is a director or officer.
3. Orientation and Continuing Education
The
Company has traditionally retained experienced mining people as
directors and hence the orientation needed is minimized. When new
directors are appointed, they are acquainted with the Company's
mineral project and the expectations of directors. Board meetings
generally include presentations by the Company's senior management
and project staff in order to give the directors full insight into
the Company's operations.
36
4. Ethical Business Conduct
The
Board has adopted an ethics policy which is available on the
Company's website,
www.amarcresources.com
.
The Board also understands that the fiduciary duties placed on
individual directors by the Company's governing corporate
legislation and the common law and the restrictions placed by
applicable corporate legislation on an individual director's
participation in decisions of the Board in which the director has
an interest have been sufficient to ensure that the Board operates
independently of management and in the best interests of the
Company.
5. Nomination of Directors
The
Board considers its size each year when it considers the number of
directors required, taking into account the number required to
carry out the Board's duties effectively and to maintain a
diversity of views and experience.
The
Board does not have a nominating committee, and these functions are
currently performed by the Board as a whole. However, if there is a
change in the number of directors required by the Company, this
policy will be reviewed.
6. Compensation
The
Board determines the compensation for independent directors and
executives.
7. Other Board Committees
The
Board has no compensation or other committees, other than the audit
committee.
8. Assessments
The
Board monitors the adequacy of information given to directors,
communication between the Board and management and the strategic
direction and processes of the Board and its audit
committee.
Audit Committee
The Audit Committee's Charter
The
audit committee has adopted a charter that sets out its mandate and
responsibilities. A copy of the audit committee charter is
available at the Company's website,
www.amarcresources.com
.
Composition of the Audit Committee
As of
the date of this document, the members of the audit committee were
Scott Cousens, Barry Coughlan and Diane Nicolson. All members are
financially literate. Messrs. Cousens and Coughlan are
independent.
Relevant Education and Experience
As a
result of their education and experience, each member of the audit
committee has familiarity with, an understanding of, or experience
in:
●
the accounting
principles used by the Company to prepare its financial statements,
and the ability to assess the general application of those
principles in connection with estimates, accruals and
reserves;
●
reviewing or
evaluating financial statements that present a breadth and level of
complexity of accounting issues that are generally comparable to
the breadth and complexity of issues that can reasonably be
expected to be raised by the Company's financial statements,
and
●
an understanding of
internal controls and procedures for financial
reporting.
37
Audit Committee Oversight
The
audit committee has not made any recommendations to the Board to
nominate or compensate any external auditor that was not adopted by
the Board.
The
Company's auditor De Visser Gray LLP has not provided any material
non-audit services during the most recently completed fiscal
year.
Pre-Approval Policies and Procedures
The
Company has procedures for the review and pre-approval of any
services performed by its auditors. The procedures require that all
proposed engagements of its auditors for audit and non-audit
services be submitted to the audit committee for approval prior to
the beginning of any such services. The audit committee considers
such requests, and, if acceptable to a majority of the audit
committee members, pre-approves such audit and non-audit services
by a resolution authorizing management to engage the Company's
auditors for such audit and non-audit services, with set maximum
dollar amounts for each itemized service. During such
deliberations, the audit committee assesses, among other factors,
whether the services requested would be considered
"prohibited services" as contemplated by the
regulations of the US Securities and Exchange Commission, and
whether the services requested and the fees related to such
services could impair the independence of the
auditors.
Exemptions From Certain Canadian Audit Committee
Requirements
Pursuant
to section 6.1 of National Instrument 52-110 –
Audit Committees
("NI
52-110"), as adopted by the Canadian Securities
Administrators (including the British Columbia and Alberta
Securities Commissions which have jurisdiction over the Company,
the "CSA"), the Company is exempt from the requirements
of Parts 3 and 5 of NI 52-110 for the current year, by virtue of
the Company being a "venture issuer" (as defined in NI
52-110).
Part 3
of NI 52-110 prescribes certain requirements for the composition of
audit committees of non-exempt companies that are reporting issuers
under Canadian provincial securities legislation. Part 3 of NI
52-110 requires, among other things that an audit committee be
comprised of at three directors, each of whom, is, subject to
certain exceptions, independent and financially literate in
accordance with the standards set forth in NI 52-110.
Part 5
of NI 52-110 requires an annual information form that is filed by a
non-exempt reporting issuer under National Instrument 51-102
– Continuous Disclosure Obligations, as adopted the CSA, to
include certain disclosure about the issuer's audit committee,
including, among other things: the text of the audit committee's
charter; the name of each audit committee member and whether or not
the member is independent and financially literate; whether a
recommendation of the audit committee to nominate or compensate an
external auditor was not adopted by the issuer's board of
directors, and the reasons for the board's decision; a description
of any policies and procedures adopted by the audit committee for
the engagement of non-audit services; and disclosure of the fees
billed by the issuer's external auditor in each of the last two
fiscal years for audit, tax and other services.
D.
EMPLOYEES
At
March 31, 2021, Amarc had the following employees:
March
31,2021
March
31,2020
March
31,2019
Full-time
salaried
–
–
–
Hourly
1
2
2
Amarc's
administrative and exploration functions are primarily administered
through Hunter Dickinson Services Inc. (See
Item 7 - Major
Shareholders and Related Party
Transactions
).
38
E.
SHARE
OWNERSHIP
Security Holdings of Directors and Senior Management
As at
March 31, 2021, the directors and officers of Amarc, and their
respective affiliates, directly and indirectly, own or control as a
group an aggregate of 31,037,495 common shares (17.19%), or
44,037,495 (22.75%) on a diluted basis.
As at
March 31, 2021, the Company's directors and senior management
beneficially own the following number of the Company's common
shares and share purchase options:
Name of
Insider
Securities
Beneficially Owned or Controlled
(1)
As a % of the
outstanding common shares
Barry
Coughlan
(3)
86,000
common shares
0.05%
Scott
D. Cousens
(3)
148,300
common shares
0.08%
Robert
A. Dickinson
(2)
29,955,195
common shares
11,000,000
share purchase warrants
16.59%
Diane
Nicolson
(3)
718,000
common shares
2,000,000
share purchase options
0.40%
Sebastian
Tang
Nil
common shares
0.00%
Trevor
Thomas
130,000
common shares
0.07%
Total
31,037,495 common shares
11,000,000 purchase warrants
2,000,000 share purchase options
17.19%
Notes:
(1)
The information as
to the number of Common Shares beneficially owned or controlled is
not within the knowledge of management of the Company and has been
furnished by the respective nominees as filed on SEDI. Each nominee
has held the same or a similar principal occupation with the
organization indicated or a predecessor thereof for the last five
years.
(2)
Certain of these
common shares are beneficially owned through private companies
controlled by Mr. Dickinson, and a Registered Retirement Saving
Plan (RRSP) owned by Mr. Dickinson.
(3)
Member of the audit
committee.
Share Option Plan
As of
the date of this document, there were 2,000,000 options outstanding
pursuant to the Company's share option plan (the
"Plan"), described below, and an aggregate of
16,060,289 common shares remained available for issuance pursuant
to the Plan, described below.
Share Incentive Plan
In
order to provide incentive to directors, officers, employees,
management and others who provide services to the Company to act in
the best interests of the Company, the Company has adopted a Share
Incentive Plan (the "Plan"). The Plan is required to
comply with the policies of the TSX Venture.
In
order to increase the Company's flexibility and to bring the
Company's share option incentive program in line with the current
regulatory regime, the Board approved a new rolling share option
plan (the "New Plan") on August 13, 2010 to replace the
plan previously approved and confirmed by the shareholders on
September 21, 2004 and September 29, 2009, respectively. The New
Plan was approved by shareholders at the Company's annual general
meeting (the "Meeting") held on September 15, 2010.
Under TSXV rules the Plan must be approved by the Company's
shareholders annually.
Subject
to certain restrictions described below, the Plan is based on the
maximum number of eligible shares equaling a rolling percentage of
up to 10% of the Company's outstanding common shares, calculated
from time to time. Pursuant to the Plan, if outstanding options are
exercised, or expire, or the number of issued and outstanding
common shares of the Company increases, the number of options
available to grant under the Plan increases proportionately. At the
date of approval of the New Plan, all outstanding options were
rolled into and deemed to be granted under the New
Plan.
The
exercise price of each option is set by the board of directors at
the time of grant based on the market price on the date preceding
the date of grant. Options can have a maximum term of ten years and
typically terminate ninety days following the termination of the
optionee's employment or engagement, except in the case of
retirement or death. Vesting of options is at the discretion of the
board of directors at the time the options are
granted.
39
Eligible Optionees
Under
the policies of the TSX Venture, to be eligible for the issuance of
a stock option under the Plan an optionee must either be a
director, officer or employee of the Company or its affiliates, or
a consultant or an employee of a company providing management or
other services to the Company, or its subsidiaries, at the time the
option is granted.
Options
may be granted only to an individual or to a company that is
wholly-owned by individuals eligible for an option grant. If the
option is granted to a non-individual, the company must provide the
TSX Venture with an undertaking that it will not permit any
transfer of its securities, nor issue further securities, to any
other individual or entity as long as the incentive stock option
remains in effect without the consent of the TSX
Venture.
Insider Limitations
The
aggregate number of Common Shares reserved for issuance under
options granted to Insiders must not exceed ten percent (10%) of
the outstanding shares (in the event that the New Plan is amended
to reserve for issuance more than ten percent (10%) of the
outstanding shares) unless the Company has obtained Disinterested
Shareholder Approval (as defined below) to do so;
The
number of optioned shares issued to Insiders in any twelve (12)
month period must not exceed ten percent (10%) of the outstanding
shares (in the event that the New Plan is amended to reserve for
issuance more than ten percent (10%) of the outstanding shares)
unless the Company has obtained Disinterested Shareholder Approval
to do so;
The
exercise price of an option previously granted to an Insider must
not be reduced, unless the Company has obtained Disinterested
Shareholder Approval to do so.
Other Limitations
The
Company must not grant an option to a director, employee,
consultant, or consultant company (the "Service
Provider") in any twelve (12) month period that exceeds five
percent (5%) of the outstanding shares, unless the Company has
obtained approval by a majority of the votes cast by the
shareholders of the Company eligible to vote at a shareholders'
meeting, excluding votes attaching to shares beneficially owned by
Insiders and their Associates (defined below) ("Disinterested
Shareholder Approval");
The
aggregate number of options granted to a Service Provider
conducting Investor Relations Activities in any twelve (12) month
period must not exceed two percent (2%) of the outstanding shares
calculated at the date of the grant, without the prior consent of
the TSX Venture;
The
Company must not grant an option to a Consultant in any twelve (12)
month period that exceeds two percent (2%) of the outstanding
shares calculated at the date of the grant of the option; and the
issuance to any one Optionee within a twelve (12) month period of a
number of Common Shares must not exceed five percent (5%) of
outstanding Common Shares unless the Company has obtained
Disinterested Shareholder Approval to do so.
Disinterested Shareholder Approval
"Disinterested
Shareholder Approval" means the approval by a majority of the
votes cast by all shareholders of the Company at the Meeting
excluding votes attached to listed shares beneficially owned by
insiders of the Company to whom the options have been granted under
the existing plan and associates of those insiders.
40
ITEM
7
M
AJOR SHAREHOLDERS AND RELATED PARTY
TRANSACTIONS
A.
MAJOR
SHAREHOLDERS
Major Shareholders
To the
best of Amarc's knowledge, other than as noted below, no person,
corporation or other entity beneficially owns, directly or
indirectly, or controls more than 5% of the common shares of Amarc,
the only class of securities with voting rights.
Shareholder
Securities
Beneficially Owned or Controlled
As
a % of the outstanding c
ommon shares
Sun
Valley Gold Master Fund Ltd
14,615,384
8.09%
Robert
A. Dickinson
29,955,195
16.59%
For
these purposes, "beneficial ownership" means the sole
or shared power to vote or direct the voting or to dispose or
direct the disposition of any security.
As of
the date of this document, Amarc had authorized unlimited common
shares without par value, of which 180,602,894 were issued and
outstanding. Amarc's authorized share structure also includes a
class of preferred shares without par value and without a maximum
number. The preferred shares may be issued in series on such terms
as determined by the Company's directors in accordance with the
class rights and restrictions. No series of preferred shares has
been designated by the board of directors, and no preferred shares
are outstanding.
All of
the common shares have the same voting rights.
Geographic Breakdown of Shareholders
As of
the date of this Annual Report, Amarc's register of shareholders
indicates that Amarc's common shares are held as
follows:
Location
Number of
registered shareholders of record
Number of
shares
Percentage of
total shares
Canada
27
161,109,126
89.21%
United
States
8
17,955,306
9.94%
Other
1
1,538,462
0.85%
TOTALS
36
180,602,894
100.00%
Shares
registered in intermediaries were assumed to be held by residents
of the same country in which the clearing house was
located.
Amarc's
securities are recorded on the books of its transfer agent,
Computershare Investor Services Inc., located at 510 Burrard
Street, Vancouver, Canada (604) 661-9400 in registered form.
However, the majority of such shares are registered in the name of
intermediaries such as brokerage houses and clearing houses (on
behalf of their respective brokerage clients). Amarc does not have
knowledge or access to the identities of the beneficial owners of
such shares registered through intermediaries.
Control
Amarc
is not directly or indirectly owned or controlled by any other
corporation, by any foreign government or by any other natural or
legal person, severally or jointly, other than as noted above under
Major Shareholders. There are no arrangements known to Amarc which,
at a subsequent date, may result in a change in control of
Amarc.
41
Insider Reports Under the Securities Acts of British Columbia and
Alberta
Since
the Company is a reporting issuer under the Securities Acts of
British Columbia and Alberta, certain "insiders" of the
Company (including its directors, certain executive officers, and
persons who directly or indirectly beneficially own, control or
direct more than 10% of its common shares) are generally required
to file insider reports of changes in their ownership of Amarc's
common shares five days following the trade under National
Instrument 55-104 – Insider Reporting Requirements and
Exemptions, as adopted by the CSA. Copies of such reports are
available for public inspection at the offices of the British
Columbia Securities Commission, 9th Floor, 701 West Georgia Street,
Vancouver, British Columbia V7Y 1L2, (604) 899-6500 or at the
British Columbia Securities Commission web site,
www.bcsc.bc.ca
.
In British Columbia, all insider reports must be filed
electronically five days following the date of the trade at
www.sedi.ca
.
The public is able to access these reports at
www.sedi.ca
.
B.
RELATED
PARTY TRANSACTIONS
Except
as disclosed below, or otherwise disclosed in this Annual Report on
Form 20-F, Amarc has not, since April 1, 2012, and does not at this
time propose to:
(1)
enter into any
transactions which are material to Amarc or a related party or any
transactions unusual in their nature or conditions involving goods,
services or tangible or intangible assets to which Amarc or any of
its former subsidiaries was a party;
(2)
make any loans or
guarantees for the benefit of any of the following
persons:
(a)
enterprises
directly or indirectly through one or more intermediaries,
controlling or controlled by or under common control with
Amarc;
(b)
associates of Amarc
(unconsolidated enterprises in which Amarc has significant
influence or which has significant influence over Amarc) including
shareholders beneficially owning 10% or more of the outstanding
shares of Amarc;
(c)
individuals owning,
directly or indirectly, shares of Amarc that gives them significant
influence over Amarc and close members of such individuals
families;
(d)
key management
personnel (persons having authority in responsibility for planning,
directing and controlling the activities of Amarc including
directors and senior management and close members of such directors
and senior management); or
(e)
enterprises in
which a substantial voting interest is owned, directly or
indirectly, by any person described in (c) or (d) or over which
such a person is able to exercise significant
influence.
Hunter Dickinson Services Inc. ("HDSI")
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 is one of the
publicly-listed companies for which HDSI provides a variety of
contract services.
The
Company has one director in common with HDSI, namely Robert
Dickinson. Also, the Company's President, Chief Executive
Officer and Director, Chief Financial Officer, and Corporate
Secretary are employees of HDSI and work for the Company under an
employee secondment arrangement between the Company and
HDSI.
HDSI
provides technical, geological, corporate communications,
regulatory compliance, and administrative and management services
to the Company, on an as-needed and as-requested basis from the
Company.
HDSI
also incurs third party costs on behalf of the Company. Such third
party costs include, for example, directors and officers insurance,
travel, conferences, and technology services.
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 experts. The Company
benefits from the economies of scale created by HDSI which itself
serves several clients. The Company is also able to eliminate many
of its fixed costs, including rent, technology, and other
infrastructure which would otherwise be incurred for maintaining
its corporate offices.
42
The
Company procures services from HDSI pursuant to an agreement dated
July 2, 2010. Services from HDSI are provided on a non-exclusive
basis as required and as requested by the Company. The Company is
not obligated to acquire any minimum amount of services from HDSI.
The fees for services from HDSI are determined based on a
charge-out rate for each employee performing the service and for
the time spent by the employee. Such charge-out rates are agreed
and set annually in advance. These time charges consist
substantially of salaries, office rent, utilities, office supplies
and administration, warehouse space, and insurance.
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
disclosure for the transactions with HDSI has been included in note
11 of the accompanying financial statements of the
Company.
Director's Loan
In
November 2014, the Company announced that it has entered into a $1
million unsecured Loan Agreement (the "Loan"), with a
non-arm's length director and officer of the Company (the
"Lender") at an interest rate of prime plus 2% per
annum and with a maturity date of November 2015. In connection with
the Loan, Amarc issued to the Lender a loan bonus of 2,500,000
previously unissued common shares in its capital with a fair value
of $187,500. The Company and the Lender have agreed to two
extension terms for the Loan to May 2016 for 7% fixed interest rate
and to November 2016 for 9% fixed interest rate,
respectively.
In
December 2016, the Loan was extended for an additional three years
on customary terms and conditions, and the principal sum was
increased to $1,500,000 by way of an additional advance of
$500,000.
In
September 2017, $500,000 of the Loan was repaid to the Lender,
leaving a balance outstanding of $1,000,000.
In
September 2015, the Company announced that it has entered into an
additional $500,000 unsecured Loan Agreement with the Lender at a
rate of 7% per annum and with a maturity date of September 2017.
Amarc issued a loan bonus in the form of 5,555,555 warrants, each
entitling the holder to acquire one common share of Amarc for 2
years at a price of $0.09 per share. In September 2017, this loan
was fully repaid.
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.
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.
In July
and August 2019, the Company entered into certain loan agreements
(collective the "Bridge Loans") with a director of the
Company and a private company wholly-owned by a director of the
Company (collectively the "Bridge Lenders"), pursuant
to which the Bridge Lenders advanced to the Company an aggregate
principal sum of $375,000 with a 1-year term and bearing interest
at 10% per annum. The Bridge Loans were fully repaid in September
2019.
In
December 2019, the Company entered into a loan agreement (the
"Second Bridge Loan") with a director of the Company
(the "Second Bridge Lender"), pursuant to which the
Second Bridge Lender advanced to the Company a principal sum of
$300,000 with a 6-month term and bearing interest at a rate of 10%
per annum. In August 2020, the principal and interest balances of
the Second Bridge Loan were fully repaid.
Refer
to note 9 of the accompanying financial statements of Amarc for
additional monetary disclosures about the abovementioned
loans.
43
C.
INTERESTS
OF EXPERTS AND COUNSEL
Not
applicable.
ITEM 8
F
INANCIAL INFORMATION
A.
FINANCIAL
STATEMENTS AND OTHER FINANCIAL INFORMATION
Item 18
of this Form 20-F contains Amarc's audited annual financial
statements as at and for the years ended March 31, 2021, 2020 and
2019. These financial statements have been prepared in accordance
with IFRS, as issued by the IASB.
Legal Proceedings
Amarc
is not involved in any legal, arbitration or governmental
proceedings and, to Amarc's knowledge, no material legal,
arbitration or governmental proceedings involving Amarc are pending
or contemplated against Amarc.
Dividend Policy
The
Company has not paid any dividends on its outstanding common shares
since its incorporation and does not anticipate that it will do so
in the foreseeable future. All funds of Amarc are being retained
for exploration of its projects.
B.
SIGNIFICANT
CHANGES
There
have been no significant changes to Amarc's affairs as
disclosed in the accompanying financial statements, except as
disclosed in this Annual Report on Form 20-F.
ITEM 9
THE
O
FFER AND LISTING
A.
OFFER
AND LISTING DETAILS
Trading Markets
Amarc's
common shares have been listed in Canada on the TSX Venture (and
its predecessors) since August 1995, under the symbol
AHR.
The
Company's common shares were traded in the U.S. on the OTCBB from
June 2004 until August 2014, and have been traded on the OTCQB
since August 2014, in each case under the symbol
AXREF.
The
following tables set forth for the periods indicated the price
history of the Company's common shares on the TSX Venture and on
the OTCQB.
44
TSX Venture
Exchange
OTCBB/OTCQB
Fiscal Year
Ended March 31,
High(Cdn$)
Low(Cdn$)
High(US$)
Low(US$)
2021
0.13
0.03
0.09
0.02
2020
0.08
0.02
0.06
0.02
2019
0.14
0.04
0.11
0.03
2018
0.26
0.12
0.21
0.09
2017
0.16
0.06
0.12
0.04
2016
0.17
0.04
0.14
0.02
2015
0.18
0.06
0.13
0.05
TSX Venture
Exchange
OTCQB
Fiscal
Quarter
High(Cdn$)
Low(Cdn$)
High(US$)
Low(US$)
Q4 2021
0.13
0.05
0.09
0.04
Q3 2021
0.08
0.05
0.06
0.04
Q2 2021
0.08
0.04
0.07
0.02
Q1 2021
0.04
0.03
0.03
0.02
Q4 2020
0.08
0.02
0.06
0.02
Q3 2020
0.06
0.03
0.04
0.02
Q2 2020
0.06
0.04
0.05
0.03
Q1 2020
0.07
0.04
0.05
0.03
Q4 2019
0.07
0.07
0.05
0.05
Q3 2019
0.10
0.04
0.07
0.04
Q2 2019
0.10
0.06
0.07
0.04
Q1 2019
0.14
0.08
0.11
0.07
Q4 2018
0.17
0.12
0.14
0.09
Q3 2018
0.20
0.14
0.15
0.11
Q2 2018
0.26
0.17
0.21
0.13
Q1 2018
0.21
0.14
0.15
0.11
Q4 2017
0.16
0.08
0.12
0.06
Q3 2017
0.11
0.07
0.08
0.05
Q2 2017
0.13
0.08
0.10
0.06
Q1 2017
0.08
0.06
0.06
0.04
TSX Venture
Exchange
OTCQB
Month
High(Cdn$)
Low(Cdn$)
High(US$)
Low(US$)
July 2021 (to the
date of this Annual Report)
0.14
0.12
0.11
0.10
June
2021
0.14
0.12
0.11
0.10
May
2021
0.18
0.12
0.15
0.09
April
2021
0.14
0.11
0.11
0.09
March
2021
0.13
0.06
0.09
0.05
February
2021
0.07
0.06
0.06
0.05
January
2021
0.08
0.05
0.06
0.04
45
B.
PLAN
OF DISTRIBUTION
Not
applicable.
C.
MARKETS
The
shares of Amarc traded in Canada on the TSX Venture (formerly the
Canadian Venture Exchange and successor to the Vancouver Stock
Exchange) since August 1995 under the trading symbol AHR. Amarc's
shares were traded on the OTCBB from June 2004 until August 2014,
and have been traded on the OTCQB since August 2014, in each case
under the symbol AXREF.
D.
SELLING
SHAREHOLDERS
Not
applicable.
E.
DILUTION
Not
applicable.
F.
EXPENSES
OF THE ISSUE
Not
applicable.
46
ITEM 10
A
DDITIONAL INFORMATION
A.
SHARE
CAPITAL
Not
applicable.
B.
MEMORANDUM
AND ARTICLES OF ASSOCIATION
Amarc's
original corporate constituting documents comprised of the
Memorandum and Articles of Association were registered with the
British Columbia Registrar of Companies under Corporation
No. 436691. A copy of the Company's original Articles of
Association was filed as an exhibit with Amarc's initial
registration statement on Form 20-F.
In
March 2004, the Company Act (British Columbia) (the
"BCCA") was replaced by the Business Corporations Act
(British Columbia) (the "BCA"). All companies
incorporated under the BCCA were required to complete a transition
application to the BCA by March 29, 2006. The directors of the
Company authorized the Company to file a transition application
with the Registrar of Companies and to comply with the
BCA.
The
Company subsequently filed a Notice of Articles with the Registrar
of Companies on October 2, 2004. The Notice of Articles and the
Articles constitute the constating documents of the Company, and
have superseded the Memorandum and Articles of Association. The
Articles of a company, among other things, set out rules for the
conduct of its business and affairs; they are no longer required to
be filed with the Registrar of Companies, but are required to be
kept as part of the company's corporate records.
On
October 22, 2004, the Company filed a Notice of Alteration with the
Registrar of Companies to remove the former limitation on its
authorized share capital of 100,000,000 common shares without par
value. As a result, the Company's authorized share capital now
consists of an unlimited number of common shares without par value.
The Registrar of Companies issued a Notice of Articles dated
October 22, 2004 to reflect this change.
Under
the BCA, every "pre-existing company' remained subject to
certain "Pre-existing Company Provisions" contained in
the BCCA unless such provisions were removed with the approval of
the shareholders. In order to take full advantage of the
flexibility offered by the BCA, the shareholders adopted a special
resolution on October 12, 2005 authorizing the removal of the
Pre-existing Company Provisions and the adoption by the Company of
a new form of Articles that incorporates provisions permitted under
the BCA. On January 31, 2006, the Company filed a Notice of
Alteration with the Registrar of Companies to remove the
Pre-Existing Company Provisions, and the Registrar of Companies
issued a Notice of Articles to reflect this change.
As
discussed in more detail below, on August 17, 2007, the Company
filed a Notice of Alteration with the Registrar of Companies to
create a new class of Preferred Shares, and the Registrar of
Companies issued a Notice of Articles to reflect this
change.
Effective
September 19, 2013 the Company's Articles were amended to
include advance notice provisions relating to the nomination and
the election of directors of the Company.
Set out
below is a discussion of the principal changes effected by the
adoption of the new Articles by the Company under the BCA, which
took effect on January 31, 2006.
Borrowing Powers
Under
the original Articles of Association, the Company could borrow
money, issue bonds, debentures and other debt obligations and
mortgage, charge, or give security on the undertaking, or on the
whole or any part of the property and assets, of the Company (both
present and future). Under the BCA, companies are also permitted,
without restriction (other than general corporate governance
principles), to guarantee repayment of money by any other person or
the performance of any obligation of any other person. This change
reflected the modernization of corporate legislation to effectively
respond to increasingly complex financial transactions that
companies may enter into in the course of their business. As a
result, the Company's Articles now provide that the Company may
guarantee the repayment of money by any other person or the
performance of any obligation of any other person.
47
Share Certificates
Under
the original Articles of Association, a shareholder was entitled to
a share certificate representing the number of shares of the
Company held. Under the BCA, a shareholder is entitled to a share
certificate representing the number of shares of the Company held
or a written acknowledgement of the shareholder's right to obtain
such a share certificate. As a result, the Articles now provide for
this additional right. The addition of the ability to issue a
written acknowledgement is very useful for public companies such as
the Company, since it permits flexibility in corporate and
securities transmissions.
On
September 15, 2010, the shareholders of the Company approved an
amendment to the Articles that enabled the Company to use
uncertificated electronic shares and to use an electronic record
keeping system.
Indemnity Provisions
Under
the BCCA, the Company could only indemnify directors where it
obtained prior court approval, except in certain limited
circumstances. The original Articles of Association provided for
the Company to indemnify directors, subject to the provisions of
the BCCA. Under the BCA, the Company is permitted (and is, in some
circumstances, required) to indemnify a past or present director or
officer of the Company or an associated corporation without
obtaining prior court approval in respect of an "eligible
proceeding". An "eligible proceeding" includes
any legal proceeding relating to the activities of the individual
as a director or officer of the Company. However, under the BCA,
the Company is prohibited from paying an indemnity if:
(a)
the party did not
act honestly and in good faith with a view to the best interests of
the Company;
(b)
the proceeding was
not a civil proceeding and the party did not have reasonable
grounds for believing that his or her conduct was lawful;
and
(c)
the proceeding is
brought against the party by the Company or an associated
corporation.
As a
result, the Articles require the Company to indemnify directors,
officers and other persons, subject to the limits imposed under the
BCA.
Alternate Directors
The
original Articles of Association permitted a director to appoint
another director as his alternate. The Company's Articles now
permit a director to appoint anyone as his alternate, as long as
that person is qualified to act as a director.
Amendment of Articles and Notice of Articles
The
Articles provide that the general authority required to amend all
provisions of the Company's Articles and the Notice of Articles,
other than as set out in the BCA as specifically requiring a
special resolution, can be effected as an ordinary or by directors'
resolution. The Company's Articles provide that the Company may
amend provisions of the Articles and Notice of Articles relating to
certain aspects of its Shares and authorized share structure by
ordinary resolution. A share consolidation or a share split and
name change of the Company can only be done by a resolution of the
directors. The default provision under the BCA is a special
resolution where the Articles are silent as to the type of
resolution required.
The
Articles also provide that the attachment, variation and deletion
of special rights and restrictions to any class of shares may be
authorized by ordinary resolution. If the amendment prejudices or
interferes with the rights or special rights attached to any class
of issued shares, by the provisions of the BCA, the consent of the
holders of that class of shares by a "special separate
resolution" is required.
All
special resolutions of the Company must be adopted by a majority of
two-thirds of votes cast; the Company's original Article of
Association required special resolutions to be adopted by a
majority of three-quarters of the votes cast.
Shareholders' Meetings
In
addition to reflecting the present notice and other provisions of
the BCA relating to shareholders' meetings, the Articles provide
that shareholders' meetings may be held at such place as is
determined by the directors.
48
The
Articles permit the giving of notice to shareholders, directors and
officers by fax or e-mail in addition to regular mail or personal
delivery.
Officers
Under
the original Articles of Association, the Company was required to
have at least a President and Secretary as officers, and separate
individuals were required to hold those positions. In addition, the
Chairman and President were required to be directors. However,
under the BCA, those requirements no longer exist, and as a result,
the Articles do not provide for such restrictions.
Disclosure of Interest of Directors
The
Articles refer to the provisions of the BCA relating to the
disclosure of interest by directors, which superseded more the
cumbersome and outdated provisions contained under the
BCCA.
Creation of Preferred Shares
Under
the original Articles of Association, the creation of a new class
of shares required the approval of the shareholders of the Company
by a special resolution adopted by a majority of three-quarters of
votes cast. In contrast, the Articles now provide that the creation
of a new class of shares requires the approval of the shareholders
of the Company by an ordinary resolution.
On
September 26, 2006, the shareholders adopted an ordinary resolution
authorizing the creation of a new class of Preferred Shares without
par value and without a maximum authorized number, issuable in
series, on such terms as may be determined by the Company's
directors for each such series. On August 17, 2007, the Company
filed a Notice of Alteration with the Registrar of Companies to
create the new class of Preferred Shares, and the Registrar of
Companies issued a Notice of Articles to reflect this
change.
As a
result, the authorized share structure of the Company now includes,
in addition to a class of common shares without par value and
without a maximum number, a class of Preferred Shares without par
value and without a maximum number. The Preferred Shares may be
issued in series on such terms as determined by the Company's
directors in accordance with the class rights and
restrictions.
The
special rights and restrictions attaching to the Preferred Shares
are set forth in Article 26 of the Articles, and effectively
provide the directors with wide latitude to create a series of
Preferred Shares which may be convertible into Common Shares, and
have attached to them rights that rank ahead of Common Shares in
respect of entitlement to assets and dividends.
C.
MATERIAL
CONTRACTS
Amarc's
only material contract as of the date of this Annual Report
is:
Corporate
Services Agreement between Amarc and Hunter Dickinson Services Inc.
dated July 2, 2010.
See Item
7.B
and Exhibit 4.1.
Other
agreements are in the normal course of business.
D.
EXCHANGE
CONTROLS
Amarc
is incorporated pursuant to the laws of the Province of British
Columbia, Canada. There is no law or governmental decree or
regulation in Canada that restricts the export or import of
capital, or affects the remittance of dividends, interest or other
payments to a non-resident holder of Common Shares, other than
withholding tax requirements. Any such remittances to United States
residents are generally subject to withholding tax, however no such
remittances are likely in the foreseeable future. See
"Taxation", below.
There
is no limitation imposed by Canadian law or by the charter or other
constituent documents of the Company on the right of a non-resident
to hold or vote Common Shares of the Company. However, the
Investment Canada Act (Canada) (the "Investment Act")
has rules regarding certain acquisitions of shares by
non-Canadians, along with other requirements under that
legislation.
The
following discussion summarizes the principal features of the
Investment Act for a non-Canadian who proposes to acquire Common
Shares of the Company. The discussion is general only; it is not a
substitute for independent legal advice from an investor's own
adviser; and, except where expressly noted, it does not anticipate
statutory or regulatory amendments.
49
The
Investment Act is a federal statute of broad application regulating
the establishment and acquisition of Canadian businesses by
non-Canadians, including individuals, governments or agencies
thereof, corporations, partnerships, trusts and joint ventures.
Investments by non-Canadians to acquire control over existing
Canadian businesses or to establish new ones are either reviewable
or notifiable under the Investment Act. If an investment by a
non-Canadian to acquire control over an existing Canadian business
is reviewable under the Investment Act, the Investment Act
generally prohibits implementation of the investment unless, after
review, the Minister of Innovation, Science and Economic
Development (the "Minister") (or the Minister of
Canadian Heritage for investments in a Canadian business engaged in
any of the activities of a "cultural business"), is
satisfied that the investment is likely to be of net benefit to
Canada.
A
non-Canadian would acquire control of the Company for the purposes
of the Investment Act through the acquisition of Common Shares if
the non-Canadian acquired a majority of the Common Shares of the
Company.
Further,
the acquisition of less than a majority but one-third or more of
the Common Shares of the Company would be presumed to be an
acquisition of control of the Company unless it could be
established that, on the acquisition, the Company was not
controlled in fact by the acquirer through the ownership of Common
Shares.
To
determine whether an investment is reviewable under the Investment
Act it is necessary to consider certain matters, including whether
the investor is a state-owned enterprise; whether the investor is a
"WTO investor" (i.e., controlled by persons who are
citizens of countries that are members of the World Trade
Organization ("WTO")), and, if so, whether the WTO
investor is party to certain free trade agreements; the enterprise
value of the assets of the Canadian business being acquired; and
whether the Canadian business being acquired is a cultural
business.
An
acquisition of control of a Canadian business by a non-Canadian
that falls below the thresholds for review under the Investment Act
does not require the filing of an application for review. However,
even where an investment falls below the thresholds, it must still
be notified by way of a short form to the Investment Review
Division of the Department of Innovation, Science and Economic
Development Canada (or the Department of Canadian Heritage for
cultural cases). Notifications may be submitted by the investor any
time before or up to 30 days after implementation of the
investment.
In
2009, amendments were enacted to the Investment Act concerning
investments that may be considered injurious to national security.
If the Minister has reasonable grounds to believe that an
investment by a non-Canadian "could be injurious to national
security," the Minister may send the non-Canadian a notice
indicating that an order for review of the investment may be made.
The review of an investment on the grounds of national security may
occur whether or not an investment is otherwise subject to review
on the basis of net benefit to Canada or otherwise subject to
notification under the Investment Canada Act.
Certain
transactions, except those to which the national security
provisions of the Investment Act may apply, relating to Common
Shares of the Company are exempt from the Investment Act,
including
(a)
acquisition of
Common Shares of the Company by a person in the ordinary course of
that person's business as a trader or dealer in
securities,
(b)
acquisition of
control of the Company in connection with the realization of
security granted for a loan or other financial assistance and not
for a purpose related to the provisions of the Investment Act, if
the investment is subject to approval under certain other
legislation, and
(c)
acquisition of
control of the Company by reason of an amalgamation, merger,
consolidation or corporate reorganization following which the
ultimate direct or indirect control in fact of the Company, through
the ownership of Common Shares, remained unchanged.
E.
TAXATION
Certain Canadian Federal Income Tax Information for United States
Residents
The
following summarizes the principal Canadian federal income tax
considerations generally applicable to the holding and disposition
of common shares of the Company by a holder (a) who, for the
purposes of the Income Tax Act (Canada) the ("Tax Act")
and at all relevant times, is not resident in Canada or deemed to
be resident in Canada, deals at arm's length and is not affiliated
with the Company, holds the common shares as capital property and
does not use or hold the common shares in the course of carrying
on, or otherwise in connection with, a business in Canada, and (b)
who, for the purposes of the Canada-United States Income Tax
Convention (the "Treaty") and at all relevant times, is
a resident of the United States, has never been a resident of
Canada, has not held or used (and does not hold or use) common
shares in connection with a permanent establishment or fixed base
in Canada, and who qualifies for the full benefits of the Treaty.
The Canada Revenue Agency has introduced special forms to be used
in order to substantiate eligibility for Treaty benefits, and
affected holders should consult with their own advisers with
respect to these forms and all relevant compliance
matters.
50
Holders
who meet all such criteria in clauses (a) and (b) above are
referred to herein as a "U.S. Holder" or "U.S.
Holders", and this summary only addresses such U.S. Holders.
The summary does not deal with special situations, such as
particular circumstances of traders or dealers, limited liability
companies, tax-exempt entities, insurers, financial institutions
(including those to which the mark-to-market provisions of the Tax
Act apply), entities considered fiscally transparent under
applicable law, or otherwise.
This
summary is based on the current provisions of the Tax Act and the
regulations thereunder, all proposed amendments to the Tax Act and
regulations publicly announced by the Minister of Finance (Canada)
to the date hereof, the current provisions of the Treaty and our
understanding of the current administrative practices of the Canada
Revenue Agency. It has been assumed that all currently proposed
amendments to the Tax Act and regulations will be enacted as
proposed and that there will be no other relevant change in any
governing law, the Treaty or administrative policy, although no
assurance can be given in these respects. This summary does not
take into account provincial, U.S. or other foreign income tax
considerations, which may differ significantly from those discussed
herein.
This
summary is not exhaustive of all possible Canadian income tax
consequences. It is not intended as legal or tax advice to any
particular U.S. Holder and should not be so construed. The tax
consequences to a U.S. Holder will depend on that U.S. Holder's
particular circumstances. Accordingly, all U.S. Holders or
prospective U.S. Holders should consult their own tax advisers with
respect to the tax consequences applicable to them having regard to
their own particular circumstances. The discussion below is
qualified accordingly.
Dividend
Dividends
paid or deemed to be paid or credited by the Company to a U.S.
Holder are subject to Canadian withholding tax. Under the Treaty,
the rate of withholding tax on dividends paid to a U.S. Holder is
generally limited to 15% of the gross dividend (or 5% in the case
of a U.S. Holder that is a corporate shareholder owning at least
10% of the Company's voting shares), provided the U.S. Holder can
establish entitlement to the benefits of the Treaty.
Disposition
A U.S.
Holder is generally not subject to tax under the Tax Act in respect
of a capital gain realized on the disposition of a common share in
the open market, unless the share is "taxable Canadian
property" to the holder thereof and the U.S. Holder is not
entitled to relief under the Treaty.
Provided
that the Company's common shares are listed on a "designated
stock exchange" for purposes of the Tax Act (which currently
includes the TSX Venture) at the time of disposition, a common
share will generally not constitute taxable Canadian property to a
U.S. Holder unless, at any time during the 60 month period ending
at the time of disposition, (i) the U.S. Holder, persons with whom
the U.S. Holder did not deal at arm's length for purposes of the
Tax Act, partnerships in which the U.S. Holder or such persons
holds a membership interest directly or indirectly, (or the U.S.
Holder together with any such foregoing persons) or partnerships,
owned 25% or more of the issued shares of any class or series of
the Company AND (ii) more than 50% of the fair market value of the
share was derived directly or indirectly from certain types of
assets, including real or immoveable property situated in Canada,
Canadian resource properties or timber resource properties, and
options, interests or rights in respect of any of the foregoing.
Common shares may also be deemed to be taxable Canadian property
under the Tax Act in certain specific circumstances. A U.S. Holder
holding Common shares as taxable Canadian property should consult
with the U.S. Holder's own tax advisers in advance of any
disposition of Common shares or deemed disposition under the Tax
Act in order to determine whether any relief from tax under the Tax
Act may be available by virtue of the Treaty, and any related
compliance procedures.
51
Certain United States Federal Income Tax
Considerations
The following is a general summary of certain material U.S. federal
income tax considerations applicable to a U.S. Holder (as defined
below) arising from the acquisition, ownership and disposition of
our common shares.
This summary is for general information purposes only and does not
purport to be a complete analysis or listing of all potential U.S.
federal income tax considerations that may apply to a U.S. Holder
as a result of the acquisition, ownership and disposition of our
common stock. In addition, this summary does not take into account
the individual facts and circumstances of any particular U.S.
Holder that may affect the U.S. federal income tax consequences to
such U.S. Holder, including specific tax consequences to a U.S.
Holder under an applicable tax treaty. Accordingly, this summary is
not intended to be, and should not be construed as, legal or U.S.
federal income tax advice with respect to any particular U.S.
Holder. In addition, this summary does not address the U.S. federal
alternative minimum, U.S. federal estate and gift, U.S. Medicare
contribution, U.S. state and local, or non-U.S. tax consequences of
the acquisition, ownership or disposition of our common stock.
Except as specifically set forth below, this summary does not
discuss applicable tax reporting
requirements.
Each U.S. Holder should consult
its own tax advisor regarding all U.S. federal, U.S. state and
local and non-U.S. tax consequences of the acquisition, ownership
and disposition of our common stock.
No opinion from U.S. legal counsel or ruling from the Internal
Revenue Service (the "IRS") has been requested, or will
be obtained, regarding the U.S. federal income tax consequences of
the acquisition, ownership or disposition of our common shares.
This summary is not binding on the IRS, and the IRS is not
precluded from taking a position that is different from, or
contrary to, any position taken in this summary. In addition,
because the authorities upon whom this summary is based are subject
to various interpretations, the IRS and the U.S. courts could
disagree with one or more of the positions taken in this
summary.
Scope of this Summary
Authorities
This summary is based on the Internal Revenue Code of 1986, as
amended (the "Code"), Treasury Regulations (whether
final, temporary, or proposed), published rulings of the IRS,
published administrative positions of the IRS, the Convention
Between Canada and the United States of America with Respect to
Taxes on Income and on Capital, signed September 26, 1980, as
amended (the "Canada-U.S. Tax Convention"), and U.S.
court decisions that are applicable and, in each case, as in effect
and available, as of the date hereof. Any of the authorities on
which this summary is based could be changed in a material and
adverse manner at any time, and any such change could be applied on
a retroactive or prospective basis, which could affect the U.S.
federal income tax considerations described in this summary. This
summary does not discuss the potential effects, whether adverse or
beneficial, of any proposed legislation that, if enacted, could be
applied on a retroactive or prospective basis.
U.S. Holders
For
purposes of this summary, the term "U.S. Holder" means
a beneficial owner of common shares that is for U.S. federal income
tax purposes:
●
an individual who
is a citizen or resident of the U.S.;
●
a corporation (or
other entity taxable as a corporation for U.S. federal income tax
purposes) organized under the laws of the U.S., any state thereof
or the District of Columbia;
●
an estate whose
income is subject to U.S. federal income taxation regardless of its
source; or
●
a trust that (1) is
subject to the primary supervision of a court within the U.S. and
the control of one or more U.S. persons for all substantial
decisions or (2) has a valid election in effect under applicable
Treasury Regulations to be treated as a U.S. person.
Non-U.S. Holders
For
purposes of this summary, a "non-U.S. Holder" is a
beneficial owner of common shares that is not a U.S. Holder. This
summary does not address the U.S. federal income tax consequences
to non-U.S. Holders arising from and relating to the acquisition,
ownership, and disposition of common shares. Accordingly, a
non-U.S. Holder should consult its own tax adviser regarding the
U.S. federal, U.S. federal alternative minimum, U.S. federal estate
and gift, U.S. state and local, and foreign tax consequences
(including the potential application of and operation of any income
tax treaties) relating to the acquisition, ownership, and
disposition of common shares.
52
U.S. Holders Subject to Special U.S. Federal Income Tax Rules Not
Addressed
This summary does not address the U.S. federal income tax
considerations of the acquisition, ownership or disposition of our
common shares by U.S. Holders that are subject to special
provisions under the Code, including, but not limited to, the
following: (a) tax-exempt organizations, qualified retirement
plans, individual retirement accounts, or other tax-deferred
accounts; (b) financial institutions, underwriters, insurance
companies, real estate investment trusts, or regulated investment
companies; (c) broker-dealers, dealers, or traders in securities or
currencies that elect to apply a "mark-to-market"
accounting method; (d) U.S. Holders that have a "functional
currency" other than the U.S. dollar; (e) U.S. Holders that
own our common shares as part of a straddle, hedging transaction,
conversion transaction, constructive sale, or other arrangement
involving more than one position; (f) U.S. Holders that acquire our
common shares in connection with the exercise of employee stock
options or otherwise as compensation for services; (g) U.S. Holders
that hold our common shares other than as a capital asset within
the meaning of Section 1221 of the Code (generally, property held
for investment purposes); (h) are required to accelerate the
recognition of any item of gross income with respect to Common
Shares as a result of such income being recognized on an applicable
financial statement; and (i) U.S. Holders that own directly,
indirectly, or by attribution, 10% or more, by voting power, of the
outstanding stock of the Company. This summary also does not
address the U.S. federal income tax considerations applicable to
U.S. Holders who are: (a) U.S. expatriates or former long-term
residents of the U.S.; (b) persons that have been, are, or will be
a resident or deemed to be a resident in Canada for purposes of the
Income Tax Act (Canada); (c) persons that use or hold, will use or
hold, or that are or will be deemed to use or hold our common
shares in connection with carrying on a business in Canada; (d)
persons whose common shares in our Company constitutes
"taxable Canadian property" under the Income Tax Act
(Canada); or (e) persons that have a permanent establishment in
Canada for purposes of the Canada-U.S. Tax Convention. U.S. Holders
that are subject to special provisions under the Code, including
U.S. Holders described immediately above, should consult their own
tax advisors regarding all U.S. federal, U.S. state and local, and
non-U.S. tax consequences (including the potential application and
operation of any income tax treaties) relating to the acquisition,
ownership or disposition of our common shares.
If an entity or arrangement that is classified as a partnership (or
other "pass-through" entity) for U.S. federal income
tax purposes holds our common shares, the U.S. federal income tax
consequences to such partnership and the partners (or other owners)
of such partnership of the acquisition, ownership or disposition of
our common shares generally will depend on the activities of the
partnership and the status of such partners (or other owners). This
summary does not address the U.S. federal income tax considerations
for any such partner or partnership (or other
"pass-through" entity or its owners). Owners of
entities and arrangements that are classified as partnerships (or
other "pass-through" entities) for U.S. federal income
tax purposes should consult their own tax advisors regarding the
U.S. federal income tax consequences of the acquisition, ownership
or disposition of our common shares.
Passive Foreign Investment Company Rules
If the
Company were to constitute a "passive foreign investment
company" under the meaning of Section 1297 of the Code (a
"PFIC", as defined below) for any year during a U.S.
Holder's holding period, then certain potentially adverse rules
will affect the U.S. federal income tax consequences to a U.S.
Holder resulting from the acquisition, ownership and disposition of
common shares. The Company believes that it was classified as a
PFIC during the tax year ended March 31, 2018, and may be a PFIC in
future tax years. The determination of whether any corporation was,
or will be, a PFIC for a tax year depends, in part, on the
application of complex U.S. federal income tax rules, which are
subject to differing interpretations. In addition, whether any
corporation will be a PFIC for any tax year depends on the assets
and income of such corporation over the course of each such tax
year and, as a result, cannot be predicted with certainty as of the
date of this document. Accordingly, there can be no assurance that
the IRS will not challenge any determination made by the Company
(or any subsidiary of the Company) concerning its PFIC status. Each
U.S. Holder should consult its own tax advisor regarding the PFIC
status of the Company and any subsidiary of the
Company.
In
addition, in any year in which the Company is classified as a PFIC,
such holder would be required to file an annual report with the IRS
containing such information as Treasury Regulations and/or other
IRS guidance may require. In addition to penalties, a failure to
satisfy such reporting requirements may result in an extension of
the time period during which the IRS can assess a tax. U.S. Holders
should consult their own tax advisors regarding the requirements of
filing such information returns under these rules, including the
requirement to file an IRS Form 8621.
53
PFIC Status of the Company
The
Company generally will be a PFIC if, for a tax year, (a) 75% or
more of the gross income of the Company is passive income (the
"income test") or (b) 50% or more of the value of the
Company's assets either produce passive income or are held for the
production of passive income, based on the quarterly average of the
fair market value of such assets (the "asset test").
"Gross income" generally includes all sales revenues
less the cost of goods sold, plus income from investments and from
incidental or outside operations or sources, and "passive
income" generally includes, for example, dividends, interest,
certain rents and royalties, certain gains from the sale of stock
and securities, and certain gains from commodities
transactions.
Active
business gains arising from the sale of commodities generally are
excluded from passive income if substantially all of a foreign
corporation's commodities are stock in trade or inventory,
depreciable property used in a trade or business, or supplies
regularly used or consumed in a trade or business and certain other
requirements are satisfied.
For
purposes of the PFIC income test and asset test described above, if
the Company owns, directly or indirectly, 25% or more of the total
value of the outstanding shares of another corporation, the Company
will be treated as if it (a) held a proportionate share of the
assets of such other corporation and (b) received directly a
proportionate share of the income of such other corporation. In
addition, for purposes of the PFIC income test and asset test
described above, and assuming certain other requirements are met,
"passive income" does not include certain interest,
dividends, rents, or royalties that are received or accrued by the
Company from certain "related persons" (as defined in
Section 954(d)(3) of the Code), to the extent such items are
properly allocable to the income of such related person that is not
passive income.
Under
certain attribution rules, if the Company is a PFIC, U.S. Holders
will generally be deemed to own their proportionate share of the
Company's direct or indirect equity interest in any company that is
also a PFIC (a ''Subsidiary PFIC''), and will be subject to U.S.
federal income tax on their proportionate share of (a) any
"excess distributions," as described below, on the
stock of a Subsidiary PFIC and (b) a disposition or deemed
disposition of the stock of a Subsidiary PFIC by the Company or
another Subsidiary PFIC, both as if such U.S. Holders directly held
the shares of such Subsidiary PFIC. In addition, U.S. Holders may
be subject to U.S. federal income tax on any indirect gain realized
on the stock of a Subsidiary PFIC on the sale or disposition of
common shares. Accordingly, U.S. Holders should be aware that they
could be subject to tax even if no distributions are received and
no redemptions or other dispositions of common shares are
made.
Tax Consequences if the Company is a PFIC
If the Company is a PFIC for any tax year during which a U.S.
Holder owns our common shares, special rules may increase such U.S.
Holder's U.S. federal income tax liability with respect to
the ownership and disposition of such common shares. If the Company
meets the income test or the asset test for any tax year during
which a U.S. Holder owns our common shares, the Company will be
treated as a PFIC with respect to such U.S. Holder for that tax
year and for all subsequent tax years, regardless of whether the
Company meets the income test or the asset test for such subsequent
tax years, unless the U.S. Holder elects to recognize any
unrealized gain in such common shares or makes a timely and
effective QEF Election or, if applicable, Mark-to-Market
Election.
Under the default PFIC rules:
●
any gain realized
on the sale or other disposition (including dispositions and
certain other events that would not otherwise be treated as taxable
events) of our common shares (including an indirect disposition of
the stock of any Subsidiary PFIC) and any "excess
distribution" (defined as a distribution to the extent it,
together with all other distributions received in the relevant tax
year, exceeds 125% of the average annual distribution received
during the preceding three years) received on our common shares or
with respect to the stock of a Subsidiary PFIC will be allocated
rateably to each day of such U.S. Holder's holding period for
our common shares;
●
the amount
allocated to the current tax year and any year prior to the first
year in which the Company was a PFIC will be taxed as ordinary
income in the current year;
●
the amount
allocated to each of the other tax years (the "Prior PFIC
Years") will be subject to tax at the highest ordinary income
tax rate in effect for the applicable class of taxpayer for that
year;
●
an interest charge
will be imposed with respect to the resulting tax attributable to
each Prior PFIC Year, which interest charge is not deductible by
non-corporate U.S. Holders; and
●
any loss realized
on the disposition of our common shares generally will not be
recognized.
54
A U.S. Holder that makes a timely and effective
"mark-to-market" election under Section 1296 of the
Code (a "Mark-to-Market Election") or a timely and
effective election to treat the Company and each Subsidiary PFIC as
a "qualified electing fund" (a "QEF") under
Section 1295 of the Code (a "QEF Election") may
generally mitigate or avoid the PFIC consequences described above
with respect to our common shares.
If a U.S. Holder makes a timely and effective QEF Election, the
U.S. Holder must include currently in gross income each year its
pro rata share of the Company's ordinary income and net
capital gains, regardless of whether such income and gains are
actually distributed. Thus, a U.S. Holder could have a tax
liability with respect to such ordinary income or gains without a
corresponding receipt of cash from the Company. If the Company is a
QEF with respect to a U.S. Holder, the U.S. Holder's basis in
our common shares will be increased to reflect the amount of the
taxed but undistributed income. Distributions of income that had
previously been taxed will result in a corresponding reduction of
basis in our common shares and will not be taxed again as a
distribution to a U.S. Holder. Taxable gains on the disposition of
our common shares by a U.S. Holder that has made a timely and
effective QEF Election are generally capital gains. A U.S. Holder
must make a QEF Election for the Company and each Subsidiary PFIC
if it wishes to have this treatment. To make a QEF Election, a U.S.
Holder will need to have an annual information statement from the
Company setting forth the ordinary income and net capital gains for
the year.
U.S. Holders should be aware that there can be no
assurance that the Company will satisfy the recordkeeping
requirements that apply to a QEF or that the Company will supply
U.S. Holders with information such U.S. Holders require to report
under the QEF rules in the event that the Company is a PFIC for any
tax year.
In general, a U.S. Holder must make a QEF Election on or before the
due date for filing its income tax return for the first year to
which the QEF Election applies. Under applicable Treasury
Regulations, a U.S. Holder will be permitted to make retroactive
elections in particular circumstances, including if it had a
reasonable belief that the Company was not a PFIC and filed a
protective election. If a U.S. Holder owns PFIC stock indirectly
through another PFIC, separate QEF Elections must be made for the
PFIC in which the U.S. Holder is a direct shareholder and the
Subsidiary PFIC for the QEF rules to apply to both PFICs. Each U.S.
Holder should consult its own tax advisor regarding the
availability and desirability of, and procedure for, making a
timely and effective QEF Election for the Company and any
Subsidiary PFIC.
A Mark-to-Market Election may be made with respect to stock in a
PFIC if such stock is "regularly traded" on a
"qualified exchange or other market" (within the
meaning of the Code and the applicable Treasury Regulations). A
class of stock that is traded on one or more qualified exchanges or
other markets is considered to be "regularly traded"
for any calendar year during which such class of stock is traded in
other than de minimus quantities on at least 15 days during each
calendar quarter. If our common shares are considered to be
"regularly traded" within this meaning, then a U.S.
Holder generally will be eligible to make a Mark-to-Market Election
with respect to our common shares but not with respect to a
Subsidiary PFIC.
A U.S. Holder that makes a timely and effective Mark-to-Market
Election with respect to our common stock generally will be
required to recognize as ordinary income in each tax year in which
the Company is a PFIC an amount equal to the excess, if any, of the
fair market value of such stock as of the close of such taxable
year over the U.S. Holder's adjusted tax basis in such stock
as of the close of such taxable year. A U.S. Holder's
adjusted tax basis in our common shares generally will be increased
by the amount of ordinary income recognized with respect to such
stock. If the U.S. Holder's adjusted tax basis in our common
shares as of the close of a tax year exceeds the fair market value
of such stock as of the close of such taxable year, the U.S. Holder
generally will recognize an ordinary loss, but only to the extent
of net mark-to-market income recognized with respect to such stock
for all prior taxable years. A U.S. Holder's adjusted tax
basis in our common shares generally will be decreased by the
amount of ordinary loss recognized with respect to such stock. Any
gain recognized upon a disposition of our common shares generally
will be treated as ordinary income, and any loss recognized upon a
disposition generally will be treated as ordinary loss to the
extent of the net mark-to-market income recognized for all prior
taxable years. Any loss recognized in excess thereof will be taxed
as a capital loss. Capital losses are subject to significant
limitations under the Code. Each U.S. Holder should consult its own
tax advisor regarding the availability and desirability of, and
procedure for, making a timely and effective Mark-to-Market
Election with respect to our common shares.
Foreign Tax Credit
A U.S. Holder that pays (whether directly or through withholding)
Canadian income tax in connection with the ownership or disposition
of our common shares may be entitled, at the election of such U.S.
Holder, to receive either a deduction or a credit for such Canadian
income tax paid. Generally, a credit will reduce a U.S.
Holder's U.S. federal income tax liability on a
dollar-for-dollar basis, whereas a deduction will reduce a U.S.
Holder's income subject to U.S. federal income tax. This
election is made on a year-by-year basis and applies to all
creditable foreign taxes paid (whether directly or through
withholding) by a U.S. Holder during a year.
55
Complex limitations apply to the foreign tax credit, including the
general limitation that the credit cannot exceed the proportionate
share of a U.S. Holder's U.S. federal income tax liability
that such U.S. Holder's "foreign source" taxable
income bears to such U.S. Holder's worldwide taxable income.
In applying this limitation, a U.S. Holder's various items of
income and deduction must be classified, under complex rules, as
either "foreign source" or "U.S. source."
Generally, dividends paid by a non-U.S. corporation should be
treated as foreign source for this purpose, and gains recognized on
the sale of securities of a non-U.S. corporation by a U.S. Holder
should be treated as U.S. source for this purpose, except as
otherwise provided in an applicable income tax treaty, and if an
election is properly made under the Code. However, the amount of a
distribution with respect to our common shares that is treated as a
"dividend" may be lower for U.S. federal income tax
purposes than it is for Canadian federal income tax purposes,
resulting in a reduced foreign tax credit allowance to a U.S.
Holder. In addition, this limitation is calculated separately with
respect to specific categories of income. The foreign tax credit
rules are complex, and each U.S. Holder should consult its own U.S.
tax advisor regarding the foreign tax credit rules.
Special rules apply to the amount of foreign tax credit that a U.S.
Holder may claim on a distribution, including a constructive
distribution, from a PFIC. Subject to such special rules, non-U.S.
taxes paid with respect to any distribution in respect of stock in
a PFIC are generally eligible for the foreign tax
credit
.
The rules relating to distributions by a PFIC and
their eligibility for the foreign tax credit are complicated, and a
U.S. Holder should consult its own tax advisor regarding their
application to the U.S. Holder.
Receipt of Foreign Currency
The amount of any distribution or proceeds paid in Canadian dollars
to a U.S. Holder in connection with the ownership, sale or other
taxable disposition of our common shares, will be included in the
gross income of a U.S. Holder as translated into U.S. dollars
calculated by reference to the exchange rate prevailing on the date
of actual or constructive receipt of the payment, regardless of
whether the Canadian dollars are converted into U.S. dollars at
that time. If the Canadian dollars received are not converted into
U.S. dollars on the date of receipt, a U.S. Holder will have a
basis in the Canadian dollars equal to their U.S. dollar value on
the date of receipt. Any U.S. Holder who receives payment in
Canadian dollars and engages in a subsequent conversion or other
disposition of the Canadian dollars may have a foreign currency
exchange gain or loss that would be treated as ordinary income or
loss, and generally will be U.S. source income or loss for foreign
tax credit purposes. Different rules apply to U.S. Holders who use
the accrual method of tax accounting. Each U.S. Holder should
consult its own U.S. tax advisor regarding the U.S. federal income
tax consequences of receiving, owning, and disposing of Canadian
dollars.
Information Reporting; Backup Withholding
Under U.S. federal income tax law, certain categories of U.S.
Holders must file information returns with respect to their
investment in, or involvement in, a non-U.S. corporation. For
example, U.S. return disclosure obligations (and related penalties)
are imposed on individuals who are U.S. Holders that hold certain
specified foreign financial assets in excess of certain threshold
amounts. The definition of "specified foreign financial
assets" includes not only financial accounts maintained in
non-U.S. financial institutions, but also, if held for investment
and not in an account maintained by certain financial institutions,
any stock or security issued by a non-U.S. person, any financial
instrument or contract that has an issuer or counterparty other
than a U.S. person and any interest in a non-U.S. entity. A U.S.
Holder may be subject to these reporting requirements unless such
U.S. Holder's shares of our common shares are held in an
account at certain financial institutions. Penalties for failure to
file certain of these information returns are substantial. U.S.
Holders should consult with their own tax advisors regarding the
requirements of filing information returns on IRS Form 8938 for
specified foreign financial assets, filing obligations relating to
the PFIC rules including possible reporting on IRS Form 8621, and
any other applicable reporting requirements.
Payments made within the U.S. or by a U.S. payor or U.S. middleman
of (a) distributions on our common shares, and (b) proceeds arising
from the sale or other taxable disposition of our common shares
generally will be subject to information reporting. In addition,
backup withholding, currently at a rate of 24%, may apply to such
payments if a U.S. Holder (a) fails to furnish such U.S.
Holder's correct U.S. taxpayer identification number
("TIN") (generally on Form W-9), (b) furnishes an
incorrect U.S. TIN, (c) is notified by the IRS that such U.S.
Holder has previously failed to properly report items subject to
backup withholding, or (d) fails to certify, under penalty of
perjury, that such U.S. Holder has furnished its correct U.S. TIN
and that the IRS has not notified such U.S. Holder that it is
subject to backup withholding. Certain exempt persons generally are
excluded from these information reporting and backup withholding
rules. Backup withholding is not an additional tax. Any amounts
withheld under the U.S. backup withholding rules are allowed as a
credit against a U.S. Holder's U.S. federal income tax
liability, if any, or will be refunded, if such U.S. Holder
furnishes required information to the IRS in a timely manner. The
information reporting and backup withholding rules may apply even
if, under the Canada-U.S. Tax Convention, payments are exempt from
dividend withholding tax or otherwise eligible for a reduced
withholding rate.
56
The discussion of reporting requirements set forth above is not
intended to constitute an exhaustive description of all reporting
requirements that may apply to a U.S. Holder. A failure to satisfy
certain reporting requirements may result in an extension of the
time period during which the IRS can assess a tax, and, under
certain circumstances, such an extension may apply to assessments
of amounts unrelated to any unsatisfied reporting requirement. Each
U.S. Holder should consult its own tax advisor regarding the
information reporting and backup withholding rules.
THE ABOVE SUMMARY IS NOT INTENDED TO CONSTITUTE A COMPLETE ANALYSIS
OF ALL U.S. TAX CONSIDERATIONS APPLICABLE TO U.S. HOLDERS WITH
RESPECT TO THE ACQUISITION, OWNERSHIP OR DISPOSITION OF OUR COMMON
SHARES. U.S. HOLDERS SHOULD CONSULT THEIR OWN TAX ADVISORS AS TO
THE TAX CONSIDERATIONS APPLICABLE TO THEM IN THEIR PARTICULAR
CIRCUMSTANCES.
F.
DIVIDENDS
AND PAYING AGENTS
Not
applicable.
G.
STATEMENT
BY EXPERTS
Not
applicable.
H.
DOCUMENTS
ON DISPLAY
Exhibits
attached to this Form 20-F are also available for viewing on EDGAR,
or at the offices of Amarc, Suite 1400 – 1040 West Georgia
Street, Vancouver, British Columbia V6E 4H1 or on request of Amarc
at 604-684-6365, attention: Corporate Secretary. Copies of Amarc's
financial statements and other continuous disclosure documents
required under the British Columbia Securities Act are available
for viewing on the internet at
www.sedar.com
.
I.
SUBSIDIARY
INFORMATION
Not
applicable.
ITEM 11
Q
UANTITATIVE AND QUALITATIVE
DISCLOSURES ABOUT MARKET RISK
A.
RISK
RELATED TO COVID-19
The
current outbreak of COVID-19, and any future emergence and spread
of similar pathogens, could have a material adverse effect on
global and local economic and business conditions, which may
adversely impact the Company's business and results of
operations and the operations of contractors and service providers.
The extent to which the COVID-19 impacts our operations will depend
on future developments, which are highly uncertain and cannot be
predicted with confidence, including the duration of the outbreak,
new information that may emerge concerning its severity and the
actions taken to contain the virus or treat its impact, among
others. The adverse effects on the economy, the stock market and
the Company's share price could adversely impact its ability
to raise capital, with the result that our ability to pursue
development of the JOY, IKE and DUKE Districts could be adversely
impacted, both through delays and through increased costs. Any of
these developments, and others, could have a material adverse
effect on the Company's business and results of operations
and could delay its plans for development of its
districts.
B.
TRANSACTION
RISK AND CURRENCY RISK MANAGEMENT
Amarc's
operations do not employ financial instruments or derivatives which
are market sensitive and Amarc does not have financial market risks
that it deems to be material.
C.
EXCHANGE
RATE SENSITIVITY
Amarc's
administrative operations are in Canada. The Company typically
holds most of its funds in Canadian Dollars and typically acquires
foreign currency on an as-needed basis and, hence, it is not
significantly affected by exchange rate risk. The Company does,
however, from time to time, invest in U.S. Dollars denominated
short-term investments. The Company is exposed to foreign currency
exchange risk on such investments. However, such U.S. Dollars
denominated investments have been minor and the foreign exchange
risk has been immaterial.
57
The
Company currently does not engage in foreign currency
hedging.
D.
INTEREST
RATE RISK AND EQUITY PRICE RISK
Amarc's
liabilities consist of routine accounts payable, balance due to a
related party, and a loan payable to a director of the Company. The
loans bear fixed interest rates. Based on these factors, interest
rate change risk for the Company is nominal. For more details on
the loan, refer to Note 8 of the accompanying audited annual
financial statements for the year ended March 31,
2021.
Some of
the Company's marketable securities are subject to equity price
risk as they relate to shares held in publicly-traded companies.
Given the small value of the Company's marketable securities,
equity price risk for the Company is nominal.
E.
COMMODITY
PRICE RISK
While
the value of Amarc's resource properties can always be said to
relate to the price of copper and gold metals and the outlook for
same, Amarc does not have any operating mines and hence does not
have any hedging or other commodity-based operational risks
respecting its business activities.
ITEM 12
D
ESCRIPTION OF SECURITIES OTHER THAN
EQUITY SECURITIES
Not
applicable.
ITEM 13
D
EFAULTS, DIVIDEND ARREARAGES AND
DELINQUENCIES
Not
applicable.
ITEM 14
M
ATERIAL MODIFICATIONS TO THE RIGHTS
OF SECURITY HOLDERS AND USE OF PROCEEDS
Not
applicable.
ITEM 15
C
ONTROLS AND PROCEDURES
DISCLOSURE CONTROLS AND PROCEDURES
At the
end of the period covered by this annual report on Form 20-F, an
evaluation was carried out with the participation of the Company's
management, including the President and Chief Executive Officer
("CEO") and the Chief Financial Officer
("CFO"), of the effectiveness of the Company's
disclosure controls and procedures (as defined in Rules 13a –
15(e) and 15d –15(e) under the Securities Exchange Act of
1934, as amended (the "Exchange Act")). Based on that
evaluation, the President and CEO and the CFO have concluded that
as of the end of the period covered by this annual report on Form
20-F, the Company's disclosure controls and procedures were
effective in providing reasonable assurance that: (i) information
required to be disclosed by the Company in reports that it files or
submits to the SEC under the Exchange Act was recorded, processed,
summarized and reported within the time periods specified in
applicable rules and forms, and (ii) material information required
to be disclosed in the Company's reports filed under the Exchange
Act was accumulated and communicated to the Company's management,
including the President and CEO and the CFO, as appropriate, to
allow for accurate and timely decisions regarding required
disclosure.
MANAGEMENT'S ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL
REPORTING
The
Company's management, including the President and CEO and CFO, is
responsible for establishing and maintaining adequate internal
control over financial reporting as defined in Rules 13a-15(f) and
15d-15(f) under the Exchange Act. The Company's internal control
over financial reporting is a process designed to provide
reasonable assurance regarding the reliability of financial
reporting and the preparation and fair presentation of financial
statements for external purposes in accordance with IFRS. The
Company's internal control over financial reporting includes those
policies and procedures that:
58
●
pertain to the
maintenance of records that, in reasonable detail, accurately and
fairly reflect the transactions and dispositions of the assets of
the Company;
●
provide reasonable
assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with IFRS, and
that receipts and expenditures of the Company are being made only
in accordance with authorizations of management and directors of
the Company; and
●
provide reasonable
assurance regarding prevention or timely detection of unauthorized
acquisition, use or disposition of the Company's assets that could
have a material effect on the financial statements.
With
the participation of the President and CEO and CFO, management
conducted an evaluation of the design and operation of the
Company's internal control over financial reporting as of March 31,
2021, based on the criteria set forth in Internal Control –
Integrated Framework (2013) issued by the Committee of Sponsoring
Organizations of the Treadway Commission. This evaluation included
review of the documentation of controls, evaluation of the design
effectiveness of controls, testing of the operating effectiveness
of controls and a conclusion on this evaluation. Based on this
evaluation, management concluded in its report that the Company's
internal control over financial reporting was effective as of March
31, 2021.
This
Annual Report does not include an attestation report of the
Company's registered public accounting firm regarding internal
control over financial reporting. Management's report was not
subject to attestation by the Company's registered public
accounting firm pursuant to rules that permit the Company to
provide only management's report in this Annual
Report.
CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING
During
the period covered by this Annual Report on Form 20-F, no changes
occurred in the Company's internal control over financial reporting
that have materially affected, or are reasonably likely to
materially affect, the Company's internal control over financial
reporting.
LIMITATIONS OF CONTROLS AND PROCEDURES
The
Company's management, including its President and CEO and CFO, does
not expect that its disclosure controls and procedures or internal
controls and procedures will prevent all errors and all fraud. A
control system, no matter how well conceived and operated, can
provide only reasonable, not absolute, assurance that the
objectives of the control system are met. Further, the design of a
control system must reflect the fact that there are resource
constraints, and the benefits of controls must be considered
relative to their costs.
Because
of the inherent limitations in all control systems, no evaluation
of controls can provide absolute assurance that all control issues
and instances of fraud, if any, within the Company have been
detected. These inherent limitations include the realities that
judgments in decision-making can be faulty, and that breakdowns can
occur because of simple error or mistake. Additionally, controls
can be circumvented by the individual acts of some persons, by
collusion of two or more people, or by management override of the
controls. The design of any system of controls is also based in
part upon certain assumptions about the likelihood of future
events, and there can be no assurance that any design will succeed
in achieving its stated goals under all potential future
conditions; over time, controls may become inadequate because of
changes in conditions, or the degree of compliance with the
policies or procedures may deteriorate. Because of the inherent
limitations in a cost-effective control system, misstatements due
to error or fraud may occur and not be detected.
ITEM 16
[
R
ESERVED]
ITEM 16A
A
UDIT COMMITTEE FINANCIAL
EXPERT
The
members of the audit committee are Scott Cousens, Barry Coughlan
and Diane Nicolson. The board of directors has determined that Mr.
Coughlan qualifies as a "financial expert" under the
rules of the Securities and Exchange Commission, based on his
education and experience. Mr. Coughlan is independent, as the term
is defined in section 803 of the NYSE American Company
Guide.
Each
audit committee member is able to read and understand fundamental
financial statements.
ITEM 16B
C
ODE OF ETHICS
The
Company's board of directors has adopted a Code of Ethics governing
directors, officers, employees and contractors. The Code of Ethics
sets forth written standards that are designed to deter wrongdoing
and to promote:
59
(a)
honest and ethical
conduct, including the ethical handling of actual or apparent
conflicts of interest between personal and professional
relationships;
(b)
full, fair,
accurate, timely, and understandable disclosure in reports and
documents that the Company files with, or submits to, securities
regulators and in other public communications made by the
Company;
(c)
compliance with
applicable laws, rules and regulations;
(d)
the prompt internal
reporting of violations of the Code of Ethics to an appropriate
person or persons identified in the Code; and
(e)
accountability for
adherence to the Code of Ethics.
The
board of directors monitors compliance with the Code of Ethics by
ensuring that all Company personnel have read and understood the
Code of Ethics, and by charging management with bringing to the
attention of the board of directors any issues that arise with
respect to the Code of Ethics.
The
Company's Code of Ethics was filed as Exhibit 11.1 of the Company's
Form 20-F filed on October 7, 2008. The Company's Code of Ethics
can be viewed at the Company's website (www.amarcresources.com).
The Company will also provide a copy of the Code of Ethics to any
person without charge, upon request. Requests can be sent by mail
to: 15th floor, 1040 West Georgia Street, Vancouver, British
Columbia V6E 4H1 or on request of the Company at 604-684-6365,
attention: Investor Relations Department.
During
the most recently completed fiscal year, the Company has neither:
(a) amended its Code of Ethics; nor (b) granted any waiver
(including any implicit waiver) form any provision of its Code of
Ethics.
ITEM 16C
P
RINCIPAL ACCOUNTANT FEES AND
SERVICES
The
following table discloses the aggregate fees billed for each of the
last two fiscal years for professional services rendered by the
Company's audit firm, De Visser Gray LLP for various
services.
Services:
Year ended March
31, 2021
Year ended March
31, 2020
Audit
Fees
Includes fees
necessary to perform the annual audit and quarterly reviews of the
Company's financial statements. Audit Fees include fees for review
of tax provisions and for accounting consultations on matters
reflected in the financial statements. Audit Fees also include
audit or other attest services required by legislation or
regulation, such as comfort letters, consents, reviews of
securities filings and statutory audits.
$20,000
$20,000
Audit-related
Fees
Includes services
that are traditionally performed by the auditor. These
audit-related services include employee benefit audits, due
diligence assistance, accounting consultations on proposed
transactions, internal control reviews and audit or attest services
not required by legislation or regulation.
Nil
Nil
Tax
Fees
Includes fees for
all tax services other than those included in "Audit
Fees" and "Audit-related Fees". This category
includes fees for tax compliance, tax planning and tax advice. Tax
planning and tax advice includes assistance with tax audits and
appeals, tax advice related to mergers and acquisitions, and
requests for rulings or technical advice from tax
authorities.
Nil
Nil
All
Other Fees
Includes all other
non-audit services.
Nil
Nil
Total
$20,000
$20,000
From
time to time, management of the Company recommends to and requests
approval from the audit committee for non-audit services to be
provided by the Company's auditors. The audit committee routinely
considers such requests at committee meetings, and if acceptable to
a majority of the audit committee members, pre-approves such
non-audit services by a resolution authorizing management to engage
the Company's auditors for such non-audit services, with set
maximum dollar amounts for each itemized service. During such
deliberations, the audit committee assesses, among other factors,
whether the services requested would be considered
"prohibited services" as contemplated by the SEC, and
whether the services requested and the fees related to such
services could impair the independence of the auditors. No material
non-audit services were provided by the Company's auditors during
the years presented in the above table.
60
ITEM 16D
E
XEMPTIONS FROM LISTING STANDARDS FOR
AUDIT COMMITTEES
Not
applicable.
ITEM 16E
P
URCHASES OF EQUITY SECURITIES BY THE
ISSUER AND AFFILIATED PURCHASERS
In the
year ended March 31, 2021, the Company did not purchase any of its
issued and outstanding Common Shares pursuant to any repurchase
program or otherwise.
ITEM 16F
C
HANGE IN REGISTRANT'S CERTIFYING
ACCOUNTANT
None.
ITEM 16G
C
ORPORATE GOVERNANCE
Not
applicable.
ITEM 16H
M
INE SAFETY DISCLOSURE
Not
applicable.
ITEM 17
F
INANCIAL STATEMENTS
Not
applicable. See
Item 18 –
Financial Statements
ITEM
18
FINANCIAL
S
TATEMENTS
The
following are incorporated herein:
●
Report of the
Company's independent registered public accountants, De Visser Gray
LLP, dated July 27, 2021;
●
Statements of
financial position as at March 31, 2021 and March 31,
2020;
●
Statements of loss
for the years ended March 31, 2021, March 31, 2020, and March 31,
2019;
●
Statements of other
comprehensive loss (income) for the years ended March 31, 2021,
March 31, 2020, and March 31, 2019;
●
Statements of cash
flows for the years ended March 31, 2021, March 31, 2020, and March
31, 2019;
●
Statements of
changes in equity for the years ended March 31, 2021, March 31,
2020, and March 31, 2019; and
●
Notes to annual
financial statements.
61
AMARC RESOURCES LTD.
CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE
YEARS ENDED
MARCH
31, 2021, 2020 and 2019
(Expressed in Canadian Dollars)
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To
the Shareholders and the Board of Directors of Amarc Resources
Ltd.,
Opinion
on the Consolidated Financial Statements
We have
audited the accompanying consolidated financial statements of Amarc
Resources Ltd. ("the Company"), which comprise the
consolidated statements of financial position as at March 31, 2021
and 2020 and the consolidated statements of income (loss),
comprehensive income (loss), changes in (deficiency) equity and
cash flows for each of the years in the three year period ended
March 31, 2021, and a summary of significant accounting policies
and other explanatory information (collectively referred to as the
"consolidated financial statements"). In our opinion,
the consolidated financial statements present fairly, in all
material respects, the financial position of the Company as at
March 31, 2021 and 2020 and its financial performance and its cash
flows for each of the years in the three year period ended March
31, 2021, in accordance with International Financial Reporting
Standards as issued by the International Accounting Standards
Board.
Going
Concern
The
accompanying consolidated 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
consolidated 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 significant 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 consolidated
financial statements do not include any adjustments that might
result from the outcome of this uncertainty.
Basis
for Opinion
These
consolidated financial statements are the responsibility of the
Company's management. Our responsibility is to express an
opinion on the Company's consolidated 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 andthe 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 consolidated 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 consolidated 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
consolidated 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 consolidated financial statements. We believe that our
audits provide a reasonable basis for our opinion.
Critical
Audit Matter
The
critical audit matter communicated below is a matter arising from
the current period audit of the consolidated financial statements
that was communicated or required to be communicated to the audit
committee and that: (1) relates to accounts or disclosures that are
material to the consolidated financial statements and (2) involved
our especially challenging, subjective, or complex judgements. The
communication of a critical audit matter does not alter in any way
our opinion on the consolidated financial statements, taken as a
whole, and we are not, by communicating the critical audit matter
below, providing a separate opinion on the critical audit matter or
on the accounts or disclosures to which it relates.
F-2
Fair value determination of proceeds received from the sale of an
exploration property
As
described in Notes 4 and 7 to the consolidated financial
statements, the proceeds received onthe Company's divestment
of its Newton Property during the current year included non-cash
consideration of the purchaser, which required management to use
significant judgement in the measurement of the fair values of
these instruments. The fair value of the common shares received was
determined based on the closing share price of the
purchaser's common shares on the date of purchase. The fair
value of the warrants received was determined based on a valuation
model which requires significant judgement as to the determination
of the inputs used. Subsequent to the initial measurement of the
transaction these financial assets were re-valued asat March 31,
2021, with the change in fair value recognized in other
comprehensive income.
The
principal considerations for our determination that the fair value
determination of these non-cash proceeds is a critical audit matter
are: (i) materiality of the amounts involved in respect to quantum;
(ii) there was significant judgement by management when determining
the inputs to the valuation model used to value the warrants; and
(iii) a high degree of auditor judgement, subjectivity, and effort
in performing procedures to evaluate management's valuation
model and the significant assumptions including volatility in share
price and discount rate.
Addressing the
matter involved performing procedures and evaluating audit evidence
in connection with forming our overall opinion on the consolidated
financial statements. These procedures also included, among others,
(i) testing management's process for determining the fair
value of proceeds received, including evaluating the
appropriateness of the valuation model; (ii) testing the
completeness and accuracy of underlying data used in the model and
evaluating the reasonableness of the significant estimates and
assumptions used by management; and (iii) considering whether the
financial statements fairly disclosed the inherent uncertainties
applicable to these fair value measurements.
CHARTERED
PROFESSIONAL ACCOUNTANTS
Vancouver,
Canada
July
27, 2021
We have
served as the Company's auditor since 1995.
F-3
Amarc Resources
Ltd.
Consolidated Statements of Financial
Position
(Expressed
in Canadian Dollars)
Note
March
31,
2021
March
31,
2020
ASSETS
Current assets
Cash
3, 10(b)
$
308,085
$
249,183
Amounts receivable
and other assets
6
47,380
83,378
Marketable
securities
4, 7(e)
1,026,418
18,356
1,381,883
350,917
Non-current assets
Restricted
cash
5
178,487
178,143
Total
assets
$
1,560,370
$
529,060
LIABILITIES
AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable
and accrued liabilities
8
$
168,195
$
100,075
Balance due to
related parties
11
795,239
591,979
Director's
loan
9
–
300,000
963,434
992,054
Non-current
liabilities
Director's
loan
9
570,000
512,119
Total
liabilities
1,533,434
1,504,173
Shareholders' equity
Share
capital
10
64,744,721
64,341,556
Reserves
10
4,834,306
5,631,897
Accumulated
deficit
(69,587,867
)
(70,948,566
)
(8,840
)
(975,113
)
Total
liabilities and shareholders' equity
$
1,524,594
$
529,060
Nature
of operations and going concern (note 1)
Events
after the reporting period (note 15)
The accompanying notes are an integral part of these consolidated
financial statements.
/s/ Robert A. Dickinson
/s/ Scott D. Cousens
Robert A.
Dickinson
Scott D.
Cousens
Director
Director
F-4
Amarc Resources
Ltd.
Consolidated
Statements of Income (Loss)
(Expressed
in Canadian Dollars, except for weighted average number of common
shares)
Year
ended March 31,
Note
2021
2020
2019
Expenses
11,13
Exploration and
evaluation
$
(1,395,645
)
$
(1,637,479
)
$
(5,390,102
)
Assays and
analysis
152,093
130,666
354,492
Drilling
146,886
–
800,682
Equipment
rental
1,769
4,350
103,425
Geological,
including geophysical
475,380
693,016
1,295,699
Helicopter and
fuel
208,347
25,064
934,727
Property
acquisition and assessments costs
55,436
428,959
652,926
Site
activities
182,238
178,443
963,826
Socioeconomic
99,527
156,713
192,517
Technical
data
63,206
–
–
Travel and
accommodation
10,763
20,268
91,808
Administration
(629,974
)
(855,869
)
(913,897
)
Legal, accounting
and audit
45,828
161,450
33,106
Office and
administration
13
(b)
416,924
550,534
656,569
Shareholder
communication
123,925
84,608
155,126
Travel and
accommodation
10,763
14,179
32,891
Trust and
regulatory
32,534
45,098
36,205
Equity-settled
share-based compensation
(17,888
)
(42,124
)
–
Cost
recoveries
7
(d)
1,350,891
1,491,626
4,538,604
Non-refundable
contribution of an option agreement
7
(d)
260,115
–
–
Proceeds
from disposal of mineral property
7
(e)
1,934,500
–
–
1,501,999
(1,043,846
)
(1,765,395
)
Other
items
Finance
income
26,904
5,558
38,016
Interest expense
– director's loans
10
(111,354
)
(105,630
)
(90,000
)
Transaction cost
– director's loans
10
(57,881
)
(108,768
)
(130,256
)
Foreign exchange
loss
1,031
(848
)
(933
)
Net
income (loss)
$
1,360,699
$
(1,253,534
)
$
(1,948,568
)
Basic
and diluted earnings (loss) per common share
$
0.01
$
(0.01
)
$
(0.01
)
Weighted
average number of common
shares
outstanding
178,666,081
171,767,287
169,504,538
The accompanying notes are an integral part of these consolidated
financial statements.
F-5
Amarc Resources
Ltd.
Consolidated
Statements of Comprehensive Income (Loss)
(Expressed
in Canadian Dollars)
Year ended March
31,
2021
2020
2019
Net
income (loss)
$
1,360,699
$
(1,253,534
)
$
(1,948,568
)
Other comprehensive income (loss):
Items that will not
be reclassified subsequently to profit and loss:
Revaluation of
marketable securities
(626,438
)
(11,234
)
2,737
Total
other comprehensive income (loss)
(626,438
)
(11,234
)
2,737
Comprehensive
income (loss)
$
734,261
$
(1,264,768
)
$
(1,945,831
)
The accompanying notes are an integral part of these consolidated
financial statements.
F-6
Amarc Resources Ltd.
Consolidated
Statements of Changes in (Deficiency) Equity
(Expressed in
Canadian Dollars, except for share information)
Share
capital
Reserves
Numberof
shares
Amount
Share-based
payments reserve
Investment
revaluation reserve
Share
warrants reserve
Deficit
Total
Balance at April 1,
2018
168,786,227
$
63,884,056
$
2,202,640
$
57,459
$
2,882,923
$
(67,781,665
)
$
1,245,413
Net loss for the
year
–
–
–
–
–
(1,948,568
)
(1,948,568
)
Other comprehensive (loss) for the
year
–
–
–
2,737
–
–
2,737
Total comprehensive
loss
–
–
–
2,737
–
(1,948,568
)
(1,945,831
)
Issuance of common shares pursuant
to property agreements
1,816,667
157,500
–
–
–
–
157,500
Gain on disposition of equity
investments at FVTOCI
–
–
–
(40,677
)
–
40,677
–
Balance at March
31, 2019
170,602,894
$
64,041,556
$
2,202,640
$
19,519
$
2,882,923
$
(69,689,556
)
$
(542,918
)
Balance at April 1,
2019
170,602,894
$
64,041,556
$
2,202,640
$
19,519
$
2,882,923
$
(69,689,556
)
$
(542,918
)
Net income for the
year
–
–
–
–
–
(1,253,534
)
(1,253,534
)
Other comprehensive (loss) for the
year
–
–
–
(11,234
)
–
–
(11,234
)
Total comprehensive
loss
–
–
–
(11,234
)
–
(1,253,534
)
(1,264,768
)
Issuance of share purchase
warrants
–
–
–
–
490,449
–
490,449
Issuance of common shares pursuant
to property agreements
5,000,000
300,000
–
–
–
–
300,000
Equity-settled share-based
compensation
–
–
42,124
–
–
–
42,124
Gain on disposition of equity
investments at FVTOCI
–
–
–
5,476
–
(5,476
)
–
Balance at March
31, 2020
175,602,894
$
64,341,556
$
2,244,764
$
13,761
$
3,373,372
$
(70,948,566
)
$
(975,113
)
Balance at April 1,
2020
175,602,894
$
64,341,556
$
2,244,764
$
13,761
$
3,373,372
$
(70,948,566
)
$
(975,113
)
Net income for the
period
–
–
–
–
–
1,360,699
1,360,699
Other comprehensive (loss) for the
year
–
–
–
(626,438
)
–
–
(626,438
)
Total comprehensive
loss
–
–
–
(626,438
)
–
1,360,699
734,261
Equity-settled share-based
compensation
–
–
(17,888
)
–
–
–
(17,888
)
Shares issued through exercise of
warrants
5,000,000
403,165
–
–
(153,265
)
–
249,900
Balance at March
31, 2021
180,602,894
$
64,744,721
$
2,226,876
$
(612,677
)
$
3,220,107
$
(69,587,867
)
$
(8,840
)
The accompanying notes are an integral part of these consolidated
financial statements.
F-7
Amarc Resources Ltd.
Consolidated
Statements of Cash Flows
(Expressed
in Canadian Dollars)
Year ended March
31,
Note
2021
2020
2019
Operating
activities
Income (loss) for
the year
$
1,360,699
$
(1,253,534
)
$
(1,948,568
)
Adjustments for
non-cash items:
Equity-settled
share-based compensation
17,888
42,124
157,500
Finance
income
–
(5,558
)
–
Proceeds from
disposal of mineral property
(1,934,500
)
–
–
Non-cash property
payments
–
300,000
130,256
Interest expense
– director's loans
9
111,354
105,630
(38,016
)
Transaction cost
– director's loans
9
57,881
108,768
90,000
Changes in working
capital items:
Amounts receivable
and other assets
35,998
224,217
(222,021
)
Restricted
cash
(344
)
(5,000
)
–
Accounts payable
and accrued liabilities
68,120
64,111
(328,134
)
Advanced
contributions received
–
(189,021
)
74,056
Balance due to
related parties
91,906
289,320
(913,693
)
Net cash used in
operating activities
(190,998
)
(318,943
)
(2,998,620
)
Investing
activities
Proceeds from
disposition of marketable securities
–
5,476
38,016
Proceeds from
disposition of mineral properties
300,000
–
–
Interest
received
–
5,558
25,131
Net cash provided
by investing activities
300,000
11,034
63,147
Financing
activities
Net proceeds from
issuance of common shares pursuant to
exercise of share
purchase warrants
10(b)
249,900
–
–
Proceeds from
director's loan
9
–
675,000
–
Repayment of
director's loans
9
(300,000
)
(375,000
)
–
Interest paid on
director's loans
9
–
(25,904
)
(90,000
)
Net cash (used in)
provided by financing activities
(50,100
)
274,096
(90,000
)
Net
increase (decrease) in cash
58,902
(33,813
)
(3,025,473
)
Cash,
beginning balance
249,183
282,996
3,308,469
Cash,
ending balance
4
$
308,085
$
249,183
$
282,996
Supplemental
Cash Flow Information:
Non-cash
investing activities
Fair value of
common shares received as part of proceeds from
disposition of
mineral properties
$
907,500
$
–
$
–
Fair value of
warrants received as part of proceeds from disposition
of mineral
properties
$
727,000
$
–
$
–
The accompanying notes are an integral part of these consolidated
financial statements.
F-8
A
MARC
R
ESOURCES
L
TD
.
Notes
to the Consolidated Financial Statements
For the
years ended March 31, 2021, 2020 and 2019
(Expressed in Canadian Dollars, unless otherwise
stated)
1.
NATURE OF OPERATIONS AND GOING CONCERN
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
consolidated financial statements as at and for the year ended
March 31, 2021 (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, 2021, the Company had cash of $308,085, working capital of
$418,449, and accumulated deficit of
$69,587,867.
These
material uncertainties cast significant doubt on the ability of the
Company to continue as a going concern.
Management believes
that it is able to maintain its core mineral rights in good
standing for the next 12 month period. The Company is continually
seeking opportunities for additional funding and has reasonable
expectation that it will succeed in raising additional funds when
necessary. However, there can be no assurance that the Company will
obtain the required additional financial resources or achieve
positive cash flows. If the Company is unable to obtain adequate
additional financing, it will need to curtail its expenditures
further untiladditional funds can be raised through financing
activities.
The
current outbreak of COVID-19, and any future emergence and spread
of similar pathogens, could have a material adverse effect on
global and local economic and business conditions, which may
adversely impact Amarc's business and results of operations
and the operations of contractors and service providers. The extent
to which the COVID-19 impacts our operations will depend on future
developments, which are highly uncertain and cannot be predicted
with confidence, including the duration of the outbreak, new
information thatmay emerge concerning its severity and the actions
taken to contain the virus or treat its impact, among others. The
adverse effects on the economy, the stock market and Amarc's
share price could adversely impact its ability to raise capital,
with the result that our ability to pursue development of the JOY,
IKE and DUKE Districts could be adversely impacted, both through
delays and through increased costs. Any of these developments, and
others, could have a material adverse effect on the Company's
business and results of operations and could delay its plans for
development of its districts.
F-9
A
MARC
R
ESOURCES
L
TD
.
Notes
to the Consolidated Financial Statements
For the
years ended March 31, 2021, 2020 and 2019
(Expressed in Canadian Dollars, unless otherwise
stated)
These
Financial Statements do not include any adjustments to the amounts
and classification of assets and liabilities that may be necessary
should the Company be unable to continue as a going
concern.
2.
SIGNIFICANT ACCOUNTING POLICIES
The
principal accounting policies applied in the preparation of these
Financial Statements are described below. These policies have been
consistently applied for all years presented, unless otherwise
stated.
(a)
Statement of compliance
These
Financial Statements have been prepared in accordance with
International Financial Reporting Standards ("IFRS"),
as issued by the International Accounting Standards Board
("IASB") and the International Financial Reporting
Interpretations Committee ("IFRIC"), effective for the
Company's reporting year ended March 31, 2021.
The
Board of Directors of the Company authorized these Financial
Statements for issuance on July 27, 2021.
(b)
Basis of presentation and consolidation
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.
These
Financial Statements include the financial statementsof the Company
and its wholly-owned subsidiary, 1130346 B.C. Ltd. (the
"Subco"), incorporated under the laws of BC. The Subco
was incorporated for the purposes of entering into an option
agreement (note 7(b)). As at March 31, 2021 and 2020, the Subco did
not have any assets, liabilities, income or expenses. Intercompany
balances and transactions are eliminated in full on consolidation.
On March 30, 2021, the Subco was dissolved.
(c)
Significant accounting estimates and judgements
The
preparation of the Financial Statements in conformity with IFRS
requires management to make judgments, estimates, and assumptions
that affect the application of policies and reported amounts
ofassets and liabilities, income and expenses. Actual results may
differfrom these estimates.
F-10
A
MARC
R
ESOURCES
L
TD
.
Notes
to the Consolidated Financial Statements
For the
years ended March 31, 2021, 2020 and 2019
(Expressed in Canadian Dollars, unless otherwise
stated)
The
impacts of such estimates are pervasive throughout the Financial
Statements, and may require accounting adjustments based on future
occurrences. Revisions to accounting estimates are recognized in
the period in which the estimate is revised and future periods if
the revision affects both current and future periods. These
estimates are based on historical experience, current and future
economic conditions and other factors, including expectations of
future events that are believed to be reasonable under the
circumstances. Specific areas where significant estimates or
judgments exist are:
●
assessment of the
Company's ability to continue as a going
concern;
●
the determination
of categories of financial assets and financial liabilities;
and,
●
the carrying value
and recoverability of the Company's marketable
securities.
(d)
Foreign currency
The
functional and presentational currency of the Company is the
Canadian Dollar ("CAD").
Transactions in
currencies other than the functional currency of the Company are
recorded at the rates of exchange prevailing on the dates of
transactions. At each financial position reporting date, monetary
assets and liabilities that are denominated in foreign currencies
are translated at the rates of exchange prevailing at the date when
the fair value was determined. Non-monetary items that are measured
in terms of historical cost in a foreign currency are not
re-translated. Gains and losses arising on translation are included
in profit or loss for the year.
(e)
Financial instruments
A
financial asset (unless it is a trade receivable without a
significant financing component that is initially measured at the
transaction price) is initially measured at fair value plus, for an
item not measured at fair value through profit or loss
("FVTPL"), transaction costs that are directly
attributable to its acquisition. The directly attributable
transaction costs of a financial asset classified at FVTPL are
expensed in the period in which they are incurred.
Financial assets measured at amortized cost
A
financial asset is measured at amortized cost if it meets both the
following conditions and is not designated as at
FVTPL:
●
it is held within a
business model whose objective is to hold assets to collect
contractual cash flows; and,
●
its contractual
terms give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount
outstanding.
These
financial assets are subsequently measured at amortized cost using
the effective interest method. The amortized cost is reduced by
impairment losses. Interest income, foreign exchange gains and
losses, and impairment losses are recognized in profit or loss. Any
gain or loss on the derecognition of the financial asset is
recognized in profit or loss.
F-11
A
MARC
R
ESOURCES
L
TD
.
Notes
to the Consolidated Financial Statements
For the
years ended March 31, 2021, 2020 and 2019
(Expressed in Canadian Dollars, unless otherwise
stated)
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.
Equity
investments measured at FVTOCI are subsequently measured at fair
value. Dividends are recognized as income in profit or loss unless
the dividend clearly represents a recovery of part of the cost of
the investment. Other net gains and losses are recognized in OCI
and are never reclassified to profit or loss.
Financial assets measured at fair value through profit or
loss
All
financial assets not classified as measured at amortized cost or
measured at FVTOCI, as described above, are measured at FVTPL; this
includes all derivative financial assets. On initial recognition,
the Company may irrevocably designate a financial asset that
otherwise meets the requirements to be measured at amortized cost
or measured at FVTOCI as FVTPL if doing so eliminates, or
significantly reduces, an accounting mismatch that would otherwise
arise.
These
financial assets are subsequently measured at fair value. Net gains
and losses, including any interest or dividend income, are
recognized in profit or loss.
Financial
liabilities
Classification
Accounts
payable and accrued liabilities
Amortized
cost
Balance
due to related parties
Amortized
cost
Financial
assets
Classification
Cash
Amortized
cost
Marketable
securities
FVTOCI
Restricted
cash
Amortized
cost
Amounts
receivable and other assets
Amortized
cost
F-12
A
MARC
R
ESOURCES
L
TD
.
Notes
to the Consolidated Financial Statements
For the
years ended March 31, 2021, 2020 and 2019
(Expressed in Canadian Dollars, unless otherwise
stated)
(f)
Exploration and evaluation expenditures
Exploration and
evaluation costs are costs incurred to discover mineral resources,
and to assess the technical feasibility and commercial viability of
the mineral resources found.
Exploration and
evaluation expenditures include:
●
costs associated
with the acquisition of licences;
●
costs associated
with the acquisition of exploration and evaluation assets,
including mineral properties; and,
●
costs associated
with exploration and evaluation activities.
Exploration and
evaluation costs are generally expensed as incurred until the
technical feasibility and commercial viability of extracting a
mineral resource has been determined and a positive decision to
proceed to development has been made. However, if management
concludes that future economic benefits are more likely than not to
be realized, the costs of property, plant and equipment for use in
the exploration and evaluation of mineral resources are
capitalized.
Costs
incurred before the Company has obtained the legal rights to
explore an area are expensed. Costs incurred after the technical
feasibility and commercial viability of extracting a mineral
resource has been determined and a positive decision to proceed to
development has been made are considered development costs and are
capitalized.
Costs
applicable to established mineral property interests where no
further work is planned by the Company may, for presentation
purposes only, be carried at nominal amounts.
(g)
Equipment
Equipment is
carried at cost, less accumulated depreciation and accumulated
impairment losses.
The
cost of equipment consists of the purchase price, any costs
directly attributable to bringing the asset to the location and the
condition necessary for its intended use, and an initial estimate
of the costs of dismantling and removing the asset and restoring
the site on which it is located.
Depreciation is
provided at rates calculated to expense the cost of the equipment,
less its estimated residual value, using the declining balance
method at various rates ranging from 20% to 30% per
annum.
An item
of equipment is derecognized upon disposal or when no material
future economic benefits are expected to arise from the continued
use of the asset. Any gain or loss arising on disposal of the
asset, determined as the difference between the net disposal
proceeds and the carrying amount of the asset, is recognized in
profit or loss.
Where
an item of equipment consists of major components with different
useful lives, the components are accounted for as separate items of
equipment. Expenditures incurred to replace a component of an item
of equipment that is account for separately, including major
inspection and overhaul expenditures, are capitalized.
F-13
A
MARC
R
ESOURCES
L
TD
.
Notes
to the Consolidated Financial Statements
For the
years ended March 31, 2021, 2020 and 2019
(Expressed in Canadian Dollars, unless otherwise
stated)
As at
March 31, 2021, all equipment had been fully depreciated. The
Company did not purchase any equipment during the year ended March
31, 2021.
(h)
Share capital
Common
shares of the Company are classified as equity. Transaction costs
directly attributable to the issuance of common shares and share
purchase options are recognized as a deduction from equity, net of
any tax effects.
When
the Company issues common shares for consideration other than cash,
the transaction is measured at fair value based on the quoted
market price of the Company's common shares on the date of
issuance.
(i)
Loss per share
Loss
per share is computed by dividing the losses attributable to common
shareholders by the weighted average number of common shares
outstanding during the reporting period. Diluted loss per share is
determined by adjusting the losses attributable to common
shareholders and the weighted average number of common shares
outstanding for the effects of all dilutive potential common
shares, such as options granted to employees. The dilutive effect
of options assumes that the proceeds to be received on the exercise
of share purchase options are applied to repurchase common shares
at the average market price for the reporting period. Share
purchase options are included in the calculation of dilutive
earnings per share only to the extent that the market price of the
common shares exceeds the exercise price of the share purchase
options. The effect of anti-dilutive factors is not considered when
computed diluted loss per share.
(j)
Equity-settled share-based payments
The
share purchase option plan allows employees and consultants of the
Company to acquire shares of the Company. The fair value of share
purchase options granted is recognized as an employee orconsultant
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.
F-14
A
MARC
R
ESOURCES
L
TD
.
Notes
to the Consolidated Financial Statements
For the
years ended March 31, 2021, 2020 and 2019
(Expressed in Canadian Dollars, unless otherwise
stated)
(k)
Income taxes
Income
tax on the profit or loss for the years presented comprises of
current and deferred tax. Income tax is recognized in profit or
loss except to the extent that it relates to items recognized
directly in equity, in which case it is recognized in
equity.
Current
tax expense is the expected tax payable on taxable income for the
year, using tax rates enacted or substantively enacted at year end,
adjusted for amendments to tax payable with regards toprevious
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
toinvestors. 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 a other income, offsetting any expense
associated with the Company's expenditure of the flow-through
proceeds.
F-15
A
MARC
R
ESOURCES
L
TD
.
Notes
to the Consolidated Financial Statements
For the
years ended March 31, 2021, 2020 and 2019
(Expressed in Canadian Dollars, unless otherwise
stated)
(l)
Restoration, rehabilitation and environmental
obligations
An
obligation to incur restoration, rehabilitation and environmental
costs arises when environmental disturbance is caused by the
exploration ordevelopment 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.
Discount rates
using a pre-tax rate that reflects the time value of money are used
to calculate the net present value, where applicable. These costs
are charged against profit or loss over the economic life of the
related asset, through amortization using either the
unit-of-production method or the straight-line method. The
corresponding liability is progressively increased as the effect of
discounting unwinds, creating an expense recognized in profit or
loss.
The
operations of the Company have been, and may in the future be,
affected from time to time in varying degrees by changes in
environmental regulations, including those for site restoration
costs. Both the likelihood of new regulations and their overall
effect upon the Company are not predictable.
The
Company has no material restoration, rehabilitation and
environmental obligations as at March 31, 2021.
(m)
Operating segments
The
Company operates as a single reportable segment
—
the acquisition,
exploration and development of mineral properties. All assets are
held in Canada.
(n)
Government assistance
When
the Company is entitled to receive the BC Mineral Exploration Tax
Credit ("BCMETC") and other government grants, this
government assistance is recognized as a cost recovery when there
is reasonable assurance of recovery. Any amounts accrued or
received, typically remain subject to review and revision by
government authorities. It is not possible to predict the
occurrence or outcome of such actions in advance.
F-16
A
MARC
R
ESOURCES
L
TD
.
Notes
to the Consolidated Financial Statements
For the
years ended March 31, 2021, 2020 and 2019
(Expressed in Canadian Dollars, unless otherwise
stated)
(o)
Recent accounting pronouncements
Amendments to IFRS 3, Business Combinations ("IFRS 3")
The
Company adopted the amendments to IFRS 3 in the current year,
although there was no impact on Company. The amendments relate to
the definition of a business and clarify that whilea business
usually has outputs, outputs are not required for an integrated set
of activities and assets to qualify as a business. To be considered
a business, an acquired set of activities and assets must include,
at a minimum, an input and a substantive process that together
significantly contribute to the ability to create outputs. The
amendments remove the assessment of whether market participants are
capable of replacing any missing inputs or processes and continuing
to produce outputs. The amendments also introduce additional
guidance that helps to determine whether a substantive process has
been acquired.
The
amendments introduce an optional concentration test that permits a
simplified assessment of whether an acquired set of activities and
assets is not a business. Under the optional concentration test,
the acquired set of activities and assets is not a business if
substantially all of the fair value of the gross assets acquired is
concentrated in a single identifiable asset or group of similar
assets. The amendments are applied prospectively to all business
combinations and asset acquisitions for which the acquisition date
is on or after April 1, 2020.
Adoption of Other Narrow Scope Amendments to IFRSs and IFRS
Interpretations
The
Company also adopted other amendments to IFRSs, which were
effective for accounting periods beginning on or after April 1,
2020. The adoption had no impact on the Financial
Statements.
New and Revised IFRS, Narrow Scope Amendments to IFRS and IFRS
Interpretations not yet Effective
Certain
pronouncements have been issued by the IASB that are mandatory for
accounting periods after March 31, 2021. There are currently no
such pronouncements that are expected to have a significant impact
on the Company's consolidated financial statements upon adoption;
however, the pronouncement below may have an impact in future
periods.
Amendments to IAS 16, Property, Plant and Equipment
The
amendments clarify the accounting for the net proceeds from selling
any items produced while bringing an item of property, plant and
equipment ("PPE") to the location and condition necessary for it to
be capable of operating in the manner intended by management. The
amendments prohibit entities from deducting amounts received from
selling items produced from the cost of PPE while the Company is
preparing the asset for its intended use. Instead, salesproceeds
and the cost of producing these items will be recognized in profit
or loss. The amendments are effective for annual reporting periods
beginning on or after January 1, 2022, with earlier application
permitted. The amendments apply retrospectively, but only to assets
brought to the location and condition necessary for them to be
capable of operating in the manner intended by management on or
after the beginning of the earliest period presented in the
financial statements in which the Company first applies the
amendments.
F-17
A
MARC
R
ESOURCES
L
TD
.
Notes
to the Consolidated Financial Statements
For the
years ended March 31, 2021, 2020 and 2019
(Expressed in Canadian Dollars, unless otherwise
stated)
3.
CASH
The
Company's cash is invested in business and savings accounts,
which are available on demand by the Company.
4.
MARKETABLE SECURITIES
As at
March 31, 2021, the fair value of its current holdings was
$1,026,418 (March 31, 2020
-
$18,356) and the
negative change of fair value adjustment of $626,438 for the year
ended March 31, 2021 (March 31, 2020 – negative change of
fair value adjustment of $11,234). The marketable securities
include
5.5
million units (shares and warrants) of Carlyle Commodities Corp., a
Canadian public company listed on TSX-V exchange (note
7(e)).
Continuity
table:
Year
ended
Year
ended
March 31,
2021
March 31,
2020
Balance
– beginning of year
$
18,356
$
35,067
Disposition of
marketable securities
-
(5,477
)
Received as option
payments (note 7(e))
1,634,500
-
Revaluation of
marketable securities
(626,438
)
(11,234
)
Balance
– end of year
$
1,026,418
$
18,356
Company
Shares/Warrants
Held
Cost
Fair
Value
Fair Value
Increase (Decrease)
Carlyle Commodities
Corp
-
Shares
5,500,000
907,500
577,500
(330,000
)
Carlyle Commodities
Corp
-
Warrants
5,500,000
727,000
421,000
(306,000
)
Other
2,275,002
18,356
27,918
9,562
1,652,856
1,026,418
(626,438
)
5.
RESTRICTED CASH
Restricted cash
represents amounts held in support of exploration permits. The
amounts are refundable subject to the consent of regulatory
authorities upon completion of any required reclamation work on the
related projects.
F-18
A
MARC
R
ESOURCES
L
TD
.
Notes
to the Consolidated Financial Statements
For the
years ended March 31, 2021, 2020 and 2019
(Expressed in Canadian Dollars, unless otherwise
stated)
6.
AMOUNTS RECEIVABLE AND OTHER ASSETS
March
31,
2021
March
31,
2020
Sales tax
refundable
$
17,011
$
16,858
Contribution
receivable
9,851
-
Prepaid
insurance
20,518
66,520
Total
$
47,380
$
83,378
7.
EXPLORATION AND EVALUATION EXPENSES AND COST
RECOVERIES
Below
is a summary of the Company's major exploration projects on
the basis of where the Company is currently incurring the majority
of its exploration work.
(a)
IKE District
The IKE
District is located in south-central BC and is comprised of the
IKE, Granite, Galore and Juno Properties. In July 2017, the Company
announced that it had entered into a Mineral Property Farm-In
Agreement (the "IKE Agreement") with Hudbay Minerals
Inc. ("Hudbay") pursuant to which Hudbay would acquire,
through a staged investment process, up to a 60% ownership interest
in the IKE District.
The
Company initially recorded the amounts of contributions received or
receivable from Hudbay pursuant to the IKE Agreement as a liability
(advanced contributions received) in the Consolidated Statements of
Financial Position, and subsequently recognized amounts as cost
recoveries in the Consolidated Statements of Loss as the Company
incurred the related expenditures.
In
January 2019, the Company announced that Hudbay had relinquished
its option to earn an interest in the IKE District. As a result of
the termination, the Company currently maintains a 100% interest in
the IKE District.
The IKE
Property claims carry a Net Smelter Return ("NSR")
royalty obligation of 1%, subject to a $2 million cap and with the
Company able to purchase the royalty 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 claims 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.
F-19
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TD
.
Notes
to the Consolidated Financial Statements
For the
years ended March 31, 2021, 2020 and 2019
(Expressed in Canadian Dollars, unless otherwise
stated)
The
entire project is subject to a 1% NSR royalty from mine production
capped at a total of $5 million.
(b)
JOY District
The JOY
District, located in north-central BC, comprises the JOY and PINE
Properties, and also the "Staked Claims" acquired
directly by the Company. In November 2016, the Company entered into
a purchase agreement with a private company wholly-owned by one of
its directors to purchase 100% of the JOY Property for the
reimbursement of the vendor's direct acquisition costs of
$335,299. The property is subject to an underlying NSR royalty held
by a former owner which is capped at $3.5 million.
In
August 2017, the Company announced that it had entered into a
Mineral Property Farm-In Agreement (the "JOY
Agreement") with Hudbay pursuant to which Hudbay may acquire,
through a staged investment process, up to 60% ownership in the JOY
Property. This was later amended to include the PINE Property and
Staked Claims, collectively the JOY District.
The
Company initially recorded the amounts of contributions received or
receivable from Hudbay pursuant to the JOY Agreement as a liability
(advanced contributions received) in the Consolidated Statements of
Financial Position, and subsequently reallocated amounts to cost
recoveries in the Consolidated Statements of Loss as the Company
incurs related expenditures.
In
January 2019, the Company announced that Hudbay had relinquished
its option to earn an interest in the JOY District. As a result of
the termination, the Company currently maintains a 100% interest in
the JOY District.
In
addition, the Company concluded agreements with each of Gold Fields
Toodoggone Exploration Corporation ("GFTEC") and
Cascadero Copper Corporation ("Cascadero") in mid-2017
pursuant to which the Company can purchase 100% of the PINE
Property.
In
October 2018, Amarc acquired a 100% interest in Cascadero's
49% interest in the PINE Property by completing total cash payments
of $1,000,000 and issuing 5,277,778 common 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 tenure.
The claim is subject to a 1% NSR royalty payable from commercial
production that is capped at $0.5 million.
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 will purchase outright GFTEC's 51%
interest in the 323 km
2
Property by issuing to GFTEC 5,000,000 common shares of the Company
(issued). As such Amarc now holds a 100% interest in the PINE
mineral claims.
The
PINE Property is subject to a 3% underlying NSR royalty payable to
a former owner. The Company has 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
will retain a 2.5% net profits interest ("NPI") royalty
on mineral claims comprising approximately 96% of the PINE
Property, which are subject to a NSR royalty payable to a former
owner ("Underlying NSR") and a 1% NSR royalty on the
balance of the claims that are not subject to the Underlying NSR
royalty. 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.
Refer
to Note 15 for the JOY District Agreement with Freeport entered
into subsequent to March 31, 2021.
F-20
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TD
.
Notes
to the Consolidated Financial Statements
For the
years ended March 31, 2021, 2020 and 2019
(Expressed in Canadian Dollars, unless otherwise
stated)
(c)
DUKE District
The
DUKE District is located in central BC. In November 2016, the
Company entered into a purchase agreement with a private company
wholly-owned by one of its directors to purchase a 100% interest in
the DUKE District for the reimbursement of the vendor's
direct acquisition costs of $168,996.
(d)
Operated Properties
During
the current year, Amarc operated programs on two exploration
properties owned by a related party, Jake and Mack (the
"Operated Properties"), for the claim optionee on a
cost recovery basis (note 11(c)).
During
the current year, Amarc received a non-refundable payment of
US$200,000 (CDN$260,115) pursuant to an option agreement whereby an
arms-length third party optionee has the right to earn a 51%
interest in the Windfall Project, being 25 mineral claims in the
IKE district (note 7(a)), by spending US$4.2 million on exploration
by October 21, 2022. Thereafter, the optionee can joint venture the
project with Amarc or increase its interest to 80% by making
additional expenditures after which the joint venture would be
formed or the residual 20% sold to the optionee for a price to be
negotiated. On May 25, 2021, this option agreement was terminated
by mutual consent of both Amarc and the optionee.
Included in cost
recoveries are BCMETC refunds totaling $820,075 received in the
year ended March 31, 2021 ($Nil – March 31, 2020; $Nil
– March 31, 2019).
(e)
Divestment of the Newton Property
On
December 16, 2020 (the "Closing Date"), the Company
closed the sale of its Newton property ("Newton")
located in south-central British Columbia ("BC") to
Isaac Mining Corp.("IMC"), an arms- length private
company and a wholly-owned subsidiary of Carlyle Commodities Corp.
("Carlyle") (CSE:CCC, FSE:1OZ, OTC:DLRYF). Amarc has
received consideration comprising total cash of$300,000 from IMC
and
5.5 million equity units
(common share plus warrant) in Carlyle. The 5.5 million warrants
are exercisable at $0.50 per warrant with an expiry date on
December 8, 2025. The fair value of the 5.5 million shares of
Carlyle on the Closing Date was recorded at $907,500 measured at
$0.165, the closing quote of Carlyle's common shares on
December 16, 2020. The fair value of the 5.5 million warrants of
Carlyle on the Closing Date is recorded was $727,000 using the
Black-Scholes option pricing model. The fair value was
calculated
based on the
following weighted average assumptions: Risk free-interest rate
– 0.38%; Dividend yield – 0.00%; Expected volatility
– 139.0%; Expected life – 4.98 years. The fair value of
the aggregate consideration totalled $1,934,500 and is recorded as
proceeds from sale of mineral property in the Statement of Income
for the year ended March 31, 2021.
F-21
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TD
.
Notes
to the Consolidated Financial Statements
For the
years ended March 31, 2021, 2020 and 2019
(Expressed in Canadian Dollars, unless otherwise
stated)
8.
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
March
31,
2021
March
31,
2020
Accounts
payable
$
168,195
$
100,075
Total
$
168,195
$
100,075
9.
DIRECTOR'S LOANS
Year
ended
March 31,
2021
Year
ended
March 31,
2020
Opening
balance
$
812,119
$
893,800
Principal
advances
-
675,000
Principal
repayments
(300,000
)
(375,000
)
Transaction
costs
-
(490,449
)
Amortization of
transaction costs
57,881
108,768
Closing
balance
$
570,000
$
812,119
March
31,
2021
March
31,
2020
Current
portion
$
-
$
300,000
Non-current
portion
570,000
512,119
Total
$
570,000
$
812,119
Finance
expenses
For the year
ended March 31,
2021
2020
2019
Interest on
director's loan
$
111,354
$
105,630
$
90,000
Amortization of
transaction costs
57,881
108,768
130,256
Total
$
169,235
$
214,398
$
220,256
F-22
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TD
.
Notes
to the Consolidated Financial Statements
For the
years ended March 31, 2021, 2020 and 2019
(Expressed in Canadian Dollars, unless otherwise
stated)
(a)
2019 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.
Pursuant to the
Loan, the Company issued to the Lendera 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 (note 10(c)(i)). The warrants are
exercisable into common shares or flow-through common shares at the
election of the Lender upon exercise.
(b)
2019 bridge loans
In July
and August 2019, the Company entered into certain loan agreements
(collectively the "Bridge Loans") with a director of
the Company and a private company wholly-owned by a director of the
Company (collectively the "Bridge Lenders"), pursuant
to which the Bridge Lenders advanced to the Company an aggregate
principal sum of $375,000 with a 1-year term and bearing interest
at 10% per annum. The Bridge Loans were fully repaid in September
2019.
In
December 2019, the Company entered into a loan agreement (the
"Second Bridge Loan") with a director of the Company
(the "Second Bridge Lender"), pursuant to which the
Second Bridge Lender advanced to the Company a principal sum of
$300,000 with a 9-month term and bearing interest at a rate of 10%
per annum.
Advances have been
measured as financial liabilities at their (cash) transaction
values, with the unamortized balance of directly applicable
transaction costs, comprised of the fair values of the loan bonus
warrants granted, representing a partially offsetting asset
balance. Such transaction costs are being expensed pro-rata over
the term of the debt, with the effect on the balance sheet
presentation being that the aggregate debt is accreted towards its
face value.
In
August 2020, the principal and interest balances of the Second
Bridge Loan were fully repaid.
10.
SHARE CAPITAL AND RESERVES
(a)
Authorized and outstanding share capital
The
Company's authorized share capital consists of an unlimited
number of common shares without par value ("Common
Shares") and an unlimited number of preferred shares. All
issued Common Shares are fully paid. No preferred shares have been
issued.
F-23
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TD
.
Notes
to the Consolidated Financial Statements
For the
years ended March 31, 2021, 2020 and 2019
(Expressed in Canadian Dollars, unless otherwise
stated)
As at
March 31, 2021, there were 180,602,894 Common Shares issued and
outstanding (March 31, 2020
–
175,602,894).
(b)
Issued share capital
In
December 2019, the Company amended its option agreement with GFTEC
to purchase GFTEC's 51% interest in the PINE Property (the
"Transaction"). Upon completion of the Transaction, the
Company would hold a 100% interest in the PINE mineral claims
having completed the purchase of Cascadero's 49% interest in
the PINE Property in the prior year (note 6(b)). On January 6,
2020, the Company concluded the Transaction by issuing 5,000,000
Common Shares to GFTEC.
On
August 20, 2020, 3,000,000 flow-through shares were issued pursuant
to the exercise of warrants for gross proceeds of $150,000 (note
9(a)).
On
October 2, 2020, 2,000,000 flow-through shares were issued pursuant
to the exercise of warrants for gross proceeds of $100,000 (note
9(a)). $100 related to flow-through tax filing has been deducted
from the gross proceeds as issuance costs.
Approximately
$167,000 of the flow-through proceeds received were renounced to
the shareholder as at December 31, 2020. The Company recognized no
flow-through premium in excess of the fair value of these common
shares at their dates of issuance.
As at
March 31, 2021, the amount of flow-through proceeds remaining to be
expended is approximately
$83,000, which must
be incurred on or before December 31, 2023.
(c)
Share purchase options
The
following summarizes changes in the Company's share purchase
options (the "Options"):
March
31,
2021
March
31,
2020
Weighted
Average
Exercise
Price
Number
of
Options
Weighted
Average
Exercise
Price
Number
of
Options
Outstanding
-
beginning
balance
$
0.05
2,000,000
$
-
-
Granted
–
–
0.05
2,000,000
Outstanding
-
beginning
balance
$
0.05
2,000,000
$
0.05
2,000,000
Award
vesting in several tranches ranging from 6 monthsto 18 months from
the date of grant.
During
the year ended March 31, 2021, the Company recognized share-based
compensation expense of
$17,888 (2020
– $42,124).
F-24
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TD
.
Notes
to the Consolidated Financial Statements
For the
years ended March 31, 2021, 2020 and 2019
(Expressed in Canadian Dollars, unless otherwise
stated)
The
following summarizes information on the options outstanding and
exercisable as at March 31, 2021:
Options
outstanding
Options
exercisable
Exercise
price
Number
of
Options
Weighted
average
remaining
contractual
life
(years)
Number
of
Options
Weighted
average
remaining
contractual
life
(years)
$
0.05
2,000,000
3.51
500,000
3.51
Total
2,000,000
3.51
500,000
3.51
(d)
Share purchase warrants
The
following common share purchase warrants were outstanding at March
31, 2021 and 2020:
Exercise
price
March 31,
2021
March 31,
2020
Issued pursuant to
a loan agreement (note 9(a))
$
0.05
16,000,000
16,000,000
Exercised
$
0.05
(5,000,000
)
–
Total
11,000,000
16,000,000
(i)
2019 loan bonus warrants
In
December 2019, 16,000,000 share purchase warrants were issued
pursuant to the Loan (note 9(a)). The fair value of these warrants
at issue was determined to be $490,449 at $0.03 per warrant using
the Black-Scholes pricing model and based on the following
assumptions: risk-free rate of 1.57%; expected volatility of 144%;
underlying market price of $0.035; strike price of $0.05; expiry
term of 5 years; and, dividend yield of nil.
11.
RELATED PARTY TRANSACTIONS
Balances due to
related parties
March
31,
2021
March
31,
2020
Bookskipper
Accounting & Tax Services
$
1,050
$
-
Hunter Dickinson
Services Inc.
614,352
507,232
Robert Dickinson
(interest payable)
174,816
79,726
United Mineral
Services Ltd.
5,021
5,021
Total
$
795,239
$
591,979
F-25
A
MARC
R
ESOURCES
L
TD
.
Notes
to the Consolidated Financial Statements
For the
years ended March 31, 2021, 2020 and 2019
(Expressed in Canadian Dollars, unless otherwise
stated)
(a)
Transactions with key management personnel
Key
management personnel ("KMP") are those persons that
have the authority and responsibility for planning, directing, and
controlling the activities of the Company, directly and indirectly,
and by definition include all the directors of the
Company.
Note 9
includes the details of loans with a director of the Company and a
private company wholly-owned by a director of the Company. Note
7(b) and 7(c) includes the details of the acquisition of mineral
property interests from a private company wholly-owned by a
director of the Company.
During
the year ended March 31, 2021 and 2020, 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. ("HDSI")
(note 11(b)).
During
the year ended March 31, 2021, the Company incurred a $10,000
(March 31, 2020 - $nil) fee for the services provided by the Chief
Financial Officer.
There
were no other transactions with KMP during the year ended March 31,
2021 and 2020.
(b)
Hunter Dickinson Services Inc.
Hunter
Dickinson Inc. ("HDI") and its wholly-owned subsidiary
HDSI are private companies established by a group of mining
professionals. HDSI provides services under contracts 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 itis at Amarc's discretion that
HDSI providescertain contract services.
The
Company has one director in common with HDSI, namely Robert
Dickinson. Also, the Company's Chief Executive Officer,
President and Director, and Corporate Secretary are employees of
HDSI and work for the Company under an employee secondment
arrangement between the Company and HDSI.
Pursuant to an
agreement dated July 2, 2010, HDSI provides certain technical,
geological, corporate communications, regulatory compliance, and
administrative and management services to the Company, on a
non-exclusive basis as needed and as requested by the Company. As a
result of this relationship, the Company has ready access to a
range of diverse and specialized expertise on a regular basis,
without having to engage or hire full-time employees or experts.
The Company benefits from the economies of scale created by HDSI
which itself serves several clients both within and external to the
exploration and mining sector.
The
Company is not obligated to acquire any minimum amount of services
from HDSI. The monetary amount of the services received from HDSI
in a given period of time isa 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, directors and officers insurance,
travel, conferences, and communication services. Third-party costs
are billed at cost, without markup.
F-26
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TD
.
Notes
to the Consolidated Financial Statements
For the
years ended March 31, 2021, 2020 and 2019
(Expressed in Canadian Dollars, unless otherwise
stated)
There
are no ongoing contractual or other commitments resulting from the
Company's transactions with HDSI, other than thepayment 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:
Transactions
with HDSI
For the years
ended March 31,
(rounded to the
nearest thousand CAD)
2021
2020
2019
Services received
from HDSI and as requested by the Company
$
914,000
$
1,272,000
$
1,620,000
Information
technology – infrastructure and support services
60,000
60,000
60,000
Reimbursement, at
cost, of third-party expenses incurred by HDSI on behalf of the
Company
79,000
104,000
63,000
Total
$
1,053,000
$
1,436,000
$
1,745,000
(c)
United Mineral Services Ltd.
United
Mineral Services Ltd. ("UMS") is a private company
wholly-owned by one of the directors of the Company. UMS is engaged
in the acquisition and exploration of mineral property
interests.
During
the year ended March 31, 2021, UMS reimbursed the Company an
aggregate of $139,160 for additional cost related to exploration
programs on its operated properties described at note 7(d). The
following is a summary of transactions with UMS that occurred
during the reporting period:
Transactions
with UMS
For the years
ended March 31,
(rounded to the
nearest thousand CAD)
2021
2020
2019
Services received
from UMS and as requested by the Company
$
-
$
813
$
36,000
Interest andfinance
charges
-
616
–
Reimbursement of
third-party expenses incurred by UMS on behalf of the
Company
138,009
8,442
19,000
Total
$
138,009
$
9,871
$
55,000
F-27
A
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TD
.
Notes
to the Consolidated Financial Statements
For the
years ended March 31, 2021, 2020 and 2019
(Expressed in Canadian Dollars, unless otherwise
stated)
12.
INCOME TAXES
(a)
Provision for current tax
No
provision has been made for current income taxes as the Company has
no taxable income.
(b)
Provision fordeferred tax
As
future taxable profits of the Company are uncertain, no deferred
tax asset has been recognized.
At
March 31, 2021, the Company had unused non-capital loss carry
forwards of approximately
$10,700,000 (March
31, 2020 – $9.8 million; March 31, 2019 – $8.8
million).
At
March 31, 2021, the Company had resource tax pools of approximately
$31,000,000 (March 31, 2020 – $31.3 million; March 31, 2019
– $30.6 million) available in Canada, which may be carried
forward and utilized to offset future taxes related to certain
resource income.
(c)
Reconciliation of effective tax rate
March
31,
2021
March
31,
2020
Income (loss) for
the year
$
1,360,699
$
(1,253,534
)
Total income tax
expense
–
–
Loss excluding
income tax
1,360,699
(1,253,534
)
Income tax expense
(recovery) using the Company's tax rate
367,000
(388,000
)
Non-deductible
expenses and other
(577,000
)
(114,000
)
Temporary
difference booked to reserve
(16,000
)
(2,000
)
Deferred income tax
assets not recognized
194,000
454,000
$
–
$
–
The
Company's statutory tax rate was 27% (2020 – 27%; 2019
– 27%) and its effective tax rate is nil (2020 – nil;
2019 – nil).
(d)
Deductible temporary differences
At
March 31, 2021, the Company had the following deductible temporary
differences for which no deferred tax asset was
recognized:
F-28
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TD
.
Notes
to the Consolidated Financial Statements
For the
years ended March 31, 2021, 2020 and 2019
(Expressed in Canadian Dollars, unless otherwise
stated)
Expiry
Tax
losses
(capital)
Tax
losses
(non-capital)
Resources
pools
Other
Within one
year
$
–
$
–
$
–
$
–
One to five
years
–
–
–
21,000
After five
years
–
10,730,000
–
1,011,000
No expiry
date
1,294,000
–
31,201,000
77,000
$
1,294,000
$
10,730,000
$
31,201,000
$
1,109,000
13.
SUPPLEMENTARY INFORMATION TO THE CONSOLIDATED STATEMENTS OF
LOSS
(a)
Employees' salaries and benefits
The
employees' salaries and benefits included in exploration and
evaluation expenses and administration expenses are as
follows:
Employees'
salaries and benefits
For the years
ended March 31,
(rounded to the
nearest thousand CAD)
2021
2020
2019
Salaries and
benefits included in the following:
Exploration
andevaluation expenses
$
576,000
$
856,000
$
1,268,000
Administration expense
1
363,000
454,000
571,000
Total
$
939,000
$
1,310,000
$
1,839,000
1
This amount
includes salaries and benefits included in office and
administration expenses (note 13(b)) as well as other salaries and
benefits expenses classified as administration
expenses.
(b)
Office and administration expenses
Office
and administration expenses include the following:
Office and
administration expenses
For the years
ended March 31,
(rounded to the
nearest thousand CAD)
2021
2020
2019
Salaries and
benefits
$
300,000
$
414,000
$
501,000
Insurance
79,000
55,000
74,000
Data processing and
retention
23,000
60,000
60,000
Other office
expenses
15,000
21,000
22,000
Total
$
417,000
$
550,000
$
657,000
F-29
A
MARC
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ESOURCES
L
TD
.
Notes
to the Consolidated Financial Statements
For the
years ended March 31, 2021, 2020 and 2019
(Expressed in Canadian Dollars, unless otherwise
stated)
14.
FINANCIAL RISK MANAGEMENT
(a)
Capital management objectives
The
Company's primary objectives when managing capital are to
safeguard the Company's ability to continue as a going
concern so that it can continue to provide returns for
shareholders, and to have sufficient liquidity available to fund
ongoing expenditures and suitable business opportunities as they
arise.
The
Company considers the components of shareholders' equity as
well as its cash as capital. The Company manages its capital
structure and makes adjustments to it in light of changes in
economic conditions and the risk characteristics of the underlying
assets. In order to maintain or adjust the capital structure, the
Company may issue equity, sell assets, or return capital to
shareholders as well as issue or repay debt.
The
Company's investment policy is to invest its cash in highly
liquid, short-term, interest-bearing investments having maturity
dates of three months or less from the date of acquisition, which
are readily convertible into known amounts of cash.
The
Company is not subject to any imposed equity
requirements.
There
were no changes to the Company's approach to capital
management during the year ended March 31, 2021.
(b)
Carrying amounts and fair values of financial
instruments
The
Company's marketable securities are carried at fair value
based on quoted prices in active markets.
As at
March 31, 2021 and 2020, the carrying values of the Company's
financial assets and financial liabilities approximate their fair
values.
(c)
Financial instrument risk exposure and risk management
The
Company is exposed in varying degrees to a variety of financial
instrument-related risks. The Board of Directors approves and
monitors the risk management processes, inclusive of documented
treasury policies, counterparty limits, and controlling and
reporting structures. The type of risk exposure and the way in
which such exposure is managed is provided as follows:
Credit risk
Credit
risk is the risk of potential loss to the Company if a counterparty
to a financial instrument fairs 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.
F-30
A
MARC
R
ESOURCES
L
TD
.
Notes
to the Consolidated Financial Statements
For the
years ended March 31, 2021, 2020 and 2019
(Expressed in Canadian Dollars, unless otherwise
stated)
Liquidity risk
Liquidity risk is
the risk that the Company will encounter difficulty in meeting the
obligations associated with its financial liabilities that are
settled by delivering cash or other financial assets. The Company
ensures that there is sufficient cash in order to meet its
short-term business requirements after taking into account the
Company's holdings of cash.
The
Company has sufficient cash to meet its commitments associated with
its financial liabilities in the near term, other than the amounts
payable to related parties.
Interest rate risk
The
Company is subject to interest rate risk with respect to its
investments in cash. The Company's policy is to invest cash
at variable rates of interest and cash reserves are to be
maintained in cash in order to maintain liquidity, while achieving
a satisfactory return for shareholders. Fluctuations in interest
rates when cash matures impactinterest income earned.
As at
March 31, 2021 and 2020, 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, 2021 and 2020, the Company's exposure to price risk
was not significant in relation to these Financial
Statements.
15.
EVENTS AFTER THE REPORTING PERIOD
(a)
Sublease Agreement
On
April 22, 2021, the Company and HDSI entered into a sublease
agreement for renting an office space in Vancouver British Columbia
(the "2021 Office Sublease Agreement"). Pursuant to the
Sublease Agreement, the sublease term commences on May 1, 2021 and
expires on April 29, 2026. The Company as the sublease tenant will
pay HDSI the sublandlord the basic rent according to the following
schedule:
Rent
Periods
Basic
Rents
May 1, 2021 to
April 30, 2022
$
25,545
May 1, 2022 to
April 30, 2023
25,545
May 1, 2023 to
April 30, 2024
26,855
May 1, 2024 to
April 30, 2025
28,165
May 1, 2025 to
April 29, 2026
28,165
Total
$
134,275
F-31
A
MARC
R
ESOURCES
L
TD
.
Notes
to the Consolidated Financial Statements
For the
years ended March 31, 2021, 2020 and 2019
(Expressed in Canadian Dollars, unless otherwise
stated)
(b)
JOY District Agreement with Freeport
On May
11, 2021, the Company and Freeport-McMoRan Mineral Properties
Canada Inc. ("Freeport"), a wholly owned subsidiary of
Freeport-McMoRan Inc. (NYSE:FCX) entered into a Mineral Property
Earn-in Agreement (the "EIA") whereby Freeport may
acquire up to a 70% ownership interest of the Company's Joy
porphyry Cu-Au District Property (See Note 7(b)).
Under
the terms of the EIA, Freeport has a two-stage option to earn up to
a 70% ownership interest in themineral 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. During the first year of
the earn-in, a $4 million work program is planned in the JOY
District.
These
optional earn-in expenditures can be accelerated by Freeport at its
discretion. Amarc will be operator during the initial earn-in
period. Once Freeport has acquired such 60% interest, Amarc and
Freeport will proceed to operate the JOY District through a jointly
owned corporation with Freeport assuming project
operatorship.
Upon
Freeport earning such 60% interest, it can elect, in its sole
discretion, to earn an additional 10% interest, for a total 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.
F-32
ITEM 19
E
XHIBITS
The
following Exhibits have been filed with the Company's Annual Report
on Form 20-F in previous years:
Exhibit
Number
Description of
Exhibit
1.1
Articles
of Amarc Resources Ltd., as amended
(1)
4.1
Amended
Share Option Plan of Amarc Resources Ltd. dated for reference
September 21, 2004, as amended.
(2)
4.1
Corporate
Services Agreement between Amarc Resources Ltd. and Hunter
Dickinson Services Inc. dated June 1, 2008 as superseded by the
Services Agreement dated July 2, 2010.
(2)
4.3
Certificate
of Expert
(3)
11.1
Code of
Ethics
(2)
(1)
Incorporated by
reference to the Company's Annual Report on Form 20-F for the year
ended March 31, 2010, filed with the Securities and Exchange
Commission on September 30, 2010.
(2)
Incorporated by
reference to the Company's Annual Report on Form 20-F for the year
ended March 31, 2008, filed with the Securities and Exchange
Commission on October 7, 2008.
(3)
Incorporated by
reference to the Company's Annual Report on Form 20-F for the year
ended March 31, 2013, filed with the Securities and Exchange
Commission on July 30, 2013.
The
following exhibits are included with this Annual Report on Form
20-F:
Exhibit
Number
Description of
Exhibit
12.1
Certification
of Chief Executive Officer pursuant to Rule 13a-14(a) of the
Exchange Act, as adopted pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002
12.2
Certification
of Chief Financial Officer pursuant to Rule 13a-14(a) of the
Exchange Act, as adopted pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002
13.1
Certification
of Chief Executive Officer pursuant to Rule 13a-14(b) of the
Exchange Act and 18 U.S.C. Section 1350, as adopted pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002
13.2
Certification
of Chief Financial Officer pursuant to Rule 13a-14(b) of the
Exchange Act and 18 U.S.C. Section 1350, as adopted pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002
62
SIGNATURES
The
registrant hereby certifies that it meets all of the requirements
for filing on Form 20-F and that it has duly caused and authorized
the undersigned to sign this Annual Report on its
behalf.
AMARC RESOURCES LTD.
DATED: July 27,
2021
By:
/s/
Sebastian Tang
Sebastian Tang
Chief Financial
Officer
63