Past year: ▼ 10%(92.0c – 1.35 CAD)
Each one in plain English, with the numbers worked through for a shareholder.
13 Apr 2023drilling progress report● Neutral
Phase 1 at DUKE finished: 24 holes and 11,070 metres with three rigs, two on the deposit and one testing the 4.7 square kilometre geophysical anomaly around it. Boliden is funding the full C$10 million 2023 budget. Only the first two holes have been reported; the other 22 are pending, and Phase 2 in the summer will be surface surveys over ten targets rather than drilling.
3 Mar 2023drilling result▲ GoodMajor
The 2022 JOY programme - 37 holes, 15,427 metres - stretched the PINE deposit to more than 1,700 metres of strike with intercepts of 204 metres at 0.42% copper-equivalent and 105 metres at 0.40%, and made a genuinely new discovery at the Canyon target with 96 metres of 0.51% copper-equivalent inside 296 metres of 0.39%. Freeport has now put about C$20 million into JOY across two years. PINE's grades are gold-weighted (0.18% copper with 0.41 g/t gold); Canyon's are copper-weighted.
15 Feb 2023drilling result▲ GoodMajor
The second Boliden-funded hole, DK22010, returned 309 metres of 0.42% copper-equivalent from 8.6 metres including 57 metres of 0.68%, within a broader 557 metres of 0.36%. Consistent with DK22009 rather than better than it. Amarc and Boliden agreed to add a third rig, two delineating the deposit and one stepping out into the surrounding 4.7 square kilometre geophysical anomaly.
26 Jan 2023drilling result▲ GoodMajor
The first hole of the Boliden-funded programme, DK22009, cut 542 metres of 0.33% copper-equivalent from 9.4 metres depth - mineralised from bedrock surface to the bottom of the hole - including 183 metres of 0.43% and 126 metres of 0.52%. It shows the DUKE deposit continues far deeper than the shallow historical drilling suggested. Bulk-tonnage grade, and one hole.
22 Nov 2022joint venture update▲ GoodMajor
Boliden's Canadian subsidiary signed an earn-in on the 678 square kilometre DUKE district, able to take up to 70% by staging C$90 million of exploration and development spending, with Amarc as operator. Amarc now has a major funding two of its three districts - Freeport at JOY and Boliden at DUKE - and retains IKE unpartnered.
11 Oct 2022drilling progress report▲ GoodMajor
Freeport spent about C$14 million on JOY in 2022, its year-two contribution and roughly two and a half times year one, funding 15,427 metres of helicopter-supported drilling and a third rig from September. Amarc remains operator. Results to come.
26 May 2022debt financing▼ Bad
A Second Loan Amendment added C$100,000 to an existing C$1 million unsecured loan from a director who is also a significant shareholder - a related-party loan at 10% interest, repayable by 26 November 2024, with 1,176,470 five-year warrants at C$0.085 issued as a bonus. The money pays the first C$100,000 instalment of an option over five British Columbia claim groups, with a further C$900,000 due at C$100,000 a year. Amarc is funding its own corner of the business off an insider loan while partners fund the drilling.
7 Mar 2022drilling result▲ GoodMajor
The first assays from the nine-hole, 4,300 m JOY program under Freeport expanded the PINE deposit, with 101.9 m of 0.56% copper-equivalent and mineralisation continuing to depth. The first hole ever drilled at the TWINS target found porphyry-type mineralisation, 63 m of 0.18% copper-equivalent including 39 m of 0.22%.
15 Dec 2021joint venture update▲ Good
Freeport confirmed it will continue the JOY earn-in into a second drilling season in 2022, having invested C$5.94 million in 2021. No results yet from the 2021 programme.
15 Nov 2021other▲ Good
Freeport increased its 2021 JOY contribution a second time, to C$5.94 million, about 50% above the original C$4 million. The season's drilling and surveys around the PINE deposit and other targets are complete, with results still being integrated.
4 Aug 2021drilling progress report▲ Good
Freeport raised its first-year JOY contribution 37.5%, from C$4 million to C$5.5 million, with the extra money going into the drill programme. Partner funding increasing mid-season is a real signal, unlike a company's own optimism about its ground.
29 June 2021regulatory community update▲ Good
Amarc signed a four-way Exploration Agreement with the Takla, Tsay Keh Dene and Kwadacha Nations covering the JOY district, whose land overlaps their traditional territories. It sets up ongoing engagement, training, employment and contracting opportunities, First Nation involvement in environmental monitoring, and a pathway to negotiate further agreements for more advanced stages. It follows the Freeport earn-in announced in May 2021, and Amarc says it is mobilising crews for a 2021 JOY programme that includes drilling. No money amounts are given.
12 May 2021joint venture update▲ GoodMajor
Freeport-McMoRan's Canadian arm signed an earn-in agreement on the 482 square kilometre JOY district, able to take up to 70% through staged investment, with Amarc as operator. This replaces the partner Amarc lost when Hudbay walked away from JOY two years earlier, and brings in one of the largest copper miners in the world.
17 Dec 2020asset acquisition disposition▲ Good
The Newton sale closed once Isaac Mining amalgamated into Carlyle Commodities. Amarc received C$300,000 cash and 5.5 million Carlyle units priced at C$0.25, leaving it holding more than 12% of Carlyle, and kept a 2% net smelter royalty on Newton. It keeps exposure to Newton while concentrating on IKE, JOY and DUKE.
10 Dec 2020asset acquisition disposition● Neutral
Announced the sale of the Newton gold property, Amarc's only gold asset outside its three copper-gold districts, to a private company that has to complete a go-public transaction for the deal to close.
26 June 2020resource reserve update● Neutral
Filed an NI 43-101 technical report on the IKE project. As with the DUKE and JOY reports filed weeks earlier, it is an exploration report rather than a resource estimate.
15 May 2020resource reserve update● Neutral
Filed an NI 43-101 technical report on JOY covering the PINE deposit, the MEX target and a series of drill-ready targets. No mineral resource is estimated; the report sets out proposed exploration. The pitch rests on JOY covering the northern extension of the Kemess district, where the same technical team, at Hunter Dickinson, found and sold the deposits that became the Kemess South mine.
6 May 2020resource reserve update● Neutral
Filed an NI 43-101 technical report on DUKE. This is an exploration and targeting report, not a resource estimate - the property has no mineral resource. It restates that most of the 30 historical shallow holes ended in mineralisation at only 124 metres vertical depth, which is the argument for drilling deeper.
10 Dec 2019business combination▲ GoodMajor
Amarc bought out Gold Fields Toodoggone Exploration's remaining 51% of the PINE property for 5,000,000 shares, with 2,000,000 more only if certain future spending levels are reached and no obligation to do the work. Combined with the purchase of Cascadero Copper's 49% the year before, that gives Amarc 100% of the 323 square kilometres holding the Pine and Mex copper-gold deposits, the core of the JOY project. Gold Fields keeps a 2.5% net profits interest over about 96% of the ground and a 1% smelter royalty over the rest, each halvable for C$2.5 million.
25 Jan 2019material agreement termination▼ BadMajor
Hudbay gave up its options to earn into both IKE and JOY, leaving Amarc alone on all three of its districts and looking for new funding partners. Hudbay and Amarc had put C$5.55 million into JOY over two years, consolidating the land and delineating five clusters of drill-ready targets - work that stands, but a major walking away from two projects at once is the clearest negative signal a junior gets.
13 Nov 2018drilling result● Neutral
Five widely spaced holes at IKE brought the drilled system to 1,200 by 1,000 metres and 875 metres vertically across 26 holes and 15,455 metres. Hole 22 returned 252 metres of 0.33% copper-equivalent including 138 metres of 0.40%, and hole 25 gave 252 metres of 0.43%. Hole 23 returned no significant results and hole 24 only 300 metres of 0.17%, so two of the five added nothing. Hudbay funded the C$1.6 million programme.
3 Aug 2018drilling result● Neutral
Not a results release: drilling started at the IKE copper-molybdenum-silver project near Goldbridge, up to five holes of 500 to 600 metres funded by C$1.6 million from Hudbay, which is earning up to 60% under the July 2017 IKE project agreement with Amarc as operator. The assay table is a restatement of the 21 holes already drilled, running 0.36% to 0.54% copper-equivalent over 86 to 591 metres.
12 June 2018drilling result▲ GoodMajor
Six new holes (3,060 metres) at DUKE, plus the two 2017 discovery holes, outlined porphyry copper mineralisation over an area 400 metres north-south by 600 metres east-west beneath only 4 to 18 metres of glacial till, open in all directions and continuing to the 360-metre depth limit of the drilling. Best intercepts are DK18005 at 330 metres of 0.34% copper-equivalent from 14 metres and DK17002 at 113 metres of 0.37%. Seven of the eight holes hit; DK18004, drilled a kilometre north to test the 4 by 1 kilometre geophysical anomaly, returned only moderate to low grade over 93 metres at 0.30%. Bulk-tonnage grades, not high grade.
