AMARC RESOURCES LTD.

CONDENSED INTERIM FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED
DECEMBER 31, 2014 and 2013

(Expressed in Canadian Dollars)

(Unaudited)

Notice to Reader

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

Amarc Resources Ltd.

Condensed Interim Statements of Financial Position

(Expressed in Canadian Dollars)

		December 31,			March 31,
		2014			2014
		(unaudited)
ASSETS
Current assets
Cash and cash equivalents (note 3)	$	924,343		$	4,772,772
Amounts receivable and other assets (note 5)		90,943			76,264
Marketable securities (note 6)		59,802			96,179
		1,075,088			4,945,215
Non-current assets
Restricted cash (note 4)		233,487			232,666
Amounts receivable (note 5)		999,355			128,184
		1,232,842			360,850
Total assets	$	2,307,930		$	5,306,065
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued liabilities (note 8)	$	241,729		$	35,401
Balance due to a related party (note 11(b))		111,018			69,939
Loan payable to director (note 9)		1,000,000			–
		1,352,747			105,340
Shareholders' equity
Share capital (note 10)		58,767,910			58,761,410
Reserves		5,068,661			5,103,263
Accumulated deficit		(62,881,388	)		(58,663,948	)
		955,183			5,200,725
Total liabilities and shareholders' equity	$	2,307,930		$	5,306,065

Nature of operations and going concern (note 1)

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

/s/ Robert A. Dickinson	/s/ Rene G. Carrier
Robert A. Dickinson	Rene G. Carrier
Director	Director

Amarc Resources Ltd.

Condensed Interim Statements of Loss

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

		Three months ended						Nine months ended
		December 31,						December 31,
		2014			2013			2014			2013
Expenses
Exploration and evaluation (notes 11, 13)	$	674,585		$	290,894		$	3,033,760		$	964,516
Assays and analysis		19,716			12,052			138,484			39,821
Drilling		(12,171)			–			726,685			–
Equipment rental		4,040			1,926			31,357			8,771
Geological		246,153			95,770			835,478			335,914
Geological - mineral exploration tax credits		(98,144)			(55,991)			(871,171)			(104,696)
Graphics		–			–			1,084			2,809
Helicopter		69,540			(4,692)			947,480			65,285
Property costs and assessments		225,000			214,636			546,500			439,636
Site activities		18,474			4,109			186,789			89,460
Socioeconomic		181,371			19,772			345,312			64,071
Travel and accommodation		20,606			3,312			145,762			23,445
Administration (notes 11, 13)		377,180			271,019			1,063,176			919,294
Depreciation		–			1,024			–			1,205
Legal, accounting and audit		5,514			1,836			23,668			15,691
Office and administration		346,677			242,271			966,738			766,308
Shareholder communication		19,789			20,535			38,767			98,263
Travel and accommodation		1,649			3,320			9,281			14,997
Trust and regulatory		3,551			2,033			24,722			22,830
Share-based payments		–			–			–			103,004
Exploration-related		–			–			–			41,071
Administration-related		–			–			–			61,933
		1,051,765			561,913			4,096,936			1,986,814
Other items
Interest income		(5,707	)		(14,197	)		(33,782	)		(49,451	)
Interest expense (note 9)		3,908			6,049			3,908			17,284
Financing charges (note 9)		187,500			–			187,500			–
Foreign exchange loss (gain)		71			(98	)		858			1,571
Gain on disposition of AFS financial assets (note 6)		(14,573	)		(61,250	)		(37,980	)		(61,250	)
Impairment of AFS financial assets (note 6)		–			7,250			–			48,225
Loss for the period	$	1,222,964		$	499,667		$	4,217,440		$	1,943,193
Basic and diluted loss per common share	$	0.01		$	0.00		$	0.03		$	0.01
Weighted average number of common shares outstanding		138,824,061			138,624,061			138,795,334			138,624,061

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

Amarc Resources Ltd.

Condensed Interim Statements of Comprehensive Loss

(Unaudited - Expressed in Canadian Dollars)

		Three months ended						Nine months ended
		December 31,						December 31,
		2014			2013			2014			2013
Other comprehensive loss (income):
Items that may be reclassified subsequently to profit and loss:
Revaluation of AFS financial assets (note 6)	$	(4,294	)	$	(9,205	)	$	(3,831	)	$	(13,309	)
Change in fair value of AFS financial assets transferred to profit or loss upon disposition (note 6)		14,739			6,125			38,433			6,125
Impairment of AFS financial assets transferred to profit or loss (note 6)		–			(7,250	)		–			(48,225	)
Total other comprehensive loss (income) for the period		10,445			(10,330	)		34,602			(55,409	)
Comprehensive loss for the period	$	1,233,409		$	489,337		$	4,252,042		$	1,887,784

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

Amarc Resources Ltd.

Condensed Interim Statements of Changes in Equity

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

	Share capital			Reserves
					Share-based		Investment			Share
	Number				payments		revaluation			warrants
	of shares		Amount		reserve		reserve			reserve		Deficit			Total
Balance at April 1, 2013	138,624,061	$	58,756,410	$	2,099,636	$	26,041		$	2,811,220	$	(56,509,143	)	$	7,184,164
Share-based payments	–		–		103,004		–			–		–			103,004
Total other comprehensive income	–		–		–		55,409			–		–			55,409
Loss for the period	–		–		–		–			–		(1,943,193	)		(1,943,193	)
Balance at December 31, 2013	138,624,061	$	58,756,410	$	2,202,640	$	81,450		$	2,811,220	$	(58,452,336	)	$	5,399,384
Balance at April 1, 2014	138,724,061	$	58,761,410	$	2,202,640	$	89,403		$	2,811,220	$	(58,663,948	)	$	5,200,725
Issuance of common shares pursuant to mineral property agreements (note 10(a))	100,000		6,500		–		–			–		–			6,500
Total other comprehensive loss	–		–		–		(34,602	)		–		–			(34,602	)
Loss for the period	–		–		–		–			–		(4,217,440	)		(4,217,440	)
Balance at December 31, 2014	138,824,061	$	58,767,910	$	2,202,640	$	54,801		$	2,811,220	$	(62,881,388	)	$	955,183

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

Amarc Resources Ltd.

Condensed Interim Statements of Cash Flows

(Unaudited - Expressed in Canadian Dollars)

		Nine months ended
		December 31,
Cash provided by (used in):		2014			2013
Operating activities
Loss for the period	$	(4,217,440	)	$	(1,943,193	)
Adjustments for:
Depreciation		–			1,205
Interest income		(33,782	)		(49,451	)
Interest expense (note 9)		3,908			17,284
Financing charges (note 9)		187,500			–
Common shares issued, included in exploration expenses (note 10(a))		6,500			–
Share-based payments		–			103,004
Gain on disposal of AFS financial assets (note 6)		(37,980	)		(61,250	)
Impairment of AFS financial assets		–			48,225
Changes in working capital items
Amounts receivable and other assets		(14,679	)		(1,203,148	)
Restricted cash		(821	)		14,136
Amounts receivable - non-current		(871,171	)		1,172,579
Accounts payable and accrued liabilities		14,920			305,343
Balances due to related parties		41,079			(40,101	)
Net cash used in operating activities		(4,921,966	)		(1,635,367	)
Investing activities
Interest received		33,782			49,451
Proceeds from disposition of AFS financial assets, net (note 6)		39,755			23,000
Net cash provided by investing activities		73,537			72,451
Financing activities
Loan payable to director		1,000,000			–
Interest paid on debenture		–			(11,235	)
Principal payment on debenture		–			(20,000	)
Net cash provided by (used in) financing activities		1,000,000			(31,235	)
Net decrease in cash and cash equivalents		(3,848,429	)		(1,594,151	)
Cash and cash equivalents, beginning of the period		4,772,772			5,869,313
Cash and cash equivalents, end of the period (note 3)	$	924,343		$	4,275,162
Supplementary cash flow information:
Non-cash investing and financing activities:
Issuance of common shares pursuant to mineral property agreements (note 10(a))	$	6,500		$	–

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

Amarc Resources Ltd.

Notes to the Condensed Interim Financial Statements

For the three and nine months ended December 31, 2014 and 2013

(Unaudited - Expressed in Canadian Dollars, unless otherwise stated)

1. NATURE OF OPERATIONS AND GOING CONCERN

Amarc Resources Ltd. (the "Company" or "Amarc") is incorporated under the laws of the province of British Columbia, and its principal business activity is the acquisition and exploration of mineral properties. Its principal mineral property interests are located in British Columbia ("BC"). The address of the Company's corporate office is 15th 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 on future profitable production or proceeds from the disposition of its mineral property interests.

These Interim 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. The Company has a history of losses with no operating revenue, an accumulated deficit at December 31, 2014 of $63 million (March 31, 2014 – $59 million), and working capital deficit at December 31, 2014 of $0.3 million (March 31, 2014 – $4.8 million working capital surplus).

The Company will need to seek additional financing to meet its exploration and development objectives. These factors indicate the existence of a material uncertainty that raises significant doubt about the Company’s ability to continue as a going concern. The Company has a reasonable expectation that additional funds will be available when necessary to meet ongoing exploration and development costs. However, there can be no assurance that the Company will continue to be able to obtain additional financial resources or will achieve profitability or positive cash flows. If the Company is unable to obtain adequate additional financing, the Company will be required to re-evaluate its planned expenditures until additional funds can be raised through financing activities.

These Interim Financial Statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might 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 periods presented, unless otherwise stated.

Amarc Resources Ltd.

Notes to the Condensed Interim Financial Statements

For the three and nine months ended December 31, 2014 and 2013

(Unaudited - Expressed in Canadian Dollars, unless otherwise stated)

(a)	Statement of compliance
	These Financial Statements have been prepared in accordance with IAS 34, Interim Financial Reporting (“IAS 34”), as issued by the International Accounting Standards Board ("IASB"), and interpretations by the IFRS Interpretations Committee (IFRIC). These Financial Statements do not include all of the information and footnotes required by International Financial Reporting Standards ("IFRS") for complete financial statements for year-end reporting purposes. These Financial Statements should be read in conjunction with the Company’s financial statements as at and for the year ended March 31, 2014. Results for the reporting period ended December 31, 2014 are not necessarily indicative of future results. The accounting policies and methods of computation applied by the Company in these Financial Statements are the same as those applied by the Company, other than in note 2(c), in its most recent annual financial statements which are filed under the Company’s profile on SEDAR at www.sedar.com. The Board of Directors of the Company authorized these Financial Statements on February 24, 2015 for issuance.
(b)	Basis of presentation
	These Financial Statements have been prepared on a historical cost basis, except for financial instruments classified as available-for-sale which are stated at fair value. In addition, these Financial Statements have been prepared using the accrual basis of accounting, except for cash flow information. Certain comparative amounts have been reclassified to conform to the presentation adopted in the current year.
(c)	Accounting standards, interpretations and amendments to existing standards
	Accounting policies adopted during the current year
	Effective April 1, 2014, the Company has applied the following new accounting standard which was issued by the IASB:

• Amendments to IAS 32, Financial Instruments: Presentation

The amendments to IAS 32 relate to the offsetting of financial assets and financial liabilities. The adoption of this amended standard had no material impact on the Company’s financial statements.

Accounting standards issued but not yet effective

Effective for annual periods beginning on or after July 1, 2014:

• Amendments to IFRS 2, Share-based Payment

• Amendments to IFRS 3, Business Combinations

• Amendments to IFRS 8, Operating Segments

• Amendments to IFRS 13, Fair Value Measurement

Amarc Resources Ltd.

Notes to the Condensed Interim Financial Statements

For the three and nine months ended December 31, 2014 and 2013

(Unaudited - Expressed in Canadian Dollars, unless otherwise stated)

• Amendments to IAS 16, Property, plant and equipment

• Amendments to IAS 24, Related Party Disclosures

Effective for annual periods beginning on or after January 1, 2018:

• IFRS 9, Financial Instruments

The Company has not early adopted these new standards or amendments to existing standards and does not expect the impact of these standards on the Company's financial statements to be material.

3.	CASH AND CASH EQUIVALENTS
	The Company's cash and cash equivalents are invested in business and savings accounts which are available on demand by the Company.

4.	RESTRICTED CASH
	Restricted cash represents guaranteed investment certificates held in support of exploration permits. The amounts are refundable subject to the consent of regulatory authorities upon the completion of any required reclamation work on the related projects.

5. AMOUNTS RECEIVABLE AND OTHER ASSETS

		December 31,		March 31,
		2014		2014
Current
Value added taxes refundable	$	42,831	$	21,055
Prepaid insurance		48,112		55,209
Total current	$	90,943	$	76,264
Non-current
British Columbia Mineral Exploration Tax Credits (“METC”)	$	999,355	$	128,184

6.	MARKETABLE SECURITIES
	As at December 31, 2014 and March 31, 2014, the Company held common shares in several public and private companies. These marketable securities are classified as available–for–sale financial assets and are carried at fair value.

Amarc Resources Ltd.

Notes to the Condensed Interim Financial Statements

For the three and nine months ended December 31, 2014 and 2013

(Unaudited - Expressed in Canadian Dollars, unless otherwise stated)

During the three months ended December 31, 2014, the Company sold marketable securities for total net proceeds of $14,573 and recognized a gain for the same amount. During the nine months ended December 31, 2014, the Company sold marketable securities with a carrying amount of $1,775 for total net proceeds of $39,755 and recognized a gain of $37,980.

7. MINERAL PROPERTY INTERESTS

All of the Company's active exploration properties are located in British Columbia, Canada. The following is a summary of the Company’s material properties.

(a)	IKE Property
	The IKE property is located approximately 40 kilometres northwest of Gold Bridge, British Columbia.

Option Agreement

In December 2013, the Company entered into an agreement (the “IKE Option Agreement”) with Oxford Resources Inc. (“Oxford”) in respect of the IKE property, whereby Amarc had an option to acquire an 80% ownership interest in the property by making staged cash payments totaling $125,000 ($75,000 paid), issuing 300,000 common shares (200,000 common shares issued), and by incurring $1,855,697 in exploration expenditures on or before November 30, 2015. As of the date of the IKE Option Agreement, the mineral property interest in the IKE Property was held by two private third parties (together referred to as the “Underlying Optionors”), and Oxford’s interest in the IKE Property was represented by an option agreement between Oxford and the Underlying Optionors through an underlying option agreement (the “Underlying Option Agreement”).

In July 2014, the IKE Option Agreement was amended, whereby Oxford assigned to Amarc its rights in the Underlying Option Agreement for cash consideration of $40,000 and a 1% net smelter return (“NSR”) royalty (capped at total payments of $2,000,000). Consequently, Amarc now has the right to acquire a 100% ownership interest in the IKE property directly from the Underlying Optionors by making a cash payment of $40,000, issuing 100,000 common shares, and by incurring $1,855,697 in exploration expenditures (completed) before November 30, 2015.

Amarc has further agreed that upon completion of a positive feasibility study, it will issue 500,000 common shares in total to the Underlying Optionors.

Royalties

Oxford’s 1% NSR royalty can be purchased at any time for $2 million (payable in cash, Amarc common shares, or any such combination, at Amarc’s discretion).

The Underlying Optionors retain a 2% NSR royalty. Amarc has the right to purchase half of the royalty (1%) for $2 million ($1 million of which is payable in cash, Amarc common shares, or any such combination, at Amarc's discretion) at any time prior to commercial production. Amarc also has the right to purchase the remaining half of the royalty (1%) for $2 million (of which $1 million is payable in cash, and the remainder in cash, Amarc common shares, or any such combination, at Amarc's discretion) prior to December 31, 2018.

Amarc Resources Ltd.

Notes to the Condensed Interim Financial Statements

For the three and nine months ended December 31, 2014 and 2013

(Unaudited - Expressed in Canadian Dollars, unless otherwise stated)

Minimum advance royalty payments of $25,000 (payable in cash, Amarc common shares, or any such combination, at Amarc's discretion) are due to the Underlying Optionors annually commencing on December 31, 2015.

(b) Galore Property

In July 2014, the Company entered into an option and joint venture agreement with Galore Resources Inc. ("Galore Resources"), whereby the Company acquired the right to earn an initial 51% ownership interest in the Galore property by incurring $3 million in exploration expenditures within five years ($1,500,000 of which may be in recordable assessment credits not directly incurred on the property), and by making staged cash payments up to a maximum of $450,000 (50% of which may be payable in Amarc common shares). Amarc may thereafter acquire an additional 19% ownership interest, for a total 70% ownership interest, by incurring $2 million in exploration expenditures within two years. Upon exercise of the initial or additional option, Amarc and Galore Resources have agreed to form either a 51/49 or a 70/30 joint venture, as the case may be.

The Galore mineral tenure is comprised of five claim groups and is subject to five underlying option agreements, each of which provides the relevant underlying owner with a 1.5% NSR royalty which may be purchased by the Company for $250,000 on or before December 31, 2024 and a 10% net profits interest royalty which may be purchased by the Company at any time until December 31, 2024 for $400,000 less any amounts in respect of net profits interest royalty already paid.

(c) Granite Property

In August 2014, the Company entered into a purchase agreement with Great Quest Fertilizers Ltd. ("Great Quest"), whereby the Company could acquire a 100% ownership interest in the Granite property on or before November 30, 2014 by making staged cash payments totalling $400,000 (completed).

Great Quest holds a 2% NSR royalty on the property which can be purchased for $2 million, on or before commercial production (payable in cash, Amarc common shares, or any such combination, at Amarc's discretion). In addition, there is an underlying 2.5% NSR royalty on certain mineral claims, which can be purchased at any time for $1,500,000 less any amount of royalty already paid.

(d) Silver Vista Property

The Silver Vista Property is located approximately 55 kilometres northeast of Smithers, British Columbia.

In July 2012, Amarc acquired a 100% interest in the approximately 30 square kilometre Silver Vista (MR Zone) property for $800,000 cash. The mineral claims purchased are subject to an underlying 2% NSR royalty, of which 1% can be acquired by Amarc for $1 million, and thereafter the remaining 1% NSR royalty is subject to a right of first refusal.

Amarc Resources Ltd.

Notes to the Condensed Interim Financial Statements

For the three and nine months ended December 31, 2014 and 2013

(Unaudited - Expressed in Canadian Dollars, unless otherwise stated)

(e)	Newton Property
	The Company owns a 100% interest in the Newton Property, located approximately 100 kilometres west of Williams Lake, British Columbia.
	Certain mineral claims are subject to a 2% NSR royalty, which royalty may be purchased at any time by Amarc for $2 million. Advance royalty payments of $25,000 per annum commenced on January 1, 2011.
(f)	Blackwater District Properties
	The Blackwater District Properties are located approximately 75 kilometres southwest of Vanderhoof, British Columbia, and consist of properties named Galileo, Hubble, Franklin, and Darwin.

8. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

		December 31,		March 31,
		2014		2014
Accounts payable	$	50,321	$	8,401
Interest on loan payable to director (note 9)		3,908		–
Fee on loan payable to director (note 9)		187,500		–
Other accrued liabilities		–		27,000
Total	$	241,729	$	35,401

9. LOAN PAYABLE TO DIRECTOR

		December 31,		March 31,
		2014		2014
Loan payable to director	$	1,000,000	$	–
Amounts included under accounts payable and accrued liabilities (note 8)
Accrued interest		3,908		–
Fee for providing the loan		187,500		–
		191,408		–
Loan principal, interest, and fee payable to director	$	1,191,408	$	–

On November 26, 2014, Amarc entered into a loan agreement with a director of the Company, Robert Dickinson, pursuant to which the Company borrowed $1,000,000 from Mr. Dickinson (the “Loan”). The Loan is unsecured and has a maturity date of November 26, 2015. Interest on the Loan is payable at the prime rate plus 2% per annum, and is compounded and payable quarterly in arrears.

Amarc Resources Ltd.

Notes to the Condensed Interim Financial Statements

For the three and nine months ended December 31, 2014 and 2013

(Unaudited - Expressed in Canadian Dollars, unless otherwise stated)

As primary consideration for providing the Loan, Mr. Dickinson received 2,500,000 common shares, subsequent to the reporting period, in January 2015. The value of the shares ($187,500) is equal to the aggregate discounted market price (as defined by TSX Venture Exchange policy) of such shares calculated as of the date of the loan agreement. This $187,500 has been accounted for as a financing cost.

10.	CAPITAL AND RESERVES
(a)	Issuance of common shares pursuant to acquisition of mineral property interests
	During the nine months ended December 31, 2014, the Company issued 100,000 common shares with an estimated fair value of $6,500 (nine months ended December 31, 2013 – nil common shares) pursuant to mineral property agreement in respect of the IKE property (note 7(a)).

(b)	Share purchase option compensation plan
	The following table summarizes the changes in the Company's share purchase options:

	Nine months ended				Nine months ended
Share purchase options	December 31, 2014				December 31, 2013
				Weighted				Weighted
	Number of			average	Number of			average
	options			exercise price	options			exercise price
Outstanding – beginning of period	5,155,900		$	0.32	5,438,600		$	0.32
Forfeited	(32,100	)	$	0.32	(198,700	)	$	0.32
Expired	(2,072,500	)	$	0.32	–		$	–
Outstanding – end of period	3,051,300		$	0.32	5,239,900		$	0.32
Exercisable – end of period	3,051,300		$	0.32	5,239,900		$	0.32

Awards typically vest in several tranches ranging from 6 months to 18 months.

The following table summarizes information on the Company's share purchase options outstanding as at December 31, 2014 and March 31, 2014:

	December 31, 2014		March 31, 2014
	Number of share		Number of share
	purchase options	Remaining	purchase options	Remaining
	outstanding and	contractual	outstanding and	contractual
Exercise price	exercisable	life (years)	exercisable	life (years)
$0.32	3,051,300	1.7	5,155,900	1.7

Amarc Resources Ltd.

Notes to the Condensed Interim Financial Statements

For the three and nine months ended December 31, 2014 and 2013

(Unaudited - Expressed in Canadian Dollars, unless otherwise stated)

11.	RELATED PARTY TRANSACTIONS
(a)	Transactions with key management personnel

Key management personnel 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 the directors of the Company.

Transactions with key management personnel were as follows:

Remuneration for services		Three months ended				Nine months ended
rendered		December 31,				December 31,
		2014		2013		2014		2013
Short-term employee benefits	$	64,003	$	102,845	$	192,008	$	315,912
Share-based payments		–		–		–		51,096
Total	$	64,003	$	102,845	$	192,008	$	367,008

Short-term employee benefits include salaries, directors fees and amounts paid to HDSI (note 11(b)(i)) for services provided to the Company by certain HDSI personnel who serve as executive directors and officers for the Company.

During the three and nine months ended December 31, 2014, the Company received a loan from a director of the Company. Balances outstanding and the terms of the loan are presented in note 9.

(b) Balances and transactions with related entities

Balances due to related parties		December 31,		March 31,
		2014		2014
Balance due to entity with significant influence (note 11(b)(i))	$	111,018	$	69,939

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

		Three months ended				Nine months ended
Transactions with related entities		December 31,				December 31,
		2014		2013		2014		2013
Services received from HDSI (note 11(b)(i)):
HDSI employee time charges, based on annually set rates	$	530,037	$	233,592	$	1,706,088	$	892,958
Key management personnel fees		49,900		88,300		149,700		264,900
Information technology services and maintenance fees		41,400		32,100		113,700		109,600
		621,337		353,992		1,969,488		1,267,458
Reimbursement of third party expenses to HDSI		2,939		2,235		23,526		21,240
	$	624,276	$	356,227	$	1,993,014	$	1,288,698

Amarc Resources Ltd.

Notes to the Condensed Interim Financial Statements

For the three and nine months ended December 31, 2014 and 2013

(Unaudited - Expressed in Canadian Dollars, unless otherwise stated)

(i) Entity with significant influence over the Company

Management believes that Hunter Dickinson Services Inc. ("HDSI"), a private company, has power to participate in the financial or operating policies of the Company.

The following directors or officers of the Company also have a role within HDSI.

Individual	Role within the Company	Role within HDSI
Scott Cousens	Director	Director
Robert Dickinson	Director	Director
Paul Mann	Chief Financial Officer	Employee
Diane Nicolson	President	Employee
Ronald Thiessen	Director, Chief Executive Officer	Director
Trevor Thomas	General Counsel and Corporate Secretary	Employee

Pursuant to certain management agreements between the Company and HDSI, the Company receives technical, geological, corporate communications, regulatory compliance, and administrative and management services from HDSI. HDSI also incurs third party costs on behalf of the Company.

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 for deferred tax
	As future taxable profits of the Company are uncertain, no deferred tax asset has been recognized. As at December 31, 2014, the Company had unused non-capital loss carry forwards of approximately $12.7 million (March 31, 2014 – $11.1 million) in Canada.
	As at December 31, 2014, the Company had resource tax pools of approximately $24.4 million (March 31, 2014 – $21.8 million) available in Canada, which may be carried forward and utilized to reduce future taxes related to certain resource income.

Amarc Resources Ltd.

Notes to the Condensed Interim Financial Statements

For the three and nine months ended December 31, 2014 and 2013

(Unaudited - Expressed in Canadian Dollars, unless otherwise stated)

13.	EMPLOYEE BENEFITS EXPENSES
	Employees' salaries and benefits included in various expenses were as follows:

		Three months ended				Nine months ended
		December 31,				December 31,
		2014		2013		2014		2013
Salaries and benefits included in:
Exploration and evaluation	$	288,852	$	132,714	$	1,097,807	$	585,173
Office and administration		265,762		181,575		753,092		624,790
Shareholder communication		14,356		18,237		27,960		88,837
Total	$	568,970	$	332,526	$	1,878,859	$	1,298,800

14. OPERATING SEGMENTS

The Company is operating in a single reportable segment – the acquisition, exploration and development of mineral properties. All assets are held in Canada.