Amarc Resources Ltd. - Exhibit 99.1 - Filed by newsfilecorp.com

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 Consolidated Interim Statements of Financial Position
(Unaudited – Expressed in Canadian Dollars)

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

Amarc Resources Ltd.
Condensed Consolidated Interim Statements of Loss
(Unaudited - Expressed in Canadian Dollars, except for weighted average number of common shares)

			Three months ended						Nine months ended
			December 31,						December 31,
	Note		2017			2016			2017			2016

Expenses	10,11
Exploration and evaluation		$	1,699,311		$	310,653		$	6,061,163		$	2,599,504
Assays and analysis			82,542			27,942			187,718			116,794
Drilling			218,247			–			931,006			263,705
Equipment rental			22,791			1,080			66,403			24,003
Geological			244,256			146,327			1,348,809			741,827
Helicopter and fuel			117,160			–			1,519,029			568,658
Property costs and assessments			749,200			64,374			905,070			304,572
Site activities			153,422			21,194			801,184			362,966
Socioeconomic			91,316			44,596			222,277			188,928
Travel and accommodation			20,377			5,140			79,667			28,051

Administration			278,714			155,761			830,232			547,336
Legal, accounting and audit			54,988			12,498			168,806			34,016
Office and administration	11 (b)		159,137			101,401			514,725			436,851
Shareholder communication			50,366			27,259			88,846			41,203
Travel and accommodation			8,386			2,594			25,295			3,008
Trust and regulatory			5,837			12,009			32,560			32,258

Cost recoveries			(1,139,552	)		(414,300	)		(5,644,975	)		(2,932,597	)
Pursuant to IKE agreements	6 (a)		(452,818	)		(414,300	)		(3,162,847	)		(2,932,597	)
Pursuant to JOY agreement	6 (b)		(686,734	)		–			(2,482,128	)		–

			838,473			52,114			1,246,420			214,243
Other items
Finance income			(9,822	)		(1,871	)		(20,191	)		(7,110	)
Interest expense – director's loans	8		22,685			34,986			105,904			94,643
Transaction cost – director’s loans	8		220,173			61,811			405,861			125,692
Foreign exchange loss			(3,139	)		43			(4,089	)		–
Gain on disposition of marketable securities			–			–			–			(14,806	)
Net loss		$	1,068,370		$	147,083		$	1,733,905		$	412,662

Basic and diluted loss per common share		$	0.01		$	0.00		$	0.01		$	0.00

Weighted average number of common shares outstanding			166,335,502			141,424,061			153,110,486			141,424,061

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

Amarc Resources Ltd.
Condensed Consolidated Interim Statements of Comprehensive (Income) Loss
(Unaudited - Expressed in Canadian Dollars)

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

Amarc Resources Ltd.
Condensed Consolidated Interim Statements of Changes in Deficiency
(Unaudited - Expressed in Canadian Dollars, except for share information)

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

Amarc Resources Ltd.
Condensed Consolidated Interim Statements of Cash Flows
(Unaudited - Expressed in Canadian Dollars)

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

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.

2015-Loan Agreement
In September 2015, the Company entered into a loan agreement (the “2015-Loan Agreement”) with its Director and Chairman, Robert Dickinson (the “Lender”) pursuant to which the Lender advanced to the Company a principal sum of $500,000 with a two-year term and at an interest rate of 7% per annum. Pursuant to the 2015-Loan Agreement, the Company issued 5,555,555 common share purchase warrants (note 9(c)) to the Lender with an expiry term of two years and exercise price of $0.09.

2016-Loan Agreement
In November 2016, the Company and the Lender entered into another loan agreement (the “2016-Loan Agreement”), pursuant to which a previous loan agreement for a principal sum of $1,000,000 and with a due date of November 26, 2016 was extended for three years on customary conditions, and the principal sum was increased to $1,500,000 by way of an additional advance of $500,000 to fund mineral property acquisitions (note 6(b) and (c)). The 2016-Loan Agreement is subject to a fixed interest at 9% per annum. Pursuant to the 2016-Loan Agreement, the Company issued to the Lender a loan bonus comprising of 10,000,000 common share purchase warrants (note 9(c)) with a three-year term and an exercise price of $0.08 per share.

HDSI also incurs third-party costs on behalf of the Company; such third-party costs are reimbursed by the Company to HDSI at cost without any markup and such costs include, for example, directors and officers insurance, travel, conferences, and communication services.

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

			December 31,			March 31,
	Note		2017			2017

ASSETS

Current assets
Cash	3	$	1,210,789		$	930,890
Amounts receivable and other assets	5		699,303			38,891
Marketable securities			100,256			29,468
			2,010,348			999,249
Non-current assets
Restricted cash	4		173,143			112,815

Total assets		$	2,183,491		$	1,112,064

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities
Accounts payable and accrued liabilities	7	$	83,940		$	14,841
Balance due to a related party	10		63,621			175,337
Director's loan	8		–			390,243
			147,561			580,421
Non-current liabilities
Director's loan	8		736,361			940,257

Total liabilities			883,922			1,520,678

Shareholders' deficiency
Share capital	9		63,557,056			59,559,910
Reserves	9		5,185,817			5,740,875
Accumulated deficit			(67,443,304	)		(65,709,399	)
			1,299,569			(408,614	)

Total liabilities and shareholders' deficiency		$	2,183,491		$	1,112,064

Nature of operations and going concern (note 1)
Event occuring after the reporting period (note 12)

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

Robert A. Dickinson	Rene G. Carrier
Director	Director

		Three months ended					Nine months ended
		December 31,					December 31,
		2017			2016		2017			2016

Net loss	$	1,068,370		$	147,083	$	1,733,905		$	412,662

Other comprehensive (income) loss:
Items that may be reclassified subsequently to profit and loss:
Revaluation of marketable securities		(70,230	)		2,874		(70,788	)		(7,275	)
Reallocation of the fair value of marketable securities upon disposition		–			–		–			14,806
Total other comprehensive (income) loss		(70,230	)		2,874		(70,788	)		7,531

Comprehensive loss	$	998,140		$	149,957	$	1,663,117		$	420,193

		Share capital				Reserves
						Share-based		Investment			Share
		Number				payments		revaluation			warrants
	Note	of shares		Amount		reserve		reserve			reserve			Deficit			Total

Balance at April 1, 2016		141,424,061	$	58,967,910	$	2,202,640	$	21,402		$	3,133,363		$	(64,666,751	)	$	(341,436	)
Issuance of share purchase warrants	9 (c)	–		–		–		–			607,406			–			607,406
Total other comprehensive loss		–		–		–		(7,531	)		–			–			(7,531	)
Loss for the period		–		–		–		–			–			(412,662	)		(412,662	)
Balance at December 31, 2016		141,424,061	$	58,967,910	$	2,202,640	$	13,871		$	3,740,769		$	(65,079,413	)	$	(154,223	)

Balance at April 1, 2017		145,424,061	$	59,559,910	$	2,202,640	$	29,466		$	3,508,769		$	(65,709,399	)	$	(408,614	)
Issuance of common shares pursuant to a private placement, net of issuance costs	9 (b)	13,045,500		2,481,300		–		–			–			–			2,481,300
Issuance of common shares pursuant to a property option agreement	9 (b)	1,944,444		350,000		–		–			–			–			350,000
Issuance of common shares pursuant to exercise of share purchase warrants	9 (c)	6,555,555		540,000		–		–			–			–			540,000
Reallocation of share warrants reserve to share capital for exercised warrants	9 (c)	–		625,846		–		–			(625,846	)		–			–
Total other comprehensive income		–		–		–		70,788			–			–			70,788
Loss for the period		–		–		–		–			–			(1,733,905	)		(1,733,905	)
Balance at December 31, 2017		166,969,560	$	63,557,056	$	2,202,640	$	100,254		$	2,882,923		$	(67,443,304	)	$	1,299,569

			Nine months ended
			December 31,
	Note		2017			2016

Operating activities
Loss for the period		$	(1,733,905	)	$	(412,662	)
Adjustments for:
Finance income			(20,191	)		(7,110	)
Interest expense – director's loans	8		105,904			94,643
Transaction cost – director’s loans	8		405,861			125,692
Non-cash property payments	6 (b)		350,000			–
Gain on disposition of marketable securities			–			(14,806	)

Changes in working capital items
Amounts receivable and other assets			(660,412	)		94,030
Restricted cash			(60,328	)		101,674
Accounts payable and accrued liabilities			69,099			46,940
Balance due to a related party			(111,716	)		(83,926	)
Net cash used in operating activities			(1,655,688	)		(55,525	)

Investing activities
Acquisition of mineral property interest			–			(505,101	)
Proceeds from disposition of marketable securities			–			19,805
Interest received			20,191			7,110
Net cash provided by investing activities			20,191			(478,186	)

Financing activities
Net proceeds from issuance of common shares pursuant to a private placement	9 (b)		2,481,300			–
Net proceeds from issuance of common shares pursuant to exercise of share purchase warrants	9 (c)		540,000			–
Proceeds from director's loan			–			500,000
Repayment of director's loans	8		(1,000,000	)		–
Interest paid on director's loans	8		(105,904	)		(94,644	)
Net cash provided by financing activities			1,915,396			405,356

Net increase in cash			279,899			(128,355	)
Cash, beginning balance			930,890			747,408
Cash, ending balance	3	$	1,210,789		$	619,053

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 ("BC"), and its principal business activity is the acquisition and exploration of mineral properties. Its principal mineral property interests are located in 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 condensed consolidated interim financial statements (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.

	The Company will need to seek additional financing to meet its working capital requirements. 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 factors indicate the existence of a material uncertainty that raises significant doubt about the Company’s ability to continue as a going concern.

	These Financial Statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that 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 years presented, 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, 2017. Results for the reporting period ended December 31, 2017 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 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 for issuance on February 28, 2018.

(b)	Basis of presentation and consolidation

	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.

	These Financial Statements include the financial statements of the Company and its only subsidiary named 1130346 B.C. Ltd. (the “Subco”), incorporated under the laws of BC. The Subco is Amarc’s wholly-owned subsidiary and was incorporated for the purposes of entering into an option agreement (note 6(b)) and as of December 31, 2017 the Subco did not have any asset, liability, income or expense. Intercompany balances and transactions are eliminated in full on consolidation.

	Certain comparative amounts have been reclassified to conform to the presentation adopted in the current year.

(c)	Significant accounting estimates and judgments

	The critical judgements and estimates applied in the preparation of these Financial Statements are consistent with those applied in the Company’s audited financial statements as at and for the year ended March 31, 2017.

(d)	Accounting standards, interpretations and amendments to existing standards

	Accounting standards issued but not yet effective

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

	•	IFRS 9, Financial Instruments
	•	IFRS 15, Revenue from Contracts with Customers

3.	CASH

	The Company's cash is 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,
		2017		2017
			$
Sales tax refundable	$	254,328		38,891
Contributions receivable (note 6(b))		444,975		–
Total	$	699,303	$	38,891

6.	EXPLORATION AND EVALUATION EXPENSES AND COST RECOVERIES

	During the three and nine months ended December 31, 2017, the Company’s mineral exploration and evaluation expenses were incurred on its IKE, JOY, PINE and DUKE projects.

(a)	IKE Project

	The IKE Project is located in south-central BC. In July 2017, the Company announced it had entered into a Mineral Property Farm-In Agreement with Hudbay Minerals Inc. (“Hudbay”), pursuant to which Hudbay may acquire, through a staged investment process, up to a 60% ownership interest in the IKE Project. The Company records the amount of contributions received or receivable from Hudbay pursuant to the IKE Property Farm-In Agreement as cost recoveries in the Statement of Loss to the extent it incurs expenditures against such contributions.

	Relinquished Option Agreement

	During the three and nine months ended December 31, 2016, the Company recorded a gross amount of cost recovery of $414,300 and $2,932,597, respectively, representing contributions received pursuant to a definitive agreement with Thompson Creek Metals Company Inc. (“Thompson Creek”) dated February 2016, whereby the latter had an option to acquire, through a staged investment process within five years, a 30% ownership interest in the mineral claims and crown grants covering the IKE Project.

	In January 2017, Thompson Creek (having been taken over by Centerra Gold Inc.) relinquished its option and elected to exchange its 10% participating interest for a 1% Conversion Net Smelter Royalty from mine production, capped at a total of $5 million. As a result, the Company maintained a 100% interest in the IKE Project.

(b)	JOY Project

	The JOY Project, located in north-central BC, comprises the JOY and PINE properties, and certain adjacent claims (the “Staked Claims”) acquired directly by Amarc. In November 2016, the Company entered into a purchase agreement with a private company wholly owned by one of its directors (note 10(c)) to purchase 100% of the JOY property at the vendor’s direct acquisition costs of $335,299. In addition, Amarc concluded agreements with each of Gold Fields Toodoggone Exploration Corporation (“GFTEC”) and Cascadero Copper Corporation (“Cascadero”) in mid-2017 pursuant to which Amarc can purchase 100% of the PINE property. Subsequently, Hudbay and Amarc agreed to include both the PINE property and the Staked Claims into the JOY Project.

	In August 2017, the Company announced that it had entered into a Mineral Property Farm-In Agreement with Hudbay, pursuant to which Hudbay may acquire, through a staged investment process, up to a 60% ownership in the JOY Project. The Company records the amount of contributions received or receivable from Hudbay pursuant to the Farm-In Agreement as cost recoveries in the Statement of Loss to the extent it incurs expenditures against such contributions.

(c)	DUKE Project

	In November 2016, the Company entered into a purchase agreement with a privately company wholly owned by one of its directors (note 10(c)) to purchase a 100% interest in the DUKE property at the vendor’s direct acquisition costs of $168,996. The DUKE property is located in central BC.

		Nine months ended			Year ended
Unsecured loans payable to a director		December 31, 2017			March 31, 2017
Opening balance	$	1,330,500		$	1,234,849
Net amount advanced		–			500,000
Transaction costs		–			(607,406	)
Repayments		(1,000,000	)		–
Amortisation of transaction costs		405,861			203,057
Closing balance	$	736,361		$	1,330,500

		Three months ended				Nine months ended
Transaction costs		December 31,				December 31,
		2017		2016		2017		2016
Interest on director’s loan	$	22,685	$	34,986	$	105,904	$	94,643
Amortization of transaction costs		220,173		61,811		405,861		125,692
Total	$	242,858	$	96,797	$	511,765	$	220,335

	During the current period, $500,000 of the 2016-Loan Agreement was repaid to the Lender, leaving a balance outstanding as at December 31, 2017 of $1,000,000.

	These advances were measured as financial liabilities at their (cash) transaction values, with the unamortized balance of directly applicable costs, comprised of the fair values of the bonus warrants granted, representing a partially offsetting asset balance. Such 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.

9.	CAPITAL AND RESERVES

(a)	Authorized and outstanding share capital

	The Company's authorized share capital consists of an unlimited number of common shares (“Common Shares”) without par value and an unlimited number of preferred shares. All issued Common Shares are fully paid. No preferred shares have been issued.

	As at December 31, 2017, there were 166,969,560 Common Shares outstanding (March 31, 2017: 145,424,061).

(b)	Share issuance

	In September 2017, the Company announced a private placement financing, issuing 13,045,500 Common Shares at a price of $0.20 per Common Share for gross proceeds of $2,609,100, and incurred share issuance costs of $127,800 for net proceeds of $2,481,300.

	In October 2017, pursuant to a property option agreement (note 6(b)), the Company issued 1,944,444 Common Shares.

(c)	Share purchase warrants

	The following common share purchase warrants were outstanding at December 31, 2017 and March 31, 2017:

	Exercise	December 31,	March 31,
	price	2017	2017
Issued pursuant to:
the 2015-Loan Agreement⁽ⁱ⁾	$0.09	–	1,555,555
the 2016-Loan Agreement⁽ⁱⁱ⁾	$0.08	5,000,000	10,000,000
Total		5,000,000	11,555,555

Balances due to related parties		December 31,		March 31,
		2017		2017
Hunter Dickinson Services Inc. (note 10(b))	$	63,621	$	157,282
United Mineral Services Ltd. (note 10(c))		–		18,055
	$	63,621	$	175,337

(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 directors of the Company.

	Note 8 includes the details of a director’s loans. Note 6 includes the details of the acquisition of mineral property interests from a private entity wholly-owned by one of the Company’s directors.

	During the nine months ended December 31, 2017 and 2016, the Company’s President and Director, Chief Financial Officer, and Corporate Secretary provided services to the Company under a service agreement with Hunter Dickinson Services Inc. (note 10(b)). There was no other transaction with KMP during the nine months ended December 31, 2017 and December 31, 2016.

(b)	Balances and transactions with Hunter Dickinson Inc.

	Hunter Dickinson Inc. (“HDI”) and its wholly-owned subsidiary Hunter Dickinson Services Inc. ("HDSI") are private companies established by a group of mining professionals engaged in advancing mineral properties for a number of publicly-listed exploration companies, one of which is the Company. The Company has two Directors in common with HDSI, namely: Robert Dickinson and Ronald Thiessen. In addition, the Company’s President 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. Because 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. Services from HDSI are provided on a non-exclusive basis. The Company is not obligated to acquire any minimum amount of services from HDSI. The value of services received from HDSI is 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.

		Three months ended				Nine months ended
Transactions with HDSI		December 31,				December 31,
		2017		2016		2017		2016
Services received from HDSI and as requested by Amarc	$	382,000	$	240,000	$	1,068,000	$	803,000
Information technology-infrastructure and support services		15,000		15,000		45,000		45,000
Reimbursement , at cost, of 3^rdparty expenses incurred by HDSI on behalf of Amarc	$	17,000	$	3,000	$	89,000	$	24,000

(c)	Balances and transactions with United Mineral Services Ltd.

	United Mineral Services Ltd. (“UMS”) is a privately held company wholly-owned by one of the Company’s Directors. UMS is engaged in the acquisition and exploration of mineral property interests. In November 2016, the Company acquired from UMS a 100% interest in two mineral property interests, namely JOY and DUKE, for aggregate acquisition costs of $504,295 (note 6(b) and 6(c)). Subsequent to the acquisition of the properties, UMS has incurred third-party costs on behalf of the Company, for example, mineral property claims paid on behalf of the Company. These third-party costs are reimbursed by the Company at a 5% markup.

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

(a)	Employee salaries and benefits

	The employees’ salaries and benefits included in exploration and evaluation expenses and administration expenses are as follows:

(b)	Office and administration expenses

	Office and administration expenses include the following:

12.	EVENT AFTER THE REPORTING PERIOD

	After the end of the reporting period, in January 2018, the Company issued 1,816,667 Common Shares pursuant to the PINE Property option agreements (note 6(b)).