What changed in this filing

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Item 4. Controls and Procedures

2020-07-08 compared with 2020-04-08 · 38 added, 33 removed, 2 unchanged (97% of the section changed)

Controls and Procedures

controls and procedures

controls and procedures are designed to ensure that information required to be disclosed in reports filed or submitted by the

Company under U.S.

and Canadian securities legislation is recorded, processed, summarized and reported within the time periods

specified in those rules, including providing reasonable assurance that material information is gathered and reported to senior

management, including the Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), as appropriate,

to permit timely decisions regarding public disclosure.

Management, including the CEO and CFO, has evaluated the effectiveness

of the design and operation of the Company’s disclosure controls and procedures, as defined in Rule 13a-15(e) and 15d-15(e)

Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the rules of Canadian Securities

Administration, as of February 29, 2020.

Based on this evaluation, the CEO and CFO have concluded that the Company’s disclosure

controls and procedures were effective.

control over financial reporting

and Procedures

Disclosure controls

and procedures

Disclosure controls and procedures are

designed to ensure that information required to be disclosed in reports filed or submitted by the Company under U.S.

securities legislation is recorded, processed, summarized and reported within the time periods specified in those rules, including

providing reasonable assurance that material information is gathered and reported to senior management, including the Chief Executive

Officer (“CEO”) and Chief Financial Officer (“CFO”), as appropriate, to permit timely decisions regarding

public disclosure.

Management, including the CEO and CFO, has evaluated the effectiveness of the design and operation of the Company’s

disclosure controls and procedures, as defined in Rule 13a-15(e) and 15d-15(e) of the U.S.

Securities Exchange

Act of 1934, as amended (the “Exchange Act”) and the rules of Canadian Securities Administration, as of May 31,

Based on this evaluation, the CEO and CFO have concluded that the Company’s disclosure controls and procedures were

Internal control over

financial reporting

Management is responsible for establishing

and maintaining adequate internal control over financial reporting as defined in Rule 13a-15(f) and 15d-15(f) of the Exchange

Act and National Instrument 52-109 Certification of Disclosure in Issuer’s Annual and Interim filings.

Any system of

internal control over financial reporting, no matter how well designed, has inherent limitations.

Therefore, even those systems

determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.

in internal control over financial reporting

and maintaining adequate internal control over financial reporting as defined in Rule 13a-15(f) and 15d-15(f) of

the Exchange Act and National Instrument 52-109 Certification of Disclosure in Issuer’s Annual and Interim filings.

Any system of internal control over financial reporting, no matter how well designed, has inherent limitations.

Therefore, even

those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation

and presentation.

Changes in internal

control over financial reporting

Except for the implementation of certain

internal controls over the formation of the Ambler joint venture and the adoption of new lease accounting requirements under ASC

842, there have been no changes in our internal controls over financial reporting during the three-month period ended February

29, 2020, which have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

We continue to evaluate our internal control over financial reporting on an ongoing basis to identify improvements.

In connection

with the joint venture, Ambler Metals LLC, in February 2020, and the adoption of the new lease accounting requirements, we will

continue to modify our internal control over financial reporting over the next few months to reflect the impact of both the formation

of the joint venture and adoption of ASC 842 lease accounting rules.

II - OTHER INFORMATION

time to time, we are a party to routine litigation and proceedings that are considered part of the ordinary course of its business.

We are not aware of any material current, pending, or threatened litigation.

internal controls over the formation of the Ambler Metals joint venture, there have been no changes in our internal controls over

financial reporting during the fiscal quarter ended May 31, 2020 which have materially affected, or are reasonably likely

to materially affect, our internal controls over financial reporting.

We continue to evaluate our internal control over financial

reporting on an ongoing basis to identify improvements.

In connection with the formation of the Ambler Metals joint venture in

February 2020, we modified our internal control over financial reporting to reflect the impact of the formation of the joint

venture, which modifications were finalized prior to the filing of the Form 10-Q

for the period ended May 31, 2020.

- OTHER INFORMATION

From time to time, we are a party to routine

litigation and proceedings that are considered part of the ordinary course of its business.

We are not aware of any material current,

pending, or threatened litigation.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 4. Controls and Procedures