Monarch Mining Reports its Results for the Quarter and 232-Day Period Ended June 30, 2021

Rhea-AI Summary

Monarch Mining Corporation (TSX: GBAR, OTCQX: GBARF) announced its financial results for the 232-day period ending June 30, 2021, reporting a net loss of $5.60 million or $0.12 per share. Operational expenditures included $1.76 million in administration, $2.76 million for care and maintenance, and $3.47 million for exploration. Monarch aims to restart operations at the Beaufor Mine by June 2022 and has increased its cash position to $38 million as of September 15, 2021, while minimizing share dilution. The company is progressing with its drilling program, having completed 42,500 meters at Beaufor.

Positive

• Increased cash position to approximately $38 million as of September 15, 2021.
• Ongoing drilling program at Beaufor with positive results.
• Plans to restart operations at the Beaufor Mine by June 2022.

Negative

• Reported a net loss of $5.60 million or $0.12 per share.
• High operational expenditures with $3.47 million spent on exploration.

MONTREAL, Sept. 28, 2021 (GLOBE NEWSWIRE) -- MONARCH MINING CORPORATION (“Monarch” or the “Corporation”) (TSX: GBAR) (OTCQX: GBARF) reported its results today for the quarter and 232-day period ended June 30, 2021. Amounts are in Canadian dollars unless otherwise indicated.

Summary of financial results

(In dollars, except per share data)	232-DAY PERIOD ENDED JUNE 30, 2021		THREE MONTHS ENDED JUNE 30, 2021
Administration	1,761,466		1,176,022
Care and maintenance	2,757,758		1,794,899
Exploration	3,471,155		2,229,013
Income tax recovery deferred mining taxes	(1,766,907)		(1,790,126)
Net loss	(5,598,402)		(2,837,751)
Net loss per share, basic and diluted	(0.12)		(0.04)

“Since being listed on January 26 as the new entity Monarch Mining Corporation, we have made great progress and are now well on our way to restarting operations at the Beaufor Mine, aiming to increase the mine’s previous annual production,” said Jean-Marc Lacoste, President and Chief Executive Officer of Monarch. “At the moment, we are getting the Beaufor Mine and Beacon Mill ready to start the pre-production phase start this fall, and we are continuing to recruit personnel to that we can start commercial production by June 2022. On the exploration side, the 42,500-metre drilling program is ongoing at Beaufor, with four underground drills currently on site, and we are extremely pleased with the results to date.”

“Thanks to strategic financings undertaken during the year, we have managed to increase our cash and balance-of-sale-receivable position to approximately $38 million as at September 15, 2021, while minimizing share dilution for our shareholders. We also continue to move work forward on our other advanced projects, McKenzie Break and Croinor Gold, which both have excellent exploration potential,” concluded Mr. Lacoste.

About Monarch
Monarch Mining Corporation (TSX: GBAR) is a fully integrated mining company that owns four advanced projects, including the fully permitted past-producing Beaufor Mine, which has produced more than 1 million ounces of gold over the last 30 years. Other advanced assets include the Croinor Gold, McKenzie Break and Swanson properties, all located near Monarch’s wholly owned and fully permitted Beacon 750 tpd mill. Monarch owns 28,702 hectares (287 km²) of mining assets in the prolific Abitibi mining camp that host 714,982 ounces of combined measured and indicated gold resources and 421,793 ounces of combined inferred resources.

Forward-Looking Statements
The forward-looking statements in this press release involve known and unknown risks, uncertainties and other factors that may cause Monarch’s actual results, performance and achievements to be materially different from the results, performance or achievements expressed or implied therein. Neither TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this press release.

FOR MORE INFORMATION:

Jean-Marc Lacoste	1-888-994-4465
President and Chief Executive Officer	jm.lacoste@monarchmining.com
Mathieu Séguin	1-888-994-4465
Vice President, Corporate Development	m.seguin@monarchmining.com
Elisabeth Tremblay	1-888-994-4465
Senior Geologist – Communications Specialist	e.tremblay@monarchmining.com
www.monarchmining.com

Table 1: Monarch combined gold resources

	Tonnes (metric)	Grade (g/t Au)	Ounces
Beaufor Mine1
Measured Resources	328,500	5.7	59,900
Indicated Resources	956,400	5.2	159,300
Total Measured and Indicated	1,284,900	5.3	219,200
Total Inferred	818,900	4.7	122,500
Croinor Gold2
Measured Resources	80,100	8.44	21,700
Indicated Resources	724,500	9.20	214,300
Total Measured and Indicated	804,600	9.12	236,000
Total Inferred	160,800	7.42	38,400
McKenzie Break3
In-pit
Total Indicated	1,441,377	1.80	83,305
Total Inferred	2,243,562	1.44	104,038
Underground
Total Indicated	387,720	5.03	62,677
Total Inferred	1,083,503	4.21	146,555
Swanson4
In-pit
Total Indicated	1,864,000	1.76	105,400
Total Inferred	29,000	2.46	2,300
Underground
Total Indicated	91,000	2.86	8,400
Total Inferred	87,000	2.87	8,000
TOTAL COMBINED5 Measured and Indicated Resources Inferred Resources			714,982 421,793
1 Source: Mineral Resource Estimate of the Beaufor Mine Project, July 23, 2021, Val-d’Or, Québec, Canada, Charlotte Athurion, P. Geo., Clovis Auger, P. Geo. and Dario Evangelista P. Eng., BBA Inc. 2 Source: Monarch Gold prefeasibility study (January 19, 2018) and resource estimate (January 8, 2016). This resource estimate was prepared for Monarch Gold and has not been reviewed by a qualified person for Monarch Mining as required under National Instrument 43-101 and is thus considered as an historical estimate. 3 Source: NI 43-101 Technical Evaluation Report on the McKenzie Break Property, February 1, 2021, Val-d’Or, Québec, Canada, Alain-Jean Beauregard, P.Geo., Daniel Gaudreault, P.Eng., Geologica Groupe-Conseil Inc., and Merouane Rachidi, P.Geo., Claude Duplessis, P.Eng., GoldMinds GeoServices Inc. 4 Source: NI 43-101 Technical Report and Mineral Resource Estimate for the Swanson Project, January 22, 2021, Val-d’Or, Québec, Canada, Christine Beausoleil, P. Geo. and Alain Carrier, P. Geo., InnovExplo Inc. 5 Numbers may not add up due to rounding.

FAQ

What were the financial results for Monarch Mining Corporation for the quarter ended June 30, 2021?

Monarch reported a net loss of $5.60 million or $0.12 per share for the quarter ending June 30, 2021.

How much cash does Monarch Mining Corporation have as of September 15, 2021?

Monarch Mining Corporation has increased its cash position to approximately $38 million as of September 15, 2021.

When does Monarch Mining Corporation plan to restart operations at Beaufor Mine?

Monarch Mining Corporation plans to restart operations at the Beaufor Mine by June 2022.

What is the ongoing drilling program at Monarch Mining Corporation?

The ongoing drilling program at Beaufor consists of 42,500 meters, with four underground drills currently on site.