Monarch Mining Reports Its Results for the Quarter Ended March 31, 2021

Rhea-AI Summary

Monarch Mining Corporation (TSX:GBAR, OTC PINK:GBARF) announced its financial results for the quarter and 141-day period ending March 31, 2021. Key figures include a net loss of (2,760,651) CAD and total assets of 61,211,859 CAD. The report highlights strong drilling programs at its properties, particularly the Beaufor Mine, and an expectation to restart operations within 12 months. The corporation has a robust cash position of 19,013,624 CAD, enabling advancement of its high-grade gold projects.

Positive

• Strong financial position with cash and cash equivalents of 19,013,624 CAD.
• Ongoing major drilling programs that may enhance asset value.
• Expectation to restart the Beaufor Mine within 12 months.

Negative

• Net loss of (2,760,651) CAD for the quarter.
• High administrative, care, and exploration expenses totaling 2,790,445 CAD.

MONTREAL, QC / ACCESSWIRE / May 13, 2021 / MONARCH MINING CORPORATION ("Monarch" or the "Corporation") (TSX:GBAR)(OTC PINK:GBARF) reported its results today for the quarter and 141-day period ended March 31, 2021. Amounts are in Canadian dollars unless otherwise indicated.

Summary of financial results:

(In dollars, except per share data)	Three months ended March 31 2021	141-day period ended March 31 2021
Administrative expenses	585,444	585,444
Care and maintenance expenses	962,859	962,859
Exploration expenses	1,242,142	1,242,142
Net loss	(2,760,651)	(2,760,651)
Basic and diluted net loss	(0.05)	(0.08)

(In dollars)	March 31, 2021
Cash and cash equivalents		19,013,624
Total assets		61,211,859
Non current liabilities		12,906,332
Shareholders' equity		46,461,437

"These are our financial results for a full quarter following the closing of the Yamana Gold Inc. transaction and our January 26 listing as the new Monarch Mining Corporation entity," said Jean-Marc Lacoste, President and CEO of Monarch. "We started the year strong, with major drilling programs on the Beaufor Mine, McKenzie Break and Croinor Gold properties, which are still ongoing. We also updated the mineral resource estimate technical reports on the Beaufor Mine, McKenzie Break and Swanson projects, which showed clear growth in the value of our mining assets. We expect the new resource estimate for the Beaufor Mine, which will include the results from the latest drilling programs, to further increase the potential value of the deposit."

"We are still aiming to restart the Beaufor mine within the next 12 months in a gold market that remains strong. During the quarter, we also upgraded our technical team by adding experienced people who will help make Monarch a success. In addition, our strong financial position enables us to move forward with our advanced high-grade gold projects, for which we have high hopes," Mr. Lacoste added.

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 28,725 hectares (287 km²) of mining assets in the prolific Abitibi mining camp that host 588,482 ounces of combined measured and indicated gold resources and 329,393 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
President and Chief Executive Officer
1-888-994-4465
jm.lacoste@monarchmining.com

Mathieu Séguin
Vice President, Corporate Development
1-888-994-4465
m.seguin@monarchmining.com

Elisabeth Tremblay
Senior Geologist - Communications Specialist
1-888-994-4465
e.tremblay@monarchmining.com

www.monarchmining.com

SOURCE: Monarch Gold Corp.

View source version on accesswire.com:
https://www.accesswire.com/647103/Monarch-Mining-Reports-Its-Results-for-the-Quarter-Ended-March-31-2021

FAQ

What were Monarch Mining Corporation's financial results for Q1 2021?

Monarch reported a net loss of (2,760,651) CAD and total assets of 61,211,859 CAD for the quarter ended March 31, 2021.

What is the expected timeline for restarting the Beaufor Mine?

Monarch aims to restart the Beaufor Mine within the next 12 months.

How much cash and cash equivalents did Monarch Mining have as of March 31, 2021?

As of March 31, 2021, Monarch Mining had cash and cash equivalents of 19,013,624 CAD.

What were the significant expenses reported by Monarch Mining for the quarter ended March 31, 2021?

Significant expenses included administrative expenses of 585,444 CAD, care and maintenance expenses of 962,859 CAD, and exploration expenses of 1,242,142 CAD.