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Monarch Reports Its Results for the Fourth Quarter and Year Ended June 30, 2022

Monarch Mining Corporation
Monarch Mining Corporation

MONTREAL, Sept. 28, 2022 (GLOBE NEWSWIRE) -- MONARCH MINING CORPORATION (“Monarch” or the “Corporation”) (TSX: GBAR) (OTCQX: GBARF) reported its results today for the fourth quarter and year ended June 30, 2022. Amounts are in Canadian dollars unless otherwise indicated.

Summary of financial results

(Indollars, except per share data)

Three months ended
June 30,

Year ended
June 30,

232 days
ended
June 30,

 

2022

2021

2022

2021

Operating expenses

(8,809,760

)

-

 

(12,473,263

)

-

 

Administration expenses

(2,610,057

)

(1,176,022

)

(8,902,910

)

(1,761,466

)

Exploration expenses

(272,053

)

(2,229,013

)

(3,646,827

)

(3,471,155

)

Care and maintenance

-

 

(1,794,899

)

-

 

(2,757,758

)

Revaluation of financial liabilities on tons milled at Beacon mill

(162,608

)

-

 

(972,621

)

-

 

Gain on disposal of assets

-

 

-

 

16,259,338

 

-

 

Impairment of property, plant and equipment

(13,000,000

)

-

 

(13,000,000

)

-

 

Deferred income and mining taxes

2,481,836

 

1,790,126

 

960,233

 

1,766,907

 

Net loss and comprehensive loss

(22,674,979

)

(2,837,751

)

(21,133,506

)

(5,598,402

)

Net loss per share, basic and diluted

(0.26

)

(0.04

)

(0.24

)

(0.12

)


(In dollars)

June 30, 2022

 

June 30, 2021

 

Cash and cash equivalents

10,339,558

 

20,480,457

 

Restricted cash (1)

6,000,000

 

-

 

Total assets

93,895,219

 

64,424,473

 

1) Not included in cash and cash equivalents

For more information, please consult the Corporation’s consolidated annual financial statements, management’s discussion and analysis, and annual information form for the year ended June 30, 2022, which have been filed on SEDAR at www.sedar.com.

About Monarch
Monarch Mining Corporation (TSX: GBAR) (OTCQX: GBARF) is a fully integrated mining company that owns four projects, including the Beaufor Mine, which has produced more than 1 million ounces of gold over the last 30 years. Other assets include the Croinor Gold, McKenzie Break and Swanson properties, all located near Monarch’s wholly owned 750 tpd Beacon Mill. Monarch owns 29,504 hectares (295 km2) of mining assets in the prolific Abitibi mining camp that host a combined measured and indicated gold resource of 666,882 ounces and a combined inferred resource of 423,193 ounces.

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

www.monarchmining.com


Table 1: Monarch combined gold resources

Mineral resource estimates

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

97,700

6.24

19,600

 

Indicated Resources

805,900

6.50

168,300

 

Total Measured and Indicated

903,600

6.47

187,900

 

Total Inferred

200,100

6.19

39,800

 

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

 

 

666,882
423,193

 

 

1 Source: NI 43-101 Technical Report and Mineral Resource Estimate for the Beaufor Mine Project, October 13, 2021, Val-d’Or, Québec, Canada, Charlotte Athurion, P. Geo., Pierre-Luc Richard, P. Geo., and Dario Evangelista, P. Eng., BBA Inc.
2 Source: NI 43-101 Technical Report and Mineral Resource Estimate for the Croinor Gold Project, June 17, 2022, Val-d’Or, Québec, Canada, Olivier Vadnais-Leblanc, P.Geo., Carl Pelletier, P.Geo. and Eric Lecomte, P.Eng., InnovExplo Inc.
3 Source: NI 43-101 Technical Evaluation Report on the McKenzie Break Property, October 14, 2021, Val-d’Or, Québec, Canada, Alain-Jean Beauregard, P.Geo., Daniel Gaudreault, P.Eng., of Geologica Groupe-Conseil Inc., and Merouane Rachidi, P.Geo., Claude Duplessis, P.Eng., of 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 due to rounding.