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

29.09.2022 | 1:25 Uhr | GlobeNewswire

MONTREAL, Sept. 28, 2022 - Monarch Mining Corp. ("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 Corp. (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.

 
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