Monarch Reports Its First Quarter Results

MONTRÉAL, Nov. 11, 2022 (GLOBE NEWSWIRE) -- MONARCH MINING CORPORATION (“Monarch” or the “Corporation”) (TSX: GBAR) (OTCQX: GBARF) reported its results today for the first quarter ended September 30, 2022. Amounts are in Canadian dollars unless otherwise indicated.

Summary of financial results

(In dollars except per-share data) Three-month periods ended September 30
  2022   2021  
Revenues 2,005,605    
Cost of sales (16,672,139 )  
Loss from mine operations (14,666,534 )  
Administration expenses (928,785 ) (1,915,029 )
Exploration expenses (141,313 ) (1,729,695 )
Finance expenses (389,471 ) (136,972 )
Revaluation of financial liabilities on tonnes milled at the Beacon Mill 480,084    
Change in fair value of investments (179,218 )  
Gain on disposal of assets   7,690,483  
Impairment of property, plant and equipment (7,000,000 )  
Deferred income taxes and mining taxes (20,322 ) (1,740,726 )
Net earnings (loss) and comprehensive income (loss) (22,315,593 ) 2,843,374  
Net earnings (loss) per share, basic and diluted (0.20 ) 0.04  

(In dollars) September 30, 2022 June 30, 2022
Cash and cash equivalents 2,466,986 10,339,558
Restricted cash 6,000,000 6,000,000
Total assets 80,155,434 93,895,219

For more information, please consult the Corporation’s condensed consolidated interim financial statements and management’s discussion and analysis for the quarter ended September 30, 2022, which have been filed on SEDAR at and posted on the Corporation’s website at

The Corporation had announced on September 27, 2022 that it had initiated a strategic review of its assets and operations with a goal of maximizing value for the Corporation and its stakeholders. On November 9, 2022, Monarch’s board of directors has formed a special committee to lead this strategic review to evaluate a range of alternatives, which could include the sale of part or all of the Corporation or its assets, a merger or other business combination with another party, a potential investment in Monarch, or other strategic initiatives.

The Corporation will require additional financing prior to the end of 2022 to improve working capital, meet debt payment obligations and reach payments agreements with its suppliers. Monarch’s management has made good progress in its discussions with suppliers and debt holders. As well, a number of selected parties have been contacted by management regarding the Corporation's assets. However, there can be no assurance that the strategic review process will progress in a fashion that will allow for the culmination of a transaction or transactions in a timely manner and generate sufficient value to meet the Corporation's obligations.

About Monarch
Monarch Mining Corporation (TSX: GBAR) (OTCQX: GBARF) is a gold mining company that owns four projects, including the Beaufor Mine, which is currently on care and maintenance and 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 Beacon Mill with a design capacity of 750 tpd. 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
All statements, other than statements of historical fact, contained in this press release including, but not limited to those describing the timeline of the initiatives described in this press release, the entering into or more sale agreements, debt settlement agreements, merger or other combination business agreements, the Corporation’s commitments and initiatives outlined in the press release, the intended results of the initiatives described in this press release, the positive impact of the foregoing on project economics, and those statements which are discussed under the “About Monarch” paragraph and elsewhere in the press release which essentially describe the Corporation’s outlook and objectives, constitute “forward-looking information” or “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of Canadian laws, and are based on expectations, estimates and projections as of the time of this press release. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Corporation as of the time of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. These estimates and assumptions may prove to be incorrect.

Forward-looking statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements. Risk factors that could cause actual results or events to differ materially from current expectations include, among others, the Corporation's ability to continue as a going concern, the Corporation being a going concern able to realize its assets and discharge its liabilities in the normal course of business as they come due into the foreseeable future, the generation of interest for its review of a range of alternatives, in either the sale of part or all of the Company or its assets, a merger or other business combination with another party, a potential investment in Monarch, a debt restructuring, or other strategic initiatives with the goal of maximizing return in respect of the Company’s assets, the ability of the Corporation to successfully implement its strategic initiatives and whether such strategic initiatives will yield the expected benefits, the availability of financing or financing on favorable terms for the Corporation, the business conditions of the Corporation will not change In a materially adverse manner, expectations that the business of the Corporation will continue in the ordinary course, litigation as well as cash flow and capital structure risks and general business risks. A further description of risks and uncertainties can be found in Monarch's Annual Information Form dated September 28, 2022, including in the section thereof captioned “Risk Factors”, which is available on SEDAR at Unpredictable or unknown factors not discussed in this Cautionary Note could also have material adverse effects on forward-looking statements.

Many of these uncertainties and contingencies can directly or indirectly affect, and could cause, actual results to differ materially from those expressed or implied in any forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans relating to the future. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the manuals of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.

Further information regarding the Corporation is available in the SEDAR database ( and on the Corporation’s website at:

Jean-Marc Lacoste
President and Chief Executive Officer
Mathieu Séguin
Vice President, Corporate Development

Table 1: Monarch combined gold resources

Mineral resource estimates Tonnes
(g/t Au)
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        
Total Indicated 1,441,377 1.80 83,305  
Total Inferred 2,243,562 1.44 104,038  
Total Indicated 387,720 5.03 62,677  
Total Inferred 1,083,503 4.21 146,555  
Total Indicated 1,864,000 1.76 105,400  
Total Inferred 29,000 2.46 2,300  
Total Indicated 91,000 2.86 8,400  
Total Inferred 87,000 2.87 8,000  
Measured and Indicated Resources
Inferred Resources
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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Monarch Reports Its First Quarter Results MONTRÉAL, Nov. 11, 2022 (GLOBE NEWSWIRE) - MONARCH MINING CORPORATION (“Monarch” or the “Corporation”) (TSX: GBAR) (OTCQX: GBARF) reported its results today for the first quarter ended September 30, 2022. Amounts are in Canadian dollars unless …

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