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

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


June 30,




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.


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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