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 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 |
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. | ||||
