Monarch Reports Its Results for the Fourth Quarter and Year Ended June 30, 2023
MONTRÉAL, Sept. 28, 2023 (GLOBE NEWSWIRE) — MONARCH MINING CORPORATION (“Monarch” or the “Corporation”) (TSX: GBAR) (OTCQB: GBARF) reported its results today for the fourth quarter and year ended June 30, 2023. Amounts are in Canadian dollars unless otherwise indicated.
Summary of financial results
| (In dollars except per-share data) | Three months ended June 30 | Year ended June 30 | ||||||
| 2023 | 2022 | 2023 | 2022 | |||||
| Revenues | 2,543,471 | – | 5,093,466 | – | ||||
| Cost of sales | (844,375 | ) | – | (18,390,772 | ) | – | ||
| Revenue (Loss) from mine operations | 1,699,096 | – | (13,297,306 | ) | – | |||
| Administration expenses | (730,806 | ) | (2,610,057 | ) | (4,386,513 | ) | (8,902,910 | ) |
| Operating expenses | – | (8,809,760 | ) | – | (12,473,263 | ) | ||
| Care and maintenance expenses | (1,671,817 | ) | – | (3,334,693 | ) | – | ||
| Exploration expenses | (6,036 | ) | (272,053 | ) | (213,904 | ) | (3,646,827 | ) |
| Operating loss | (709,563 | ) | (11,691,870 | ) | (21,232,416 | ) | (25,023,000 | ) |
| Finance expenses | – | – | (1,621,629 | ) | (518,265 | ) | ||
| Gain on disposal of assets | – | – | 1,475,000 | 16,259,338 | ||||
| Impairment of property, plant and equipment | (15,000,000 | ) | (13,000,000 | ) | (22,000,000 | ) | (13,000,000 | ) |
| Impairment of mining property and exploration and evaluation assets | (8,958,087 | ) | – | (8,958,087 | ) | – | ||
| Provision | – | – | (1,156,285 | ) | – | |||
| Current income taxes and recovery of deferred mining taxes | (1,771,443 | ) | (2,481,836 | ) | 1,751,121 | 960,233 | ||
| Net loss and comprehensive loss | (22,651,720 | ) | (22,674,979 | ) | (49,070,694 | ) | (21,133,506 | ) |
| Net loss per share, basic and diluted | (0.13 | ) | (0.26 | ) | (0.28 | ) | (0.24 | ) |
| (In dollars) | June 30, 2023 | June 30, 2022 |
| Cash and cash equivalents | 231,892 | 9,339,558 |
| Restricted cash | 1,000,000 | 7,000,000 |
| Total assets | 45,679,352 | 93,895,219 |
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, 2023, which have been filed on SEDAR+ at www.sedarplus.ca and posted on the Corporation’s website at www.monarchmining.com.
About Monarch
Monarch Mining Corporation (TSX: GBAR) (OTCQB: GBARF) is a gold mining company that owns three 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 McKenzie Break and Swanson properties, all located near Monarch’s wholly owned Beacon Mill with a design capacity of 750 tpd. Monarch owns 14,316 hectares (143 km2) of mining assets in the prolific Abitibi mining camp that host a combined measured and indicated gold resource of 478,982 ounces and a combined inferred resource of 383,393 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, those relating to the final approval of the TSX Venture Exchange, 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 generally 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, 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 Corporation 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 Corporation’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 27, 2023, including in the section thereof captioned “Risk Factors”, which is available on SEDAR+ at www.sedarplus.ca. 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 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 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 |
