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	[email protected]
Mathieu Séguin	1-888-994-4465
Vice President, Corporate Development	[email protected]

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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