Monarch Reports Its Results for the Fourth Quarter and Year Ended June 30, 2023
29 Septembre 2023 - 4:22AM
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
endedJune 30 |
Year endedJune 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 |
www.monarchmining.com
Monarch Mining (TSX:GBAR)
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