GBAR Monarch Mining Corporation

MONARCH MINING CORPORATION (“Monarch” or the “Corporation”) (TSX: GBAR) announces that an order was issued by the Superior Court of Québec on November 15, 2023 (the “Order”) authorizing PricewaterhouseCoopers Inc. (the “Monitor”) to initiate a sale and investment solicitation process (the “SISP”) for the business, in whole or in part.

The SISP is intended to solicit interest and opportunities for the sale or investment of all or part of the Corporation's assets and business operations. This may involve one or more restructurings, recapitalizations or other forms of reorganization of the Corporation's operations and business.

The SISP proceedings commenced on November 27, 2023, with the issuance of a solicitation letter to potentially interested parties. The deadline for submission of non-binding letters of intent by qualified bidders is January 9, 2024, with a target transaction closing date of no later than February 29, 2024. Interested parties wishing to obtain more information on the SISP procedures may visit the Monitor's website: www.pwc.com/ca/monarch.

For any information regarding the SISP, please contact:Mr. Mirko Comtoismirko.c.comtois@pwc.com

About MonarchMonarch Mining Corporation (TSX: GBAR) 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 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, 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 potential investment in Monarch, a debt restructuring, approval of the arrangement plan by creditors pursuant to CCAA, the ability of the Corporation to successfully implement its strategic initiatives and whether such strategic initiatives will yield the expected benefits, 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.

Further information regarding the Corporation is available in the SEDAR+ database (www.sedarplus.ca) and on the Corporation’s website at: www.monarchmining.com.