Company Name: Monarch Mining Corporation

Highlights This company announced today that it has produced its first gold bar from its...

Highlights Monarch is planning to restart production at its Beaufor mine by June 2022, for an...

Monarch Mining (“Monarch”) was spun-out from Monarch Gold, which was acquired by Yamana Gold (TSX: YRI) for $152M in December 2020. Yamana acquired Monarch Gold’s Wasamac property and the Camflo mill for $61M in cash, and $91M in shares.Prior to the acquisition, four advanced stage gold assets, and the Beacon mill, in the Abitibi mining camp in Quebec (valued at $47.5M), and $16M in cash, were spun-out into newly formed Monarch Mining. The assets sold to Yamana were part of a portfolio acquired from Richmont Mines in 2017 for just $25M. The sale to Yamana reflected a return of over 5x in under four years. Monarch Mining is run by the same team that ran Monarch Gold.

Through private placements and sale of non-core assets, MQR has significantly strengthened its balance sheet since our last update in March 2020. A $10 million bought deal financing is expected to close this month, which will bring MQR’s cash + investment position to $37 million.

Highlights The massive sell-off in capital markets in recent weeks due to COVID-19 has created...