In FY2019 (quarter ended June 30, 2019), Monarch Gold Corporation (“MQR”, “company”) reported $32 million in revenues, up 5% YoY. Custom milling operations, which accounted for 34% of the revenues, were up 76% YoY, while revenues from the Beaufor mine were down 13% YoY. The decline in revenues from Beaufor was expected as the company suspended production in June 2019.
FY2019 EBITDA improved YoY from -$3.59 million to -$1.09 million.
Since our previous update in June 2019, the company acquired a new property called the Fayolle, located 70 km from its Camflo mill, and completed NI 43-101 compliant resource estimates on two properties (including Fayolle).
The company’s current portfolio, including eight properties, hold reserves of 1.93 Moz. Reserves are included in measured and indicated resources totaling 3.27 Moz, and inferred resources of 1.10 Moz.
MQR’s shares are currently trading at just $15 per oz versus the comparables average of $56 per oz.
Healthy balance, with cash and working capital of $6.38 million and $7.28 million, respectively, at the end of FY2019. Debt to assets was 7.9%.
