Key Highlights

  • 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%.

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