Summary of financial results
(In dollars, except per share data) | THREE MONTHS | FISCAL YEARS | ||
2020 | 2019 | 2020 | 2019 | |
Revenues | - | 7,349,262 | 6,680,690 | 31,652,869 |
Gross margin | - | 1,940,340 | 4,127,325 | 4,350,348 |
Gain on disposal of non-financial assets | 8,635,771 | 350,000 | 11,398,621 | 1,714,832 |
Net earnings | 8,474,270 | 926,602 | 9,532,934 | 485,905 |
Earnings per share, basic and diluted | 0.032 | 0.005 | 0.036 | 0.001 |
(In dollars) | ||
Cash and cash equivalents | 11,274,470 | 6,381,307 |
Investments | 14,939,261 | 2,326,036 |
Total assets | 92,987,397 | 72,577,395 |
"Fiscal 2020 was a milestone year for Monarch, as we made progress on our Wasamac, McKenzie Break and Beaufor projects, sold our Fayolle, Monique,
"Given our strong financial position, we can now focus on the development of our flagship Wasamac project, which is at the stage of pre-production permitting, an 18 to 24-month process that we initiated on
"We are currently very active on our Beaufor and McKenzie Break projects, where we are carrying out major drilling programs. We also announced the start of an internal assessment of Camflo, Barrick Gold's old mine, which we believe has strong exploration potential. In addition, Croinor Gold is once again attracting interest from potential partners, and our two mills are poised to restart once demand for custom milling services picks up. In short, thanks to these initiatives and the favourable gold market, we believe that we are looking at an eventful year ahead, with plenty of news to come," concluded
The technical and scientific content of this press release has been reviewed and approved by Marc-André Lavergne,
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Forward-Looking Statements
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