Summary of financial results
(In dollars except per-share data) | Three-month periods ended | |||
2022 | 2021 | |||
Revenues | 2,005,605 | – | ||
Cost of sales | (16,672,139 | ) | – | |
Loss from mine operations | (14,666,534 | ) | – | |
Administration expenses | (928,785 | ) | (1,915,029 | ) |
Exploration expenses | (141,313 | ) | (1,729,695 | ) |
Finance expenses | (389,471 | ) | (136,972 | ) |
Revaluation of financial liabilities on tonnes milled at the | 480,084 | – | ||
Change in fair value of investments | (179,218 | ) | – | |
Gain on disposal of assets | – | 7,690,483 | ||
Impairment of property, plant and equipment | (7,000,000 | ) | – | |
Deferred income taxes and mining taxes | (20,322 | ) | (1,740,726 | ) |
Net earnings (loss) and comprehensive income (loss) | (22,315,593 | ) | 2,843,374 | |
Net earnings (loss) per share, basic and diluted | (0.20 | ) | 0.04 |
(In dollars) | ||
Cash and cash equivalents | 2,466,986 | 10,339,558 |
Restricted cash | 6,000,000 | 6,000,000 |
Total assets | 80,155,434 | 93,895,219 |
For more information, please consult the Corporation’s condensed consolidated interim financial statements and management’s discussion and analysis for the quarter ended
The Corporation had announced on
The Corporation will require additional financing prior to the end of 2022 to improve working capital, meet debt payment obligations and reach payments agreements with its suppliers. Monarch’s management has made good progress in its discussions with suppliers and debt holders. As well, a number of selected parties have been contacted by management regarding the Corporation's assets. However, there can be no assurance that the strategic review process will progress in a fashion that will allow for the culmination of a transaction or transactions in a timely manner and generate sufficient value to meet the Corporation's obligations.
About Monarch
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, the entering into or more sale agreements, debt settlement agreements, merger or other combination business agreements, 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 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 laws, 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 in the normal course of business as they come due into the foreseeable future, the generation of interest for its review of a range of alternatives, in either the sale of part or all of the Company or its assets, a merger or other business combination with another party, a potential investment in Monarch, a debt restructuring, or other strategic initiatives with the goal of maximizing return in respect of the Company’s assets, the ability of the Corporation to successfully implement its strategic initiatives and whether such strategic initiatives will yield the expected benefits, the availability of financing or financing on favorable terms for the Corporation, the business conditions of the Corporation will not change In a materially adverse manner, expectations that the business of the Corporation will continue in the ordinary course, 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
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 the
Further information regarding the Corporation is available in the SEDAR database (www.sedar.com) and on the Corporation’s website at: www.monarchmining.com
FOR MORE INFORMATION: | |
President and Chief Executive Officer | 1-888-994-4465 jm.lacoste@monarchmining.com |
Mathieu Séguin Vice President, Corporate Development | 1-888-994-4465 m.seguin@monarchmining.com |
www.monarchmining.com
Table 1: Monarch combined gold resources
Mineral resource estimates | Tonnes (metric) | Grade (g/t Au) | Ounces | |
Measured Resources | 328,500 | 5.7 | 59,900 | |
Indicated Resources | 956,400 | 5.2 | 159,300 | |
Total Measured and Indicated | 1,284,900 | 5.3 | 219,200 | |
Total Inferred | 818,900 | 4.7 | 122,500 | |
Croinor Gold2 | ||||
Measured Resources | 97,700 | 6.24 | 19,600 | |
Indicated Resources | 805,900 | 6.50 | 168,300 | |
Total Measured and Indicated | 903,600 | 6.47 | 187,900 | |
Total Inferred | 200,100 | 6.19 | 39,800 | |
McKenzie Break3 | ||||
In-pit | ||||
Total Indicated | 1,441,377 | 1.80 | 83,305 | |
Total Inferred | 2,243,562 | 1.44 | 104,038 | |
Underground | ||||
Total Indicated | 387,720 | 5.03 | 62,677 | |
Total Inferred | 1,083,503 | 4.21 | 146,555 | |
In-pit | ||||
Total Indicated | 1,864,000 | 1.76 | 105,400 | |
Total Inferred | 29,000 | 2.46 | 2,300 | |
Underground | ||||
Total Indicated | 91,000 | 2.86 | 8,400 | |
Total Inferred | 87,000 | 2.87 | 8,000 | |
TOTAL COMBINED5 Measured and Indicated Resources Inferred Resources | 666,882 423,193 | |||
1 Source: NI 43-101 Technical Report and Mineral Resource Estimate for the 2 Source: NI 43-101 Technical Report and Mineral Resource Estimate for the 3 Source: NI 43-101 Technical Evaluation Report on the McKenzie Break Property, 4 Source: NI 43-101 Technical Report and Mineral Resource Estimate for the 5 Numbers may not add due to rounding. |
Source:
2022 GlobeNewswire, Inc., source