MONARCH MINING CORPORATION (TSX: GBAR) (OTCQX: GBARF) is pleased to announce the signing of an amendment to the agreement regarding the 1% net smelter return royalty on gold production from the Beaufor Mine owned by Metalla Royalty & Streaming Ltd. (TSXV: MTA) (NYSE: MTA). In consideration for a US$1 million cash payment to Monarch, the clause stipulating that the Royalty will be exempt until 100,000 ounces of gold have been produced following Monarch’s acquisition of Beaufor will be removed, making the agreement effective immediately for both parties.
“We are pleased to have Metalla’s support as we continue to strengthen our financial position in a non-dilutive manner in preparation for the restart of the Beaufor Mine and the Beacon Mill,” said Jean-Marc Lacoste, President and Chief Executive Officer of Monarch.
Concurrently, the Corporation also closed its transaction announced on February 7, 2022 with Triple Flag Precious Metals Corp.
Monarch Mining Corporation is a fully integrated mining company that owns four projects, including the Beaufor Mine, which has produced more than 1 million ounces of gold over the last 30 years. Other assets include the Croinor Gold, McKenzie Break and Swanson properties, all located near Monarch’s wholly owned 750 tpd Beacon Mill. Monarch owns 29,000 hectares (290 km2) of mining assets in the prolific Abitibi mining camp that host a combined measured and indicated gold resource of 478,982 ounces and a combined inferred resource of 383,393 ounces.
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We acknowledge the [financial] support of the Government of Canada.